Topic: Financial Stability - Get yourself non ending economic circle. - page 2. (Read 497 times)

It's really advisable to not only depend on a single stream of income. It's much better to have multiple sources of income to achieve financial freedom and independence. No man has ever become trouble-free in financial aspect for only having a one work to sustain his needs and wants in life. A work won't guarantee you the life you want. It would be between to just enough to sustain your necessities in order to survive or barely making the ends meet. Hence, you have to be strategic, creative, and resourceful in order to have many ways to acquire income.

During this modern age, there are so many job opportunities and other means to generate income and profit with the help of technology and innovation. Aside from working your day job, you could also find another job as a sideline such as freelancing with the help of your talents and skills. You can make your hobbies as another way to earn money. That way, you are enjoying as well as earning profit - a win-win situation. You can also invest in stocks or crypto and other form of investment vehicle that suuts your preferences well. You'll have a passive income while doing the things you need to do, which is a good thing because you'll spend minimumof your energy to it. You can also try doing small business if you have a capital to start off and it is your thing.

You see, there are so many ways to be financially stable before you even reach your retirement age. You just have to keep looking and of course you must execute your plan well to be able for it to flourish.

People, especially the young ones have their eyes set on making it big on social media, hence why there is a sudden boom of influencers on tiktok, instagram, and youtube. It is because they are seeing fame in social media as the easy way out on financial struggles, because said endeavour pays, and it pays a lot. Advertisers are crazy on big numbers and wider reach, and a lot of people aspire to be on the limelight in order to reap such payouts by being big on social media.

Has it occurred to you sometime you should have more income sources than just relying on single one?

This morning, I was reading a book on "Good Economics for Hard Times", written by two MIT professors Abhijit V. Banerjee and Esther Duflo.
I am not reading it in-depth however were looking over few chunks out of it.

It made me think about my daily routine, how I see things in financial perspective. If you see yourself and analyse by each hour, day, or monthly basis in terms of your expenses then you get know how slow earner we are and how expensive we are.

Obviously by now I have understood one thing in my life, you need multiple income sources to have all that you always dream!

I know very well you can live a low budget life too. For example someone might just argue, you need only single stable income. True. BUT, as you go on in your life, you start to experience big burden of expenses piling up on your shoulder. Whether it is commute expense, fuel, daily food, dates with your wife, school expenses of kids, their wishes, birthdays, car loans, home EMI, personal world tours and non ending stuff you name it. Things will always be boomerang and they will sometimes go ahead of your income.

This will never end up in financial stability, rather it will just keep you up to date with your 9 to 5 job, a small circle, with broken dreams and stuff.

So, a thought cam in; you need that Non-Ending Economic Circle. By definition literally means you should be able to tackle the satisfaction by means of scarce sources.

How one can have this satisfaction?

Well as far as I am thinking you get into the market and create multiple income sources. There should be flow of money your banks all the time. You should be thinking more about your plans rather than bending your plans according to your bank balance.

With the digital era, there are just so many ways to earn the money. If spoken about the crypto space then . .
1) Crypto staking
2) Mining Farm (Very profitable if done properly)
3) Crypto Trading
4) Crypto Investment by HODL (More or less staking without fixed APY%)
5) Work at Forum

Apart from above list:

1) Blogging
2) YT influencer
3) Social platform king e.g. Insta page, FB pages, Twitter (Promoters)
4) Digital Marketing

The Big Boy
Be an entrepreneur or business owner of at least one stream of product that suits you.

Moreover there is big platform to work as part time earner on amazon, medical writer, medical coder, flyer influencer and many more opportunities which can be availed with few course or based on your skills.

---

Has it occurred to you sometime you should have more income sources than just relying on single one?

Do you really believe in such economic circle where your income is unlimited and your expenses does not matter. 

The passive income method is not a bad one but it is also not a forever one neither. You could put your money into cake for example, put it on some yield farm or stake and you could earn a lot of money from it. There are not many other stuff in the entire world that could give you that type of return, sure there are some smaller ones that offer more but that is usually because we are talking about volatile and unstable stuff, cake is better in that regard.

But that is not a forever thing, if you buy a house and rent it, then you may earn a lot less, and I mean like A LOT less, but that could go on for 100+ years to your grand kids. Cake may stay that much, but it is unlikely and that is the problem.

Exactly. You wont be gaining much if you are just sitting around one chair and doing nothing. The world itself is becoming way more expensive than anything now. Whether it is fuel, plastic chair or street food, I have seen them changing cents to cents every now and then. However what we dont realise is that these cents have piled up so much now that they have added multi dollar value to every thing.

The point is simple, our salary or income is not increasing at that same rate at which the expenses are growing. If we wanna have proper bank balance, then we need to have income which will balance out the expenses first and then we start saving huge amount. Thats why have multiple incomes, fill the accounts until everything looks way way cheaper. 

This morning, I was reading a book on "Good Economics for Hard Times", written by two MIT professors Abhijit V. Banerjee and Esther Duflo.
I am not reading it in-depth however were looking over few chunks out of it.

It made me think about my daily routine, how I see things in financial perspective. If you see yourself and analyse by each hour, day, or monthly basis in terms of your expenses then you get know how slow earner we are and how expensive we are.

Obviously by now I have understood one thing in my life, you need multiple income sources to have all that you always dream!

I know very well you can live a low budget life too. For example someone might just argue, you need only single stable income. True. BUT, as you go on in your life, you start to experience big burden of expenses piling up on your shoulder. Whether it is commute expense, fuel, daily food, dates with your wife, school expenses of kids, their wishes, birthdays, car loans, home EMI, personal world tours and non ending stuff you name it. Things will always be boomerang and they will sometimes go ahead of your income.

