Multiple sources of income the partway to the top of the financial ladder

Accardo

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Quote from: dezoel on December 13, 2024, 05:02:32 PM

Having multiple sources of income isn't easy, most of them requires a great deal of capital to have a decent income. Having a house to rent and earn rent income? Requires a lot of money. Having stocks that pay decent enough dividends to consider as income? Requires a lot of capital. Same with crypto, most do not even have income, it just goes up, a few does but that's low too so you need to have a big capital to have a decent income.

Running multiple sources of income requires a team of hardworking people. It's not a personal venture, else, some of the sources would lack progress. Favorably, focusing on building a source could help productivity and boost the business rapidly. Also, the funds spent on all other businesses would be very effective when invested on a single venture. However, famous business writers would recommend multiple sources of income, but that's not true for beginners. The successful men do it because they've got hands available to help manage the investments.

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Quote from: pusaka on December 12, 2024, 10:18:36 AM

I still think about it, because I have principles and for me it is unethical to get something illegally. I agree that corruptors are smart people and they have the opportunity to do so. If there is a question why corruption is mostly done by rich people or someone who has a high position, the answer is that their opportunities are greater. Regarding sales or marketing, I think it is something different, because they try to convince someone to buy a product or work with them, well that will depend on the person who receives or hears it, whether they will be that easy to believe or they will start to have critical thinking about a product that is offered to them.

Yeah, a right approach and I respect that type of thinking. Just because you can legally turn something illegal into legal, doesn't mean that you should do that. Just because a sales person could make "cheap" into "affordable" doesn't mean they are doing something illegal neither, they are selling a product, it is not illegal to change the words, as long as you are still selling the same item and not lie about the item itself.

If you sell a 3050 gpu and say it's 4090, that's a lie, but if you sell 3050 gpu and say it's a great gpu, then it's not a lie, some say it could be, some know it is not, these are different stuff. So illegal and unethical aren't always the same, but even in that sense, honesty is more important. If you are honest, then there are no more issues and we can't really consider this as a bad thing. I would personally buy from an honest salesman over some sleazy salesman, if the honest one tells me the reality then I would be more inclined towards them.

dezoel

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Having multiple sources of income isn't easy, most of them requires a great deal of capital to have a decent income. Having a house to rent and earn rent income? Requires a lot of money. Having stocks that pay decent enough dividends to consider as income? Requires a lot of capital. Same with crypto, most do not even have income, it just goes up, a few does but that's low too so you need to have a big capital to have a decent income.

So, all the potential ones require a big capital to have multiple sources of income, at least decent income, I do not mean like making ten bucks a month, yeah you can do that, but if it means 500-1000 dollars at least, then you need to have at least 50k+ dollars, otherwise it makes no sense at all to invest. Reaching to that point is possible with good bitcoin investments, we are going to end up with a good income eventually but it is not really as simple as people think, we need to realize our own mistakes when we are dealing with this.

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Quote from: Natalim on December 12, 2024, 10:37:49 AM

Fact remains that wealth can only be made if financial success can be achieve, but diversification alone does not ensure guaranteed success and progress. Effective strategy, careful planning and wise management should still be the utmost need to gain investment success and achieve wealth.

Agreed that diversification won't guarantee you wealth but it does give you more opportunity to invest into and when you have more options, you have also added to the opportunity of you making it hence two investors with different approach to investing that one of the investor isn't diversifying, he won't be as victorious with his investment as the investor that decided to diversify.

There isn't lot of wealthy people that don't have multiple streams of income. The money would have been generated from one source but they diversify to keep the money flowing and not stopping. Multiple sources of income isn't for wealth but to keep the suitability of the money coming in. You make wealth with having one good investment that pays you well.

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Quote from: uche6215 on December 07, 2024, 12:18:01 PM

When it comes to creating wealth allot of people has different means that they use by way of investment but I have come to the realization that all the top billionaire in the world today has different sources of income that fetch money to them
People should cultivate the habit of spreading their investment in different sections as it is the surest way to becoming wealthy because even when one sector is having problem one is sure of constant flow of money
Infact I have seen that investing in only one sector is like putting all your eggs in one basket the day that basket will break that will be the end of such business

There is this thing some of us don't know. Just because another person is doing a business successfully doesn't mean you can survive it if you try it and the fact you see someone doing a business and buying everything they need doesn't mean they are using their business profits to buy the things they need. What am I saying, you can make money your own way without doing much on advices on the internet, not everyone can create wealth from multiple streams of income.

