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

Earning more money is most of the time given as the solution to the financial problems that people have, however earning more is in fact difficult, I think that at first people need to concentrate on how to more effectively use the income they already have, and once they do this then they can look for other sources of income, if a person can do that then they can avoid a very common trap when they actually succeed on earning more money, which is lifestyle inflation.

You do not have to be a slow earner, you just need to be living in a place that is not expensive and working in a place that is expensive, that is how you make money. I am not earning enough to consider myself "rich" by any means, in fact I am closer to poor than rich, if I lose my job then I can sustain just 2-3 months and then I will not have any money at all, back to zero for me, if I start to use my crypto investment then I will sustain maybe 6 months but that's it, then back to zero again.

So, I am close to "poor" in that sense, but as long as I keep making my salary, then I am doing decent enough for me, I am living like a regular person, work all day, handle all the chaos life throws at me, maybe watch few netflix shows a month, maybe go out to eat somewhere 2-3 times a month and that's it, it is literally all my life and I can afford to do it, no problem at all. Sometimes some unexpected stuff shows up, usually related hospital bills, that's when it gets tricky but that's fine, it is just life you know? What I do? I work for USD whereas my fiat is a lot less valuable, so I earn more than my peers.

Feeling insatiable is a human trait that is formed naturally because of the desire to always be on top. In the circle of economic and financial stability, they will always try to appear by continuing to develop their business for profit only to make their pile of money grow. Although I never thought of it as anything wrong, but having gratitude for whatever they have right now is necessary just to prevent them from acting recklessly that could cause harm.

Everyone has the right to be rich, but not everyone has wealth. So when we have gratitude, everything seems to always be fulfilled even though the actual conditions are contrary to what they want.

Things listed above aren't 100% profitable especially for those who don't have complete knowledge about it. It requires capital and further researching since trading and other cryptocurrency opportunities have a long process of learning. Some people might see these things as a shortcut to success but there are still lots of things to consider before entering these things.

There are places that are hell and there are places that are heaven for employees, but it is clear that their common sense is that there is always a need for a side income behind the main job because hell isn't comfortable with dozens of jobs and overtime, neither can heaven be happy forever and don't think about the future, one side needs the future and the other needs to get out of misery, all have thought of financial freedom by having a passive income source. But in front of freedom is stability and perhaps many people are very precarious in finding stability, too difficult and full of constant job hopping.

We are slow earners with expenses are worth more than what we earn and let's add the inflation rate this is the most type of cases that every normal people experience. Earning a high amount sometimes doesn't enough if we don't have a financial literacy of how we spend our hard earned money and how do we start a side hustle so that we have another source of income. Financial stability and financial freedom will come next if we were going to make ourselves more knowledgeable on how to manage financial aspects. Aside from financial literacy we should also focus to educate ourselves about what possible skills that we can acquire so that we can offer it to other people and we can have our another source of income or side hustle.

Having a passive income is really a dream for everyone, everyone wants to stop working like a hell and get financial freedom. But for achieving that there's a lot of hard work that needs to be done because it wont happen in just one day. You should learn how people organize and develop their passive income, what is the best right now for passive income that will give you an income till you are olds. 

hoping to get a financial every day is my dream and I will do everything for getting good income.  I think that we should have a destination for the money it means that apart from work or business there should still be a sideline of other sources of income such as investment in crypto that's the best way to passive investing, or stocks, or real estate.  This way we will be financially independent and it is important not only to earn money, but that you have your whole approach on how you grow your income.

Financial stability can be obtained if we can distribute income in the system. In other words, we have to create the system. If we do not control the system, it will be difficult to get financial stability

As individuals, to get financial stability we must create value for ourselves and also manage our time productively. When your value is high then you will be an asset, not a burden wherever you are. So you have to be wary if your working hours are high but your income is still low, it could be assumed you traded your time wrongly or you don't have strong value, so the company views you as a burden, not an asset.

Yeah I agree, we are slow earners, but our expenses are usually way too more than what we are earning. Even when we start earning a high amount of money, some of us still tends to spend way too much and carelessly. Which is why we need to learn how to manage our resources. I even reached a stage where I had to start putting about fifty percent of my monthly income into a locked savings account, because I noticed that I was fond of spending money on unnecessary things, when I had other very important plans that I had to achieve. So, I had to do what was best for me and started managing myself to be able to achieve my major targets in life.

