Lesson 1:Learn How To Create Another Income Stream;Don’t Depend On Salary Alone

[ 0 ] March 9, 2012 |
Hi Dear Reader,

Do you have another income stream besides your salary? If not then this is for you.

But if you do, you still need to read on, because the real secret to wealth is to have more income sources than expense sources.

Let’s start this by first of looking at 10 reasons why you need to have another income stream besides your salary.

1. Stuff happens. I’m not talking of even car accidents now. it could just be an elderly member of the family diagnosed with cancer or some other critical illness. These things happen and often require large amounts of money and your salary will just be insufficient to carry the cost.

2. Job insecurity. Before we talk of job security but now its no more true cos our universities are churning out first class and 2.1 graduates faster than you can find a new job. And thats at least 10 people willing to do your job for less than you are being paid now. what’s keeping you on your job is the fact that your employer hasn’t tried looking, !

3. Employer Domination. Because your employer pays your salary and knows you have no other income, they tend to want to dictate your life. they ask you to come to work at odd hours and days. I’ve found that employer typically are more respectful of their staff members that are wealthy and do not depend on the salary they are paid.

4. Relaxation? too expensive. The reason the average nigerian doesn’t vacation is the cost. its too expensive to really travel to ideal holiday vacations. Frankly, they are not expensive, you’re just not earning enough to afford them.

5. Children, someday. Children cost a lot. Ask your parents. You can’t feed your family on just one income source, i can assure you.

6. Money while you sleep. For most of us, the bulk of our money comes while we’re awake and at work. Really rich people make money while sleeping from having businesses that do not require their constant involvement/participation/attention to do well. Beyonce makes so much from CD sales, which do not require her attention. Same with Dangote and Otedola, they make money from you and I driving to their filling stations at night, buying a Dansa fruit juice while going home stuck in traffic. We drink, they earn. We fuel, they earn, we listen to music, they earn. What is working for you while you sleep?

7. One more secret from the wealthy. Do you really think you can become rich working for someone? You can never be richer than the person you work for. No employer can pay you more than he pays himself. The only way to assure yourself of constant promotion and better pay is to work for yourself or at least do something that works for you.

8. Trends are changing. Certain industries are becoming less important in our time. In the next few years, it could be an industry you’re in or you have some interest in. So you need to have your hand in many pies.

9. God says so. If you believe in the bible, then read Ecclesiastes 11 from verse 1 to 2. It says “Cast your bread upon the waters, for after many days you will find it again. Give portions to seven, yes to eight, for you do not know what disaster may come upon the land.” And he doesn’t suggest just one or two, he says 7 or 8. In the book of beginnings, the first mention of a river that nourishes a garden tells us the river has four tributaries, meaning the garden needs to be nourished on all sides.

10. Because you really do need it. Seriously, you really need to have another stream of income so you can spend your money the way you want.
     Source:http://www.nairaland.com/nigeria/topic-604982.32.html#msg10362319
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Category: Be your Own Boss

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