There is no doubt that the answer to the above question is a big YES! Yes it is a fantastic idea to have multiple streams of revenue.
Think about it. You wouldn’t have to worry about paying the bills on time or having money to buy groceries for your family. An extra $500, $1,000 or more in your bank account will reduce your money worries and stress.
But putting this onto practice, we can’t just jump into any opportunity that we come across, we need to be very careful and selective so that we choose the right streams for us. For example, if you want to earn money from a blog, you have to spend some money first; you need to pay for web hosting, choose the right niche, design your website or have someone design it for you, create a blogging schedule, share your posts, develop a community, guest blog, and choose the best affiliates for your blog niche. Blogging requires some work, but it is fun!
You don’t have to be totally reliant on one job, imagine what would happen if you lost that job? What would happen to you and your family? Imagine if you are carrying a big load of debt as well; will your full time job really be enough to sustain you? Probably not so you will need to create more sources of revenue, even if they are as much as my full time job, so that if something were happened then it would not be nearly as devastating.
But what is the real benefit here? Why put out a lot of effort for multiple active streams? Basically this is more like having a diversified investment portfolio – if one of those streams dries up. You won’t drown because the others will keep you going. When you have really established these newly found income streams, you will make significantly more than you spend, so you will be able to pay off debts and eventually build up more sources of passive income.
Then, use that income stream for something financially positive. Don’t spend it immediately. Instead, contribute that money to debt repayment or use it to invest in something – stocks or otherwise. You can even build a big emergency fund; income that is based on your own capital that you could use very quickly if needed which makes it ideal.