Multiple streams of income is something everyone should aim for. The common problem most people have is starting to many sources at once.
Why Focus on One Stream At A Time
When starting to build an additional stream of income there can be a lot to learn, starting to many of these at a time can cause things to be overlooked at eventually cause them to fail. One at a time is a systematic approach in which you start an income stream get proficient at it and systemise then move on to the next one while maintaining or grow the previous before, this is effectively stacking income.
Why The End Goal Should Be To Have Multiple Streams Of Income
Theres generally a cycle of times where certain industries or income types perform better than others having a few of each should help smooth out the times when some under perform.
You have multiple ways to pay the bills for whatever reason if your stopped from doing one income source you don’t have to quickly find some quick cash to cover costs caused by the events you simple use income from others streams.
It makes sure you systemise your businesses or income streams which is good for those who want a passive approach to finance, it won’t be passive in the start but the aim for most people should be to make business’s as passive as possible.
you can use one source purely to grow others whilst living of some of the others i’m not saying for example if you live of stocks you couldn’t save 50% but to me having one or two streams purely for growth would be beneficial.