Never Have One Source of Income

Book: Make Your Money Recession Proof

Book: Make Your Money Recession Proof

Photo by Nick Fewings on Unsplash

We are now in the age of the gig economy, yet there are many people who still only have one source of income; these people have full confidence that this one source of income is all they can have or will ever need. Recessions are happy to let many people know that having one source of income is not safe.

If you have not heard it from anyone else: Never, I repeat, never, have just one source of income.

If you observe the wealthy, you will notice they have multiple streams of income. For much of the affluent community, you might also note they never seem to stop adding new sources of revenue to their massive portfolios of different streams. They have mastered the art of having more than enough and never being out of beneficial financial options. The wealthy do not limit their economic statuses; they continue to grow their financial situation exponentially. What can you learn from this? I hope you learn to have more than one stream of income.

:: How many streams of income should I have?

To start, it is a good idea to have a minimum of 2 different income sources, but preferably 3–5+ various income sources.

:: Where can I obtain an additional source of income?

What are your skillsets? Can you sing, dance, play music, teach, make stuff, sell stuff, or make entertaining videos? These are all different monetization avenues you could explore. Remember, you can also become a skilled investor or get into real estate. Get creative, but I always suggest looking at what you like to do or are passionate about doing. Learn how to monetize your passions, hobbies, or activities you have strong skillsets.

Having one stream of income is the same thing as putting your 100% blind trust in your employer. Many employers take care of their employees, but employers have bottom lines too, and unforeseen circumstances can affect businesses that are(big, medium, and small. If you have noticed, recessions impact businesses too, and many go out of business or conduct mass layoffs leaving their employees in a unique disposition of having to find new work.

Always have multiple plans past Plan A.

:: What are some other income sources:

- Tutoring

- Teaching musical instruments

- Driving Uber or Lyft

- Selling stuff on e-commerce sites

- Blogging

- E-books

Get started today in diversifying your income portfolio. And remember, always create more options for your finances. The time of having one job and one income is over.

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