Relying on one stream of income can limit the amount of wealth you generate over your lifetime and lead to financial instability. The days of one income stream are long gone and if you currently only have one stream, you need to look in to creating multiple streams as soon as possible. In this article, we’re going to breakdown why Multiple Streams Of Income Are A Necessity.
You Can Be Fired From Your Job
When most people have one stream of income, it is usually from their job. The problem is that you don’t own your job. You are replaceable and your boss won’t hesitate to fire you if you don’t follow their rules.
There is no ownership when it comes to a job, and quite frankly it is the worst way to make money. Your boss controls how much money you make and if you get fired, where is the financial stability in that?
You can make one mistake or the economy can change and just like that you can be fired. Many employers won’t give you a warning either, one day you’ll their best performer and next day you’re looking for another job.
This is why having multiple streams of income is so important. Even if you currently have a job, you don’t want to be fully reliant on that job for income. That job is not yours and you can lose it in the blink of an eye.
You Can Get Sick
I’ve heard multiple stories where individuals have gotten sick while working for a company. Unfortunately, they have to use up all of their sick days and their job doesn’t have the option of working from home. Plus, you’re sick, you shouldn’t be working anyway.
Well, what do you think happens when the sick days run out? Do you think their employer keeps paying them even though they aren’t working?
Of course not, some may still be able to work for their company when they get better others get the boot. Once again, relying on one source of income opens yourself up for tough situations.
If you have multiple streams of income and they are set up in ways to produce profits for you when you are not working, then you this wouldn’t be an issue for you. You can focus on getting better while still having money to cover your bills and medical expenses.
It’s Hard To Generate Wealth
Relying on one stream of income makes it hard to generate wealth for yourself. Studies show that the average millionaire has about 7 streams of income.
When one income stream takes a hit, there are still 6 other income streams that produce profits. This how you can grow your wealth significantly over time, even during economic downturns and recessions.
You want to have multiple income streams that are able to thrive during different cycles of the economy. For example, you want an income stream that thrives during an economic downturn, one that thrives during an economic explosion, and one that thrives through both.
By having these types of income streams, you can insulate yourself from having to worry and stress about money. You can choose to live your life how you want to live it, on your terms.
Thanks for reading Multiple Streams Of Income Are A Necessity. If you are interested in creating another stream of income, download our free guide here: 25 Six Figure Businesses You Can Start Today.