I'd been following some blogs and some pages on Facebook and on my feed, I saw a quote:
Multiple income streams of income are a necessity. If your salary is your only source of income, you are one step away from poverty.
Somehow when I read this quote it resonated with the current situation that most of us are in right now.
The majority of us are not reliant on our main job. I myself am a reconciliation specialist for an insurance account. However, aside from that, I have other side hustles like being a business owner, crypto investor, and blogger here in Hive.
The pay is good on my main job, however, it is not enough to cover other expenses. Plus if you are planning to save some good $$ for the future you will need to get other income as my salary is fixed already.
But why is it important to have multiple income streams?
Are you confident that you will be able to keep your job for a long time? In my case, we do not have programs such as retirement benefits in the company that I am in. Being in the BPO industry, where metrics change monthly / quarterly, surviving and staying is a challenge. We also need to consider that some businesses are not in good shape due to the pandemic and the economy isn't doing well. A huge chance that an account can be pulled out anytime.
If you are just relying on your job? What will happen if you suddenly lose it?
Some companies offer health care insurance for their employees and dependents but not all sickness and tests are covered. Some insurance offer copay and some do not. Getting sick nowadays is costly and a simple common cold can trigger the hospitals to run multiple tests which are always out of the pocket. Plus the medicines that you will need to buy if you have a fixed salary having this extra expense will hurt your finances for sure.
For someone who is living paycheck to paycheck. Thinking ahead about the future can be a challenge. Where you will get the money to buy some investments?
As you clock out from work, then you have at least a few hours to spare. Some of us may be sleeping and resting but you can do that in the future too once your future is secured.
Our plan is at the very least get some good investments in the future hustle while we are still young and can work multiple jobs and save.
It is simply because we also earn money by being active here. By creating content in the blockchain there's a chance for you to be rewarded.
Some people earn an extra $50.00 or more per month here. Those amounts if properly handled can give good returns in the future. At times, when we are cut short with finances Hive has been a great help as we can take out some $$ to cover some of our expenses.
How about you? Do you believe that relying solely on your salary is a step away from poverty?