That is not the bad side of the business idea, it is the bad side of that manager and that's it. Being a good salesperson and ending up getting paid is still valid idea, sure you may face some people like your manager that will not pay you, but you may face with people who reward you with extra profits or other stuff just to keep you happy. Making a sales person happy is number one rule of any decent business, if the sales person is happy then he will not leave for another company and he will keep on selling for you.

If I had a product, I would say 10% cut from sales of it to everyone, not just sales people, the whole world would be my sales person and I would actually do pay that. It is usually called affiliate marketing, and I would gain a lot of customers just because I am keeping my sales people happy. So do not be discouraged by one asshole who didn't pay you, that's on him, not the business.

for me looking for a loophole in making money and not relying on only one income is very reasonable and must be done, especially at this time,

I do everything as long as I earn money to make ends meet. especially in this digital era, there are so many ways to get money, as you mentioned above it is very objective but does not rule out the possibility of being a guarantee to get an additional source of income, there are risks involved in it and people should also be able to experience it loss.

That would be difficult to implement, I think a system based on commissions similar to what is implemented with salespersons would be ideal, however many times I see the opposite and I have been in fact victim of this once, for several months in a row I was the best salesperson at a store and instead of congratulating me and given me the fruits of my labor I was fired because the boss did not wanted to pay me the commissions I was owed.

So I agree there are many people that literally just show up to work and do nothing of importance, but at the end of the day it is not our job to find those anomalies in the company and get rid of them, that is the job of the managers, and many of them are failing at their jobs.

right now I have a job even at a low cost eventually I still just need financial stability to have a business of my own but I can't do that yet because I need a financial to save first, I guess it's hard to work enough that you also need  little balance in life not just work so much be think where can you take care of your daily needs or need at least a little investment and it will grow soon, so that my business can be built and because of my little financial for investment ..

What happens is that people have a completely mistaken idea of how people get rich, for example they want to win the lottery or inherit a huge sum from a rich family member that died, but they do not think about all the steps they need to take in order to get that money by themselves, also they think that the majority of those that are rich now were born this way but instead the majority were poor or middle class and became rich thanks to their efforts.

Ofcourse.
A better system would reward people according to how well they solve problems. You could create a reward system that encourages others to find faults in people works based on laid down rules/standards that should not be violated. Fault finders could be quite polite though, and probably discreet/anonymous. A worker's rewards could be retained or rewards automatically given to him/her if no one is able to find fault in his/her work. Fault finders could be given the rewards that's meant for those who fail to do their job properly. This reward system should encourage workers do their job properly especially on a decentralized crypto network.

Without a doubt that is unhealthy but at the end we all need to take decisions about what we want for our lives, if someone is willing to do that and can in fact pull it off then I think their statements about how they could set themselves up for the next decade or two are not wrong.

However there is a big difference between wanting to pull this off and being able to actually do it, something you have experimented yourself, and if a person cannot do it then the path you have taken is the correct one, work hard within some reasonable limits and use your money in a responsible, and if you do this for long enough then success will eventually follow.

I never really liked the "hustle" suggestions that people give out. I understand the whole "garyvee" type of money making, and I am not really stupid enough to fail to even try it, I could try and fail and that would be alright but I am not even trying it, not because I can't, but because I disagree with the whole idea. The logic of "if you work really hard, spend 20 hours a day working and only 4 hours sleeping and do nothing else for 5 years, then you will be rich for the other 30+ years left in your life (presumably)" is not something I would advice to anyone.

It is not healthy, I had like maybe 3-4 months like that and I made INSANE profits back in the day, this was probably 5 years ago or so, when I first quit my job, and I HATED it, I rather make a decent small but enough money like I make now, it is enough for me to survive, sometimes I have to pay some extra stuff and life becomes very hard, but aside from that I rather do this than work 20 hours on multiple other jobs, it just makes life so miserably and you burn out.

There are people who are talented and which are not which means if they are that dedicative on certain things that t hey do like then it would mostly be on that successful side but its not an assurance because it will always matter with the demand and recognition which is something that cant really be controlled nor be influenced by anything and this is also needing some sort of luck when it comes ventures you are
dealing with.

now we live where technology dominates almost all fields and what we can do now is.
1. survive with technology that continues to advance by increasing literacy and continuing to add insight so that we are not left behind from a civilization that is increasingly advanced.
we will not be able to survive if we still think of the old ways to survive today.

