Gone are the days where a single stream of income is sufficient for me. With the increasing costs thanks to the rising standard of living, and my salary remaining the same for the past god knows how many years, I told myself I need to find different ways to create new streams of income.
If Covid-19 has taught me anything, it is that being dependant on a single stream of income can eventually kill me. Granted I was paid my basic (with a pay cut) during Circuit Breaker, and thankfully I am very low maintenance, but because I wasn't getting much during those few months, it did cause me to have anxiety attacks wondering if I'll have enough to pay off my bills and save for retirement.
Jumping to work at Cold Storage helped buffer all those losses. That temporary job brought in just over $2000, including CPF, in just a few weeks. Not too shabby for stacking thousands of kilograms of rice amongst other produce. Most importantly, it brought a peace of mind. And thats what multiple streams of income can do for you.
So, what are other benefits are there for having multiple streams of income?
Reach Your Financial Goals Faster
Not to state the obvious, but having multiple streams of income will help you achieve your financial goals at a faster rate. Having more streams means you'll be able to clear your debt faster, pay cash for that MacBook Pro that you've been eyeing on instead of taking up a loan can paying interest (more money gone), or for your investments (to generate passive income) and/or retirement.
Salary Loss Insurance
If you put all your eggs in that one basket and suddenly it goes *POOF*, you're screwed. Multiple streams of income means you have insurance that you'll still have income coming in if one stream stops. Your world will still continue albeit lesser income, but at least there's still some coming in and you know your debt won't pile up or as fast. Lesser money stress, more mind space to consider what else you can do.
Use Money To Make More Money
The additional income can be used to invest in you or for your financial goals. From going back to school to taking up courses, or putting the additional income into REITs to grow your wealth. Use the additional income to grow your side hustle. Who knows? In a few years your side hustle may grow big enough to overtake your current work and you'll be your own boss.
You Have More Control Of Your Life
When you know you are financially secure, you have a peace of mind. You get to have more control of your life. You will no longer be bogged down by work, and you'll get to do a little more what you want to do in life. You are no longer concerned that you won't get paid if you don't teach classes for a week or two. How freeing is that? Your body, your mind, your spirit, will feel very different.