Importance of creating multiple income streams
It is very important to have multiple income streams. One good reason for that is even if one income stream fails to support you with passive income the other one should help you. This should be the thought of diversifying your investments. At the same time, we have to make sure that even the diversified income source is paying us enough and the scheme we choose is one of the best.
Only by saving the money we earn, we can safeguard our future. At the same time creating a passive income source and that too from multiple streams is important. We cannot just rely on one single income source alone. That will not be a safe decision.
Savings for the lifetime
In countries like India where there are no great facilities from the government, it is important to save the money we earn to make a lifetime. We cannot keep spending all the money we earn and suffer during old age. It is not just about old age alone. If we don't save money for the future, when there is a need, we might end up taking loans or lending money from others.
Though it is a cold truth, we cannot live in this society without enough money. In today's world, people come for rescue only when they have money. Even relatives stay away during tough times when we don't have enough money. If we have to save for a lifetime, we need a good income source, and that too from multiple places.
Diversifying my investments
Whatever I earn today from my income sources, I decided to diversify it on different things. The income that is generated today should not only go to spendings alone but should also be diversified to multiple things. That's what will give a safe future because if one income stream stops supporting me, I can always rely on the other.
I always believe that diversification should be there both in the real world investment as well as the crypto World. Now with all the advancements happening in the blockchain and crypto world, it will definitely play an important role in the future. It is better to pay attention to the crypto world now itself.
Create income streams
Creating income streams is important when it comes to savings. The savings that we do should not only be safe for the future but should have some appreciation and also generate a passive income for us. In the olden days, people used to save money in the locker or bury it in a safe place inside the house garden. Those things are gone now.
Today people very keep about letting the money make more money for us. I also consider that to be one of the best strategies. But I would split the savings into multiple things that would yield me income from multiple streams. DeFi farming, staking, Fixed deposits, rewards from curation, etc are some of my different income streams in the blockchain world. In the real world, I would like to make real estate, bank fixed deposits, farming, share market investments, etc as my diversified source of income.
If you notice not all these income streams give good value in return but they are all pretty much save and when one income stream goes off, another will protect.
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Posted Using LeoFinance Beta
