Depending on a single income stream in this harsh economy is not sustainable and does not guarantee financial independence.
The persistent rise in the prices of commodities occasioned by high inflation has continued to affect the standard of living adversely such that survival has become a herculean task for the masses.
Likewise, the depreciating value of the Naira has worsened the situation.
With this, there is need for every sensible individual who desire a worthwhile life to think outside the box especially in the area of expanding his or her financial horizon to stay afloat in these dire hard times.
There is no way a single source of income can give you that financial freedom you are craving for. And one good way to defeat inflation is by being financially focused through wealth creation.
And to reach such goals, there are habits you really need to drop if you are determined to improve your financial life and your mindset about money matters a lot.
Do you know that increasing your financial horizon is germane to financial freedom? With self-determination, good financial planning, discipline and prudence, you can survive in an unfavourable economy and reach your financial goals.
Before thinking on how to multiply your income streams, the under-listed tips will help you see how to get started:
Have An Income Goal
If you desire to have multiple streams of income, you must have a financial set goal and try as much as possible to work towards accomplishing it.
Mind you, our needs dictate most of our financial decisions.
So, if you want to make more income, you should first focus on what you want to attain by generating more money. You must have knowledge of the level of income you are looking at if you commence extra streams of income other than your job.
Having an income goal can always make things easier for you to plan; it could either be a short or long term goal.
Be Positively Minded
The way you handle money will determine if you can actually create wealth successfully. Your attitude towards money matters a lot especially if you want financial independence.
To several people, money is just a piece of paper or legal tender that can be used to procure whatever they desire. However, some people do not believe in investment as they view money as something that must be spent, not minding to track down their expenses.
But, to the ones that desire financial prosperity, every kobo that comes their way must be accounted for such that they consider it a seed, which should be planted for multiplication.
Irrespective of what your earnings are or may be, there is need for proper planning, especially if you want to earn financial respect from your friends and families. That is why it is expedient you try as much as possible to keep certain amount of money aside for savings at the end of the month.
This can only be possible, through an appropriate budgetary plan.
Be Consistent
Saving and investing can be uninspiring and challenging at times, but you cannot stop as it may disrupt your financial set goals or plans you must have set for yourself for the year.
Remember, you will profit from what you sow now in the future and you will be amazed at how far your money has gone. With appropriate investment and continuous savings, there is bound to be a multiplier effect at the end of the phase-perseverance.
Be Focus
Before considering building or having multiple streams of income, you must be focused and vision- minded to avert financial failure or regrets. For a start, it is advisable to begin with a single stream of income and put much effort to grow it.
Be motivated and do not be distorted with new strategies or new business prospects; carry on with what you have commenced until you are able to build a steady income. Once you are able to generate a consistent income, you can add another stream of income.
Understand The Income Stream
Choose the income stream you want to build, understand it and ensure you have a good vision about the business you intend investing money to avoid losses.
You can also select whatever income stream you have been exerting energy on by leveraging on the fact that you are familiar with the business, so as to record success.
Resolve what it will be, the budgetary amount you want to commit to it and your financial expectations or returns
Invest Wisely
The stock market is a good business to invest in but it can be devastating especially if you do not have a good stock broker that is conversant with the terrain of the business. But you can concentrate on these three tasks to make it easy; clarifying, timing in and timing out.
Mutual funds are also great investment and they are all over the place. How do you choose? Pick the one that has the longest but a good track record. Also, the longer you invest, the lower is the risk.
Be Informative
You need to be educative or knowledgeable before delving in to a particular business or investment to avoid blunders.
It is imperative you study the specific business you want to venture into as it would help you to make a knowledgeable decision that would enable you to plan better.
It is good to have financial freedom, but it does not occur overnight. If you choose to create multiple streams of income, build your initial income stream first. When you are contented with it and know how to handle it well, then you can start building your next stream of income. With a clear focus and good marketing strategy, you can create wealth through multiple streams of income, thereby paving way for financial independence.
Think Outside Box
There is needed to be innovative especially if you are not satisfied with your current income. More so, gone are the times when one had to depend on only one source of income for survival.
In today’s world, there are numerous things or businesses to choose from and undertake to reach financial goals.
Selecting an income generating stream would hinge on many factors such as your financial set goals, your lifestyle and your expertise. You do not have to go with the outdated choices; instead look for more innovating money-making options.
