Have multiple streams of income. Start while you are still employed!!!

It is important for one to have multiple streams of income, it helps one to stay prepared when one stream fails, for example, one loses a job but they have business on the side that will keep them afloat. Another practical example is the Zimbabwean situation, relying on a salary is not practical as they are paid in the Zimbabwean dollar which is constantly being eroded by inflation.

 

To start a business, capital is needed and it is recommended that the owner (s) use their own money. This helps business owners avoid bank loans or lenders who demand collateral. So by having multiple streams of income it is easier to find money to inject into the business.

 

“Wealth begets wealth” meaning the more income you have, the higher your rate of return and the more wealthy you are.

The more money you invest the more returns you will get. You are able to scale higher.

 

Multiple streams of income helps with flexibility as one will become their own boss. At the end of the day one can choose to either work from home or in an office.  Also they can properly monitor and strengthen their sources of income without being limited by a geographical area.

 

When having a number of  sources of income this enables one to live their dream life.  The more effort and time one puts in building their sources of income, the greater are the chances of achieving financial freedom.