Secondary Sources of Income

Importance of Secondary Sources of Income & VUCA (volatility, uncertainty, complexity, and ambiguity)

Creating multiple income streams or “profit centers” is one of the most common way that self-made millionaires religiously follow. Tom Corley, author of "Rich Habits", studied the habits of millionaires during a five-year study of the rich and poor and here is what he found in terms of their income streams:

     65% of self-made millionaires had three streams of income.

     45% of self-made millionaires had four streams of income.

     29% of self-made millionaires had five or more streams of income.

If you desire financial security and financial freedom in your life, then, creating at least one additional stream of income has become a necessity.

We are all living in a world of VUCA (volatility, uncertainty, complexity, and ambiguity). There is nothing permanent and situation changes within a fraction of second. You may be having a dream 9 to 5 job with 6 digit salary but there is no guarantee that this is permanent and the scenario may revert within no time. If you do not have a “Plan B”, you are sure to suffer. And what is this “Plan B”? It is the secondary source of income (that you should create well in time). The early you start, the better it is.