Why You Need Multiple Income Streams To Be The Winner In Today's World

For many folks having several sources of income has become a must Gone are the days where a 95 career satisfied the requirements and desires of an individual Nowadays the scope of the above is so broad and complex that it is almost nonsensical and in 2021 and beyond the old industrial era employment paradigm is unworkableThe idea of multistreamed income is straightforward but it is harder to execute To continue the concept of having multiple income streams implies having separate cash flows from different sources This is hard work one would say and it is but if you have a longterm outlook for financial prosperity it would be simpler for youMultiple Income Stream ndash The ImpactWhen one struggles or if there is a recession in the economy multiple income sources place someone in a stronger position to become more agile and prepared It enables someone to have an alternative robust and stable cash source to fall back on Its the creation of reserves for unexpected economics that can eliminate your income in one field overnightAdvent Of Digital Age The OpportunityIn our modern digital era we are put in a position in which having numerous sources of cash flow becomes more and more available This also encourages us to take back ownership of our lives and work from anywhere whenever we choose to pursue the lifestyle we only once dreamed forAs a wealth consultant Siby Varghese serves clients with distinct levels of income But his target is the same for everyone he encounters He aims to see wealthy families continue to increase their wealth while helping middle class families meet their financial goalsWhile a great deal of his job is about getting clients to make the best investments for their desires he also seeks to help them understand the purpose of getting multiple revenue streamsHe does this because he has observed over the years that virtually all of his highincome and high net worth clients have several various sources of cash flowing in every monthEven Siby has several sources of income including his practice in financial planning forex trading blogging income investment and his online courses in this business segment for the young budding entrepreneurSo this notion of getting more than one income stream flowing in has to have something rightHere are some benefits Siby Varghese explains to consider if yoursquore gearing up for a better financial future and think several income streams sounds better than oneFinancial StabilityOne of the advantages of multiple income streams is that you can have financial security As you can separate your money into savings vacations or everything in between you dont have to depend on one career to cover your billsFor eg in a company you might work as a fulltime copywriter but also have a side job in social media marketing as an additional income It will help to develop your support skills as a freelancer by having expertise in other fields that are related to your line of work This could work to your advantage especially if your goal is to be selfemployed at the end of the dayIts critical to have an emergency fund at the age of COVID19 because you have reserve money to fall back on if youre made redundant or losing your work By getting one you eliminate the condition of pulling out your super funds or feeling financial pressureDiversificationUndoubtedly diversifying is one of the most important financial concepts to be understood and lived by The best way of looking at it is not to put all the eggs in one basket The cliche phrase used for death I realize but thats the only way it can be explainedA big strategy for successful investing is diversifying You want to disperse the money through downturns to different defence investmentsAs an indicator of being on the stock market you can have a mix of shares equity and even real estateBut this idea applies to how you earn money as well you want to have several paths of incomegenerating streams In your day job you can benefit more than anyone else but if anything occurs you can have other streams to offsetEarly Retirement StepAs a forwardfocused person you may have dreamed of leaving the workforce to live a quieter life in leisure or you might even consider retiring early But a dream is only hoping without a plan You have to consider several sources of income to place some wings on the ideaMany people of course tend to retire early To do this a safer choice for early retirement is to start early Not everyone in their careers will have six figures of high income or makeover which may provide saving and investment constraints Also having many income sources will increase your saving and spending prices which can compound for you fasterBuilding Longterm CapitalLongterm vision as you can scarcely prepare for the next week can be tough But the irony is there will be immense longterm effects and capital gains from the effort you put in now for your side hustle or online enterpriseGetting many income sources without having to work harder will help you create longterm wealth Does it need a significant amount of work to get you there Yes one hundred per cent I dont want anyone to leave their work assuming their job is going to be an instant hit from a home side hustle But in the future diversification and passive income streams could potentially lead to fewer jobsRising Health Care ExpensesWhether or not youre in favour of health insurance reform youre bound to feel the pinch of increased healthcare expenses Adding an extra stream of income would help you support your families with decent health care servicesPay Down DebtIts a perfect use for an alternative income stream to pay off your debt vehicle or credit cards and worry about how much burden is alleviated if you have extra income to pay your deposit You dont have to depend on work or some other managerUnemploymentHow stable is your work Lets face it no work is ever truly secure especially in a tough recession Having other means of income can help you cope even more easily with a work loss than being caught off balance And if all of your monthly costs can not be offset by your other sources of income it can also allow you time to sort things outReduces Your Anxiety Depression And Uncertainty Of The FutureNothing is worse than feeling the burden that comes with an inability to pay your bills For the future it induces tension fear and overwhelming helpless despair The whatif circumstances tend to surround the mind like a hawk circling above its prey before swooping in for the kill Mentally physically and emotionally it is doing a job on you It beats you up physically and ruins your dreams and ambitionsIts hard to be optimistic while we live in intense fear of the future Its hard to enjoy what weve got in the hereandnow when were too close to those doomsday possibilities Were so concerned about the inevitable fiscal breakdown that its hard to get out of the shackles of that line of thought It is eating you and being you When its what you can think of its tough to get away from itPassive revenue helps to mitigate all these issues Since you are not concerned about losing your job or being the byproduct of company downsizing it helps to lay worries to rest Not only can you feel happier physically and internally because you do not have to think too much about imminent financial doom but it turns into physical vitality You have more motivation and feel more driven to get out there and do more because cash flow also adds to creating critical economic traction in lifeFinal ThoughtsAt this stage you can see the value of multiple income streamsWill you need seven or eight of them as some millionaires do Not exactly its all up to you who and when you plan to produce more salesThe key point is that more than one should always be accessible to you And you already have any if you are saving or have 401kIRA from the examples aboveBut if you are fired up by your financial future and want to get more financial stability look for opportunities to have 34 revenue sources When you feel more relaxed you can still growJust note certain income sources will take time and effort to develop but along the way you can gain a lot and it can ensure that you are financially on the right path says SibyWhat do you think of multiple income sources Do you already have a few Or are you now looking for some and just starting Let us know in the comments below Or visit httpswwwsibyvarghesecom to learn moreThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever