Why having just one job isn't enough: The Benefits of Multiple Streams of Income
I was having a conversation with one of my mentors early this morning, and the topic of multiple streams of income came up. I’ve always been a fan of multiple streams of income even before I knew what that was. See the video of my mom basically saying I was into this since I was a kid.
Have you ever heard the saying, "Don't put all your eggs in one basket"? It means that it's important to have more than one thing going on, so that if one thing doesn't work out, you have other options. This idea can also apply to how we make money.
A stream of income is just a way that we earn money. Some people only have one stream of income, like a job where they get paid a certain amount of money each month. But other people have multiple streams of income, which means they have more than one way to make money.
Having multiple streams of income can be helpful because it gives you more financial stability. For example, if you only have one stream of income and something happens to that source of money (like you lose your job), it can be hard to pay your bills and take care of your expenses. But if you have multiple streams of income, you have other sources of money coming in, so you have a better chance of being able to handle any financial challenges that come up.
There are many different ways to have multiple streams of income. Some people have a job and also do freelance work on the side. Others might have a small business that they run in addition to their job. Some people even have investments that bring in money, like stocks or rental properties.
Having multiple streams of income can take some extra work and planning, but it can also be a very rewarding way to make sure you have a strong financial foundation. It's important to be careful and make sure you're not taking on too much, but having multiple streams of income can give you peace of mind and help you reach your financial goals.
One of the key points my mentor made, which so many people that talk about multiple streams on income leave out was the fact that, “most successful people also have stories to tell about their financial failures.”
That being said financial risk comes with any business or investing venture. So be sure to risk only what you can afford to lose. And when you get thing wrong pick yourself up and try again! You got this!
I hope this helps! Myke x Rosie
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