WHY WE NEED MORE STREAMS OF INCOME

Have you being stranded in the middle of the month in recent times? What about lost opportunities to make some clear-cut investment deals? Did you miss any landmark deadline recently that would have given you a big career or business growth? What about your desires, are able to meet all of them in recent times? What about planning a vacation? How stable have your finances being? Sincerely, the answer to the questions above are more of No than yes and I believe if you fall in that category you should be asking yourself “why?” right now. Read along and hope to have the answers between the lines.

Why do you need another stream of income?

1. Stuff happens. I'm not talking of even car accidents now. it could just be an elderly member of the family diagnosed with cancer or some other critical illness. These things happen and often require large amounts of money and your salary will just be insufficient to carry the cost.

2. Job insecurity. I am not referring to civil service. Job insecurity is phasing out due to the fact that we have more graduates out of school more that jobs being created. As a matter of fact even the used-to-be available jobs are being automated using machines and computer ... Global downsizing. With this there are always ten qualified people willing to do your job for less than you are being paid now. What’s keeping you on your job is the fact that your employer hasn't tried looking for someone else.

3. Employer Domination. Because your employer pays your salary and knows you have no other income, they tend to want to dictate your life and exploit your time and mind; they ask you to come to work at odd hours and days. I've found that employers typically are more respectful of their staff members that are wealthy and do not depend on the salary they are paid.

4. Relaxation? Too expensive! The reason many average individuals don't go on vacation is the cost. “It’s too expensive to really travel to ideal holiday vacations” many do say. Frankly, these destinations are not expensive; you're just not earning enough to afford them. Or, don't you agree with me?

5. Children, someday. Children cost a lot. Ask your parents. You can't feed your family on just one income source especially if you live in the urban centres. I can assure you.

6. Money while you sleep. For most of us, the bulk of our money comes while we're awake and at work. Really rich people make money while sleeping from having businesses that do not require their constant involvement/participation/attention to do well. Tuface and P-Square makes so much from their talents (CDs and albums) which do not require their attention. Same with Dangote and Otedola, they make money from you and I driving to their filling stations at night, buying a Dansa fruit juice while going home stuck in traffic. We drink, they earn. We fuel, they earn, we listen to music, they earn. What is working for you while you sleep?

7. One more secret from the wealthy. Do you really think you can become rich working for someone? You can never be richer than the person you work for. No employer can pay you more than he pays himself. The only way to assure yourself of constant promotion and better pay is to work for yourself or at least do something that works for you. Upgrade an hobby.

8. Trends are changing. Certain industries are becoming less important in our time. In the next few years, it could be an industry you're in or you have some interest in. So you need to have your hand in many pies or at least more than one so you are not taken unawares. You need to be innovative.

9. God says so. If you believe in the bible, then read Ecclesiastes 11 from verse 1 to 2. It says "Cast your bread upon the waters, for after many days you will find it again. Give portions to seven, yes to eight, for you do not know what disaster may come upon the land." And he doesn't suggest just one or two, he says 7 or 8. In the book of beginnings, the first mention of a river that nourishes a garden tells us the river has four tributaries, meaning the garden needs to be nourished on all sides.

10. Because you really do need it. Seriously, you really need to have another stream of income so you can spend your money the way you want. Remember, human needs are insatiable.

Do you have more reasons? Leave it as a comment for others to learn.

Also read: First time Entrepreneurs, Printing and Publishing, Your Hobbies, Start-up Ideas, Start Small and Believe in Yourself