If you can, avoid having only one source of income, try as much as possible to have other streams of revenue so that at any one point if any of them gets disrupted the others will be pouring in some money.
Regardless of how great your job, business or whatever it is that generates you money is doing, get yourself another source of revenue/income to avoid dependency on one stream. Many have lost their jobs that were everything to them and some of those jobs are just never going to come back.
Many wouldn’t survive three months later after losing a job or a business closure. You’d find them moving on the streets talking to themselves.
I have had a many people consult with me on how to generate another stream of revenue or how to find something to enable them generate money having lost their source of income during this period.
There many avenues that can generate you both passive and active revenues. The first one being your skills. Many are seated on their skills and have failed to find away monetise these skills. Yes you could be an accountant but also a good baker. What do you use your weekends for?
What about that time after 6PM? You could be a marketer but also be so good at playing the saxophone. How have you cashed in on that with all these weddings, birthdays, introductions going around?
You are good at graphics and coding but because you have a full time job as a store keeper in a big factory. You folded and kept away your laptop. You even deleted the photoshop software from it. You are the cashier at work but all functions are given to you to organise work parties.
Your workmates praise you. What are you doing to earn from that skill? You are the guy in office everyone brings their presentations to for review before they present it in the office meeting.
Don’t be good at something and then not earn from it.
If you are the kind that doesn’t love the rigamarole of business then invest in government bonds and keep ploughing back the profits untill you have a sizeable amount to keep playing around with.
Buying shares, too, is a good thing more so in highly vetted organised promising startups.
Have your money in like 10 of them, 4 will fail, 3 will be average, 2 will be great and 1 will wildly be successful. Understand that investment is a sport/game, you lose some and win some.
The target should be to win way more than you lose. That’s how teams win championships not because they didn’t lose at all.
If you have a small investment going, don’t close it when you get a bigger one. I have seen people close their small shops because they got a job or a bigger job or because they opened a bigger business.
If you started a supermarket out of that retail shop, don’t close the retail shop because now you got a supermarket. Keep the Shs 1 million the retail shop gives and also the Shs 5 million the supermarket brings in.
Don’t close one source of income simply because you got a new better one in your opinion. Find a way to keep them both.
The goal should be to have as many streams of revenue/income as possible regardless of how big or how small. If one dries up the others will keep flowing in. Thats how you attain financial freedom and build wealth.
Jaluum Herberts Luwizza is a Speaker,Writer and Business Columnist with the Nile Post.He is also a Business Consultant at YOUNG a Business Management and Consultancy firm that helps people start and grow profitable businesses and YTS Associates Certified Public Accountants.
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