There are some people that are going their daily work and has their investment in some stock, they have made everything they always dream about but they have not sell anything and remain the way they are, juts simple life. Some people has made life changing money from crypto and are not doing anything other than crypto. If you are making a good amount of money and you good, don't try looking into some other streams, they might be waste of time, just my opinion.

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Quote from: pusaka on December 12, 2024, 10:18:36 AM

Of course I still think about it, because I have principles and for me it is unethical to get something illegally. I agree that corruptors are smart people and they have the opportunity to do so. If there is a question why corruption is mostly done by rich people or someone who has a high position, the answer is that their opportunities are greater. Regarding sales or marketing, I think it is something different, because they try to convince someone to buy a product or work with them, well that will depend on the person who receives or hears it, whether they will be that easy to believe or they will start to have critical thinking about a product that is offered to them.

Alright then good luck with the principles you carry in your life.

Corruption happen in everywhere, we're also might do corruption in our life, but we just not aware with it. If you work in 9 to 5 company with one break time at 12 to 1, but you're not working hard during your schedule, you're corrupting time.

Many small people I know are tend to corrupt, they might only steal $1, but it's not about the amount, the character is.

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Quote from: Fara Chan on December 12, 2024, 02:07:00 AM

Commensurate capital support is indeed very much needed for everyone who wants to become a billionaire in their life, but this capital is not just money, but also in the form of knowledge and experiences from other people that we can take as a more detailed direction. Because if we only think about money capital, of course it will never be enough because for people who do not have the knowledge and experience in managing their capital very well, it will also run out quickly before what they want is achieved.

Knowledge is the key to achieving success while capital is a determining factor in developing something in achieving wealth. Both have an important role because having knowledge and not having money cannot be run or vice versa. Now knowledge is easy to get because there are many lessons that we can learn, but getting this capital is a fairly complicated problem because not many people want to lend you money if there is nothing that can be used as collateral.

Quote from: Fara Chan on December 12, 2024, 02:07:00 AM

Actually, it is not only about the comfort zone or not because people who have dared to take risks in a field or in a business usually also know the potential benefits they can get if they are lucky enough with certain environmental conditions. This means that no one will want to take risks if they do not know what level of profit they can get from the work they will do because currently all types of work always have risks even though the level may not always be the same.

Don't always think about profit because it will make you dream but think about how to overcome every risk that is generated. That's why I say taking risks is important in building success but knowledge and experience are much more important. Many people think about profit before starting but they don't realize that in doing so there are many risks that will be faced. When they start running, when facing risks, they don't have a plan to finish.

Luck is always there but it is not wise to do something based on luck because usually effort never betrays the results. How much effort we make will show the side of success that we will achieve in a much more targeted way.

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Quote from: uche6215 on December 07, 2024, 12:18:01 PM

When it comes to creating wealth allot of people has different means that they use by way of investment but I have come to the realization that all the top billionaire in the world today has different sources of income that fetch money to them
People should cultivate the habit of spreading their investment in different sections as it is the surest way to becoming wealthy because even when one sector is having problem one is sure of constant flow of money
Infact I have seen that investing in only one sector is like putting all your eggs in one basket the day that basket will break that will be the end of such business

All the rich people in the world focus on this method, nobody really just makes money from one single place anymore. Even the biggest names like Jeff Bezos, who makes way more than enough all from amazon, still looks for ways to make more money from other stuff as well. I believe the greatest way to approach this is just to make sure you start small, but you grow and grow, diversification is key and dividends are the key.

If you can make these two work together, then you are going to end up with amazing returns without a doubt, too many people avoid that but it's the simple truth and you have to make sure that you are dealing with it properly, that's just how it works and how you can make a lot of profit from it as well. I understand it may not feel easy, but it's actually the way to get wealthy.

