• Sunday, May 26, 2024
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BusinessDay

Create new streams of income to meet your financial needs

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 In developing countries people do more than one job to meet their set financial goals, however in Nigeria getting a job is an arduous task.

Whichever way, one must have options on revenue generation.

Show me any prosperous employee you admire, and I will show you that diversity of income was the secret that unlocked greater prosperity for the fellow.

Many Nigerians have a fixated financial mindset and erroneously believe that with hardwork comes very good pay.

I am sorry to say, but employers wish they could pay you as much as you work but the nation’s poor economy cripples their attempt to do so.

So what now? What alternatives do you have?

Do you wish to emancipate yourself from financial slavery?

Take the right steps, diversify your income.

Working for others won’t necessarily make you rich but it might if you spread your tentacles.

Many are too busy earning a living just to make some money but the truth is, you do not have to.

Yes, we all need jobs to make ends meet, however we should consider putting our eggs in different baskets.

Let me briefly paint a scenario here:

You are an employee of a reputable firm and you work your socks off daily and in the end, earn a meager take home pay.

It is clear here, that you had spent all your energies and time doing one job leaving you no time to think of something extra that will bring additional income.

Friend, it does not take stress to be successful but sense.

Most times you need to work smarter rather than harder while also opening your eyes to fleeting opportunities so they won’t slip through your fingers.

It is the smart ones that set S.M.A.R.T [specific, measurable, attainable, realistic and timely] goals for themselves.

Feeding on a job alone is dicey and not the best route to take.

You should make spirited efforts to create new streams of income and this cannot be achieved until you break away from the norm and see the bigger picture – what others may be oblivious of.

If you work for a living and do not confidently expect the job to make you rich, then it must mean that you love what you do irrespective of the remuneration or timeliness of payment.

However, if money does not come, your passion begins to wane as a result of frustration. This is why you need to make contingency plans with alternative strategy to create wealth that is not ‘single job’ dependent.

You may never be fulfilled working for others without alternative revenue generators.

The rich usually get richer because they diversify their income and so should you if you are ever interested in attaining greater prosperity as a ‘Jobberman’.

Being employed should not be a final destination as it is only a means to an end and it does not mean you cannot have a petty business on the side to create a new stream of income.

As foremost financial guru Richard Templar would say, “To create new income streams is to find ways of using one’s skills and expertise in more than one setting.

Hence, you are not just swapping your labour for a pay cheque in your regular job.

This might mean for example, doing some freelance work either in the same area or a completely unrelated area where you also have skills and expertise.

Look inwards for things you could do apart from your 9 – 5 regular job.

Bearing in mind that while you have your head down earning a living, a million and one opportunity to have become prosperous have just passed over your head and you didn’t notice them.

Imagine, waking up in ten years time and realizing that’s what you had done. If this is your situation then do something now. Change your perspectives and seize the day, Richard Templar said in this book, Rules of Wealth. 

 

TOLULOPE SINA-OLULANA