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MadAbout
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We keep worrying why we feel left behind financially despite all our genuine efforts to build wealth . The answer to all the above ambiguities is simple . Building wealth is not purely about the genuinity of the efforts alone but also the direction of the same . Let us simplify it further WHY INCOME FROM MULTIPLE STREAMS IS A MUST
Before we venture into the importance of multiple streams of income , it becomes inevitable to understand why it is so . We live in a society in which no job is as secured enough as it was in the yester years . Almost 80 % of the population relies on the income that is generated from their job to run a livelihood . When the job is lost , life comes to a standstill which is a high risk situation . Health care and Education are two aspects that are highly important in
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everyone ’ s life . These two aspects are the costliest ones too . Most of us lead a life in which we are not able to pay cash for our purchases , particularly the high end ones like furniture , car or house . Buying things using cash remains a dream most of the times . We accumulate debts and repaying them swallows most of our income from a single stream namely employment .
BUILDING MULTIPLE INCOME STREAMS IS THE BEST SOLUTION
While our income rises in pennies , the financial commitments grow in pounds . To tackle our requirements , it is highly prudent to build multiple income streams which will take us to the shore safely .
Diversify your savings and investments in various streams whose dependency differs in a huge manner
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Invest a portion of your income in real estate . Let your first investment on real estate be on a property rather than a land since property is capable of generating income earlier than plots .
Earmark a portion of your income on savings . Let these savings be diversified into market dependant and nonmarket dependant investments . Fixed and Recurring Deposits are less market dependant , fetching you assured allied income . Investing in Monthly SIP and Mutual Funds can be highly market dependant . Bifurcate separate amounts for each type of savings based on your risk taking capability
If you have enough income to balance your savings versus leading a comfortable life , invest possible amounts in small businesses assessing the profit earning capabilities of
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the same . Ensure this business doesn ’ t steal much of your time which you need to spend on your regular job . Let this venture fetch you income that is an addon to your regular one
If your office works only five days a week and your weekends are at your disposal , think of ways that will de-stress you and at the same time fetch you some extra income . If you are good at singing and music relaxes you , start taking music class for children in your vicinity during weekends . This will earn you the much sought for name , fame and money . If you can coach children on games , utilize the weekends which will become highly productive and relaxing
We would insist you to think – When there are multiple streams available for spending why not create the same for earning ?
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