On the other hand, with the development of advanced technology, we must also be able to maximize it, especially in maintaining the productivity we have because now almost all work is assisted by advanced tools and technology and this is where we must be able to master and make this technology like something that is profitable for us. us in a way as I said above.
but things like that are still not evenly distributed in the socialization and introductions that are carried out so that there are still a lot of people who are clueless in technology so they don't like things that smell like technology and still use old ways to survive.

Yes, I totally agree with you, in this time of economic instability, we also have to be smarter in choosing between needs and wants and this is done so that our financial situation can be more stable.
And most people don't realize that they have the skills and abilities that can be used to generate income and also have a reluctance to take advantage of the creativity that makes them dependent on the available income, so their lives don't thrive.
actually if our eyes are wide open there are lots of sources of income that can be obtained in the world of technology or the real world, it's just that they are lazy and feel they have had enough with what they already have without any desire to develop and also create better finances for now and future.

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.

I think the best way to achieve financial stability is when you succeed to make good profit by holding crypto and investing it in Real Estate which is historcially considered best way to make passive income by renting your Residential or commercial property which not only generates income on monthly basis but also value of your asset is appreciated. Staking and farming on DEFI projects  is another form of generating passive income but you should be good in cherry picking as there are many scams in this field.

Yes because I know how it feels to have nothing in your plate. When I was a kid we are really struggling because my father died early, leaving us alone. He is the one who's working overseas and my mom stay at home taking care of us. After his passing our lives became difficult and we experience hardships in order to survive.

Growing up with such background, I strived to have a better life and grab every opportunity that comes my way. Hence, even I have a real job, I also have a mobile accessories and cp repair business that is running for 6 years already, plus my crypto investment. Dont be contented to be financially stable, in time you'll see the result.

Isn't it not profitable anymore mining due to the equipment costs?

I do like the concept of having Crypto Mining as well. It's sad most of the online cloud miners aren't usually good quality. Overall, I believe that a mixture of crypto/stocks, etc and other things like that can really help with giving multiple income streams in the long term.

Passive income is what everyone is looking for, basically you create something so valuable that people keep buying it and you just keep receiving the money in your bank account or wallet, but very few people are going to be able to get that kind of income and as such it is important to concentrate instead on how to generate money on our own while at the same time we create different income streams as with the economy being in such a bad shape you never know when you can lose your main job.

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.

That's true, especially now with inflation rapidly rising the past few months, while our income hasn't changed for the better. The available income after expenses is severely impacted due to the rising inflation, with fuel, groceries and electricity costing way more than it used to.

Usually, our income rarely increases, cause that needs a sequence of actions to happen, such as a promotion or a raise.

This is exactly what I have been doing since I’m given a second chance to bounce back on my cryptocurrency career after down to a few hundred dollars. During the pandemic, I am averaging only $250+ a month from a company who gave me a chance to be part of their team. Plus, I have slowly rejuvenated my Youtube career but I need to start from scratch again. I was struggling to save money back then because of non-stop paying of bills and other necessary expenses plus essential stuff.

The turnaround came when I started to receive some offers regarding sponsored content (and some lucky ones from airdrops and bounty programs that I’ve joined) during the late 2nd half of last year. It gave me a chance to learn in becoming financially stable and I am actually doing it. However, I am not yet contented because my monthly earnings are still below my expectation despite that it’s stable.

It’s why I never stick to one income source alone. As I am very hungry for more opportunities, it allows me to get back those things that I’ve lost and have saved even more than I was before.

In theory, I rarely see references just looking at motivators.. that's true.. I'm experiencing at this time that my online store business must progress if it doesn't rely on just 1 ... almost 10 employees with a turnover that can afford $8000 every month from selling cosmetics.. but because my expenses are bloated and unmanaged, the income and allocation is not clear where..until now the turnover is down and I don't have any employees.. right now I want to learn a career in the forum. I want to explore a lot of other people's experiences.. I decided to become a professional

That's like the dream, to have a family money for backup but not everyone has that right so it's really just overall up to us whether we should do what we should be doing so we can stay afloat. For me, I don't focus on side hustle, I focus more on building up a bank so that I can build a massive amounts of steady passive income, crypto is a good one to have but we eventually have to branch out.

