Principle 14: Multiple streams of income.


WHY IS IT NECESSARY?

No job is hundred percent secured these days. A lay off or cut down in employee strength can be expect anytime. Hence, if you rely on one income source alone, what would you do if there is a temporary stoppage of work?  When you have different sources to earn money at the same time, you have multiple sources if income. By doing that you are making your financial future more secure.

We need multiple sources of income because, if you look around you’ll see that the cost of living keeps increasing every year. Prices the grocery stores, fuel costs, cost of medical treatments, everything is becoming costly and hence, you have to think of adding new ways to earn money. Should one source dry, the other one will save you.

But not all of us need to think on these lines. People who belong to high income class need not think seriously about having a second source of income. So, basically, whether you need to try a different source of income depends on your financial position.

WHAT COULD BE THAT SECOND SOURCE OF INCOME?

Anything! You can start a small business or open a shop. It depends on what type of skills you have.

For example – If you have excellent command over language, why not try content writing? That something you can do from the comfort of your home. How about starting a blog and share some ideas? Know to play a musical instrument? Why not start a music class at home?

HOW TO GET STARTED

First, look at where the opportunities are. The opportunities are going to be different for everyone, depending on your skills, network of friends, business connections and most importantly, what you find interesting to do.

For example, if you can cook well, you have the following options-

  • Write a book
  • Open a coffee shop
  • Take classes
  • Do television shows
  • Write about recipes in magazines
  • Compete in shows like ‘master chef’
  • Open up a large catering unit
  • Arrange small birthday  parties
  • Open a web site and sell recipes
  • Write a blog on food and nutrition..
  • Specialize on one item like cakes or oil less cooking.
  • Make a collection of traditional recipes country wise or culture wise.
  • Sell home made sweets.
  • Bid for contracts to run eating joints in big malls
  • Be a food and nutrition consultant.. ..

So, basically you have to sit and think ways to build a source of income. The options are many. It’s for each one of you to decide.

You may like these posts:

  1. The Income statement : Understanding the “matching principle”.
  2. Principle 10. Have a Monthly budget
  3. The Income statement: Understanding the components.

6 Responses to “Principle 14: Multiple streams of income.”

Fantine

September 21, 2011 at 10:49 am

I came, I read this artilce, I conquered.

nisar

February 10, 2013 at 11:35 am

This is really a great site, You did really hard work for writing all the contents.

J Victor

February 17, 2013 at 10:16 am

Thankyou Nisar

Ninad Nashikkar

June 9, 2013 at 1:53 am

U r genious man….great work victor

Manish Gupta

October 11, 2013 at 3:23 pm

fantastic notes

Roshni

August 1, 2016 at 9:46 pm

Hmmm … this has got me thinking !!

Thanks. :)

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