Why do you need multiple streams of income?

What do you think about this question?  Do you really need multiple streams of income?

I mean for many years, people have relied on one stream of income…a J-O-B.  If you are married, then you may have 2 streams of income or you may still only have one…depends on the situation.  No, that is not a knock against stay at home Moms (or Dads for that matter).  Being a stay at home spouse is a tremendous task and I only have respect for them.

But back to the question…

I guess to answer that question…I will start with more questions.

How secure is your job?

Do you know you will always have it?  Is it possible that you could lose it or get laid off tomorrow, next week, this year?  If so, what is your option after that?  Do you look for a new job?  And most importantly, how will this affect your life and your family?

This is a scenario most people don’t want to think about.  Some people love their jobs and some people hate them…but hey, it’s a job, right?  It puts food on the table.

But it is only one stream of income.

Job security is not so secure anymore.  Even if you have a government job, there are no guarantees anymore.

This is why you should have multiple streams of income.

Because if you lose one source of income, then your whole world doesn’t come crashing down.

So how do you create multiple streams of income?

Some people create multiple streams of income by getting a second or third job.  That is one solution…if you hate sleeping.

Another option is to make the money you have work for you.  For instance, instead of putting all you money into a savings account, you can put some money there and invest some of your money.  Sorry, I’m not going to tell you where to invest your money.  I am a blogger, not a financial advisor.  It’s up to you to research and find the solution that works best for you.

I won’t say which option is the better option…but one seems “too long to be wrong”.  You can decide that for yourself.

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