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. 

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.

What you're describing is way too common in the work environment, believe me. I haven't changed many occupations, I'm only 23, however, I came across what you're mentioning almost in every single workplace. I now work in a gas station, and there's more than a handful of employees there who do not deserved to be paid in full, for such kind of work they're providing.

Not too difficult to have multiple income sources and earn lots of money ... the problem is doing this the wrong way, not doing the works you would like to do, creating more problems for society trying to earn from multiple places etc
Lots of people will likely quit their jobs once they realize the implications of the jobs they do. this is part of the reason certain people choose to avoid doing certain work and earning lots of money.. it's not as if it's difficult for them to make lots of money from different jobs and be rich.

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.

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)

Right and even though there are some self-proclaimed gurus who suggest that you can achieve stable income with trading, the truth is that those guys might also have been lucky for a period of time and those who lost big time simply don't show up on Youtube and tell you about it. No ugly faces on Instagram because there are no ugly people? No broke traders on Youtube because there are no broke traders?

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.

One problem that I see very commonly among people is that they believe they are always going to be 20 years old, they believe they are always going to have the same level of energy and health and this is not the case, as you get older our health deteriorates and our energy levels go down, this is why it is important to work as hard as we can and save as much as possible during that age as you can set yourself for success during that decade while many people are wasting their time partying.

Before talking about financial stability we should talk about financial literacy. Financial literacy is the ability to understand the necessary financial concept in making decision about saving, investing and borrowing.
It's a life skill that one must grasp for good financial wellbeing. It can also improve a person's standard of living and helps you to maintain a healthy credit score. Lack of financial literacy can be a very damaging to an individuals long lasting financial success.
In the us more than 20 states have compulsory financial literacy. In Australia financial education has been embedded in school curriculum. In many country are yet to push for mandatory financial literacy programme.
I presume financial literacy is the only solution for attain financial stability or financial freedom.If you are from a country that doesn't offer financial literacy in school go online there are plenty of courses on fundamental finance many of these courses are free. No matter what age you are it's not too late to learn. Educate yourself and educate others.

Of course, this happens all the time, it happened to me and also to many forum members here, one source of income cannot be satisfied because the expenses increase and multiply with the increase in the complexities of modern life, you always need a long list of daily needs that are constantly renewed in addition to your own dreams (new house, A new car, a farm.....etc.) All this needs more work and a search for various sources of income to cover it.
For me, I work as a government employee and focus on only two things: writing here in the forum and trading and sometimes HODL. Also, don't forget that business diversity loses focus and this negatively affects your business, so I prefer to focus on two or three jobs only.

Depends on whats your aim in this life. Some people just want to wake up every day and have the money for food, nothing more. Yeah, there are really some people who are very happy with all the basic stuff.

Forum isn't a work, I thought people were posting here because of interaction, their interests in crypto, etc... Signature campaign is a privilege for good posters to earn some additional bucks while enjoying the process. But yeah, I guess people from poor countries look it like a job and even $200 seems fine enough for them in their country.

These are great options but nowadays I think that being an Instagram/Youtube influencer is one of the most amazing job to have and it's a little easier right now to enter into this. Do you have great body and are a good looking person? Then become a fitness influencer, upload videos, share your day to day activities and earn decent money. Do you have good hair/face and can suite amazing hairstyles? Boom, this niche made some youtubers very rich.
We have to be creative, that's all, then the opportunities will open up.

Yes, there are lots of things to do in the cryptocurrency community, but it is not as easy as you think it is. Take for example blogging, it is not an easy job to do,‘cause it takes a lot of hard work for you to be able to keep writing articles that will keep your readers engaged and also be able to raise your followers on social media and promote your blog.

So, it is not very easy and not everyone can do it because it requires hard work and patience, blogging is a type of job that doesn’t pay off immediately, but when it does start paying off you are going to benefit well from it. That is the same thing with being a Youtuber, it requires a lot of hard work and making good videos to keep your viewers entertained and engaged. Then some of the other jobs you have listed requires money to start up, take for example:Mining.

