5 Reasons Why You Should Have Other Sources Of Income

Why have additional income

The Important Reasons You Need Multiple Streams of Income

The goal is to maximize your primary salary to a point where you are generating enough free cash flow to reinvest in secondary income streams. How do you do this?

why have additional income

Well, try to get the highest paying job you can! Ask for a raise!

Utilize services, such as Glassdoor. Some companies really force employees to leave to get a raise, and then come back for another raise.

Earning extra income can help you diversify your income streams. Do you ever feel too reliant on one source of income? Maybe you are afraid that one day you will lose your job or that something will happen to your main source of income.

This industry jumping promotional strategy is very common and could work. Or, there is another theory for your primary salary — generate enough to have a little excess cash flow, but do it at a place that you can work stress free and have time to dabble in other projects.

why have additional income

This allows him to easily cover all of his expenses, but the shorter hours and flexibility in his job allows him to pursue his secondary income generating ideas! Either way, the great thing about your primary salary is that you can usually get benefits, such as health insurance, that really protect you while you are pursuing your other ideas!

How to earn passive income: 22 ways to create multiple streams of income

For many individuals, this person is their spouse, who also brings some income diversity to the table. Just like I mentioned above, if your spouse has income, try to maximize it.

Monday 16 January pm How to earn passive income: 22 ways to create multiple streams of income Making money while you sleep. Has a nice ring to it, doesn't it? I know I didn't.

I would throw in some caution here: if your spouse works at the same company, or in the same industry as you, you are not diversified, and should something happen, you could be in a world of hurt. Companies do go out of business, companies do lay employees off.

10 Powerful Reasons Why You Need Multiple Income Streams

There is nothing wrong with working together, but realize that you are not diversified and you should be trying to maximize other income streams as a result. Investment After employment, I think that most individuals gain income diversification through investing.

why have additional income

It is important to look at why we invest: because at some point we plan on using this money for something. For most, it is saving for retirementand the investing is done through vehicles, such as a k or IRA. But investing is not just about stashing money away for a rainy day — that is what an emergency fund is for.

Investing is about having enough capital to generate income. Investing generates income through dividends, interest, and return of capital. You really want to maximize the first two, and stay away from the return of capital as much why have additional income possible.

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  • Back then, building more than one source of income was often difficult, time-consuming, and expensive.
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