why you should have multiple sources of income ? - passive source of income ideas

building multiple sources of income is actually a difficult task but it is not impossible to have multiple sources of income or various streams which keeps a flow of money to your wallet. so, there are various questions which is frequently getting into the mind of peoples like how to create multiple sources of income, easily achievable income streams and most importantly why you should have multiple sources of income?

so, if you are here in search of why should we have multiple sources of income or some passive source of income ideas than you can read this article to the fullest as it will help you to gain knowledge about some unique ideas that you can follow as a side hustle to generate a good revenue out of it.

why you should have multiple sources of income ?

how do you get multiple sources of income ?

passive source of income ideas.

why you should have multiple source of income ?

having a single source of income is not a bad thing untill a sudden consequence arise, according to mr. warren buffet, if you are depending on a single source of income than you are just a step above of poverty so, there are various reasons for which it is recommended to have multiple sources of incomes among which some of them are listed below, which you can consider to have multiple streams of income.

1. dealing with inflation.

according to past metrics it is clearly proven that, in india inflation rises with the average rate of 5% to 7%. which is comparatively greater than a common man's yearly growth in income or we can say greater than yearly growth in salary. it is quite a difficult task to deal with inflation as most of the salaried peoples used to save their money in saving accounts and fixed deposits, which hardly provide returns upto 2% to 3%.

as the returns gained by saving account or fixed deposits is not enough to deal with inflation one must have multiple sources of income which backed them with a continuous money flow to their wallet. it is one of the major reason for which you must create several streams of income.

2. fulfilling your dreams.

one of the major reason for having multiple sources of income is to fulfill your dreams, according to experts most of the successful people's have minimum seven sources of income which helped them to become financially free and achieve the financial freedom. 

it is one of the best reason for which you should have multiple source of income to take a break from your 9 to 5 job and working on your dream goals in order to be on the top of your own world.

3. learning new things.

learning new things is also an important aspect for which you should have multiple source of income. if you belong to a growth mindset community than you must be aware that learning about new things help you to enhance your mindset and get you more growth aspects. 

so once you are financially free then it is only possible to focus on learning or elsewise you have to keep's on dealing with the responsibilities and family problems. which works as an obstacle in your way to get to the financial freedom.

4. fear of loosing job.

fear of loosing job is one of the major reason for which one should build multiple sources of income in their 20's. it is majorly focused on private sectoral employees because government employees are backed up with pension schemes and subsidies, but private sector employees are bounded with some limitations as their only source of income is salary which they get in the month end.

so, if any consequence arise and the private sector employee have to leave the job then it becomes difficult for their survival. so it is necessarily important for them to have multiple sources of income so that even if they leave their job they won't lack money in their wallet.

5. getting rid out of debt.

debt is one of the basic thing that plays an important role in everyone's life in terms of loans and advances. for purchasing any high value product like luxury cars or budget cars, land, big house and so on things one must require to take loan to buy that particular thing. 

however multiple source of income helps to reduce the burden of that debt, because higher streams of income means higher revenue and ultimately it helps to pay back that debt without any greater hassle things.

how do you get multiple sources of income ?

as it was discussed earlier, generating multiple sources of income is quite a difficult task but not impossible, so if you want to develop several streams of income than you have to focus on developing your skills by keeps on learning new things. rather than that you can also create different sources of income by enhancing a single skill with complete expertise in that particular field. so below you can find some points which you can follow to get multiple source of income.

1. learning before earning.

mostly peoples used to focus on earning rather than learning and ultimately they stuck with the same routine and always stay broke throughout their whole life. so before going to develop sources of income it is recommended to learn and get deeper knowledge about the particular field regarding which you are interested to work in future without being get bored. this helps you to keep motivated and moving forward to your goals and achieve the financial freedom.

2. put your learning into practice.

once you develop a strong skillset in a particular field you have to put your learnings into practice immediately. because, a long time gap may results in lack of self confidence, self control, etc which ultimately takes you to the wrong direction. so here it is recommended that execution is the most important part after learning because idea without action is useless. 

3. develop a strong base.

before moving to develop a second source of income you must have to make your base strong i.e. your first source of income have to be quite strong so that it will work automatically and fluently even without your higher intervention. the basic problem lies in this situation for which most of the peoples used to deal with the problem's is that they didn't make their first source of income strong enough to deal with the future consequences if any arise.

4. value your time as money.

after getting multiple sources of income peoples are getting distracted by various aspects of different sources at a single time. so in order to deal with all of them, they try to focus on all aspects at a single time which ultimately waste their time. so rather than focusing on all problems at a single time it is recommended to focus on only one thing at a time which reduce the mental pressure and helps to see the clear picture of output regarding the work which is being getting done.

5. avoiding things that don't matter.

it is one of the major aspect that you must take care of while creating passive source of income. as you start creating different source of income many time blockers would arrive to you or catch up with you and might distract you from your path so you have to be focused and keep faith on what you are doing and keeps on moving toward your goals. however sometimes this times wasters will also be your inner self or your past self which can hold you back but you have to deal with it and move forward by breaking through the doors of your past mindset.

passive source of income ideas.

there are various passives source of income ideas which helps you to generate a second source of income which can actually help you to generate more revenue from your side hustle. so below you can find some best passive source of income ideas which requires low amount of time to start and help you to earn good returns even within a short period of time.

1. blogging. 

blogging is the most reliable and easy method to start as a second source of income. It requires very few hours per day to grow this side hustle. If we talk about returns than one can expect upto 100 to 150 usd as returns on monthly basis. Here you have to create a website and than you have to write some articles regarding the things that you have deep knowledge about and by monetising it through google adsense you can generate a side revenue.

2. affiliate marketing.

affiliate marketing is kind a bit similar to blogging but the major difference between this two options is their monetising rules in blogging you can get revenue through ads shown on your site and in affiliate marketing you can earn revenue through the affiliated products. Here you have to create a website and you have to write some articles regarding the products that you want to affiliate. When a visitor of your page visits that link and buy that particular product you will get a percentage of income from that product.

3. freelancing.

freelancing is also a good passive source of income, however it is not completely a passive source of income as you have to keeps on bidding to get offers from the clients but once you keep it in a continuous flow you can get some ways to put it into automation which again helps you to make it as a second source of income. to get starting with rhis you have to sign up with websites like freelancer, upwork or fiverr from where you can get clients with their projects. here the expected returs are completely depended on the efforts and input that you put towards your projects.

4. stock investing.

Investing in stock market is considered as the best passive source of income. it provides multiple ways to earn money out of it. the basic sources from which peoples used to earn money out of stocks is through trading, however trading is not considered as passive source of income as you have to keep on watching the market fluctuations, but if you follow the value investing rules then your money will work for you as passive source of income as it provides various streams like dividend income, capital appreciation and so on.

5. youtube videos.

at present time, youtube is considered as one of the best passive source of income. for some peoples it is more than just a passive source of income because they have created the major part of their wealth through youtube videos, here the creator have to publish informative or entertaining videos for their audience and when they passes the required milestones, the youtube starts to show ads on their videos which again generates revenue for them. rather than ads revenue, here the creators also get sponsorship deals or brand deals which again work as a passive source of income.