Topic: Multiple sources of income the partway to the top of the financial ladder - page 2. (Read 678 times)

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.

Aside from the failure of some investments/businesses, exploration, adventure, expansion and better financial security are the unquantifiable advantages of income diversification. If one has the strength, creativity and time, I see no reason why many sources of income shouldn't be given the utmost priority because they are poverty quenchers and easily create greater wealth than what a single investment/business can do. I've always acknowledged and done this in my little way and I am happy that it doesn't fail me. We have nothing to lose in this if we are not lazy.

Success needs to be fought for and needs capital support to achieve financial success to be better because conditions like now, the absence of capital as a supporter will make it difficult for people to double their money. I never fully follow influencers in financial achievement because I believe they never want to share a special pattern to make more money and usually they only talk in general terms like most other people. If you want to achieve success, learn to be responsible for yourself and take small steps that can change our lives for the better.

Focus on development and continue to evaluate to find out the level of weakness because that way we can better understand the meaning of the process. The most important thing is that we know what is being done so that it will be much easier to develop because it is impossible for us to achieve success if we do not have the ability to see the journey.

But this isnt something that would really be so simple that you will really be making out some multiple investments or sources of income on which you do know that not all will really be having that financial capacity when it comes into this aspect. Good thing for you if you do have some funds to make up some investment but what if you dont have? You will really be just be sticking into your current income but just like on what everyone is saying that as much as possible it will really be better that you do try to make some other sources of income apart from your day job, with this then you could be having that chance to make your life better but of course not everything will really be guaranteed because success isnt something that could be achieve on point or in a short period of time.

Achieving success will really be that going through tons of hardship and challenges on which this is something that you would really be gonna need to sustain, because if you do just easily give up with it then you will really be still staying up poor or in the middle class or way below. Each person does have their own perspective in life on which there are ones who are really that contented on what they do have now but majority or most of us does really like a life on having no financial issues or hardship on the way of living.

We have to think first that these top billionaires in the world have started from somewhere and I think that the majority of them came from no money just like the most of us. But then, with focus and consistency, they're able to do it and before anyone did believed on them, themselves believed to themselves first.

Not at all times. Since you've mentioned investing, look at those Bitcoin maximalists that have put their money only on Bitcoin and not with any other memecoins or altcoins and look how far they've been right now. It's not always the case that it's going to break but sometimes in cases like this, putting in one basket like in BTC is a good idea and decision.

You are right and very correct: to be successful, you need to thrive hard and make sure you take some steps to double your income; salary earnings alone can't take someone to the level they want to be in life. 
 
If we want to be like those who will admire us as mentors, we must be like them. To follow their steps, that statement sounds simple but is too hard to follow. Some of those influencers will never tell you all their success story, so it's better to try to do your own things using their success story to motivate yourself. You must not do everything they do; you can take opportunities from different areas and still be successful.

Learn to accumulate wealth as much as you can and be in massive profits in time. By entering into businesses or investments that have high potentials to succeed, a person eventually gets rich in the process as long as focused and determination is always there. However, getting your own brand and introduce your own niche is the best way, that will make you fast profitable.

Of course the old adage ‘don’t put all your eggs in one basket’ is great advice. It’s always a good idea to diversify your investments to protect yourself from volatility or even failure in one chosen investment. You still need to do extensive research into whichever asset or field you decide to put your money & even then nothing is guaranteed.

You kinda have a point too. But I have my own opinion to these things. Mine is that we should always strive to have at least four streams of income. Especially when we're still figuring out what will work best for ourselves. Even the Warren Buffet guys you mentioned once had one business or the other that they attempted before they finally got to focus on the one they're currently building to an empire. Also within same company, there's usually conglomerates with different brands of business.

There are very few billionaires in the world and it's unlikely that anyone here falls into that bucket, not least because they have better things to be doing with their time when they've accrued that much money than to be lurking around on these forums (however wonderful the rest of us find them). You're right though, that having multiple sources of income gives you a much better chance at success and financial independence than relying on just one or two. If you are like most people with just one main job supporting them, they'll always be vulnerable to the whims of the economy and the companies that they work in, however if some of your income comes from different sources, that are varied enough, it can make you less vulnerable to losing everything in one go.

Wish we could all do this, but it is not really that simple at all. I always dreamed of having like a small shop, not for myself but to rent to others, it would get me paid at least a thousand dollars, probably maybe more, and that would be like a salary. Then I would work too, and I would have my salary as well, and then I would save whatever is left from both, and put it on bitcoin, and then I would have income from that too, if I put it on some place that pays interest, even better, or maybe I will just hold ETH and profit from PoS income.

In any case, just one place would change my life from barely surviving, to rich, overnight, just one place. And not like it's impossible price neither, it's like 100k to 150k, and I have seen so many people got that rich with some silly token or something, people do get lucky like that, memes and such or maybe some silly leverage or margin trading. I am not doing those because I fear the risk, but people do get lucky sometimes.

