2018 is gradually ticking away! Have you made plans regarding your financial goals? One of such plans should be having an additional source of income from this month or boosting the capacity of your present income source. What if you had these plans before now…Is all going well? How far have you gone in achieving any of this? Are you even stuck in deciding whether you want that extra income or not?
Let’s face facts! Gone are the days of mid 50s and 60s when a family could survive well upon a single income. Today, the inflation and economic factors are such that survival on two incomes has become hand to mouth. Going by this trend, we can very well imagine what the future holds for us. Two incomes certainly will not be enough. It’s best to prepare for the worst and expect the best instead of vice versa. It’s best then to have multiple incomes flow into your finances than to have an insecure future. The concept and importance of extra income becomes all the more apparent. People who have been well-to-do have always known and taken care of this.
The importance of extra income and extra sources of income is not lost on anyone today, hence the want and rush. The reasons below are certainly worth a glance if you are considering being successful and financially independent in life. Analyze these points on a piece of paper before making your decision on whether you want that extra income or not.
- The quality of your life and that of your family would be improved. Extra income really does make people happier and improves their lifestyle.
- You can meet up with your financially responsibilities without hassles and the rippling effects of financial distress that could cause a lot of heartburn and unwanted emotional disturbances.
- Having diverse sources of income or extra income gives you a backup to fall back upon. If one source vanishes or dries up, you would not feel the difference. You would have enough time to reorganize and regroup, and you are back on the happiness highway, safe and sound. If something happens to one income stream, you can always fall back upon the other streams of income, and if all go well you can only get richer, no harm in that. Ordinary and average living people have always been in a dilemma regarding this. Loss of one income really affects them adversely and it would take years of hard work before any normalcy returns.
- If you are currently an employee, with an extra income or income sources, job security and fear of unemployment vanishes.
- Limitations of earning do not exist. You can earn as much as you want by just stepping up the speed.
- Sense of achievement. Makes you more of a complete person who can proudly say that he/she is an entrepreneur who has achieved something.
- Self confidence going through the sky. This factor will help you face most hurdles in life with a lot lesser heartaches and stress.
- Work at your convenience. Be your own time master.
- Flexibility to do whatever you want to do, whenever you want to do it. Extra income streams especially work-from-home opportunities present a lot of flexibility in spending time with family and children, social commitments and of course financial liberation.
- You will be your own boss with no one looking over your shoulder. Freedom of time, goals, finances, everything left to you.
- Many countries offer tax benefits for home based businesses, since it is considered extra income. So greater credit ratings with lesser tax obligations.
- You can retire at your own time, at 30 or at 60, it’s entirely up to you.
Success becomes a commodity which you can measure with your own yardstick rather than others, which contributes a lot to your personality and the finances through the extra income you earn.
Do you want to know viable streams of extra income where you can earn from? View our resource page.