Think to Create Multiple Streams of Income to Become Financially Secure
If you have never lost a job, then you’re one of the luckiest. But at least you have heard stories of employees getting retrenched abruptly. You may also be knowing one or two people who fell victims. What did you learn from them? Well, one of the lessons one gets from such experiences is to create multiple streams of income.
What has inspired me to write this article is the current adverse situation we’re experiencing, caused by the COVID-19 pandemic. Everyone in the world, rich or poor, young or old, is worried about losing a life. The focus now is on saving our lives. As a result, strong measures have been put in place to stop its spread.
In Uganda alone, the government has restricted the movement of people by closing the airport and all border entry points. It has also stopped the movement of passenger vehicles and ordered all the arcades to remain closed. People cannot move to workplaces, and the restrictions are forcing them to remain at home. Well, that’s the beginning. We are all uncertain of how long this biting situation will last.
But what I am certain about is that this Coronavirus pandemic will have a significant impact on the lives of people. Don’t misunderstand me, but I anticipate that some people will lose jobs or sources of income. So get prepared for such an occurrence. What can we do then?
Think to create multiple streams of income
If you’ve been relying on only one income source (your regular job), it’s high time you considered doing something additional to earn money. Depending upon one income source is risky. If that source dries up, you suffer. But if you’ve several income streams, when one of them suffers, you continue to survive from others.
Thinking to create multiple streams of income does not only assure you of survival but it is also a great way of building wealth. Most of the self-made millionaires worldwide, if not all, have several income sources.
How can you diversify your income sources?
Most people tend to feel complacent when they have a job. Rarely do they anticipate situations to change. And when things change, they get caught up unawares. Like the advent of Coronavirus is going to affect our lives. Losing jobs is one of them. How will you live if it happens to you? Allow me to suggest to you the following ways in which you can create other sources of income.
⇒ Start a home business in addition to your regular job.
There are numerous businesses you can begin from home alongside your fulltime job. It’s one of the best ways you can venture into business and creating a second income source so that you don’t rely on one income stream. Here are a few suggestions of some of the low-cost home business ideas to get you started.
When you get established with your business, it’s good you consider pulling out of your formal employment to give more time to it. This idea works so well for couples who both have regular jobs. One can pull out while the other one remains working to give full support to the business.
⇒ Diversify your income sources if you’re already in business.
If you’re lucky and you are currently operating a business, think to create multiple streams of income within your business field. What do I mean by this?
For example, we operate a brick-and-mortar engraving business. One of the methods we use to market it is blogging. Through blogging, we also promote other companies’ products from which we earn a commission passively. We are also working hard to establish soon an online shop. So we shall, therefore, have two multiple streams of income: selling products/services and earning commission through blogging.
Relying on one income stream is risky in modern times. Situations change. And it’s important for things to change when you’re prepared. Thinking to create multiple streams of income does not only ensure your continued survival but it’s also a great way of accumulating wealth.
Hello! My name is Charles Kiyimba, a creative engraver, a professional teacher, a passionate blogger, a confident graphic/web designer and the founder of Goleza Designers Ltd, an engraving business that turns images into real products. Through my hands-on experience, I share with you free helpful information on our products and services, business, marketing and personal development. Always dive in for more!