Economy

The Importance of Establishing Multiple Income Streams

How to Be Prepared for Unemployment

What’s going to happen to your livelihood when you lose your job? Perhaps you’ll get fired over something ridiculous, maybe you’ll lose your job because your company goes bust, or perhaps you’ll receive less work and, as a result, receive less money. Job security is a major concern to everyone, whether they receive a weekly or monthly paycheck or if they spend most of their time chasing clients down with angry invoices.

A lack of job security is a good reason to establish multiple streams of income, but why else would you want to have several ways to increase your bank balance and how can you achieve it? Let’s find out.

Investments are smart

Why give your money to the bank when there are several different ways to watch your money grow? Bank interest rates are rather low and unless you have a large amount of money in your savings account, you probably won’t be seeing it grow that much. However, with other forms of investment such as penny stocks, peer to peer lending and even property development, you have some very attractive ways to add money to your bank balance without risking too much.

Sure, investing in things such as foreign exchange can be a huge gamble especially if you’re new to the industry, but this list of frequently asked questions about penny stocks will help you realise that not every form of investment is as volatile and dangerous as forex. Penny stocks don’t require you to be rich to invest, there is a potential for major returns and they’re easy to learn.

Having a side job

 If you do something creative such as software development, design or even writing, then chances are you have a skill that can be marketed on a website such as Fiverr or turned into a freelancing career. Thanks to modern advances in internet technology, our lives have been greatly improved and starting a freelancing career is now something that almost anyone can do if they have the time, passion and skills to do so.

You can create a web page to advertise your skills, spread it on social media and build up a portfolio of completed projects to help draw people’s attention to your work. It can be difficult to get started due to the number of people who want to become freelancers, but once you get your big break, it will be hard to stop your momentum and you could even turn it into a full-time job. One of the most obvious advantages of being a freelancer is being able to set and take work whenever you see fit. If there’s a lull in work at your regular job, you can simply take on more freelance assignments. If you’re struggling to pay for something you financed, then simply take on a couple more freelancing jobs to make up for the difference.

Ensuring financial freedom

 One of the biggest advantages of having multiple streams of income is to obtain financial freedom. By removing the fear that your way of life will be harmed by losing your job, you’re more likely to take risks, your mood will improve, and you’ll feel like you have control over every single penny you spend. This ultimately leads to a happier lifestyle and a secure future where anything is possible.

About the author

Ajithkumar

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