“If you can, avoid having only one source of income, try as much as possible to have other streams of revenue so that at any one point if any of them gets disrupted the others will be pouring in some money,” Jaluum Herberts Luwizza, a Business Consultant explains in his Nile Post column.
“Regardless of how great your job, business or whatever it is that generates you money is doing, get yourself another source of revenue/income to avoid dependency on one.”
Here are more things to consider..
Your skills
There many avenues that can generate you both passive and active revenues. The first one being your skills. Many are seated on their skills and have failed to find away monetise these skills. Yes you could be an accountant but also a good baker. What do you use your weekends for?
Don’t close in on your small investment
If you have a small investment going, don’t close it when you get a bigger one. I have seen people close their small shops because they got a job or a bigger job or because they opened a bigger business.
Head to Nilepost HERE for the full story.
Cover Photo Credit: istockphotos
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