Why You Should Have Multiple Streams Of Income

The average millionaire in the world has seven sources of income. There are many millionaires and billionaires though who have a lot more than seven. The billionaire investor Warren Buffett, for example, has 70 different sources of income.

The average person, however, only has one source of income, which is typically their job.

Many people don’t even have one source of income, so even having just one source is great.

The danger though of only having one source of income is what happens when things go bad?

What happens if the economy goes into another recession? What happens when industry innovation pushes you out of your job because machines can now do what you do? What happens when your company finds someone better who can do your work at a cheaper price?

On the other hand, what would happen if you set things up so that you were getting income from 7 different places each month?

It would probably do a lot for you.

It’s important to recognize that if you’re like most people, who rely only on their salary from their job, then you’re going to experience a lot of stress in your life.

You’re going to make a lot less money than you should. You’re going to enjoy life a lot less. And you’re not going to be able to travel as much or do all the things you want to do.

This is why Warren Buffett says creating multiple streams of income is one of the most important principles you can learn in life.

All it takes in order to do this though is a few short years of intentional and focused work.

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13 thoughts on “Why You Should Have Multiple Streams Of Income

  1. i kinda agree. I think it becomes a juggling act if you have multiple streams and a life. I think a lot average joes earn and get drunk on a friday. But there are others who one job earns them a million in salary and may be the same bonus. I think when you do a lot the rest of your lufe may suffer or miney helps the rest if your life. Yes i do think two streams is good but i dont think it is practical for everyone. I think there is a lot to say in living below your means to help out. But too many live abive their means… i agree multiple streamss good but how practical is it what the rest of life and other commitments.

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    1. linear income is hard to do this with, but people can learn to create passive income. working two jobs for example is hard because you have to divide your time. working three jobs is harder because you divide your time even more. But when you create passive income, having multiple streams of income can be very manageable.

      Yes, I believe in living below your means, but everyone deserves to experience the best the world can offer. So creating more cash flow is essential in doing that.

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  2. It’s great to have multiple sources of income. I agree, we should not rely on only a single source. It’s better to always have a back-up just incase something would go wrong… The challenge would be organization, time-management, and creativity! Great post, Vincent! 😊👍

    Liked by 1 person

  3. Vincent, I am from Nigeria and right now, the country is experiencing great recession like never before, you are on point because only those that have multiple streams are floating above the waters now. There are little investments to make with little effort and the results will be overwhelming at the end of the day. Juggling around these streams of income only takes discipline and focus, nothing so difficult about it. Thanks Vincent.

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  4. Nice one Vincent. I am from Nigeria in West Africa and the country is in a recession like never before. Only those that have multiple streams of income are the ones floating above the waters. This cannot be over-emphasised, there is a calmness when you know that you have springs bringing forth sweet waters from different sources, you can never go thirsty (simply put). Managing these multiple streams cannot overwhelm you if you are focussed and disciplined. Thanks again, buddy.

    Liked by 2 people

    1. Hey Charles! I wasn’t aware that Nigeria is going through a recession. I hope you’re doing well then. This definitely is one of the biggest reasons why you should have multiple streams of income. A lot of people think that it isn’t realistic or manageable to create multiple streams for yourself, so I’m glad you have a optimistic outlook on the fact that you think it is possible. That says a lot of good things about you:)

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  5. I completely agree having multiple incomes is important. I think one of the hardest things is establishing additional income sources when many struggle to obtain just one. I also think many people fail to realize how much of an impact even low income sources can have during a crisis.

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