5 Benefits of Multiple Streams of Income

5 Benefits of Multiple Streams of Income - Kolo Nigeria

 

 “Money must be made”, you may have heard of this line quite a couple of times especially if you reside in Nigeria. This is used most times as motivation to get as much work done to earn as much money as possible. I am sure it is no news that money is a crucial part of our lives as individuals, corporate organizations and country at large.

Having multiple streams of income simply means not relying on just one source or job to make money. You can work 9-5 for a company, blog or start a YouTube channel, run a home based business, invest in stocks and bonds, register as a driver under Uber, Bolt and the likes, teach online or engage in several other side hustles. This is how you get money coming in for you in several forms such as wages and salary, profit, dividend etc. By wanting to have multiple streams of income,you are allowed to become jack of all trade.

I cannot tell you doing quite a number of things at once will be easy but I can tell for sure that it will turn your live around especially in the long run. Therefore, the following are five benefits of multiple streams of income.


1. It helps You Accumulate Wealth

One of the benefits of earning money from several sources is that it makes you accumulate wealth. When you make money from  different sources  and keep reinvesting it into several other businesses and investments, thereby making the money work for you. As the cycle continues, you are unconsciously accumulating wealth and soon enough you will have a lot of assets in your possession. Just as David Bailey said, that to get rich, you have to be making money even while you are asleep.


2. It Keeps You Financially Independent


Being financially independent is such a big flex and comes with confidence.It is a position where you can show up for your own financial  needs without having to involve other people. Imagine wanting to change your car, fly business class, buy an expensive art work etc and all you have to do is just swipe your credit card. This is what you get when you earn money from different consistent sources, you get to make your own financial decisions and do with your finances whatever you deem fit.


3. It allows you Live your dream life

Have you ever dreamt of living in a penthouse,going to different countries for vacation or rather you have always wanted to ride the latest car in town. No matter what the perfect picture of your dream life is, making more than enough money is your ticket to live your dreams. Therefore,  ensuring you have multiple streams of income is the perfect strategy to earn more than enough. With this, you get to save money steadily towards living your dream life.

 

4. Attaining financial goals


Is one of your goals to be on Forbes list , be a billionaire or chair the board of a successful company? Whatever it is, money is an important tool to attaining your financial goals and you sure need to make a lot of them which is where having multiple streams of income comes in. You should know that most of the rich people doing great things financially are not relying on just one or two source of income. They work for their money then in several ways make their money work for them.


5. Financial security

Imagine what happens if you only depend on your monthly salary and you get fired, or there are setbacks in your business and you don’t have other means to get money. It puts you in distress and worries and sometimes even depression. But with multiple streams of income, if there’s problem with one aspect the others can cover up. You can have a main source of income and other side hustles as back up . You also get to take more risks financially and not play safe with your finances, knowing that if what you are investing in flops, you have something else to fall back on.

 

Earning from multiple streams of income is not an easy task or something that just happens overnight. You need to be devoted, consistent and patient to be able to enjoy all of these stated benefits and many more. However, no matter how eager you are to lead a better life financially, endeavor to stay away from illegitimate means of making money.







 

 

 




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