Multiple Streams Of Income: The Route To Financial Stability
Do you know how valuable an extra $100 can be?
Are you getting extra income outside your routine job?
Do you have a side hustle just like every other person?
During my days as a business student, l learned a lot about the importance of diversifying our investments but, the real world taught me another lesson. It taught me that our income, just like our investment, also need to be diversified.
Everyone wants to get multiple streams of income for reasons well known to us - an attempt to attain financial stability.
We want more! More money to offset our bills, more money to grow our bank balance, more money to increase our investment. Just like Oliver Twist, we are screaming for more. Most are embracing alternative sources of income in addition to their routine jobs to increase their income and subsequently attain financial stability.
So, the reason for digging deeper into this research topic is crystal clear! I know how valuable it is to make extra income and l will be showing you what it entails. Of course, it's all about side hustles.
First, What Is A Side Hustle?
A side hustle is the type of employment that allows you to take the initiative in deciding how things should be done. It is generally freelance - you set the terms and decide when to step away.
According to Nicole Martins Ferreira, "A side hustle is a way to make money outside your 9 to 5 job".
It's no longer a surprise to see people embracing side hustles. Most jobs offer a capped financial benefit which makes it hard for employees to grow their residual income. The conscious effort to increase earning is the motivation that forces people into side hustles.
Just so you know, a part-time job is not the same as a side hustle. A part-time job puts a worker under the umbrella of their employer so, the time you give and your earning is dependent on what is offered by the employer. As for side hustles, it's more entrepreneurial.
Are you ready to have multiple streams of income? Trust me, you need a side hustle.
In addition to these, a side hustle is often focused on monetizing things that we are passionate about while enjoying the financial security that comes with it.
Who Can Take Up A Side Hustle?
Over the years, those that often take up side hustles were retirees who for one reason or the other feel that they are "retired but not tired".
Another set of people that are known for adopting side hustles were company men that earn peanuts and feel like adding more cash by doing other things.
What about now? Is there a redefinition of the concept of a side hustle?
Is it something that can be adopted by youths alike?
Maybe you are currently unemployed, underemployed, self-employed or already working as a full-time employee with a fat paycheck, an opportunity to earn more from a side hustle is still embraced by almost everyone - youths alike. Anyone willing to take up a side hustle can do it because having multiple streams of income can never go wrong.
Thankfully, there are a lot of side hustles that people can engage in irrespective of their current employment status and it's well detailed in the next part of this research report.
Reference
Thanks For Not Missing Any Full-stop Or Comma
Crossposted from my blogpage.
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