The only one that I think would be much easy to start is working on this crypto forum.But before then you have to be consistent and raise your account to a good level before any of these campaigns are ready to hire you.

Basically if you want to grow your wealth over long periods of time it is best to follow what the richest are doing already. You'll find the vast majority of them are heavily invested in the stock market and property. Buying property is an extremely expensive business and usually the biggest asset someone will ever own, while it is definitely a great investment it is usually the rent saving that makes it worthwhile. Stocks are much more accessible these days and you can steadily add to them over time if you want to build up a reliable passive income stream. The trick is not to be too greedy and you need to accept that even medium risk companies will only make you 5-10% per year in dividends and capital appreciation.

Yeah it has occurred to me to have a multiple income stream especially for low income earners, even as an average income earning person, you will always too many expenses to tackle if your income only comes from one source except you are willing to cut down on some expenses,
Fortunately for most of us, crypto has made it easy to have more than one income stream, I myself have a small job offline but I still engage in my crypto online job to support whatever I earn offline, I may not able to fulfil all my expenses yet but still good.

I do think we missed out something here:
"Investment in your education"

People who understand that even though education takes time and effort at the end you might end up in a 9-5 job but whats needed is you to realize, what you are good at and what separates you from the crowd ? What are your strengths? What are your weaknesses? Then you spend your time harnessing them.

Money definately cannot give you all the satisfaction in the world, its needed to do a lot of soul searching as well, things needs to be taken care of in emotional sector as well and there is one quote that I wanna share, I don't remember when and where I read it but it did hit me :
"If you love your what you do, you don't work even a single second of your life, you enjoy it"

Bank interest can't be considered an income, it's usually so little that it's out of the question. Unless you have a ton of money, in which case the petty interest won't actually make a difference, you'll not make any money from it. On the other hand, if I had money lying around, I'd invest in DeFi smart contracts, the annual percentage yield is way higher than every deposit you'd make, while there are platforms (Such as Beefy, Pancakeswap etc) which are generally deemed as safe.

No I don't think saving money is a means of another source of income. Money saved is just redundant there on your self if it is in your house or if you keep in the bank it becomes useful for the bank for their own investment and they give very little commission to you sometimes and that commission is not enough to consider as source of income. Also you remember banks debit you for maintaining your account for you especially for current account. So where is the good reason for saving money and considering it as source of income, it is not but just money not in use. Investing such money is another source of income not to save it.

Again I am seeing that like diversification even with income stream. Here in my country as well the same situation is demanding and at the same time, finding opportunity to earn from multiple resources is not that easier here. I just having 2 income streams as of now and I am planning for the third one for years but due to covid situations I am enforced to delay that.

Not relying on only one income stream must be the solution for what OP is empathizing. We are not equally getting opportunity to fight against inflation still how effectively saving some part of our income might be another simple solution for that along with having multiple source of income.

You are right i agreed with you, somebody who is making money from one source is like someone that have all the hope is divided because the level of risk can be unbearable because the business can collapse any time,  a channel of making money have to come from different forms before you have to relaxed for mind as some one who have different sectors of businesses knowing that it can come up with something reality in future and if one is been affected others can sustain the business owner.

The source of income which of course makes us have to keep working for survival and fulfill what we need. We cannot depend on jobs provided by the government, because they are limited which can only be obtained in layers. We have to be more independent and try to open our own business, plus survive in the midst of a pandemic that hampers the economic situation.

because sometimes expectations with reality will be out of sync. for some people it may be very easy, but it will be in a different way when other people are doing it
apart from all that, the work that you classify into 3 has its own risks and criteria and all of them must have skills that must be honed with a lot of practice and at least look at what is already there.
The problem is that there are so many people who want to get jobs and income instantly but are very lazy to find supporting information.

Obviously, I think almost everyone of us want a good life like how those people enjoying their luxurious lives owning mansion, expensive cars, sailing with their yacht and having a party like what we saw in a movie. But then, life slap you the truth and BAM you need another source of income since you barely able to earn money with your current stable job because of what expenses you have to pay. Meaning you are just a slave of work in order to survive everyday.

That's why there are people ready to venture or sacrifice something in order to gain/achieve their dreams someday. And only those who work hard will get what they deserve.

As this may seem like an option to many in other places, in my country, having multiple sources of income is a sure way to combat the ever rising standard of living. It is not an option, it is a necessity. Putting yourself in the position to receive income from multiple sources is very effective in ensuring financial stability.

