HomeMoney & Wealth3 Reasons why Multiple Income Source could be a Bad Idea

3 Reasons why Multiple Income Source could be a Bad Idea

Multiple sources of income. You’ve heard of that before. Rich people have multiple sources of income.

How many sources of income do you have right now coming into your life and coming into your business?

Let me tell you something that no one talks about and why I believe for 99% of people, think that multiple sources of income is a good idea but it is a bad idea. There are three reasons for it.

3 Reasons why Multiple Income Source could be a bad idea

#1 It takes a lot of effort to build up just one source of income

It takes a lot of time and effort just to sustain one source of income. 

What are some of the things that you’re doing right now to bring in multiple sources of income?

Maybe you’re doing drop shipping. Maybe trying to make money from the stock market. Maybe you’re doing day trading. Maybe you’re doing real estate.

You do so many things. A Jack of all trades, a master of none.

How much money, be honest, are you making from each thing?

So instead of trying to make a little bit of money here, a little bit of money there, a little bit of money here, a little of money bit there, you never get good at anything.

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#2 Skill Development is Important

That is skill development. Imagine this, let’s say you wanna learn self-defense let’s say you want to master the art of fighting.

This week you go to a Karate class, next week you go take a boxing class, the week after you go to a judo class, and then next month you go and take a martial art class, and then you take a kung fu class.

How good would you be after five years on all these skill sets and the art of fighting?

Not very good. Why? Because you never took the time to master just one thing.

You learn a little bit of this, a little bit of that, a little bit of this, a little bit of that.

You never get good at anything. It’s the same in business.

When you try to diversify when you think you’re being smart.

“Let me learn different things.” Guess what?

You never learned anything in depth versus someone who said, “You know, I’m gonna pick this one thing.

I am gonna devote the next one year, two years, three years to just one thing.

How well do you think he or she will be? That’s the difference.

#3 Go for Multiple Source of income after you get Rich

Number three, now you might say, “But Shitanshu, don’t rich people have multiple sources of income?

They have real estate, they have their companies, they have businesses, or they have stocks, or they have even cryptocurrency. 

They have many, many ventures, many companies around the world, or investments around the world.

I don’t understand as this contradicts what I heard from other people.

Yes, rich people, we do have multiple sources of income.

Yes, we do have multiple investments, and yes, we do have multiple companies after we get rich, after we have made the money from that one big source of income first.

So here’s my suggestion for you.

Now, I’m generalizing this, depends on your income level, depends on where you live.

Pick one source of income and get that to a minimum of the five-figure income level a month first. Then, just maybe you can diversify and look at something else, or maybe not.

If you can make 1 Lakh, 2 Lakh, or 5 Lakh, for one day, why the hell do you wanna do so many things?

You tell me, why do you do so many things?

Just pick one thing. Focus before you’re rich, then diversify after you get rich.

If you want to know what is that one source of income that you should focus on, what is that one thing that if you get that, would get you everything else?

Ignore everything else. What is the one thing that you need to work on today?

Once you have one big income source focus on building multiple sources of income.

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Multiple Income Source

How to build multiple sources of income?

If you have already made one big source of income and if you want to build multiple other sources of income.  

Here are some of the proven ways I have already tried to build multiple sources of income.

Blogging – you can build your blog and generate income from advertisements.

E-book – you can write an e-book and sell it online and generate a decent income.

Online Course – You can start your online class and educate people. It is a very good way to generate income. 

Affiliate Marketing – Affiliate marketing is one of the most powerful ways to generate passive income. This is where you do not own a product but sell someone else’s products. It could be as simple as being an Amazon Affiliate. 

Real Estate – Income in some property to earn rentals or hold the property till it appreciates and sell it off.

Other Digital Products – Create a course, create digital products, and sell them online.

YouTube – YouTube is an excellent source of a second income. You have to be a consistent and unique content creator to make money on YouTube. It takes time to build the subscribers, as it is a long-term game

Stocks or Bonds – This is self-explanatory, so I will not go into detail but be sure to choose stocks carefully.

Invest in Business – Invest in startups to become a passive partner in the business and to make additional income.

There are hundreds of other ways to build multiple streams of income, but I think you get my point. Do not be a fool and rely only on one active source of income.

Which income stream did you select and why? Do you need any help in building multiple sources of income?

E-mail me at sk@moneyexcel.com or info@moneyexcel.com and I or my team will surely help you.

Shitanshu Kapadia
Shitanshu Kapadiahttp://moneyexcel.com/
Hi, I am Shitanshu Kapadia founder of moneyexcel.com. I have written 1880+ articles on this blog. I am PGDBA(marketing), engaged in blogging for 10 years. Moneyexcel blog is ranked as one of the Top 10 Personal Finance Blog in India. The purpose of this blog is to spread financial awareness and help people in managing money. Please note that the views expressed on this Blog are clarifications meant for reference and guidance of the readers to explore further on the topics. These should not be construed as investment advice or legal opinion.
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