Relying on a single source of income
These days it’s not advisable to just rely on a single source of income. No matter how big that income is, another source should be created.
I know most employees are relying on promotion to increase their income. I did, too. I kept waiting for a promotion, a performance appraisal and bonus, quarterly, mid-year and annual bonuses, 13th month pay, tax refunds. I kept waiting for anything that would add to my paycheck. But then I experienced being without work. No paychecks coming in. No clear source of income in the horizon. I was in a state of panic the whole time I was without work! The longest was three months. I swore that time that I would find another source of income. And I did.
I found blogging. I found out that my love for writing hasn’t diminished over the years. In fact, I missed it so badly I wrote and wrote every single day since I became a blogger. I found that I can earn from all of this. So I put my heart into creating blogs. I socialized with other bloggers and visitors who would leave comments. I visited other blogs and gained inspiration from them. I chose topics I could write about and stuck to it.
And you know what? I haven’t felt happier in my work life! I was working a nine to five job while blogging and earning a bit on the side. Writing and earning from it… that’s more than what I asked for! I felt free financially and my fear of losing my job was lifted from my overburdened shoulders. I now have a second source of income.
But I made a mistake along the way. I quit the corporate world. I concentrated on writing. I forgot that having a second (or third, fourth and so on) source of income is freedom. It meant having less worries that no matter if one of the sources dried out, there’s still another source to rely on.
So now I am creating another source of income. I won’t say yet what it is as I am still in the process of creating the source but this is my advice to all of you breadwinners out there… DO NOT rely on a single source of income! Make sure there is another one ready to take the place of your primary source. Make sure you have a second, third, fourth and many sources of income, if possible. It will give you the financial freedom you need.
Trust me. Been there, done that.