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.

Gone are the days that people will push through hard labour and struggle just to make a living,now the are three ways to make money but even with these,it isn't still easy.
* make money by hard labour( daily pay jobs,brick engineers,waste disposers etc.
* making money from your cognitive online ; (you tub ,facebook platforms,Instagram,twitter etc.
* making more money from your money ;( buying and selling online,gold trading,forex trading,etherium etc.
But to crown it all,it isn't that easy the way you have explained but we all know it works out.
Making it exemplary, for instance gaining insta followers is not that easy you know, so what ever brings out money as outcome isn't easy

Actually, to have what you always dreamt sounds kinda childish. What you were dreaming in your 20s is different of what you were dreaming in your 30s and it may even change in the future. You can't have what you always dreamt, because you weren't dreaming it constantly since you were born.

Being satisfied from what you have is the key, but if you want more, then having multiple incomes isn't the solution or, at least, it's temporary. I think that, this “something more” that will beautify your life won't come directly from an income, but rather from your financial intelligence. If you develop it, you won't have to work for money; money will work for you. Don't be a slave of this monetary system; learn how to dominate it.

Isn't it natural to have multiple ways to get income? Naturally, it would be better if said other ways came from you enjoying your hobbies or what not, while your main income would be something that could be you enjoy or not enjoy, just that it's where you're naturally skilled at due to studying it for years. Even simple investments could be a way for passive income. As they say, you make your money earn more money, and you're pretty much set for life.

But that would mean being highly skilled on the job no? Even if we do say it's a high-paying job, I'd reckon there'd still be a skill requirement for one to even get them.

I think you need to read the book completely to understand the concept of multiple income sources to attain the financial stability, yes its actually roght but if you are making money from multiple sources but from the same sector you are taking all the risks just as a single source of income.

The sources should be from different sectors with different risk levels so you can survive if one or two sources are completely down for whatever reasons.

Earning money is not easy as it seems even if the above mentioned digital platform can be easily access and create account free like youtube influencer and blogging but to monetize your account it require's a hardwork, time, patience and creative mind is a must. When it comes to crypto aspects it is still needed a person to be knowledgeable enough like technical analysis in trading and many more. Financial stability is hard to achieve but it is achievable, but first hand make yourself, your mind full with knowledge first before taking action.

I work a full-time job, 6 days per week, earning a decent, above average income. Even if I was solely depending on it, I wouldn't have much of an issue, however, I'm also participating in signature campaigns and staking crypto on Beefy.Finance. That way, I've got multiple income sources, which have resulted in two (or possibly) three sort of savings accounts. One from my work, a Bitcoin wallet and a Metamask wallet from staking.

While I get your general idea, which is our capability of earning from various sources, that's not always possible, and definitely not for everyone. Most of what of you suggested requires capital to start, and involves a pretty high risk, while becoming a Youtuber of blogger like you mentioned, isn't that simple and straightforward.

My friend.... welcome to the "Hamster Wheel" of the Poor and Middle class!

Government's manipulation of the inflation and the endless printing of money has created a gradual destruction of more and more people in the middle class. People are forced to make debt to survive and the endless cycle of debt starts.. so we are doomed to failure from the start. (Want an education.... well take a loan... want a roof over your head... take a Bond.... want to buy a car... borrow some more money...)

If you do not get a break (Win the Lotto or inherit money or take a extra job.. you are doomed to fail. 

Having multiple income sources is easier said than done.
Do you realize how hard it is to work hard on several projects and develop them enough to bring you stable income?All the things that you have mentioned in your list require lots of work and consistency.
Most of the people just give up,because they aren't consistent,they find another "shiny object" or they simply lose faith.Being successful online also requires lots of patience and time.Developing a big social media profile or a popular blog requires months or even years of hard work and discipline(and you don't get paid from Day 1).
There are many ways to earn money online,but all of them are hard.Lots of people still believe that making money online is easy and comfortable.This is so far away from the truth.
Making money online is the same as having a 9/5 job.Sometimes it can be even worse,because a positive outcome of your efforts isn't guaranteed.

