It is a fact that most wealthy individuals have been known to grow their wealth from more than one source. No matter what it is you are pursuing in life, at some point or the other, you will have to look at other areas of endeavour to increase your income.
Now this somehow sounds contradictory to last week’s posting, “Be definite, Be purposeful” where I mentioned the need for one to focus on one endeavour and not jump from one activity to the other because it would led to nowhere.
If you look again at the first paragraph of today’s post, you would see I said at some point or the other one would have to look at other areas of endeavour to increase one’s income.
Simply put, what this means is that there will come a time, having done all I have advised on this blog as true wealth secrets, when the income from that one endeavour would grow more than one’s expenses and there would now be need to invest the additional income into other areas.
Simply put, what this means is that there will come a time, having done all I have advised on this blog as true wealth secrets, when the income from that one endeavour would grow more than one’s expenses and there would now be need to invest the additional income into other areas.
A reader here may be tempted to ask, why expand into other investments when the first source is still producing income that has outgrown one’s expenses?
This is a beautiful question to ask; however, it is important to note here that the beauty of having multiple income streams is that when one source experiences a challenge then depending on the nature of the challenge, the other income streams will continue to take care of the individual’s needs while the person sorts out the challenge.
This is a beautiful question to ask; however, it is important to note here that the beauty of having multiple income streams is that when one source experiences a challenge then depending on the nature of the challenge, the other income streams will continue to take care of the individual’s needs while the person sorts out the challenge.
If on the other hand the challenge is such that no additional income can come from there anymore, then the individual’s other income streams would come in handy. A typical example of this is seen in Sports people.
Whether they like it or not, a time comes when younger and more sought after individuals would take over the scene and the older ones would have to make way for them to avoid embarrassment and disgrace.
Whether they like it or not, a time comes when younger and more sought after individuals would take over the scene and the older ones would have to make way for them to avoid embarrassment and disgrace.
Another group of individuals that fit in here are employees of organisations. Unless you own the organization or it is a family business, there will come a time when the company would release you for varied reasons ranging from looking for more skilled folks, redundancy, economic downturn as is being witnessed globally since last year and so on and so forth.
Anyone who has been affected by a layoff without an additional income source usually has tales of hardship and woe to tell. However, the individual who had created other income streams while in paid employment would not be so affected.
Anyone who has been affected by a layoff without an additional income source usually has tales of hardship and woe to tell. However, the individual who had created other income streams while in paid employment would not be so affected.
Thus, I believe the point is now clear to see the benefits of having multiple income streams; so the time to start is now, not later. I can almost hear someone scream, “how can I start when I don’t have any money?” Good question again; however, please note that for most people, this is the very reason they give for never starting anything.
You just cannot spend up all your income on expenses because you think it is never enough. What you need to do is look at your expenses critically, get rid of those that are not necessary, and then begin to save the extra money realised until it grows into something substantial for investment.
………………………to be continued.
………………………to be continued.
© copyright Gabriel Ama
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