Why do you need multiple income streams?

For many wage earner, the above question may have never cross their minds before, as long as the economy is running and they're still busying themselves with a job.

As much as we would want to ignore the question/situation, it is important for us to realize that it is no longer given that tomorrow or 6 months or a year, down the road our job is still there for us.

Therefore, for it is important for us to build multiple income stream. By this, (I mean) we should not only rely on our regular paying job for our livelihood.

OK -- for the sake of arguement, lets say we've a stable and good career which is paying us monthly for many years to come and therefore no worries about losing our primary income.

BUT then do we agree that our spending is limited to how much we take home every month?

We look around and wish we could afford a good holiday or a better car or a bigger appartment, etc.... and then *sign, we resigned to the fact that our salary do not allow us to support such lifestye.

We resigned to a "fact" and we restricted our own dreams and development just because we earn a fixed income per month. Why avoid asking ourselves, WHY MUST it be ONLY ONE SOURCE of INCOME?

It is a FACT that the RICH had more then one source of income! If we still don't know why we needed to build multiple sources of income, consider the following reasons and see if any of them fit us:

1. We're seeking financial freedom.
2. Wanted buy the new car or house...but...
3. Wanted to provide more to your parents...but...
4. We want to be able to go for at least one overseas holiday per year...but...
5. Wanted to start your own business or be own boss....and,
6. Able to wake-up anytime of the day and work anytime of the day.
7. We are in the above 40yrs income earner group...and,
8. Needed to plan for retierment funds.
9. We wanted to spend more time with your family.
10. We needed to clear our debts e.g. credit cards, loans, mortgage, etc.
11. We've reach the glass ceiling and needed a new challenge.

In the current knowledge-based era, everything is moving very fast. All this is partly due to the digital and the internet world that we're all connected to.

Our economy now is much, much more sensitive to change that happens in some other parts of the world. If we still hold to one source of income, we need to realize the risk that it can be easily shattered by any downturn or major events that happen to the global economy.

Do not be caught with no contingency plan (or Plan-B) when things turn about. We must maximize our limited time resource (24-hrs day) to build multiple income streams that are sustainable, which will guarantee our future.