Professional investors cannot ignore the need to have a portfolio of investments to reduce the systematic and unsystematic risk. It's pertinent to diversify your income sources to curtail career risk.
If you're in a vocation or profession, especially the one you're passionate about it's cool. It's however wise to "Cast your bread upon many waters, for you will find it after many days" (Ecclesiastics 11:1).
Placing all your eggs in one basket can be risky, hence, the need for cashflow through multiple streams. You should read our article here on the benefits of having multiple streams of income
Factors To Consider Before Getting Started
Many companies have rules, policies and ethics that limit employees from doing other jobs. So first confirm if you have the approval to do that before adding a new stream.
Also be careful that you're not creating competition with your organization with their already existing client base.
Like if you work with a real estate investment firm, you shouldn't be cross selling another investment scheme not approved by your organization to their customers.
Also, be willing to create time to do, or supervise and learn the 'Know-how' of this stream adequately to avoid losses.
Finally, try to get one stream on track before starting another.
Multiple Streams Of Income
Learn to monetize your skills.
We have several skills that can monetized:
1 Listening
2 Speaking
3 Music
4 Art
5 Reading
6 Writing
7 Drama
How To Create Multiple Streams
1 Be an influencer. This means try to build an audience either physically or the internet,(Social media). You can easily sell other people's products and your products and services.
2 Involve yourself in affiliate marketing.
3 Make YouTube videos
4 Invest in businesses or Startups and watch them grow.
5 Create an Online course.
6 Buy good properties in good locations.
7 Rental income.
8 Writing books.
Conclusion
If you have read this far, it is without doubt that this article has been helpful and we are glad. Kindly share this article with friends and family who are looking to build multiple streams of income.
Post a Comment