When it comes to securing your financial future, there are several things you can do to make sure you have the money you need to achieve your goals. Living within your means, being debt-free, and saving a nest egg are all pieces of advice you should be following if you want your bank account to stay in good shape. The one piece of advice that will help you achieve the financial security you desire, however, is to create multiple streams of income.

This is exactly how it sounds. Instead of depending on a single source, like a job to give you the money you need to survive.  You have money coming in from more than one place. For example, in addition to employment, you could be getting money from an investment deal as well as side business selling used clothing. This is exactly how rich people have been securing their income for centuries. If you look at any millionaire or billionaire, you will see that they get money from all sorts of places.

Employment lulls people into a false sense of security and, as such, they become completely dependent on that single source of income. The major problem with this is that when the job is taken away, which happened to millions of people during the economic downturn, you are left with zero dollars coming in. Needless to say, this can create a devastating situation especially if you don’t have any money in savings to help alleviate the loss. In the 1950s, 60s, and 70s, it was still common for people to have job security that would last 10 or 20 years, or even until retirement age. But nowadays, it’s not possible because of business globalization that impacts the world economy.  Businesses and conferences are done via video conferences.                                                                               

Advances in Industry forces many companies to upgrade their technology and replace humans with robots and machines. People in China are competing with the people in America, while people in Indonesia are competing with people in Vietnam, in Myanmar and Thailand for business opportunities. As the market place becomes more globalized, a business can start easily, but it can also go burst easily. Nowadays, job security is no longer a common sight, but downsizing, reduction and having the option to find a job that meets your needs are not uncommon.

Creating multiple streams of income is like filling a bathtub with more than one source of water. If the water is cut off from one spigot, the bathtub will still get filled. Likewise, when you have more than one way to make money, it is not as distressing when you lose one of them. If you build your income streams right, you can produce regular passive income that enables you to make an income while doing very little to no work at all.  And will provide income for you well through retirement. You can build as many streams of income as you want. You are only limited by your time, energy, and creativity.

As always, knowledge is power, let’s get it, let’s apply it, and reap the rewards from it. You can start by learning to live with purpose and not just exist, live so you can apply it because nothing great ever started from just thinking about it, and grow that you can have health, happiness and abundant wealth.