Topic: Multiple sources of income the partway to the top of the financial ladder - page 3. (Read 678 times)

The amount of time or money invested in a project doesn't guarantee its success. You shouldn't hold on to a failed project just because of the resources you've put in.

Diversifying your income streams is important, but it's not just about having multiple investments. Start with two reliable sources of income and ensure they're generating money for you. Then, you can consider investing in another project.

However, don't hesitate to let go of an investment that's not working. If it's consistently taking money from you without adding value, it's time to reassess.

The key is to focus on the return on investment, not just the number of investments you have. Having multiple investments that aren't generating reasonable returns is pointless. You can start with one reliable source of income and gradually add more investments that provide value.

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.

But do you know the difference between us and billionaires? They have a lot of money or can easily raise a large amount of capital while we, who are struggling to save every penny every day, where will we get the money to diversify and increase our income?

I believe everyone has thought about the idea of ​​having multiple streams of income, diversifying investments. It's not hard to realize that, but our biggest obstacle is that saving a large amount of money or raising capital is not easy.

When it comes to get-rich plans, business ideas...it's not too difficult to come up with and everyone has one or more plans but not everyone can turn them into reality. That's the difference between us and billionaires.

I can relate with what you said, it's not about having multiple sources of income but investing your time and money into things that can generate income for you. Example is the crypto market, we have a lot of cryptocurrencies that are springing up everyday and most of them are scams, if a person without knowledge invests into any shitcoins, they wouldn't get any ROI from it, so it's not every business that is worth going into.

It is important that we shouldn't be jack of all trades and master of none, meaning that it's better to stick to what you know rather than engaging in different businesses and investments that you know nothing about. It's important to grow and nurture one business first before diversifying into another one, if you remove capital from your business that is still growing and diversify the fund into another, the main business might not survive. So diversifying into another business or taking funds to invest in another asset should be taken one step at time, grow one first then diversify into another.

If you want to get rich, focus on the money, nothing else.

You can have many multiple sources of income, but they're not generating much that working in one job.

You can work in so called executive or have prestigious positions, but what's the point to work with dress well, wear luxury bag, and have sport car if someone can earn more without need to show their wealth.

Last, being a businessman not always richer than becoming an employee.

Most people don't realize the importance of having multiple streams of income, this is what can guarantee financial freedom and wealth generation. You can't compare someone that has a single business with someone that has multiple sources of income. I told a friend who wanted to venture into crypto trade to make sure that he has other things doing that can fetch him money instead of relying on just trading, but he didn't take my advice seriously, after a while he lost some money in his trading accounts and had nothing to fall back to. Having multiple sources of income is capable of making you financially stable.

This billionaires wealth creation is logic, it's not by having different source of income but bringing solutions to where there is problem and creating supply to where there is demand, if you can make this work effectively you will continue to makes money continuously that you wouldn't know how fast it's for you to reach a billionaire status but there is more to been a billionaire, the fact is we see billionaires been discussed but you need networking to be that billionaire.

Last year, Elon was constantly tweeting about how Kamala administration was so bitter to his business, they were frustrating him and that's because he refused to succumb to them and that was when they noticed he was becoming ally to Trump allegedly in secret. Imagine what government will be doing to other low key millionaires, this isn't just about the government alone, some people at the apex of money chain connection is very necessary to be that billionaire else you wouldn't last there.

Don't be too confident about it because a lot of people who have multiple investment generator still end up becoming poor today, so actually is not even about having multiple investment but is about having the knowledge of maintaining one business and making a productive outcome from it, so actually in business everything has a step and the first step is perfecting yourself with the current business you have in mind or already doing and from there you would know yourself if you can handle other business inclusive of the one you are doing and after having the two business with a smooth running you can have a goal of expanding more because you have been well expose to the business but if perhaps you have not run a single business with a profit and you decide to go for multiple is obvious the person will become a victim of the business by making themselves more poorer because multiple investment work in two ways either to make you richer or make you fall the more, so actually most of those people you are seeing as a billionaire who has multiple investment was ones an individual who has only a single business before they were financially raised.

On multiple occasions, fact checks have it that multiple sources of incomes results into higher losses than one stable source of income, and even with our Individual dealings we have come to realize that on several attempts we failed to achieve financial goals in our trials of generating a new source of income, take for example, majority of the members of this forums take trading as an additional source of income, but on the fact check we have realized that majority still accumulate more loses than just focusing on their main sources of income, there is always a saying that jack of all trade will be master of none.

So in a nutshell we say that developing yourself in a way that you become a master in one thing taking as a main source of income as a career path, is far better than distracting yourself trying to build an alternative source of income where in the end could lead you to more losses on the long run, so you are very correct with your point here, Bitcoin holdings wirh long term views is far sure way to building future financial freedom, so not trying to adopt a new alternative will help you alot in sustaining and protecting your investment.

And it seems that currently many rich people or billionaires are turning to invest in Bitcoin because they already have a sense of trust and confidence in Bitcoin which is able to provide much greater profits compared to other investments in the long term.
Even though they have many sources of income, there will be one that they can rely on and prioritize to invest their larger capital to get much greater profits and Bitcoin is one of them because they don't want to miss this best opportunity.
And I also choose 100% Bitcoin, because Bitcoin has very little risk or even none at all if I do it for the long term because Bitcoin will always provide good profits in the long term and if you look at the journey and growth of Bitcoin, it will tempt many people from various circles.