Most of the proposed sources of income are pretty much free markets, with little barrier to the entrance of new business or people, except perhaps working in the forum which done properly, requires a seasoned user. This means that getting to have a profitable youtube channel or earn socially requires an investment of time or to have somehow an unique point of view or perspective that makes people interested in what you publish.

Staking and farming are also free markets, rarely with exceptional profitability. None of these sources are for all and many are nearly impossible to use.

Earning money in online is very helpful and make our life better,trading and investment is one of the kind that can gives you stable financially but remember there are some risks with this. This time because pandemic and my work stop, ill try to find some free ways of earning online that so very big help for me like airdrop and many more , that's all.

I  think that thanks to crypto and bitcoin there have been a surge of many young inventors that have became millionaires from the early ages, and i think that they are representing a good model for the young ones who are still out there wanting to be like them and dream about making millions, and this is creating incentives for them to look up things and try out new and different things to reach their goal, i for once i may not be a millionaire but a couple of years ago when i started to get into bitcoin and trading it allowed me to get to do things that otherwise i wouldn't have the money to do them.

Life is too hard when you think about money, especially for those who are from middle-class families. The income from jobs just needs to spend for the families needs. You can't spend a wonderful life with a single income source from the job. I am not talking about a businessman, I am talking about the job. So if you want to spend wonderful life then you must need to find a second source of income. Doesn't matter it's very small, it would be big once a time. If you see the history of rich men, they have multiple income sources and they know how to multiply your capital. I agree with OP, somehow we need to find a way a second source of income.

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.

Financial freedom is my goal so I am trying to do everything to have passive income. I think that we should diversify our sources of money it means that apart from our job or business we should have passive income such as investment in crypto, or stocks, or real estate.  Only this way we are likely to become financial independent and it is important not only to be able to earn money, but to save them as well.

I think it depends on the social context and country. I know a couple of people who have very high-paying (for my country) full-time jobs that allow them to pay mortgage payments and afford a higher than average standard of live. They have contracts and are unlikely to be fired, so they feel financially stable. Other friends work various jobs, usually some project work or freelance. This means a more volatile income and there's no sense of stability because you never know if your influx of jobs/tasks will be good or not.
I, personally, still prefer the multiple-income scheme because this way the work schedule is way more flexible, and it allows to feel more freedom because you can afford to lose one source of income since it's not the only one. But I don't earn as much as some people I know who do 9-6 good high-paying jobs.

It requires capital or skills, not just capital. A writer who makes YouTube videos has two skills with which he obtains sources of income, which over time are transformed into passive income.


I am surprised that in that list you do not include nor has anyone mentioned so far the signature campaigns, which for all of us who have written in the thread so far is a source of income. Even if it is not a lot of money, it is a source of income after all. As I said before, to get this income you have to have a certain ability to write well if you want to get paid for writing, and it does not require investing money to get paid from a signature campaign.

One thing I want to clarify is that the term source of "income" seems to me to be misleading. I would rather speak of sources of wealth:

If you had spent $1k buying Bitcoin 5 years ago today you would have $100k. It would have been much more profitable than buying a blue chip that pays dividends. Even if it was one of the best, like JNJ. You would have 1.62 Bitcoin, and you could sell the 0.62 to have cash and still have Bitcoin or borrow against it without selling and refinance as it goes up to get cash flow.

So, although Buy and Hold Bitcoin is technically not a source of income, it is the best source of wealth, and I think this should be taken into account.

The thing is, prolly everyone wants to have diverse sources of income, but it's more of a case of easier said than done, more often than not to have an extra source of income requires capital and it is that capital that most people do not have as they are struggling to cope with the little they earn from their sole source of income.
All of the above is as well not a guarantee to earn an extra source of income, there are risks involved in them and people should also be aware that in as much as they may try them to make ROI, they could as well accrue losses. Imo, most times the best way to earn extra income is if you have a skill and you're willing to render a service and get paid afterwards.

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.

This is the obvious because challenges come also in multiple folds


I'm yet to see someone arguing that retaining one single source of income is the best for comfortable and better living. I have also not seen wealthy and comfortable people relying on one source of income, we can name them in numbers and even OP won't have just one source of income 


The list is endless but you didn't mention health issues. Health challenges is far draining finances above every other human challenges  IMO because this is involving life and death. For example transplant of a failed kidney can drain a family finance and whatnot

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.

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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.