Financial Stability - Get yourself non ending economic circle.

[palle11]

trading and investment is one of the kind that can gives you stable financially but remember there are some risks with this.

For the record, trading doesn't give a stable financial income. If we pass this kind of information that it is a steady means of income then new traders can think that way and believe so to invest more than they can carry. So it is not a steady means because of the risk involved. Business or investment are not steady means of income, what we can call steady is government job that is the reason many people run to go into it. However, trading is beneficial if you understand how to go about it.

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[Rruchi man]

Has it occurred to you sometime you should have more income sources than just relying on single one?

As this may seem like an option to many in other places, in my country, having multiple sources of income is a sure way to combat the ever rising standard of living. It is not an option, it is a necessity. Putting yourself in the position to receive income from multiple sources is very effective in ensuring financial stability.

[Oceat]

Obviously, I think almost everyone of us want a good life like how those people enjoying their luxurious lives owning mansion, expensive cars, sailing with their yacht and having a party like what we saw in a movie. But then, life slap you the truth and BAM you need another source of income since you barely able to earn money with your current stable job because of what expenses you have to pay. Meaning you are just a slave of work in order to survive everyday.

That's why there are people ready to venture or sacrifice something in order to gain/achieve their dreams someday. And only those who work hard will get what they deserve.

[alpamar99]

Gone are the days that people will push through hard labour and struggle just to make a living,now the are three ways to make money but even with these,it isn't still easy.
* make money by hard labour( daily pay jobs,brick engineers,waste disposers etc.
* making money from your cognitive online ; (you tub ,facebook platforms,Instagram,twitter etc.
* making more money from your money ;( buying and selling online,gold trading,forex trading,etherium etc.
But to crown it all,it isn't that easy the way you have explained but we all know it works out.
Making it exemplary, for instance gaining insta followers is not that easy you know, so what ever brings out money as outcome isn't easy

because sometimes expectations with reality will be out of sync. for some people it may be very easy, but it will be in a different way when other people are doing it
apart from all that, the work that you classify into 3 has its own risks and criteria and all of them must have skills that must be honed with a lot of practice and at least look at what is already there.
The problem is that there are so many people who want to get jobs and income instantly but are very lazy to find supporting information.

[bitLeap]

Has it occurred to you sometime you should have more income sources than just relying on single one?

As this may seem like an option to many in other places, in my country, having multiple sources of income is a sure way to combat the ever rising standard of living. It is not an option, it is a necessity. Putting yourself in the position to receive income from multiple sources is very effective in ensuring financial stability.

The source of income which of course makes us have to keep working for survival and fulfill what we need. We cannot depend on jobs provided by the government, because they are limited which can only be obtained in layers. We have to be more independent and try to open our own business, plus survive in the midst of a pandemic that hampers the economic situation.

[Newlifebtc]

I think you need to read the book completely to understand the concept of multiple income sources to attain the financial stability, yes its actually roght but if you are making money from multiple sources but from the same sector you are taking all the risks just as a single source of income.

You are right i agreed with you, somebody who is making money from one source is like someone that have all the hope is divided because the level of risk can be unbearable because the business can collapse any time,  a channel of making money have to come from different forms before you have to relaxed for mind as some one who have different sectors of businesses knowing that it can come up with something reality in future and if one is been affected others can sustain the business owner.

[fullhdpixel]

Has it occurred to you sometime you should have more income sources than just relying on single one?

As this may seem like an option to many in other places, in my country, having multiple sources of income is a sure way to combat the ever rising standard of living. It is not an option, it is a necessity. Putting yourself in the position to receive income from multiple sources is very effective in ensuring financial stability.

Again I am seeing that like diversification even with income stream. Here in my country as well the same situation is demanding and at the same time, finding opportunity to earn from multiple resources is not that easier here. I just having 2 income streams as of now and I am planning for the third one for years but due to covid situations I am enforced to delay that.

Not relying on only one income stream must be the solution for what OP is empathizing. We are not equally getting opportunity to fight against inflation still how effectively saving some part of our income might be another simple solution for that along with having multiple source of income.

[Gozie51]

how effectively saving some part of our income might be another simple solution for that along with having multiple source of income.

No I don't think saving money is a means of another source of income. Money saved is just redundant there on your self if it is in your house or if you keep in the bank it becomes useful for the bank for their own investment and they give very little commission to you sometimes and that commission is not enough to consider as source of income. Also you remember banks debit you for maintaining your account for you especially for current account. So where is the good reason for saving money and considering it as source of income, it is not but just money not in use. Investing such money is another source of income not to save it.

[Ultegra134]

how effectively saving some part of our income might be another simple solution for that along with having multiple source of income.

