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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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