Putting all of your eggs in one basket is a dangerous venture. Relying on your employer to always be there for you can blow up in your face real quick and have you struggling in order to pay your bills. If you’re self-employed or wish to be, then this is one of the most important things you should already know. If you’ve got a job, then a passion project on the side that generates a little extra income is a welcome addition to your life. Who knows, you might even be able to quit your job and focus solely on your passion one day.
1) You Need To Be Prepared For Anything
If you get fired from your job or your main product stops selling well, you’re gonna find yourself in a very unfortunate position. Having other revenue streams can help soften the blow of any major changes to your primary source of income.
2) Your Main Pursuit May Not Be Generating Enough Income
If you’re a self employed creative or you’re working part time, you may not be earning as much as you’d like. Researching different opportunities within your industry can help you in your pursuit to find additional income streams. This may be essential if your main job doesn’t pay your bills.
3) You Want To Have Options And Freedom
Having multiple income streams makes it easier for you to leave a job you don’t like or move on from a project that doesn’t interest you anymore. As long as you can keep paying your bills and eating regularly, you can pick and choose the things you want to do.
4) You Can Have Variety In Your Work
Doing the same thing repeatedly gets boring after a while. Being able to dabble in different types of work keeps everything exciting and fresh for longer. If you’re bored of working on one project, how about you work on a different one today? Having different sources of income allows you to do this.
What do you think about having multiple income streams? Do you think it’s better to focus all your efforts on one thing at a time? Comment below and let’s discuss!
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