Building multiple streams of income is no longer a luxury, it has become a necessity. If the high rate of unemployment and mounting job losses have taught us anything, it is that nobody’s job is safe. Unfortunately for most people, their only source of income is from their job, which can be a risky way to live. Some couples may be more fortunate and have a spouse bringing in money each month, but they are still relying on a job for their livelihood.
Because of the financial risks involved with relying on a job for all of your incoming cash, it is critical to consider having at least one additional source of income. The list below details a few reasons why having several sources of money coming in is important and how this extra cash can be used.
Here are ten simple reasons why building multiple income streams is so important. Each item listed below is an example of how alternative income sources can be used to lesson the risk of living on a single income.