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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i want to get a remote job or do my own business... don't know what to do though ... seems like if one doesn't have top notch digital skills it's hard to make a go at anything these days
https://twitter.com/bala41288/status/1380510287665582081
Great post, totally agree that you need to diversify your income, you never know what injury is around the corner, or a setback that might mean you need to rely on your alternative incomes.
But its hard to make enough passively to live, without taking too much risk so herein lies the challenge.
Nothing comes our way easily. Equal efforts are required to reap a good income in our life. When there is an immediate need in our life, savings alone will not be able to help us. That is when we will need a passive income source or an alternative source that can compensate us.
I am with you.
Diversification is very important. And it applies to Income source too. We all have a main source of income, from our work salaries. What if one loose the job? We will be out of money soon. Passive income make sure that we keep getting that extra money that we need for everyday survival.
This passive money could be less in the starting but this would grow with time. We can use any instrument available to us. Reoccurring deposit is one such mechanism, invest something in it now , small amount every month and you will get a bigger amount by end of year with interest amounts. That’s just one way, there are other mechanisms too. Same technique can be applied to crypto too. Systematic Investment Plan is another good example which buy some equity or crypto every day/week or month to build the wealth that can be your passive income.
Thanks a lot for sharing your thoughts and initiating the conversation here.
I completely agree. I don't like throwing in all my weight on one or two bags. I prefer a few different sources of revenue so I have tried various different apps. Diversifying in HIVE and also outside of HIVE what I plan on doing. I also hope to create a good enough cash flow so I won't have any money problems in the future.
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Untill now, I have not found any income stream with little effort , hive blogging still die hard for me
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Nice, I totally agree with you Bala
Thanks Xawi. 🙂
Sometimes you can't simply afford to create multiple income streams but I totally agree with you. We kind of need both savings, all sort of investments and several incomes streams if possible.
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I know this but I just can't resist the temptation of spending $$$ on online games. Lol I am now starting to 'diversify' them though.
I just learned about using Binance and that CUB thing so yeah better late than never. Next goal, 'really' saving for the lifetime.