Reasons Why You Don’t Need Multiple Sources of Income to Get Out Of Poverty
I’ve been watching several videos and reading many financial books and the explanation is that we should always get multiple sources of income than relying on salary. Today will explain my contrary view on that and the reason why you don’t need multiple sources of income before you can get out of poverty. You equally have to think of the best investment that can changer your life for good.
The road to success may take different formats and different directions depending on your situation as well as your location. So many people are frustrated in life and think that doing multiple businesses at the same time is the solution to the problem. I will insist that it is never the solution.
Why? The reason is that you will lose focus and lose identity if you are not focused on life. Have you checked the world of rich people you see online and read about them? Mark Zuckerberg the founder and the CEO of Facebook did not just become so rich by jumping from one job to the other. He was focused and determined to make it without any hindrances.
He lost friends when he was building Facebook from scratch but he kept pushing until he made the Facebook brand accepted by many people including you and me.
What do I mean? You don’t have to be rushing for money and jobs but build what you have now before adding extra business. Mark Zuckerberg after succeeding with his initial idea ventured into additional money-making by including advertisements on the platform and raking in millions of dollars worldwide. If he hands over the daily earnings from Facebook to you, your life will never be the same again.
Today, he is one of the richest men in the world and the smartest to diversify his ideas to get more income from the digital world. As of today as you are reading this article, he is now the owner of WhatsApp the biggest chat platform as well as Instagram. He recently added Threats which is similar to Twitter’s (now X) application.
Many other celebrities you know have other businesses running for them but there is always a source of the income they earn. You also have to get your base first before adding any other business.
Top 5 tips to help you out of poverty
1. Master one Skill at A time
It is important to have more income sources as an entrepreneur if you want to succeed. However, you may end up losing all the income you are trying to get if you try to be a master of all skills. Become an expert in one field before jumping to the other.
Having this in mind, you can start by mastering one skill for a long, become an expert, and leverage that to bring out different businesses. If you check many rich people today, they start from one business and grow it before venturing into other businesses.
That should be your ultimate goal if you have the appetite to be successful. One thing you must understand is that success is not a rush but time and being smart. Be calculative of what you do and make sure you monetize your skill if it starts to solve many problems.
Performers such as Rihanna are experts in their craft before taking on the role of brand ambassadors, promoting the goods and services of other companies. If you are a musician, then you should make sure you make money from your music to invest in other businesses.
Before signing a $200 million contract to play for Al-Nassr FC in Saudi Arabia, Christiano Ronaldo was 37 years old. It is because he became an expert football player and his fan base keeps growing. He increased his new club’s sales, which led to them gaining a lot of social media followers. He makes a lot of money from other sources beyond his sporting activities.
How do you master a skill?
Set A Clear Goal
You cannot dream big if you don’t know what you are doing and what you want to achieve. Make a well-thought-out goal for your current career. All you need is to understand what you are in for and work towards achieving a bigger dream from it.
Perhaps what you currently know will not get you very far, so you should clearly define a goal that will help you both emotionally and financially. Write your goals in present terms, not future terms.
For example, use “I” rather than “Will.” Let it encourage you to get there. Write instead of I will give up my job as an office cleaner. As per your confirmation, I work from home as a software engineer for a company that makes video games.
Have a growth mindset.
You will have to stand out from the crowd if you want to be different from your colleagues. Learn and grow in your skills. Grow your mind to the extent that others would want you to be part of their department or company. Enroll in courses that will enhance your capabilities as an employee. Continue doing what you are doing and develop into a resource that others will seek out.
Learn from Others with More Experience
Find a mentor and learn from that person. You aspire to be unique, so take inspiration from those who have succeeded and apply it to your own work. There are various methods for finding a mentor, including online and in-person mentoring. Get in touch with experts and learn from them.
2. Create Income Branches
You must develop an income stream from your initial skill if you want financial freedom. What do I mean? Elon Musk in 1995 started with Zip2, which was providing a business directory that could be termed an internet version of the Yellow Pages telephone. He also thought of ways to increase Zip2’s profitability, and others, like Mohr Davidow Ventures, contributed $3 million to take a majority stake in the business.
From this business, he has a lot of companies today that are making him millions of dollars every day. Musk purchased Twitter, now known as “X,” realizing the value of developing one’s skills and using them to invest in others. This tells you that you don’t need multiple sources of income to get out of poverty but rather multiple ideas that can fetch money.
3. Invest Wisely
To be able to create streams of income, you need to save money and invest in other ventures. Now, you will need to learn and understand what type of investment you want to start.
Go online and do extensive research on the kind of business you wish to start. Do not invest in a business you do not know. Don’t invest because others are doing it. Invest in ventures that you understand and can manage the risk of.
Any money that you get from the work you master can be invested in other businesses. Learn about the investment and ask experts to help you succeed.
4. Seek Knowledge
To succeed in life, you need the knowledge to do so. Invest in your personal growth, both mentally and physically. You don’t just need multiple sources of income if you don’t know how to manage what you have now.
Learn from people about the things you are doing and the things you intend to do. Recognize the nature of money and its short- and long-term effects. Read books about finance and investment, sales, marketing, and business developments. This will groom you well to succeed in your business.
5. Plough Back Profit from Business
Successful business owners invest the profit they earn from their work but do not spend it anyhow. The moment you start to see money, your mindset may shift to luxuries and social impressing. Keep off those fancy things and plow back what you earn in other businesses or the current one.
When I say you don’t need multiple sources of income to be successful, what I want you to understand is to master what you have now. Build it well and invest in other businesses. You cannot be a master of all trades, so make sure you do one thing at a time. Become an expert in your field and see how finances will boom in due time.