Saturday, August 3, 2019

How to Have Alternative Incomes

If you want to be wealthy, you can’t just depend on your job. You primary job only give a fixed income every month for the hours you put into. Sometimes your primary job income barely covers your living cost, which result you not to have spare cash to be saved or invested. This becomes a problem if you want to achieve financial freedom and early retirement. You can live frugally, however it’s still going to be difficult to get out of the rat race if you only rely on your job since it is the only source of your income. Moreover, if you get unlucky and get fired by your boss, you will not get any more income. This then can be a problem for you. You will not be able to pay for your living expenses such as your bills, taxes, or even the debt you inquire. You might have to downgrade your living life style by selling things or property you own such as car, house, or things that may have some resale value. Many of you and I don’t want to be in that situation. It’s terrifying and horrific when you have to end up in that situation. Since we do not want to be in that situation, I did many researches in order for me to have alternative incomes coming in. I have learned that wealthy people don’t rely on just one income; they have multiple source of income. Having multiple sources of income enable you to have different sources of income filling your pocket. Alternative income can come in a form of rental money from properties, interest and dividends, part-time job, side hustles and businesses. To have alternative income enable you to pay your living expenses or extra money to invest. As part of my journey to early retirement and financial freedom, I learned that I can’t just depend on my main job. I worked for my dad who owns a manufacturing company; however I have been getting the same monthly income since I started working for him in the year of 2013. In addition, the salary I received is in Rupiah (Indonesian Currency) and it is considered low compare to people who work in America. Even by having me to live a frugal life is not enough if I want to retire early and live comfortably. Furthermore, I won’t have income coming in if I decided to quit the main job. This is the reason why having alternative income streams is crucial in order for me to have early retirement and financial freedom. With alternative income coming in my pocket, I would be able to pay my bills, to be reinvested again and again until I have enough assets that can sustain my living life style. So what are ways for us to have multiple streams of incomes?