I have a few stuff I am checking out right now, I am hoping to have a much better future in 2025 financially, with the bull run and my debt finally looking like it will end, I think I will do this method. It is not really that complicated, you just find passive income, dividends, even bitcoin can do that, there are many places that pays interest for your bitcoin if you keep it there.

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Diversifying your investments is always a good option. It's a proven strategy to lessen your risk and increases your potentials of making good returns. However, it won't guarantee wealth.

Fact remains that wealth can only be made if financial success can be achieve, but diversification alone does not ensure guaranteed success and progress. Effective strategy, careful planning and wise management should still be the utmost need to gain investment success and achieve wealth.

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Quote from: Plaguedeath on December 12, 2024, 04:51:19 AM

Quote from: pusaka on December 09, 2024, 06:14:22 AM

I have a different opinion from you on this matter, because I prefer to focus on the goal. If we focus on money, then we might do anything, including illegal means. If that happens, then what is the difference between us and corruptors? They justify any means to get money. Although I understand what you mean, I have the perception that the subject is money. Our goals must be set, for example, success is our main goal, and in that success there will be many factors, one of which is money. However, the methods we use are also more structured and in life we must have a neat structure for us to walk towards success.

You still think about illegal and legal thing? corrupter actually is a smart people who can turn illegal thing to be legal thing because they have the knowledge. So, if you see corrupter is doing something illegal, it's because they get caught or not smart enough.

This is the same to salesman or marketer, they're not honest, they're a liar and bad. When they explain their product, they will change the word "cheap" to "affordable", "bad" to "basic", "expensive" to "premium".

They will not explain the bad thing of their product.

Of course I still think about it, because I have principles and for me it is unethical to get something illegally. I agree that corruptors are smart people and they have the opportunity to do so. If there is a question why corruption is mostly done by rich people or someone who has a high position, the answer is that their opportunities are greater. Regarding sales or marketing, I think it is something different, because they try to convince someone to buy a product or work with them, well that will depend on the person who receives or hears it, whether they will be that easy to believe or they will start to have critical thinking about a product that is offered to them.

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Quote from: uche6215 on December 07, 2024, 12:18:01 PM

When it comes to creating wealth allot of people has different means that they use by way of investment but I have come to the realization that all the top billionaire in the world today has different sources of income that fetch money to them
People should cultivate the habit of spreading their investment in different sections as it is the surest way to becoming wealthy because even when one sector is having problem one is sure of constant flow of money
Infact I have seen that investing in only one sector is like putting all your eggs in one basket the day that basket will break that will be the end of such business

The more places that can provide a flow of profit for a person, the greater the chances are for that person to make more money. But sometimes we also need to review the prospects of earning money for a particular method because talking about opportunities not everyone can pursue the same niche. If you can be successful in business, it is not certain that other people can achieve the same success even though the business being run is still in the same category and vice versa with the investments run by people.

Believe in your own abilities and recognize the skills that can be developed so that it is much easier for us to do. If opportunities in business or investment are open, study both seriously so that when we want to run it, we have the insight to start in the right and proper way.

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Quote from: pusaka on December 09, 2024, 06:14:22 AM

I have a different opinion from you on this matter, because I prefer to focus on the goal. If we focus on money, then we might do anything, including illegal means. If that happens, then what is the difference between us and corruptors? They justify any means to get money. Although I understand what you mean, I have the perception that the subject is money. Our goals must be set, for example, success is our main goal, and in that success there will be many factors, one of which is money. However, the methods we use are also more structured and in life we must have a neat structure for us to walk towards success.

You still think about illegal and legal thing? corrupter actually is a smart people who can turn illegal thing to be legal thing because they have the knowledge. So, if you see corrupter is doing something illegal, it's because they get caught or not smart enough.

This is the same to salesman or marketer, they're not honest, they're a liar and bad. When they explain their product, they will change the word "cheap" to "affordable", "bad" to "basic", "expensive" to "premium".

They will not explain the bad thing of their product.

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It sounds reasonable at first, but managing multiple income streams is far from effortless. Most likely, you’ll end up overwhelmed by your side hustles, losing focus on your main job while your side gigs fail to take off.

