Multiple Income Streams Is More Important Now Than Ever Before
Building multiple income streams is an important and necessary mean for any individual person, but it’s even more so for those with families. For one person to rely on a sole income stream can be dangerous, but to have multiple people relying on just one or two income streams is a terrible idea for the financial safety and well-being of your family.
What Does It Mean to Build Multiple Income Streams?
An income stream is anything that gives you a regular flow of money. It could be a business, a job, or investments – as long as it’s bringing in money on a consistent basis, it’s an income stream.
Most families only have one or two income streams – the job of the parent or parents that work outside the home. Building multiple income streams means increasing the ways that money is coming in, until you have five or six different ways that you’re earning money on a regular basis.
Why is Building Multiple Income Streams Important?
The main benefit of building multiple income streams is that it gives you added financial strength and flexibility. Imagine a family that relies on one income stream – now, what happens if that income stream gets reduced by 50%, or disappears entirely? Relying solely on one income stream would be like building a table with only one leg – it’s possible, but not necessarily a good idea, and adding more legs will certainly make the table more stable.
If a family is relying on three or four income streams instead of one, then it’s not a big deal if something happens to one of those income streams – the focus can be put on increasing the income from the other streams and eventually creating a new income stream to replace the one that was lost.
Most people are only months away from bankruptcy, lacking the savings that it would take to survive if something did happen to their one income stream. Having multiple income streams, even if the other income streams are smaller than the main source of income, lets you have something to bolster your savings in the meantime and adds to your chances of recovering faster from losing your main source of income.
Additionally, job security is an illusion. If the recent economic turmoil has shown us anything, it’s definitely shown that no job is entirely security, and no company or business is bulletproof. People might fight against the idea of building multiple income streams because they have a false sense of security in their job – but the best way to have a real sense of security is to not rely on one sole source of income.
How to Start Building Multiple Income Streams
Five or even ten years ago, building multiple income streams would have been much more difficult than it is today. The internet is an amazing tool that can be put to great use in your quest to build multiple income streams – there are hundreds of marketing, business, and investment opportunities available that wouldn’t have been there a few years ago. Start educating yourself on how to build multiple income streams now, for the sake of your family.
To Your Success,