4 Oct 2017

A Few Reasons Why You Should Have More Than One Stream of Income!

Working a nine to five can be a tough routine, especially to those who have just graduated from university. It is a completely different playing field and the workload may sometimes not equal with how much people are being paid. Sometimes, people would have to work over time just to make ends meet. It is a vicious cycle of rinse and repeat just so that they can provide for their families. However, working at one job might not be the best possible answer out there to be able to buy the things that you want and need. Here are a few reasons why you should have more than one stream of income!

More Than One Stream of Income

Extra source of funds

Having more than one stream of income can possible mean that you will be able to save a bit more money for future purposes. For some, having only one source of income is enough to support their family. However, having another source of income can actually beneficial in the long run. There may be times when the salary gets delayed or an emergency situation happens and you are in desperate need of cash. This second source of income can act as an emergency fund just to be prepared for anything.

Security from an unstable job

Without proper labor unions, some jobs are very unstable because the work is contractual. A company can easily get rid of their employees since they are salient and disposable. When situations like these arise, having another source of income will become a life saver. In the real world, life can be so unpredictable and you never really know what will happen the next day. This is why it is important to consider having another stream of income so that in case you are let go by the company that you work for, you would have enough money to survive until you find another more stable job.

Can make smart investments

People are hesitant in investing on things because they don’t see the point if the return is low. However, it is much more practical that way. Having a business slowly grow and progress is much better than a company that reach its peak until it starts falling down. By making investments, not only will you be able to have another source of income, you would also be able to make connections and important friendships that will help one get through the hardships of life. Investing is an investment, especially for those who want to be successful.