Many people only have one source of income — their job. Sadly, these individuals are walking on a high wire. If their company went under (or they did something that got them fired), they would have to immediately look for another job to pay off their bills and other living expenses. Landing a job, however, isn’t always a walk in the park. Depending on the job market, it may take weeks or months to get a job offer.
Instead of relying solely on your day job as your only source of income, it’s best to have multiple income streams. Here’s why it’s a good idea:
It’s never fun to be under pressure when searching for your next job. You’ll have to be in a rush to get a full-time or part-time work. Sometimes, you don’t stop and think whether or not the company you’ll be working for will be a good fit for you.
When you have more than one source of income, they help lessen the pressure of a job loss or other unforeseen expense.
You won’t have to worry so much about getting a job right away so you can pay your basic living expenses. Plus, there’s no need to rely on credit just to pay off your bills.
Pay Down Debt Earlier
Having an additional income stream helps you pay off your credit cards, mortgage, and other debts more quickly. By doing so, you avoid paying tons of interest on a loan, and it helps get you on the road to financial freedom.
Achieve Life Goals Faster
Do you have plans to travel around the world (or travel all over the country, at the very least)? If you have big and audacious goals in life, you can accomplish them quicker when there’s more money flowing into your bank account.
Regardless of the situation, you find yourself in, having an extra source of income can help you secure your finances. If something ever happens that dries up one of your income streams, you’ll have peace of mind knowing that you can depend on your other sources of income to help you in your financial situation.