Important to have source

Discussion in 'Starting a Business' started by descorpio, Nov 23, 2007.

  1. descorpio

    descorpio
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    It is very important to have multiple source of income. One can work even 10 hours in his office. But when he returns home, he should mind his own business. This will greatly relieve him from his financial hiccups. They give him financial independence in his life. I think this is a valid point here. What do you think about this?
     
  2. MrsWrite

    MrsWrite
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    I agree with this. I have a job that pays well, but I'm always working on projects that will bring in additional income. I like to help boost my savings. Plus it's good to know I have the skills to make some income on my own.
     
  3. BizMan

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    It's indeed good to have multiple streams of income as if your main one ever lets you down, you have another one to rely on.

    However, you should manage them wisely and focus on one primarily and make sure you have one that's almost fail-proof. You should also have other back up ideas on hold, in case all your current streams were to go downhill for some reason, you at least have a chance of getting back up with some new concepts.
     
  4. exinRex

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    yeah me too I agree about multiple source of income. now a days we should work hard for us to have a better life and to our family. but we should also manage well our jobs to increase more our savings. the good thing also about multiple source is that; if ever you lose one job you don't worry because you still have one :D
     
  5. spirited

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    Yes, but you must also balance the time you work with your own personal and relationship time. In my case, I need a set amount of "me" time everyday, otherwise I could go crazy working all the time. The bottom line is that multiple sources of income can be quite nice, but it should also be weighted against a persons personal time and expense.
     
  6. Fergal

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    I agree that it is very important to make time for yourself. When you are ambitious and determined to succeed it can be easy to spend all your time working and thinking about work even when you are not working. It is important to make time for family and friends and indeed time just for yourself to relax and look after yourself.

    You should also be wary of concentrating too much on a small source of income to the detriment of your main source. For example if you have a small part time business that is not very profitable you don't want to put your job in jeopardy because you are spending too much time on your business.
     
  7. Hurbel2k

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    This idea of multiple streams of income is true, when You are an entrepreneur.

    However when You just live of a salary and You are sure You can keep the job for a long time, then just improve Yourself learning lots of things. At some point You will be so good at this job Your boss can't fire You. Consider this, when Your job is well paid.
    If You just added a second stream of income instead of improving Yourself by learning some stuff, rewards might be less.
     
  8. zerzis

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    I feel job is just a part of our career. I mean you should always try to enter into a business. Try to create money and not earn money. Job earns you money and business creates money!
     
  9. TimeRider

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    I agree with you. It is wise to have multiple sources of income as well as important. It will help him financially as well make him independent. Like you may work for 9 to 11 hours but you may not earn as you wanted. But in the same time you can do another work without affecting your work.

    Like your the owner of Cyber, you do the job of cyber cafe holder. However you can earn in Internet from PTP and PTC sites.
     
  10. HJ-Andrew

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    Too much of anything probably isn't good.
     
  11. DEADMAN

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    It's very true that only focusing on one business or income may lead to loss of your financial support. When there are multi source there is more ways of living your life and earning at the same time.

    I believe when your one source of income fails and you've no other source, it's create very hard problem. So, having alternative source at least one is very necessary.
     
  12. stepheny

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    Yeah I Do agree with You I also Use to do Multiple Jobs so that I have Multiple Source
    of Income,From Morning 7:to 3:30 shift I used to work in an IT Company and then I used to do
    another job.
     
  13. eddane

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    Diversification is very important. It spreads the risk

    Ed
     

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