Building multiple income streams is about creating profits or controlling risks.
Building multiple income streams is about creating wealth or mitigating risks. Many people have realized the importance of having multiple income streams during the epidemic. What is multiple income streams? This is a topic that many people are discussing, but also a topic that many people do not know about. So how exactly does diversification work? Side hustles, entrepreneurship, and investments all fall under multiple sources of income, and the meaning of multiple income streams can be divided into the following two categories:
1⃣️#Create Profits: 3% of the rich control 97% of the world's wealth, why is that? Is it possible for ordinary people to become part of that so-called 3% by working hard or having multiple jobs? Definitely not! The reason why these 3% of the rich are able to control 97% of the world's wealth is because they know how to use money to create more money, which is to create profits. Creating profits means investing money in assets such as houses and stocks, which can generate more wealth through compounding.
👉Take an example: What is the first thing most people do when they receive their salary? It's usually paying taxes, followed by basic living expenses and expenditures. What about the remaining money? Most people use it to buy things they want or spend it on entertainment. They usually don't think about converting these "bullets" into "assets", and these assets are usually structured with "liabilities". In fact, a reasonable financial plan can improve the financial situation of ordinary employees and allow seasoned professionals to retire 10-20 years earlier.
2⃣️#Control Risks: When you already know how to "create profits", you must understand how to control risks. Many people mistakenly believe that investing money in assets or the stock market guarantees a profit when the time comes. This is a very wrong and potentially fatal concept. People with huge wealth not only have a deep understanding of numerical logic and tax knowledge but also have financial skills, knowing how to control and mitigate risks.
👉Take an example: What do you do before investing money in assets or the stock market? Those who understand risk control usually calculate the potential return on investment and set a predetermined stop-loss point. Therefore, they know the potential profit and potential loss for each trade, and they prioritize winning before fighting. These people have a deep understanding of the sensitivity between numbers and have advanced investment cognition. Most importantly, they know that the investment market is not a gambling house. So, which one do you think is the key to diversified income? The truth is that both are essential and one cannot be neglected! Without one element, the other element will not have much effect. In this era, only by creating diversified income opportunities can one gradually achieve financial freedom. Depending solely on a salary from a job, no matter how good the skills or high the salary, may provide temporary enjoyment, but it still relies on the "bucket" of a life. By relying solely on one's own labor to earn money, once you stop, you lose income. Wealth Investment Advisers provide everyone with new ideas and thinking to face the new era. If you continue to dwell in the old era and use the old generation's perspective and understanding of work and wealth, you will gradually find yourself on the path to obsolescence and live an ordinary life. In the next issue, we will explore what "good assets and good liabilities" are. Please stay tuned to our fan page, we look forward to it.
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