Indentifying Streams of Income

Let’s get talking money matters and further pursue perspectives in wealth creation. In particular further an all important topic of identifying multiple streams of income.Thank goodness but will repeat it again, I have not sold candies as an eight year old kid to claim authority in having made tens of hundreds like we are made to believe is the only pointer to making and growing wealthy later in life.

INTRODUCTION

Greetings!!! Welcome back to my media space.All in all, those kids who made small profits selling candies know one of the ways to earn income. At their young age it worked and they had a stream of income daily or weekly while studying. While most of us are not the lucky “hardworking, creative and enterprising” kids, we’ve no reason whatsoever to remain poor. Everyone has the responsibility of growing their finances.

It’s absolutely fundamental that before you talk about making savings and investments you Start where it all begins.It all begins with having at least one stream of income. Note I’ve used “at least” because I believe in the course of my writings here you should have thirty streams of income. Insanely ridiculous! I’m not sounding so?

AN ART OR SCIENCE?

Well, the art and the science of growing wealthy start when say a young man so gets employed and learn how to earn a salary or a say a farmer prepares his land, plants and cares for crops until they end up into the market for consumers where he/she sells for a profit. Or say an artist who uses his skills and talent in a theater or in stage performance and for that they earn compensation from gate collection.

STREAMS OF INCOME

Different people will choose completely different streams of income based on various factors. Whatever the case, it’s incredibly important that one chooses a road they are comfortable walking. You don’t have to sound so insanely perfect to discover that it’s under your nose that you can start with that small income and use it to become wealthy. I mean you don’t have to identify sources of income we’ve never heard so that we qualify you to have a source of income. Start right with what your senses is able to grasp. If you lucky enough to get a formal employment, great you almost there. That is the place to start, it’s a regular stream flowing. You don’t have to worry coz you know you will get a salary, wage or whatever other form of compensation your organization organizes for you at the end of them day.

Formal employment will not work for everyone of us. Some can opt to capitalize on skilled labour while informally employed. They will provide services from their homes or hired premises. Others will invest in shares, government investments and earn interests and dividends. Some others still will engage in agribusiness, mining, insurance or blogging and academic writing. None is better than the other. They all earn some income. The point is be contented but be ambitious. Give each stream deserving attention and be patient. It will reward in due season.

CHARACTERISTICS OF A GOOD STREAM OF INCOME

And so from those streams of income we can conveniently close by saying a good stream of income should have the following characteristics:

It must be regular to mean its Occurring at fixed intervals or its Conforming to a pattern such as in the case of a salary at the end of each month or a bonus given annually, dividends shared quarterly. It will give you a good picture to plan on how to spend it and save it.It must be consistent; you can expect it after a passage of a scheduled time slice without fail.

It must result from some work done.Primarily, it must be from what you engage in diligently with your hands, mind and skills. You don’t have to rely on speculative activities to earn an income.  Venture capitalists always insist that you don’t have to invest on a company that does not pay dividends yearly simply because you want to grow your money. Betting, gambling and other get rich scams are not in my classification of a stream of income. They exist to take your income. Income must be earned and a stream must flow. Income is earned from services rendered or goods sold. A value must be exchanged.

A good stream of income must be the most convenient for you to create and develop. Get it right, a good source of income should be one in which we are acquainted and ready to work towards. For every source of our income, we must have the grace and skills to earn from. We must have the knowledge, necessary networks and desire to work and get income from that venture. I only expect you to earn when you are trained in an industry, earn from talents you possess and make use of items you possess. I won’t care if you are incapable of signing, no one will pay you loyalty. But if you can professionally clean, I will care and demand that you earn from cleaning homes and offices. If you’ve no knowledge to invest in gold mining you can invest in telecom where you’ve training and experience. However you can invest on finding necessary knowledge, objects and technologies.

A good steam of income must be sufficient enough to cater for your basic needs.Such a stream must be capable of creating minimum value for you to live with. It must be handsome enough to pay for food, shelter and clothing budget that isn’t bloated. It makes no sense to expose ourselves into the business of working and yet find no return for our daily bread. Anyway who works under their own salary obligation? None, I presuppose. If you ain’t working for charity and depending solely on donations, you’ve no basis not to demand a fair price for your hard work. A stream of income must support you and your dependents entirely before the nest installment.A good stream must allow you to have the right and unrestricted use of things to develop fully mentally, spiritually and physically.

Should one stream of income do not lament forever about it, be quick and identify another stream of income. While you can do something to recover it, there isn’t any cause of alarm to be depressed about. While you’ve the energy, mind skills and strength you can create another stream of income. You’ve got to have the guts to pursue another and make it your new source of income.

CONCLUSION

The original purpose however, for your identifying a suitable stream of income must not get lost in the details of planning in life. You don’t have to plan life time when you get what works for you to create wealth. From that initial stream, harness and leverage on it to create and add value. The difference between the have and have-nots is in the value we place on each stream. In any case, will them that work fearlessly, faithfully and shrewdly while on earth not be invited into heavenly places? Certainly they will. No one will deny them rest in old age and in the age to come. It will be good for such servants whom the master finds watching when he comes. He will dress himself to serve and will have them recline (sit) at the table and will come and wait on them. (Serve them yet he is the master?)

Let’s do this again in our next article still on wealth perspectives and look at the ways to use income that we’ve just earned from our streams.

Have a reflective life. Remember to stay in touch with me at jeremiahwakamu@gmail.com or on Facebook Jeremiaho Wakamu to keep this discussion going. And again referrals though you social media network/connection and word of mouth is the best you can do for this blog.