Diversification; Needed Solution to Living on One Stream of Income

If you are going to be financially free, then you need a diversified income my friend. I am not talking about a three job offer which requires you sacrificing time to get it all done only to get home worn out and tired like you just climbed Kilimanjaro or swam across Mississippi, working four jobs everyday can be an Everest mission

While a lot of people struggle with juggling 3 or more jobs together, a very few are looking into increasing their streams of income. Not everyone is going to be a billionaire by starting a tech company since tech is the new oil, there are different ways to become a billionaire and grow wealth. Bill Gate is an Entrepreneur, Tim Cook didn't found Apple but he is a billionaire as he works as the CEO of apple, Warren Buffet didn't start a company which will be producing goods ad services, rather he bought a business which can be regarded as the one of the largest hedge funds in the world whose job is to find good investments to invest in.

While some Billionaires became so rich self-made, others inherit their wealth as well but in all, these billionaire didn't get to that position or remain there with one source of income. There are several things to invest in ranging from Stocks, Real Estates, REITS, Bonds, Currency trading, Cryptocurrency Investing and trading, Creating Businesses, rental properties and Drop-shipping, content creation so on.

It is very important to understand that 1 source of income will feed the mouth, 2 source will help get savings but three or more will help build a dynasty.

While so many can start a business, it is not a must you start your own business, you could get employed as an employee and then start to use your wages/salary to grow wealth. Diversifying money can look very simple but it is very important to stress that there are always daily needs and expenses that could lead to spending beyond what is being earned as wages, and/or getting into debt, it is important to to make clear that spending beyond ones means isn't a way to build wealth.

It should be made crystal clear that the journey to financial freedom isn't a day's job or a job that will take a few days to count your first million, it should be known that it takes time and effort.

It is not a magical flight with a mat that will take you to Aladdin, rather it is going to be a rough process, failure is certain, in fact it is inevitable especially when you are trying to pt your money in different places so they can yield dividend. When it comes to diversifying wealth, it is a continuous process as you need to keep diversifying wealth which will grow geometrically.

Now you have decided to invest and diversify to build wealth, but then it is a different thing to be willing, it is another thing to get it right. Willingness is very important, but when a person invest in 5 bad businesses and investment vehicles, will this be regarded as diversification? It is advisable to invest in things you know about, you should know everything about what you are about to invest in. You should have a major point of income either as salary, wages or pay for a ob done, another way to diversify is to look for side hustles or side businesses, when this is done, you can distribute your funds into different investment including bonds, shares, etc. Another way t diversify income is create products that will pay royalties in the future like writing a book where users buy and you get paid for life when a person purchases the book, also, it is possible with creating videos on platforms such as YouTube.

In Conclusion, When you diversify your funds into investments and they start to yield funds, never be tempted to start spending, it is advised to invest this money back and spend the less than what you are earning.