Why you Need to Have More Than One Source of Income

The United States is at 5.2% unemployment rate right now. Due to the COVID-19 pandemic, businesses lack staff, meaning people lack jobs.

When money is tight and you still have bills to pay, losing a job can mean a significant decrease in your quality of life.

Having more than one source of income can mitigate the impact of losing work.

As of right now I have four sources of income, a part-time and full-time remote job, a freelancing gig, and a winter job where I help out a friend. Let me preface this by saying that IT IS NOT EASY.

On the grind for most hours of the day, I full heartedly believe that if you work hard you can play hard. I am doing the most now, so later I can have two things; time and security.

Time:

Nobody can escape the passage of time. Freedom directly correlates to time. How much time do you spend working versus being with your family or friends? Is your vacation time limited to two weeks a year? We want time to do what we love, instead of working all during our waking hours. I am using my time now, to work and place money into investments so later I do not have to spend all my time worrying about working to make ends meet.

Security:

One of my sources of income goes straight to my high yield savings account as an emergency fund. This will allow me to have security if an emergency happens, and I am unable to make money for an extended period of time, or have to pay for emergency care. Having an emergency fund can help you concentrate on whats important during an emergency, your safety and that of those close to you.