HOW many streams of income do you currently have? If you are relying on a single income, you are in danger.
You never know when that income source may falter. Perhaps the company goes out of business, or they cut your pay, or you get fired. With a single source of income, you may find yourself without income.
Simply put, more income streams equal more security. With multiple sources of income, you can avoid putting all your eggs in one basket and use several streams of cash to grow rich.
As the master trainer of Money Mastery Mentorship Programme, I’m a big believer in the concept of creating multiple streams of income.
I strongly believe that when people create multiple streams of income, they will achieve the financial goals they have dreamed about as well as the quality of life they have always wanted. That’s why I develop the Money Mastery Mentorship Programme which has successfully changed over 130,000 of lives since 1997.
In this article, I’m going to share with you the five benefits of creating multiple streams of income.
Get Rid Off All Financial Concerns
Personally, I define total wealth as the ability to survive in the future if your income comes to a halt unexpectedly. Possessing total wealth will get rid off all concerns like financial turmoil, political instability, sudden layoffs and retirement plans.
How to attain total wealth?
The best method is by having multiple sources of income credited to your account daily until your savings can support you for a lifetime.
Control of Your Financial Situation 100%
If you only depend on one source of income, which is your full-time job, then you are putting your financial control and your future fate in the hands of your employer.
Considering the changes that are happening, you want to be 100% ready for any possibilities just in case if anything happens, you still have other sources of income you can rely on to make a living.
Build A Money Making Machine
The money-making machine, also known as passive income is a concept I’ve talked about that functions to continuously provide an income forever.
Examples of money-making machines include properties that you collect rent from, shares that you get dividends from, the profit you earn from the goods you sell online or the fees paid from companies to advertise on your website.
However, how well your money-making machines operate to provide daily income depends on how much time, effort and resources you contribute to building it.
Moreover, if money-making machines could guarantee you total wealth, why are there people that never have bothered to build their own? The answer is simple; because they end up as someone else’s money-making machine.
However, building a money-making machine doesn’t mean that you have to quit your job. Instead of resigning, you should still look for multiple sources of income by making investments in properties, stocks, internet, anything that can earn you passive income.
Multiple Streams of Income Increase Your Financial Security
Nothing’s better than the peace of mind you feel when you aren’t occupied with concerns regarding your income and not making ends meet. If emergencies happen to like a wiring problem in your house or your car’s engine needs a replacement, you won’t have to panic and agonize on where to look for money.
Money, if it does not bring you happiness, will at least help you be miserable in comfort.
– Helen Gurley Brown
You can also read: Why Everyone Needs To Build Multiple Sources Of Income
Freedom of Life Choices
Creating money-making machines allow you to have more choices in what you want to do in life. Working under an employer comes with several restrictions like going for holidays or easily taking a day off just because you are mentally drained.
Once you commit to a job, sometimes your hobbies and the things that make you happy needs to be put aside so that you can earn for a living which could have a negative toll on our mental and physical health.
According to a survey that I’ve done in the last 22 years, I gave out surveys across 14 cities in Asia to find out whether employees wish they’re doing something else than going to work. As expected, more than 50% of the employees agreed.
How To Create Multiple Streams of Income
Now, you know the importance and benefits of creating multiple sources of income. The next question is, how can you create multiple streams of income?
This programme has not only changed thousands of people’s lives but also created a huge community of people who has various multiple sources of income’ interests and business opportunities.
The graduates of this programme include:
- Ahyat Ishak – Founder Of Pejuang Hartanah Community. He started his property investment journey for more than a decade, and he became a property millionaire before the age of 30.
- Jerome Tan – Founder of PIP Holdings Pte Ltd, Singapore’s leading property investor and owner of over 100 properties, also an author of ‘From Bankruptcy To Multi-Millions In 7 Years’
- Dr Katalina – a Certified Aesthetic Doctor with the American Academy of Aesthetic Medicine, Model, Actress, Singer & Brand Ambassador.