Secondly, does having multiple income streams really lead to financial freedom? Not necessarily. Just juggling your time, bookkeeping, and tax issues can be a nightmare. Add in the risks of bad investments or unprofitable side ventures, and you’ll realize you’re trading your precious time for a patchwork of uncertain earnings.

Most importantly, the path to wealth isn’t built on “diversity” but on focus and mastery. A solid skill set or an outstanding career is the real “ladder” to financial success. Otherwise, you’re just running on an endless treadmill that takes you nowhere.

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Quote from: MarjorieZimmermanGinger on December 12, 2024, 12:12:44 AM

Unfortunately there is no simple way to achieve wealth because it takes hard work, skill and adequate capital support to achieve it. Sometimes to express it seems a little easier but when you want to implement it is much more difficult because what is imagined does not go according to plan. People say it is easy to become a billionaire by making money in several places, then the question is how can we do that without comparable capital support.

Commensurate capital support is indeed very much needed for everyone who wants to become a billionaire in their life, but this capital is not just money, but also in the form of knowledge and experiences from other people that we can take as a more detailed direction. Because if we only think about money capital, of course it will never be enough because for people who do not have the knowledge and experience in managing their capital very well, it will also run out quickly before what they want is achieved.

Quote

Everyone wants to be rich but everyone has the same opportunity and what makes the difference is the way to generate that wealth in different ways and opportunities. Sometimes taking risks does not necessarily provide the opportunity to make a lot of money, especially if people are only in their comfort zone.

Actually, it is not only about the comfort zone or not because people who have dared to take risks in a field or in a business usually also know the potential benefits they can get if they are lucky enough with certain environmental conditions. This means that no one will want to take risks if they do not know what level of profit they can get from the work they will do because currently all types of work always have risks even though the level may not always be the same.

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Quote from: Moreno233 on December 07, 2024, 12:45:41 PM

Multiple sources of income does not necessarily guarantee wealth because it is not all the sources of income that will have great returns. There is even the possibility that one reliable source of income will become better than splitting the investment into many sources. No doubt there are people who succeeded by investing in many businesses but we cannot deny that some rich people are people who invested in a single product and became successful in it. I will not pursue multiple sources of income just yet until I have achieved great success in one particular product thereafter I will use the proceed from that to diversity to other businesses.

What you are saying is actually true, sometimes having a reliable source of income is all you need as an individual, because business or diversification is not for everyone, but in terms of being extremely rich, you must have series of businesses to get to that level.

Just take a look at the most wealthy people in the world today, none of them is depending on a single source of income, none, so let that sink.
As an individual do you want to gain financial freedom or you just want to live a comfortable life?
If it's a comfortable life that you needs, then having a good reliable source of income can sort that out, but if you want to gain financial freedom, then having multiple sources of income is very much necessary to achieve such feat.

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Quote from: AYOBA on December 11, 2024, 12:20:22 PM

The simple way of becoming a wealth is by creating a difference ways of source of income, because I also realization that anyone who want to be a successful person or having ambitions to become billionaire in future is by having a multiple source of income; even those that we’re seeing today are becoming wealthy that’s how some people also start: proverbs prove that the journey of thousands miles begins with a single steps, and if we take look at the it is 100% truth. Because a person can know depend on one business since he don’t know what can happen tomorrow, that’s is very important to have difference sources of income.

Unfortunately there is no simple way to achieve wealth because it takes hard work, skill and adequate capital support to achieve it. Sometimes to express it seems a little easier but when you want to implement it is much more difficult because what is imagined does not go according to plan. People say it is easy to become a billionaire by making money in several places, then the question is how can we do that without comparable capital support.

Everyone wants to be rich but everyone has the same opportunity and what makes the difference is the way to generate that wealth in different ways and opportunities. Sometimes taking risks does not necessarily provide the opportunity to make a lot of money, especially if people are only in their comfort zone.

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Quote from: knowngunman on December 11, 2024, 04:12:07 AM

Quote from: Oluwa-btc on December 08, 2024, 01:33:55 AM

Quote from: Moreno233 on December 07, 2024, 12:45:41 PM

Multiple sources of income does not necessarily guarantee wealth because it is not all the sources of income that will have great returns. There is even the possibility that one reliable source of income will become better than splitting the investment.