That’s true but you don’t want to be suddenly on the back foot if this one investment or source of income fails. We need multiple plans to back us up. If plan A is successful then good but if it fails then now what? You should have plan B, plan C, plan D and so on and so forth.

We should always be aiming to have multiple sources of income always. It is the smartest thing to do and it is to ensure that we can sustain our lifestyle for a long time.

That is right the top billionaire has different sources of income. They know how to finds the new sources of income so they will invest in that thing. They also prepares some money to invest and grow their wealth. They don't just have one type of investment but they diversify the investment in many businesses.

People should follow what the billionaire do by search for the right investment for them. If they know about crypto, they can use it for their new investment besides the other investment out there. Maybe they already have the investment so they can diversify their investment in crypto.

That will gives more opportunities to them to make more profit. By diversifying their investment in many things, that will be like putting your egg in many basket and grow it. That will help you to makes more money.

Smart people always try to find multiple sources of income.  There are many benefits to having multiple sources of income.  None of us know if our only job will last because of some reason maybe our only job may stop or if we work our job may go due to some reason but we will face financial problems. But if we have multiple sources of income, if one of them closes, the other one will be open and from that source of income, we will be able to support our family or ourselves.

Actually this is really just that the basic idea or something shall we called to be standard thing for you to achieve or reach financial freedom but somehow this isnt something that so simple to achieve. We do have the idea but how we would be able to do it, if we dont have the money to start on? You do have the money but you dont have the idea? How you would be able to handle it out? This is why it cant really be that so easy if you will really be touching up on having investment or having some business specially that competition is really that high or tough. There's no way that you can be able to make yourself to be successful without any failures that you will really be able to experience along the way and thats why you shouldnt really be making yourself that confident when it comes into this aspect because if ever that extreme failure will be able to experience the majority of people will really be just that simply stop after than and just decided to get contented with their day job paycheck. We are all thriving on reaching out this particular target or goals in life but due to some challenges and failures then we do really easily give up and that would stop us on reaching out such situation. For those who do took up the risks then they are the ones who do really be able to have that chance on achieving those things. Lets just that not easily give up if ever we do have plans on trying out to make our life have more better in terms of financial aspect. We are all loving on having that good financial status but not all will really be having that kind of success on doing it. Its hard but its not impossible thats why we should really be trying it out.

We call that having a diversified portfolio. That's why it is not a good idea to have just one asset. You might be buying bitcoin right now but bitcoin already went up a lot lately... What if you are missing other opportunities? There are cheap assets everywhere. Especially in the stock market where you can identify them easily.

Let's say you have $1000 (you can name any number) to invest. Is it wise to blow it all on btc? Or is it wiser to have different assets? For me the answer is clear. It also depends on the expectations you have for that specific asset. For example if you are buying btc, when would you consider selling? $200k? or $500k? Which one will make you happier? Do you think this is a realistic expectation and in which time frame? These are all important questions. I gave btc as an example you can ask the same questions for any other altcoin or stock.

Congratulations in discovering diversifying!

But seriously, yes it is ideal to have multiple sources of incomes but we all have different reasons why we are unable to acquire these different sources. Most common reason is financial difficulties. So, if you can only afford on focusing on just one financial source then that’s fine as long as you make sure it is doing well enough. After that then you can explore and see what other investments you can make to make sure you have many sources of money to depend on in case one of your investments fail.

This is not always true, those Billionaires are just diversifying their assets to distribute risk since they have huge volume of cash flow which is very risky if they will put most of it in one basket.

But they started on a single business too which they prosper and gain massive wealth before they do diversifying of assets.

Having multiple source of income good if your current salary is not enough but having single source of income with high amount is much better rather than multiple source since you can focus.

What is worse is that most people think of making money fast and in the end they end up getting stuck with something that is not profitable. To achieve wealth, money is needed as capital and we are required to have the ability to generate commensurate returns. Most rich people have sources of income in several places and they will look for opportunities wherever they think they can provide financial benefits. The more you make money in several places, the faster it will be for us to accumulate wealth and that is what most of the rich people in this world do. The methods used can be different, be it business, investment or anything else, and most rich people know where the opportunities are much greater.

What many people don't know about this is that it is usually one of several sources of income the one that matters and that things like receiving $37 annual interest on the money you have in a savings account is also counted as a source of income.

I mean, let's say someone who is a famous TV host, the sources of income might be something like:

Job: $25M.
A couple of houses he rents: $36,000.
Dividends: $4,700.
Capital gains from a stock he sold (or bitcoin): $15,000.
Interest from savings account: $37.

As we can see, it is the main source of income that matters and that allows him to accumulate wealth. If he were to become unemployed he could sell the houses he rents or more stocks/bitcoin and have more capital gains income

If only it were that easy lol. There are a whole lot of people out there that have multiple sources of income, but you don't necessarily see them at the top (or near it). Yes diversifying is important but it's also important not to push yourself to the brink. No need to chase the best options. Imo, consistency is more than enough for most people, and don't hesitate to drop investments if the gain isn't enough the time and effort spent on it. Planning and management is always the key.