The Importance of creating multiple forms of income
When you hear the word payday what comes to mind. Doesn’t it make something inside of you get extremely excited? Who doesn’t like payday? Who doesn’t need payday?
The super wealthy. Truth is we all enjoy having a paycheck or a sum of money hitting our bank account. But the reality is once someone becomes financially stable payday does not come as exciting.
Many Americans struggle to pay their bills because of how high the cost of living is. Many Americans live paycheck to paycheck making payday a day of celebration for those counting desperately on payday to pay bills and provide for their family.
Living paycheck is no one’s idea of financial security. Although we hear so much about becoming financially free and secure, we hear little of the direct steps to getting to this oasis of financial freedom.
Personal Goals
The goal should never be to only wait around for payday. The goal should be waiting around for multiple paydays. Is it possible to constantly get paid? Is it possible to have an endless stream of income? Of course it is.
Having goals that lead you to a lifestyle where payday does not excite you because you are so financially secure should be the goal. With hard work and determination you can get yourself to a place in your life where money matters are not stressful and you are able to afford all your needs for yourself and for your family.
Set personal goals of obtaining an income someday that allows you to feel comfortable. These goals should include creating a budget, cutting unnecessary spending, saving money, investing money and developing multiple streams of income.
Earned Income
Earned income is income that received from paid work. Being an hourly employee is an example of earned income. Being a nine to five employee is typically earned income. Earned income is one of the most common forms of income. It is typically very easy to acquire earned income.
Some people find themselves in situations where earned income does not cover their living expenses. Creating multiple forms of income would allow for living expenses to be paid and paid on time. Use your income from earned income to launch other forms of income for yourself.
Starting with earned income is great but try to create other forms of income. For example, using your income from job to invest in buying rental property. The money you would make from your tenant paying rent would become a second form of income.
Multiple Forms Of Income
To have multiple forms of income is the goal, is the dream. But the reality is that creating multiple forms of income can become challenging. Having your own business, buying stocks, owning real estate and selling products are all great ways to create multiple forms of income for yourself.
Investing may sound hard. Open a small business or start an online store. You can actually become a real estate investor from certain online companies that allow investors to share parts of a property and receive dividends. You may have heard about crypto news.
Investing into cryptocurrency is very popular now and can offer great income for investors. Selling products at your local farmer’s market or events can become your side hustle. Driving for Uber or delivering for a food delivery company can be your part time gig that becomes a source of income.
Securing Your Future
Multiple forms of income allow you to secure your future. The days of getting excited about payday will no longer excite you. Stretching your paycheck will be a thing of the past. At this point in your life, you will be able to truly be comfortable and enjoy your dream lifestyle.
Your accomplishments will allow you to live a debt free life. Pay off any loans. Pay of your home, vehicle and credit card. Get rid of any liabilities and only invite assets into your life. Having a lifestyle that includes endless assets can be made possible with the introduction of multiple forms of income.
Generational Wealth
Conquering multiple forms of income set your family up for success. Once you are successful, you will be able to pass down wealth, experience, wisdom and knowledge to your descendants. These generations of people can live a life free of financial concernsbecause of the wealth you leave behind.
The true mark of success is when what you have created can outlive you. Your job won’t outlive you. Your job won’t benefit future generations but multiple forms of income will leave you a legacy for your family to continue.