5 Reasons Why You Should Have Other Sources Of Income

As of writing, the whole world still suffers from the negative effects of the pandemic. One of the hardest-hit facets is the people's economy and financial situation. Businesses have closed, schools are temporarily prohibited, offices are closed, and many people have been left jobless. If there's anything that this situation should teach you, it's the importance of having multiple income streams.

While you may think that your day job is more than sufficient to pay the bills, you have to go deeper. If your day job doesn't allow you to buy a few wants here and there or doesn't give you extra to set aside for your savings, look for another income source.

Technology today has made it possible to have multiple income sources, without disrupting your 8 to 5 job. Flexible hours are possible, work-from-home arrangements, and passive income opportunities, too.

That said, here are other reasons to further convince you about the importance of having other sources of income:

1. Offers You Job Security

As mentioned, the pandemic should teach you that it's not enough to have just one job and say that this gives you job security. Especially so if you're working in an industry that's considered non-essential. For example, the tourism industry has been hit hard that employees haven't even gone back to work after six months. Many of these are now scrambling to find other job opportunities.

With multiple income streams, you don't have to worry about this happening to you. When you lose your main job, you've still got a backup to get you by. Think of every job opportunity as a means to add money to your bank, and that's how you can say you've got job security: through diversification by doing some easy and flexible jobs.

2. Helps You Cover Rising Health Care Costs

This section applies particularly to those of you who are breadwinners of the family or have just started having a family. Take note that many expenses will keep on haunting you, especially healthcare.

It's inevitable for people to get sick. Even if you do have an insurance policy, remember that there are also expensive premiums that you'll have to pay. If there are so many of you in the family, this will only escalate the cost.

On the other side, if you don't have enough money to pay for insurance premiums, that should push you to have multiple incomes. If one member of the family gets sick, how are you going to pay for it?

Healthcare is getting expensive, and it can burn a hole in your savings or put you into debt if you're not prepared for these emergencies.

3. Opens Up Unique Work Opportunities

Even if you love your office job, this doesn't necessarily mean that it's your hobby or your passion. There may be other pursuits that you're more passionate about but never got the chance to push through with it. It could also be that these other work opportunities aren't enough to give you economic security if you were to use it as your main income source.

With multiple income streams, you've got more leeway to pursue your passion, even if it isn't necessarily a lucrative source of income. Because of the advancements in technology, the world is now full of possibilities. For example, if you wish to pursue art, you can make income out of it by advertising and selling it online. You can even work from home while taking care of the kids.

4. Allows You To Save

Now more than ever, the importance of saving cannot be over-emphasized. However, many still aren't saving enough. This isn't really because they don't know the importance of saving. The problem is that it's just difficult to balance all expenses out in a month to have enough to save.

As expenses will always keep increasing, this can put families in a sticky situation. When your kids grow, do you have enough on their funds to send them to college? As early as when they're young, have many income sources to beef up your savings account.

5. Helps You Pay Down Debt

If you've already incurred debt before having multiple income sources, that should teach you that you need to look for another job. There's very little way that you can pay off your debt if your current job is what has gotten you in this situation in the first place. Side jobs will give you that income to help you pay off debt.

Just make sure that once you pay off your debt and still have your extra job sources, don't put yourself in that debt again.

Conclusion

It's safe to say that working to have multiple income streams is no longer a luxury, but it's a necessity when times can be uncertain. When there are many income-earning opportunities on top of your office job, there's no reason why you shouldn't consider going for one.

One income source is a risky way to live, especially if the income you get from it is only enough to get you by daily.

After reading through, all that's left for you to do is to get started looking for those passive, flexible, or part-time work opportunities to add to your current job.