3 Streams of Income Everyone Needs
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When it comes to money, more is often better and this also applies to your income streams. Having multiple income streams is the only guaranteed way of achieving financial progression. Now, a common question is, “which streams do I need or which are most lucrative?”. Well, keep reading and you will find out!
Stream #1: Employment income
At one point or another in our lives, we’ve been told the following, “you need to go to school, get good grades so you can get a good job” and while more and more people are veering away from this traditional life path, it still doesn’t take away the relevance of getting a good education and subsequently a good job.
Firstly, employment income is a kind of income that we get from our day-to-day job, popularly called a “salary” or if you’re from the UK “wages”. This income could be paid daily, weekly, monthly, or even yearly depending on your employer, whichever it is, it doesn’t take away the importance it plays in your quest to be financially successful.
Now, as you should, you’re probably wondering why this source of income is important and I’ll tell you why. Employment income is very important as it gives you a sense of stability; it is fixed and paid regularly (typically every two weeks). It is also the most predictable income amongst the 3 incomes I am going to be sharing with you here. Predictability is important when it comes to income because when you know you will have money coming in every two weeks, it allows you to do things like budget your money, plan for future expenditures while also allowing you to ease your financial stress. Of course, jobs are becoming less secure these days but they are still generally a reliable means of making an income.
Not to mention, employment income is generally the easiest way to start making money especially after you finish your post-secondary education. You see, most people graduate college with a ton of student debt and by starting to make money right away with employment income, you will dramatically cut down how long you carry this debt, as long as you’re using that new income source to pay down debts that is! So especially in the short term, having employment income offers you the ability to generate income and pay off those pesky debts as soon as possible!