This will never end up in financial stability, rather it will just keep you up to date with your 9 to 5 job, a small circle, with broken dreams and stuff.

So, a thought cam in; you need that Non-Ending Economic Circle. By definition literally means you should be able to tackle the satisfaction by means of scarce sources.

How one can have this satisfaction?

Well as far as I am thinking you get into the market and create multiple income sources. There should be flow of money your banks all the time. You should be thinking more about your plans rather than bending your plans according to your bank balance.

With the digital era, there are just so many ways to earn the money. If spoken about the crypto space then . .
1) Crypto staking
2) Mining Farm (Very profitable if done properly)
3) Crypto Trading
4) Crypto Investment by HODL (More or less staking without fixed APY%)
5) Work at Forum

Apart from above list:

1) Blogging
2) YT influencer
3) Social platform king e.g. Insta page, FB pages, Twitter (Promoters)
4) Digital Marketing

The Big Boy
Be an entrepreneur or business owner of at least one stream of product that suits you.

Moreover there is big platform to work as part time earner on amazon, medical writer, medical coder, flyer influencer and many more opportunities which can be availed with few course or based on your skills.

---

Has it occurred to you sometime you should have more income sources than just relying on single one?

Do you really believe in such economic circle where your income is unlimited and your expenses does not matter. 

This morning, I was reading a book on "Good Economics for Hard Times", written by two MIT professors Abhijit V. Banerjee and Esther Duflo.
I am not reading it in-depth however were looking over few chunks out of it.

It made me think about my daily routine, how I see things in financial perspective. If you see yourself and analyse by each hour, day, or monthly basis in terms of your expenses then you get know how slow earner we are and how expensive we are.

Obviously by now I have understood one thing in my life, you need multiple income sources to have all that you always dream!

I know very well you can live a low budget life too. For example someone might just argue, you need only single stable income. True. BUT, as you go on in your life, you start to experience big burden of expenses piling up on your shoulder. Whether it is commute expense, fuel, daily food, dates with your wife, school expenses of kids, their wishes, birthdays, car loans, home EMI, personal world tours and non ending stuff you name it. Things will always be boomerang and they will sometimes go ahead of your income.

This will never end up in financial stability, rather it will just keep you up to date with your 9 to 5 job, a small circle, with broken dreams and stuff.

So, a thought cam in; you need that Non-Ending Economic Circle. By definition literally means you should be able to tackle the satisfaction by means of scarce sources.

How one can have this satisfaction?

Well as far as I am thinking you get into the market and create multiple income sources. There should be flow of money your banks all the time. You should be thinking more about your plans rather than bending your plans according to your bank balance.

With the digital era, there are just so many ways to earn the money. If spoken about the crypto space then . .
1) Crypto staking
2) Mining Farm (Very profitable if done properly)
3) Crypto Trading
4) Crypto Investment by HODL (More or less staking without fixed APY%)
5) Work at Forum

Apart from above list:

1) Blogging
2) YT influencer
3) Social platform king e.g. Insta page, FB pages, Twitter (Promoters)
4) Digital Marketing

The Big Boy
Be an entrepreneur or business owner of at least one stream of product that suits you.

Moreover there is big platform to work as part time earner on amazon, medical writer, medical coder, flyer influencer and many more opportunities which can be availed with few course or based on your skills.

---

Has it occurred to you sometime you should have more income sources than just relying on single one?

Do you really believe in such economic circle where your income is unlimited and your expenses does not matter. 

Always good to have a backup for contingency, except you are from a wealthy family or inherited some wealth it is unhealthy to rely on one source of income, the bills will keep coming in and it is mandatory to clear some of those bills otherwise you can face problems, I do what I can to have a backup earning, crypto is my major rest are like side hustle beside my job (which I hope to quit soon enough)

The issue is that the expression becoming rich is wrong when it comes to building your wealth over the long term, you do not become rich you plan to become rich, most people do not have a plan, they just expect that someday the good life is going to happen to them and they will obtain the benefits of it, however the ones that were able to get so much money planned for it, they saw what they needed to reach their goal and they did it, and if that meant working several jobs or getting new skills they did it, while many other people will simply think of this as too much work and will keep waiting for their luck to change.

Income is temporary, bills are forever! 

We will always walk on the daily treadmill of jobs, sleeping, eating and studying until the day our minds give out.

That is unless you are or become rich in between that.

Better to just solve problems... If people appreciate or not, you still get your rewards in one way or another, as long as you do what is right. Such rewards always come from above and nobody can stop it.
If problem solving counts, whether people reward you or not, you could rightly claim you have multiple jobs.
I believe the world should emphasize on Solving Problems or making useful contributions to societies rather than just having a job. Lots of people don't contribute much in their jobs or are creating more problems yet are fully paid.

For the record, trading doesn't give a stable financial income. If we pass this kind of information that it is a steady means of income then new traders can think that way and believe so to invest more than they can carry. So it is not a steady means because of the risk involved. Business or investment are not steady means of income, what we can call steady is government job that is the reason many people run to go into it. However, trading is beneficial if you understand how to go about it.

Expenses are endless, we will spend our earnings if we only have one job. Such a situation will keep you out of sight from your family and friends since you will tirelessly just keep going. Unfortunately, we only realize this when we get older already and have growing responsibilities.

The lack of planning for the future while I was in my 20s resulted in this kind of life. Unaware of what is going to happen.
I have been staking and trading for a while but I'm however not earning huge daily though. I hope to really start mining if the bull market provides me enough to start.