Nigeria is arguably among the few African countries with a vibrant economic environment for business…
“Why labour in the monotonous obscurity of just one job, when you can diversify your skill set to increase your capacity to earn more. I mean since we have multiple bills to pay every day, we might as well have multiple means of generating income every day.”
Do not misunderstand the above quote to mean that you should spread yourself so thin by trying to become a jack of all trade and a master of none by so doing. But the reality on the ground is that for you to survive and then thrive through these hard times of economic recession(s), you must strategically be in a position where you can create, control and generate a steady stream of revenues. On top of that, you’ll most likely become financially secured and strong enough to protect yourself and your family from any economic crisis or disaster by diversifying your economy to generate multiple income streams.
Unfortunately, many of us rely only on one source of income and continue to labour under the misconception that a high paying job with a monthly remuneration structure or payment plan will eventually lead us to financial freedom. This can never be feasible because the pressures and challenges of life which constantly demands monetary exchange for value are prevalent on a daily and not on every month. Your fat salary might make you appear or feel wealthy but as long as you don’t own a stake in the company you work for, you are either running on a financial treadmill or swimming against the currents of financial freedom. And with the nature of both exercises, you are bound to experience a financial burnout eventually.
The solution, however, is somewhat simple; keep your salaried job but find a way to widen your path to wealth creation by adding one or more revenue streams to your monthly income. Better still, consider having various financial platforms that generate you substantial income streams daily, weekly, monthly and even passively, so to speak. To do this, you must become an entrepreneur or a business person of some sort, because beyond working for someone else, entrepreneurship offers a greater possibility of creating your financial future and generating enduring wealth. It’s the surest way to get on the road that leads to financial security once you realize that what you have working for someone else is not security but an illusion of it.
But it’s amazing that in a world where entrepreneurship is the biggest source of wealth creation, most of us make little or no effort to acquire the entrepreneurial skills that will help us diversify our income streams, and ultimately increase our net worth. This is not to say that building wealth through entrepreneurial endeavours is an easy feat, but taking this particular route is worth it because both in the past and the world of today, a host of business-minded people and/or entrepreneurial individuals are constantly being compensated and celebrated for their diverse income-generating abilities.
Undoubtedly, having a sound understanding of entrepreneurship is critical to wealth building because it gives you access to more income sources which in turn gives you more room to grow financially to the point where you can experience the joy of fulfilment you will never get working for someone else. In short, for you to generate multiple streams of income and become a wealth creator in this 21st century, an entrepreneurial mindset is a critical and valuable attribute that you must have, whether you’re working for a large private company, a government organisation or just aspiring/planning to start your own business.
However, while the concept of multiple streams of income and using entrepreneurship as the related pathway to financial freedom might somewhat sound foreign to a whole lot of people, this article should essentially serve as a burst of clarity for the few entrepreneurial individuals who catch the drift and know that they urgently need a paradigm shift. I sincerely hope that you are one of them and that you’ll do your possible best to create multiple revenue streams so that you can start to generate the level of income that will eventually help you gain financial freedom for yourself and your family – sooner than later!
Quote to Ponder
“To become a wealth creator who has many profitable wells to fetch from, you must learn how to generate multiple streams of income.”
”When you have just one source of income, but multiple sources of expenses, a financial burnout is a definite outcome.”
For Further Study, Read;
- Multiple Streams of Income – Robert G Allen
- Start Late, Finish Rich – David Bach
- Multiple Streams of Income – Chris Lutz
- Passive Income – Quinton David
- Multiple Streams of Income for a New Millennium – Robert G Allen
- Anyone Can Do It – Sahar and Bobby Hashemi