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Is It a Good Idea to Have More Than One Source of Income?
Cornelius J. Johnson is a digital marketing specialist by trade, and In today's post, he takes us through the pros and cons of having multiple income streams.
Is It a Good Idea to Have More Than One Source of Income? Money’s tight. You’ve got bills to pay, the rent is due, your credit card company keeps spending little, and this isn’t even starting to think about all the everyday bills and expenditure like groceries, fuel and the sorts. Don’t worry, you’re not alone, and there are millions of people around the world in a similar situation.
Even though you’ve got a job, you know the pay is just not quite cutting it. You might think about trying to get a promotion, or move to a job that’s better paid, but have you thought about potentially earning income through multiple sources? Having multiple jobs? Is this a good idea, you may be asking yourself?
Today we’re going to explore this topic to see whether or not multiple streams of income is a good idea, and whether it’s right for you.
Is it a good idea?
In short, yes. Having multiple streams of income can provide you with a seemingly endless range of benefits that it can bring so many positives into your life. While there are some negative, or rather things you should be thinking about, the positives are clear. Below, we’re going to explore many of the best benefits, and then take a quick jump into some important things you’re going to want to think about before committing to setting up multiple sources of income.
Increased job security
We all fear the day where we might get called into the office, only to be told the company is making cutbacks, and by cutbacks, they mean you. With everything still to pay for, losing your job can be a true financial struggle, and it’s sure to hit you emotionally and psychologically.
“However, with multiple streams of income, if you happen to lose one job, you still have the other sources of income to rely on, making it not so bad that you lost one and meaning you’ll still have money coming in to pay for everything” says Kathy Knight, a Career adviser at Writinity and Lastminutewriting.
Increased risk-taking opportunities
Have you ever wanted to take a risk in your life, but always found an excuse not to do it? Maybe you wanted the opportunity to change your career path at some point, or maybe step out of the world of employment altogether and start your own company. When you’ve only got one source of income, taking this risk means risking a lot more than just losing money.
However, as you can probably guess, having multiple streams of income means you have more money to invest, and you have a safety blanket to fall back on if you need too. Ideally, if you wanted to do something like start your own business, you would need to save in your main job until you have enough to live comfortably for a while and invest in your business, and then leave to fully invest your time when you’re ready while having the other sources there to keep you going.
Saving for the future
Let’s be honest, the retirement and pension industry is not what it used to be, and whereas in the past you may have been able to work at a company, for say 20 years, and then they’ll look after you when you retire, this is no longer the general case. While people in older generations may find it hard to understand how this works because it’s something they’ve grown up with their entire life, millennials and younger boomers will need to understand the importance of saving for the future.
Although you might not be able to save on your typical income so far, having multiple streams of income mean you can save for the future and have enough money if you plan on leaving the workforce and taking some well-earned retirement years.
Be financially stable/free
Of course, having multiple streams of income is a great way to boost your long-term wealth, but if you’re in debt, have credit, or you have no savings, having this extra income means you can pay it all off, save money and ultimately discover financial freedom. Imagine living your life where you simply don’t have to worry about money.
Any bills that come your way are dealt with, any repairs that need to be made or forgotten birthday presents can be paid for, and money simply isn’t an issue. While you may just be getting by when it comes to your typical income, having a bit extra every month means you can work towards this stable future where you simply won’t have to worry.
The bad side of multiple income sources
While these are all amazing benefits, there are some things you’re going to want to think about.
Commitment and dedication
If you’re planning on setting up multiple sources of income, you’re going to need to commit to what you’re doing and invest time into your project. You might want to sell things online, or perhaps get another job, or start a blog or content creation passion you’ve wanted to do.
“Whatever it is, it’s going to take time to build up and become successful. Even if you’re looking for a second job, you’ll need to invest time in writing a resume, finding these job opportunities and attending interviews” explains Bianca McDonald, a Business writer at Draft Beyond and Researchpapersuk.
This will obviously have an effect on your personal life, your social life, and your family live as you’ll have less time to spend with them, at least until things start picking up. Make sure you’re living a life with balance.
In a lot of cases, you’re going to need to spend money to make money. If you’re selling things online, you may need to pay subscription services, buy a website and domain, or even buy stock and things to sell. This could cost you money that you don’t have right now, which is why it’s a great idea to plan ahead and save. Give yourself time to build up your second source of income. There’s no reason you need to jump right in and burnout.
About the author
Cornelius J. Johnson is a marketing specialist from New York. He enjoys reading and writing on different aspects of entrepreneurship, usually, finance and marketing, If you want to read more of his work, you can find it at Lucky Assignments and Gum Essays, academic writing websites.
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