Who wouldn’t want multiple sources of income right? I’ve managed to achieve this kind of scenario before and the key is being able to handle it properly. However if you force it you might just end up failing or unable to sustain it in the long run.
This is relatively easy for those who are already wealthy like those who inherit assets but for people like me who rely solely on a job’s salary it can be challenging at first. Still I hold onto the hope that one day I’ll also achieve financial stability.
You can’t just invest or put money into something blindly. There has to be demand and you need to genuinely like the nature and align it with your interests.
Topic: Multiple sources of income the partway to the top of the financial ladder - page 4. (Read 678 times)
December 08, 2024, 02:16:08 AM
December 08, 2024, 01:33:55 AM
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.
December 08, 2024, 12:59:25 AM
But you forget one thing that before they became billionaires and had multiple streams of income or owned multiple assets, they also started with just one thing. They are focused and steadfast in their choice, constantly working to make it happen. And when they achieve some success and want to increase their wealth, they start diversifying their businesses and investments, which helps them become richer as well as maintain their wealth.
Therefore, diversifying investments and having one or more sources of income will depend on each person's circumstances, capital, and plans...We should plan according to our current situation instead of imitating others.
Therefore, diversifying investments and having one or more sources of income will depend on each person's circumstances, capital, and plans...We should plan according to our current situation instead of imitating others.
December 07, 2024, 11:54:15 PM
What's the point to have 5 multiple sources of income if just one source of income can make more money?
Like the investment I choose, I go for 100% in Bitcoin.
If I split to stock, gold, real estates, bonds, time deposit etc it's high unlikely I would earn the same return just by holding Bitcoin.
Diversify only when you not sure with your investment or the money you have is already too much like $1 Million for third world countries.
Like the investment I choose, I go for 100% in Bitcoin.
If I split to stock, gold, real estates, bonds, time deposit etc it's high unlikely I would earn the same return just by holding Bitcoin.
Diversify only when you not sure with your investment or the money you have is already too much like $1 Million for third world countries.
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December 07, 2024, 11:38:26 PM
everyone has their own strategy I guess, if what you're seeking is building wealth first I think you should put in more effort into this one specific thing until you make good enough source of income then start another afterward.
the billionaire ventures into other field to increase their source of income because they already reached peak performance in that one specific niche they're good at, I mean there's nothing wrong in doing that early but I'm sure you'd be growing your wealth faster by focusing on specific source of income at first.
however, currently I also tried to increase source of income through various means including staking, investing, trading and so on, it's definitely harder than it looks, but slowly but sure my portfolio is growing.
the billionaire ventures into other field to increase their source of income because they already reached peak performance in that one specific niche they're good at, I mean there's nothing wrong in doing that early but I'm sure you'd be growing your wealth faster by focusing on specific source of income at first.
however, currently I also tried to increase source of income through various means including staking, investing, trading and so on, it's definitely harder than it looks, but slowly but sure my portfolio is growing.
December 07, 2024, 08:07:26 PM
There’s no top billionaire that is only focused on a single source of investment/income. Sure they may have their main source of income, but there are also those minor sources that will add to their over all total income. In short, they make sure to spread their investments in order to gain limitless profits, which in the long run will unlock another kind of wealth.
I will rephrase it a bit and make it "any billionaire, even a millionaire". Whoever wants more money, separates and invests his portfolio as much as possible in more projects/ businesses. By this, I don't mean that he goes and invests his money in whatever he hears or is told. He finds other investment opportunities with as low a risk as possible to give him the biggest profit. These can (and are) sometimes partnerships or collaborations. The only certain thing is that they do not rest on their first success.
However, chasing money without tomorrow, like a maniac, isn't the best goal for a person.
December 07, 2024, 06:58:48 PM
There’s no top billionaire that is only focused on a single source of investment/income. Sure they may have their main source of income, but there are also those minor sources that will add to their over all total income. In short, they make sure to spread their investments in order to gain limitless profits, which in the long run will unlock another kind of wealth.
Financial stability and security has its own solid process. While it may take a longer span of time before it will be realized, but once it paid off, you will definitely become overwhelmed of its outcome. The more money opportunities you take, the bigger the impact it will do to your finances.
Financial stability and security has its own solid process. While it may take a longer span of time before it will be realized, but once it paid off, you will definitely become overwhelmed of its outcome. The more money opportunities you take, the bigger the impact it will do to your finances.
