Why You Need More Than One Income Stream

I have yet never met a person who told me they are 100% happy with their salary and do not want or need a raise. Most people think that the income they earn through their job or business is not enough for the lifestyle they truly dream about. I believe that no matter what we earn, we’d like to earn a bit more. Usually, people dream of a better income for taking an extra vacation, paying off debts or just saving for a rainy day in the future. These days the world is no longer “as usual”, and many families need extra income more than ever.

The famous American author, salesman and motivational speaker Zig Ziglar used to say “Money isn’t the most important thing in life, but it’s reasonably close to oxygen on the ‘gotta have it’ scale”. Looking back over the last 2-3 years ,at the same time as I look ahead, I am bold in my suggestion that adding an additional income stream to your life would be one of the smartest things you can do right now. The current world situation has shown that no job is totally secure, so having more than one stream of income will give you added security and put you in a better position to be prepared if one source of income fails. When you have various cash flow sources coming in you stay covered financially no matter what.

A challenge for many might be a lack of drive to go beyond the normal job, but when they realise that an additional income source will not only give better immediate cashflow, but that it can also secure their future, their motivation becomes stronger.

So, what is additional income? Usually, it is just like the name suggests, it is money we earn over and above our regular income. It can be earned by taking on a second job, interest accrued from money in the bank, dividends or returns from investments, rent from leasing out your house or it can be royalties earned from a book you wrote or other things you invented/produced just to mention a few.

It is fascinating to study stories about successful entrepreneurs. History is full of people who took on additional work to keep on having multiple income sources during good times and hard times. Without exception all the self-made millionaires suggest creating multiple income streams. Some of these millionaires might have up to six or seven streams of income, and their mindset is constantly pushing them to find more money-making opportunities. Even popstars, movie stars, and other celebrities go to great lengths to make sure they have money coming in from all directions. In Norway we say they are “making sure they do not put all their eggs in one basket.”

Do you rely only on your salary? Wouldn’t it be great to have income rolling in from another source as well? Why should you be different from the rest?

We know that money is a leading cause of stress in relationships. Why not put an end to the money question once and for all? How would your family life look if you had better financial security and stability, or if you could increase you purchasing power?

When I ask people what an additional $500 a month would mean for them, these are the most common answers: safer and newer car, bigger and better house, more vacation, healthier food, more time for fun and entertainment, pay off debt, better school/education for my kids, upgrade furniture, not worrying about increased gas/fuel/grocery prices, better dental work, improve my health, better clothing etc. Some even say they would like to do more volunteer work and help struggling people.
The ultimate dream for most individuals I meet is freedom. Financial freedom, time freedom and also not have to be tied to a specific work place. When I ask them if they have a plan for getting any of this, most people do not. They believe they are stuck with their job and cannot see that setting aside 1-2 hours, 4-5 days of the week can help them be in a totally different place a year from now – maybe even setting them free. It does not mean they have to resign from their job, it only means they are no longer tied to their work for financial reasons, because their other streams of income have them covered.

There is a wealth of opportunities to choose from if you want to create extra income streams today. The internet has allowed people from all levels of society, from all countries, to start a business from the comfort of their home, solely with an internet connection and a phone. What’s between the individual and success is time, an idea and a lot of dedication. This applies to anything we want to achieve.

Everyone wants to live their dream life, but not everyone believes they are able to achieve that goal. They do not even think a single thought about it. They stay in an endless stream of struggling from day to day and before they know it, another year has gone. EVERYONE can change their situation to something better. If you are smart, start a side hustle that does not require big investment, something you can manage in your own time whether it is minutes or hours daily. Start something where you get help and guidance from day one. Start doing something that is unique and does not have a lot of competition, and something that everybody needs. If you are able, step by step to create and manage more than one source of income, then you have a real chance of creating the dream life you want. The more time and effort you put into building your sources of income, the greater the chances for you to achieve financial freedom to live the life you want.

The extra money you are earning, above the normal income, does not have to be used on material things. You can be more selective about your working hours, especially if you are able to create passive income streams. At some point you will see that you do not have to chase pay rises or count hours. You can spend time doing what you love and find interesting ways to make your own money. All this without having to worry about your monthly expenses.

One of the best things about having more than one income stream is that there is no limit to how much you can make. You decide with your effort, determination and focus and nobody can set a cap on what you do or what you make.

Unless you are 100% satisfied with your salary and do not think you need or deserve better, I suggest you start building an additional income stream. Whether you have money to invest, have invented or made something others are willing to pay for, or simply want to, like me, help people build a sustainable, residual income throughout the world.

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