You may be right on one angle and in another still wrong but mainly having multiple sources of income it's of more advantage in this economy cause you accumulate more money for wealth creation but it's all based on strategic planning, consistency and lots more. Yes we know the multi millionaires started with just one source of income but then, having multiple sources in this era matters alot.

You are both correct in both angles but I think Moreno is considering the chance of success in other investments which is quite reasonable. Of course, having multiple investment is very necessary especially at a time of economy like this but what matters is management. AFAIK, I believe we all know the importance of management in investment but truth be told how many people can comfortably manage multiple investments? It doesn't matter you have one or multiple, if you failed to manage it properly you'll likely collapse the investment. It is better to have a manageable one than having multiple that you can not handle comfortably.

Of course before a person can diversify into different businesses, he or she would have been in a better position to manage 1 before diversifying into multiple. I believe that those who diversify into different asset are already knowledgeable before been participating into another. But although some are pretty greedy to make more profit at the cost of diversifying without a proper plan which end up collapsing the entire business which is financially unwise. I will suggest not to diversify without being properly equipped.

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Quote from: uche6215 on December 07, 2024, 12:18:01 PM

When it comes to creating wealth allot of people has different means that they use by way of investment but I have come to the realization that all the top billionaire in the world today has different sources of income that fetch money to them

The simple way of becoming a wealth is by creating a difference ways of source of income, because I also realization that anyone who want to be a successful person or having ambitions to become billionaire in future is by having a multiple source of income; even those that we’re seeing today are becoming wealthy that’s how some people also start: proverbs prove that the journey of thousands miles begins with a single steps, and if we take look at the it is 100% truth. Because a person can know depend on one business since he don’t know what can happen tomorrow, that’s is very important to have difference sources of income.

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Quote from: knowngunman on December 11, 2024, 04:12:07 AM

You are both correct in both angles but I think Moreno is considering the chance of success in other investments which is quite reasonable. Of course, having multiple investment is very necessary especially at a time of economy like this but what matters is management. AFAIK, I believe we all know the importance of management in investment but truth be told how many people can comfortably manage multiple investments? It doesn't matter you have one or multiple, if you failed to manage it properly you'll likely collapse the investment. It is better to have a manageable one than having multiple that you can not handle comfortably.

I agree that management is important but I think investing in 1 or multiple assets is also important because it will directly impact the returns as well as the risks we can take. Diversification will help us reduce risk but it can also reduce our profits somewhat. Meanwhile, focusing on investing in one asset can help us bring better returns. For example, if we invest 100% in bitcoin, it will definitely give better returns than investing 50% in bitcoin and 50% in gold. So in my opinion, it all depends on each person's preferences and tastes, no one is right or wrong, it's all about choice.

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Quote from: uche6215 on December 07, 2024, 12:18:01 PM

When it comes to creating wealth allot of people has different means that they use by way of investment but I have come to the realization that all the top billionaire in the world today has different sources of income that fetch money to them
People should cultivate the habit of spreading their investment in different sections as it is the surest way to becoming wealthy because even when one sector is having problem one is sure of constant flow of money
Infact I have seen that investing in only one sector is like putting all your eggs in one basket the day that basket will break that will be the end of such business

.

It is very true that having multiple sources of income can be very beneficial, but we also have to understand that acquiring this multiple sources of income isn't as easy as we speak of. When someone has a single source of income, and feels like adding something to it(another investment), you and I know very well that the person also needs to have a proper knowledge on another investment entirely, which in most cases sometimes distracts them from their main investment. And this is why dedication and consistency matters, because the time processes to learn about other things (especially when they're a bit technical), would look like a distraction.

So, what I'm trying to say is that having a multiple sources of income isn't something anyone can just jump into because he/she has the money. There must be some hunger and passion to acquire those knowledge that's required to make other sources of income work properly alongside the main source of income. Because, if at the end of the day, someone jumps into investing in what he/she doesn't have a full knowledge of, then it might end in a disaster. Just that knowledge, dedication and consistency can make multiple sources of income work properly.

Topic: Multiple sources of income the partway to the top of the financial ladder (Read 678 times)