December 07, 2024, 06:36:38 PM
No successful minded person will deliberately relax on a single source of income, having different sources of income is the best route to financial success. We have seen lots of potential figures on the internet and if we must want to be like them then we have to follow same pattern at which they partnered before we can achieve same level of progress.
Diversifying our investment has lot's of advantages, there should be different sectors of investment, Bitcoin can be one sector then again more digital and even local assets can be put into consideration. People with this mindset do no lack and are always desperate for more ways and systems to fit in their resources. In the midst of obtaining this diversification, we should aswell learn the benefits of risk taking, patience and how to best preserve and consume what we have already into what we intend to get.
Diversifying our investment has lot's of advantages, there should be different sectors of investment, Bitcoin can be one sector then again more digital and even local assets can be put into consideration. People with this mindset do no lack and are always desperate for more ways and systems to fit in their resources. In the midst of obtaining this diversification, we should aswell learn the benefits of risk taking, patience and how to best preserve and consume what we have already into what we intend to get.
But sometimes you will get restricted by the opportunities surrounding you. Lucky if you can find some side hustles aside from your main job. If not, look for some saving tips based on your generated income. Because it is how you budget your income to survive and still save some. Look for alternatives where you can earn income.
December 07, 2024, 05:27:17 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
No investment is risk free so if anyone should feel there’s a safe investment choice they’re wasting their time. This is the first concept every investor must learn including the pros and cons of the investment, I will not advice anyone to put all their eggs In one basket or going fully at once meanwhile there’s no guarantee of making profit yet. Diversification is mostly acceptable when the money is available or else focusing on just one will be better, firstly what are your investment choice? I’m certain the choice will determine the benefits. Op is right because if every investment plan should work out fine compared to just one definitely the difference is clear. 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
December 07, 2024, 04:57:09 PM
No successful minded person will deliberately relax on a single source of income, having different sources of income is the best route to financial success. We have seen lots of potential figures on the internet and if we must want to be like them then we have to follow same pattern at which they partnered before we can achieve same level of progress.
Diversifying our investment has lot's of advantages, there should be different sectors of investment, Bitcoin can be one sector then again more digital and even local assets can be put into consideration. People with this mindset do no lack and are always desperate for more ways and systems to fit in their resources. In the midst of obtaining this diversification, we should aswell learn the benefits of risk taking, patience and how to best preserve and consume what we have already into what we intend to get.
Diversifying our investment has lot's of advantages, there should be different sectors of investment, Bitcoin can be one sector then again more digital and even local assets can be put into consideration. People with this mindset do no lack and are always desperate for more ways and systems to fit in their resources. In the midst of obtaining this diversification, we should aswell learn the benefits of risk taking, patience and how to best preserve and consume what we have already into what we intend to get.
December 07, 2024, 04:43:06 PM
I guess it's true that many billionaires do multiple ways of making money at the same time, but I think it's not just about spreading out where the cash comes from, they also know how to grow and keep track of that money. Most of millionaires and billionaires are pulling in cash from businesses, investments, and real estate. But if we just chase after lots of sources without a smart plan, it can totally wear we out and make things messy.
On the other hand, not all wealth creation involves balancing a number of projects at once. Some people focus deeply in one area or business with which to create wealth and then take those profits to buy diversified assets. Warren Buffett for example, he created most of his wealth from Berkshire Hathaway before expanding into other industries. While I do agree that having a lot of streams of income and expanding to other incomes will gaining wealth faster but, growing the ones you have, increasing your business, investing in things that gain value is not a bad choice either.
On the other hand, not all wealth creation involves balancing a number of projects at once. Some people focus deeply in one area or business with which to create wealth and then take those profits to buy diversified assets. Warren Buffett for example, he created most of his wealth from Berkshire Hathaway before expanding into other industries. While I do agree that having a lot of streams of income and expanding to other incomes will gaining wealth faster but, growing the ones you have, increasing your business, investing in things that gain value is not a bad choice either.
December 07, 2024, 04:18:08 PM
For me, I believe that diversifying your income is one of the smartest ways to build wealth but it’s not a guarantee way. In my experience, relying on a single source of income can be risky, especially when unexpected incident happens. As someone who works in multiple things and has different sources of income, I find it far better than putting all my energy and resources into just one thing.
