Why everyone should have multiple sources of income?

If the Pandemic has taught us one lesson, it would be “don’t depend on one source of income”. People who were dependent on one source of income, be it a job or a business got this reality check soon after they lost their job or a business after COVID-19.

The Internet is an undeniable reality, perhaps a parallel universe we have been guessing for a long period of time. In this parallel universe, people do business, get an education, make friends, and get the information they previously use to get from newspapers or television a couple of decades back.

As of January 2021, there were 4.66 billion active internet users worldwide. This number consists of 59.5 percent of the global population. With fast-growing internet penetration and good news coming from all over the world about people making good money from an internet-based business, everyone should think about seriously establishing an internet-based gig to support their active work.

You can make money on the internet in various ways. You can learn tech skills and offer your services as a Freelancer on different freelance marketplaces. You can start a blog, write about your favorite topics and make money. You can open a YouTube channel and grow your bank account as the number of your channel subscribers grows. Do you care for passive income? You can sell digital products, one of the best ways of making passive money and the best part is, you are not required to sit at your desk 24/7. You can offer one-to-one consultancy, and sell digital products such as ebooks, etc.

Many mentors talk about the importance of saving money from your business and re-investing it in other businesses.

One should not put all eggs in one basket. With multiple sources of income, if one business’s sales go down, your second gig could come in handy and help you make money.

Think Future, Think Money, Think about different Businesses.