Having a targeted means of income or investment is actually a way to good profiting, like people often says of investing in different coins to diversify their investment is not actually a means to guarantee wealth. One happened is, have a good running business that generates huge amount of money for you be it daily, weekly or monthly provided that the income is stable then you can also locate another good business to start including your profit to raise another business with this you will huge profits at the end of the month/yearly.
For instance you can invest in bitcoin for long or short term but when the profits emerges you can use them start up real life business or you can still decides to hold for long term provided you have other sources of income, and you can gradually keep topping your investment through DCA method.

Not necessarily. Almost all of Warren Buffet's Net Worth consists of his company, Berkshire Hataway, unless you want to consider it diversified because with it he engages in buying other companies.

But it is also often said that diversification is about selling the winner to buy losers. It is something necessary for people with little capital and/or little knowledge. When you have a lot of capital and a lot of knowledge, however, you can skip diversification. Look at Michael Saylor for example, he only invests in one thing: bitcoin.

With all this hardship that we have everywhere it is better to have multiple sources of income in other to make your living better and this is a period people are having a better understanding about there finance and from that end people are becoming more smarter to comsider multiple things before any other thing, and this is like the way out now is to venture into multiple sources of income and most of this companies mentioned had to bring in new things to the system so as to grow better and look at were they have gotten there self to now so diversification is very important.

And that is why you see a lot of people doing both oil and real estate and going into one of the most important sectors in the market, and even aside that they want to do more, because trying new things out is very important, and that is why they keep making more money because of the direction they are facing they want more money so they consider other ways that they will will be able to make more money.

Considering multiple options in bussiness is just another way foward because this is like one of the ways that they use mostly to build there self an empire, and is just for everyone to do more business and that way we won't have a choice but do proper management.

I think investing is not only limited to putting money in something. Hunting free airdrops can also be considered as an investment and we know that most of them are free. There is no risk in short but we only need to allocate/invest time and effort.

We can as well waste time here often due to the huge number of scams but even for an investment that requires money, once we are unfortunate to end up with a bad quality or scam project, we can't only waste money but time too. That is only part of the game. There must be some sacrifices sometimes if we need to something to improve on us. The importance of learning or being aware of these is that we might not feel bad totally if we really fail but this can also lead for some of not proceeding because they are afraid to fail.

Of course, diversification is needed in investment. Today, all the rich people in the world who have multi-business. In most businessmen, it is seen that they are the owners of groups of companies. There are various types of businesses under a group. If an investor focuses his investment only on one side, then there can be big problems in the long run which can cause loss to all his businesses, which is why he must invest in different plans in business so that he has financial security.

This is a common thing in the case of a rich person. If they do not diversify their investments, then many of the rich people could have lost their businesses and become poor. But nowadays it is seen that the rich are getting more money and the poor are getting poorer.

You are not wrong, spreading investments across different sectors is very important for building wealth. But having multiple sources of income still doesn't guarantee wealth, especially if those sources don't yield significant returns. Most times relying on a single sector, focusing on mastering one product or business can be risky, but will potentially lead to success, and using the profits from that to diversify later is an approach that it is not a must to make. With the substantial profits from a single source, you can reinvest that into making the source more solid.

That's like saying you should put all your money to some meme token when chart shows it has been making quicker profits than you can do these days with bitcoin. Because technically could have brought you 100x over one month. It's not about making money, it's about keeping the money you made. Just because you have been right about one asset, it doesn't mean you haven't risked the fact that it can dip a lot.

Also with stocks you are literally owning part of the companies and have voting rights for them. With that way you can support the companies you believe in. Owning bitcoin doesn't give you voting rights about bitcoin.

By owning estates you own real estates, that you can choose who you rent them to, or what purposes you are using them. With both of owning stocks and real estates comes with responsibility.
Not every way to make an income is just about growing your bag. Those can be about actual values as well.

I think money is important in life because people judge us by our family status and our money because that is our identification. People always want to talk with successful people and nobody like person who is not working in life and he is free in life and have no job . They will give the respect to the person who is superior than them and we should hard work to get out goals because nobody will be with our in our hard time even our family members. So make a high Level and do hard work and make a daily plan and execut 80 percent from that and if you executed his plan then you will be successful one day. There are hundreds of people who want to earn money but they didn't take step so you should take step early in life and after you will be successful in life.

The easiest way to become billionaire is to achieve monopoly in a certain niche. Microsoft was a monopoly, Google was a monopoly, IBM was a monopoly several decades ago. Yes, people can become wealthy by running several successful businesses, but it's really hard to focus and be successful in several niches. The best way to achieve wealth is to gather as much assets as possible and get annual dividends and income from those assets.