Spreading investments across different sectors helps create stability even for a medium income. If one side faces problems, the others can still support you and maintain a steady cash to survive. It’s like having safety nets in place, to not get wiped out if one part fails. I think the wealthiest people in the world understand this principle well, which is why they don't rely only on one revenue. Investing in various opportunities not only reduces risk but also increases your chances of success.
Your quote is valuable in terms of staying financial stable. However, it doesn’t always guarantee wealth when the total income isn’t sufficient for investments.
Spreading investments across different sectors helps create stability even for a medium income. If one side faces problems, the others can still support you and maintain a steady cash to survive. It’s like having safety nets in place, to not get wiped out if one part fails. I think the wealthiest people in the world understand this principle well, which is why they don't rely only on one revenue. Investing in various opportunities not only reduces risk but also increases your chances of success.
Your quote is valuable in terms of staying financial stable. However, it doesn’t always guarantee wealth when the total income isn’t sufficient for investments.
December 07, 2024, 04:09:27 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.
Having Multiple sources of income is good even if it doesn't guarantee wealth but it makes you have where to fall back to in case one of them is shaky and not yielding enough profits again and it will be unwise for a wealthy man to invest on only one business even if he gains a lot from that one business. If you are still growing your business, you can wait until the business expands then you can think of venturing into other things that will increase your wealth. Most of the world's most influencial people have businesses scattered everywhere that is why their networth increases from time to time but if they depended on only one business, they would have remained where they are. As you venture into so many things that is how your wealth and your status increases and I believe that no one really wants to remain in doing only one business or having only one source of income. 
December 07, 2024, 04:01:03 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
What you have said is true OP. Having more than one income stream helps one to make more money. Income diversification also helps to reduce risks in business since all the sectors might not suffer a down time at the same time. The richest man in my country has a crude oil refinery, sugar and cement plants, food production company and brewery. His food production company deals in rice, spaghetti, salt, cooking oil, etc. Getting profit from different businesses is what makes him the richest.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
As individuals we can start small in the process of diversification. You can be working in a firm but also have a side business that you run after after work hour or in your spare time.
December 07, 2024, 03:52:45 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
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
You have a nice point. Having a single source of income will not get you the financial freedom you need, which if you can have many other sources of income, then you will be somewhat financially stable, but mind you, that still will not determine you will be wealthy, because if you don’t put in more effort, you can still lose everything.
Furthermore. One of the biggest mistakes that a lot of people make to get another option or source of income is investing in a scheme of business that they know nothing about, which, at the end of the day, will not bring any advantage to you but only lose. So when you are looking for another source of income, you have to be more focused to know more about what you want to invest in before you can start investing in it. If not, you will still regret it.
December 07, 2024, 02:53:42 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
I can see that what you mean is diversifying of souce of income. Actually it good to diversify into differ businesses to stand a better chance of becoming more advantaged in profit. The wealthy people around the world have multiple means of income and this increases their wealth and seems like economics inflation does not affect then. But it's also important to know the type of investment one should involve himself to stay a better chance of profit otherwise you could diversify into different businesses and yet will not make progress due to lack of proper market survior or DYOR. 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
December 07, 2024, 02:23:28 PM
Multiple sources of income does not necessarily guarantee wealth because it is not all the sources of income that will have great returns.
I used to live with the mentality to that multiple sources of income would generate wealth but I was wrong and that is why I agree with what you have said. What creates wealth is your ability to help others be financially free or as someone has said create abundance.By creating abundance in the lives of other people you would even invariably multiply wealth in your own life that is the secret to wealth that most billionaires would not share.
People are you best investment.
December 07, 2024, 01:22:58 PM
Having multiple source of income is very important in order not to be overly dependent on one which may result in total shutdown as a result of an unforeseen circumstance. Every business has their risk and when you’re not able to handle the risk in some of them, which most of them cannot be handled as you want, it may fail at some point and that source will completely be closed for you.
Having multiple source of income does not equate to more income though, it’ll depend on what those sources can provide and how you’re able to grow them bigger in the market. When they’re many, when one sources closes, you’ll get the opportunity to leverage on others before that one comes up again. In general, you’ll need to have a good way to handle your businesses and give it relevancy at all time to give you profits all the time.
Having multiple source of income does not equate to more income though, it’ll depend on what those sources can provide and how you’re able to grow them bigger in the market. When they’re many, when one sources closes, you’ll get the opportunity to leverage on others before that one comes up again. In general, you’ll need to have a good way to handle your businesses and give it relevancy at all time to give you profits all the time.
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.
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
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
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