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Why you need multiple streams of income

These days, I wear many hats. I am a writer, blogger and photographer. I write on Fashion and Style Police, collaborating with many brands on sponsored content. I also write for other websites as a ghost writer and I also handle blogger outreach for many clients. I have also recently added social media management to my portfolio which is forever growing. I now manage social media platforms for brands and I am seriously loving.Having multiple streams of income is the way to go, and I cashed in on that really early.

As soon as I decided to go self-employed, I knew I had to have multiple streams of income to keep afloat. Apart from all these jobs I do, I also have an eBay shop that does get really busy. Plus I wrote a book in 2016 that still brings in money. And I am not looking to take things easy anytime soon. I have a few more streams of income I am working on and plan to launch later this year so watch out for them.

 

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So why do you need multiple of streams of income? Here are a few reason why.

 

Cash Flow

Some streams of income can get really quiet at certain times in the year. Which is why it is very important to have multiple streams of income to keep your money coming in. Relying on just one stream of income as a self-employed/freelancer is very dangerous.

 

No Dull Moment

Everyday is different when you have multiple streams of income. I work with various brands everyday, doing different jobs and I love it that way. Variety is the spice of life!

 

Build Wealth Long Term

Building wealth long-term is possible when you have various sources of income. It is a smart to work and build wealth. Money worries keep many of us up all night. Paying up the endless bills every month with just 1 stream of income is almost impossible these days.

 

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An average millionaire has 7 streams of income. They are awake enough to understand the importance of diversifying and creating multiple streams of income. Earning money in different ways is the key to long-term wealth creation and financial freedom, which is the dream. Financial health is very important for our mental health, so it is essential we take control of it to live freely.

What are your thoughts on this? How many streams of income do you have? Please share your views in the comments section below.

Thanks for reading.

 

 

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18 responses

  1. Wow millionaires have 7 streams of income?! I guess I would of never guessed that but it does make sense after all your reasons!

  2. Great advice! It’s so true, some things do really well at certain times and then it’s crickets for the rest. I’m learning to diversify the products I’m offering, and I’m excited to launch 3 more by the end of the year. Hopefully I can fill the gaps!

  3. I’m still practically new in the blog world and I’m still learning but thanks to post like this I’m determined in learn and continue growing and expanding as a blogger. Great article!

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