How a Single Income Source keeps You Perpetually Broke

By Abdulwasi’i Ilyas

The difficulties of our time

These times pose more challenges than those our forebears encountered. Jobs are shrinking, companies shutting down, and unemployment rate going through the rooftop. with competition taking a giant toll on businesses.
Worse still is the heavy demands that weigh considerably on our paychecks, reducing its impact to that of pittances.
“Never depend on a single income , make investment to create a second source”
Warren Buffet.

Dim Hope

The hope, although dim, is the massive presence of varied opportunities existing amidst these challenges. Myriads of opportunities abound to learn faster and adapt, to make career switches into thriving and highly profitable industries, to acquire more industry-related and relevant skills, to start a business on the sideline, among others.
No time is better than now to diligently explore your passions and interests and to make out of them a profitable livelihood. There is more information out there about your field of interest than you could possibly consume in a life time. The same applies for just about any field of human endeavour.
Information is more easily accessible now than ever. Startups are springing up in their millions to make the acquisition, consumption and application of this information as seamless as possible and as faster as it could get. You must make out time for greatness and seize all of these opportunities.

The Dangers of a Single Income Source, Its remedy.

one-stream-of-income-is-never-enough

An unmitigated reliance on a single income source in the form of your job or trade is a certain formula for financial disaster on a personal level.
Universally, millionaires attain and sustain their income status through owning income streams that transcend a single source.
On an evolutionary scale, you are better off branching off into other alternative income sources. This will enable you to prune along the line, the least rewarding and profitable ventures and to retain  the high-yield ones.
“Multiply, vary, let the strongest live and weakest die”
Charles Darwin
One way to thrive and stay ahead of the pack during times of economic distress and beyond is to rev up alternative income streams. Starting a business on the sideline or taking the plunge full-time is an option that holds an hegemony among others.

READ ALSO: How to Make The Most of What You Earn

Massive Action Holds the Magic Formula

Most importantly, your lot will only be exacerbated with the passage of time if you fail to act. Actions birth achievement and no time is better than the present to act. You must not possess all the requisite knowledge before you make the plunge. Fact is, most of the knowledge require to run a business is learnt on the job.
Starting a business without detailed knowledge of that industry makes you more susceptible to failure. Holding a job on the industry of your startup idea avails you the opportunity to gain valuable knowledge and insights into that industry and to make connections with its movers and shakers. All necessary risk mitigation steps for your startup.
Entrepreneurship is a realm where massive action determines who carries the day. Such actions provide the learning ground for entrepreneurs to make mistakes, pick up the pieces, learn and rise beyond the ugly trend of failure.
Get your hands dirty. Do lots of things without losing focus of your big picture. Herein you will find items that are worth keeping and that will propel you to success.

RELATED POST: Three Ways to Get a New Job or Advance in an Existing One Regardless of a Recession

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