No I don't think saving money is a means of another source of income. Money saved is just redundant there on your self if it is in your house or if you keep in the bank it becomes useful for the bank for their own investment and they give very little commission to you sometimes and that commission is not enough to consider as source of income. Also you remember banks debit you for maintaining your account for you especially for current account. So where is the good reason for saving money and considering it as source of income, it is not but just money not in use. Investing such money is another source of income not to save it.

Bank interest can't be considered an income, it's usually so little that it's out of the question. Unless you have a ton of money, in which case the petty interest won't actually make a difference, you'll not make any money from it. On the other hand, if I had money lying around, I'd invest in DeFi smart contracts, the annual percentage yield is way higher than every deposit you'd make, while there are platforms (Such as Beefy, Pancakeswap etc) which are generally deemed as safe.

[fiulpro]

I do think we missed out something here:
"Investment in your education"

People who understand that even though education takes time and effort at the end you might end up in a 9-5 job but whats needed is you to realize, what you are good at and what separates you from the crowd ? What are your strengths? What are your weaknesses? Then you spend your time harnessing them.

Money definately cannot give you all the satisfaction in the world, its needed to do a lot of soul searching as well, things needs to be taken care of in emotional sector as well and there is one quote that I wanna share, I don't remember when and where I read it but it did hit me :
"If you love your what you do, you don't work even a single second of your life, you enjoy it"

[pealr12]

Yeah it has occurred to me to have a multiple income stream especially for low income earners, even as an average income earning person, you will always too many expenses to tackle if your income only comes from one source except you are willing to cut down on some expenses,
Fortunately for most of us, crypto has made it easy to have more than one income stream, I myself have a small job offline but I still engage in my crypto online job to support whatever I earn offline, I may not able to fulfil all my expenses yet but still good.

[Fortify]

This morning, I was reading a book on "Good Economics for Hard Times", written by two MIT professors Abhijit V. Banerjee and Esther Duflo.
I am not reading it in-depth however were looking over few chunks out of it.

It made me think about my daily routine, how I see things in financial perspective. If you see yourself and analyse by each hour, day, or monthly basis in terms of your expenses then you get know how slow earner we are and how expensive we are.

Obviously by now I have understood one thing in my life, you need multiple income sources to have all that you always dream!

I know very well you can live a low budget life too. For example someone might just argue, you need only single stable income. True. BUT, as you go on in your life, you start to experience big burden of expenses piling up on your shoulder. Whether it is commute expense, fuel, daily food, dates with your wife, school expenses of kids, their wishes, birthdays, car loans, home EMI, personal world tours and non ending stuff you name it. Things will always be boomerang and they will sometimes go ahead of your income.

This will never end up in financial stability, rather it will just keep you up to date with your 9 to 5 job, a small circle, with broken dreams and stuff.

So, a thought cam in; you need that Non-Ending Economic Circle. By definition literally means you should be able to tackle the satisfaction by means of scarce sources.

How one can have this satisfaction?

Well as far as I am thinking you get into the market and create multiple income sources. There should be flow of money your banks all the time. You should be thinking more about your plans rather than bending your plans according to your bank balance.

With the digital era, there are just so many ways to earn the money. If spoken about the crypto space then . .
1) Crypto staking
2) Mining Farm (Very profitable if done properly)
3) Crypto Trading
4) Crypto Investment by HODL (More or less staking without fixed APY%)
5) Work at Forum

Apart from above list:

1) Blogging
2) YT influencer
3) Social platform king e.g. Insta page, FB pages, Twitter (Promoters)
4) Digital Marketing

The Big Boy
Be an entrepreneur or business owner of at least one stream of product that suits you.

Moreover there is big platform to work as part time earner on amazon, medical writer, medical coder, flyer influencer and many more opportunities which can be availed with few course or based on your skills.

Has it occurred to you sometime you should have more income sources than just relying on single one?

Do you really believe in such economic circle where your income is unlimited and your expenses does not matter. 

Basically if you want to grow your wealth over long periods of time it is best to follow what the richest are doing already. You'll find the vast majority of them are heavily invested in the stock market and property. Buying property is an extremely expensive business and usually the biggest asset someone will ever own, while it is definitely a great investment it is usually the rent saving that makes it worthwhile. Stocks are much more accessible these days and you can steadily add to them over time if you want to build up a reliable passive income stream. The trick is not to be too greedy and you need to accept that even medium risk companies will only make you 5-10% per year in dividends and capital appreciation.

[dezoel]

Yes, there are lots of things to do in the cryptocurrency community, but it is not as easy as you think it is. Take for example blogging, it is not an easy job to do,‘cause it takes a lot of hard work for you to be able to keep writing articles that will keep your readers engaged and also be able to raise your followers on social media and promote your blog.

So, it is not very easy and not everyone can do it because it requires hard work and patience, blogging is a type of job that doesn’t pay off immediately, but when it does start paying off you are going to benefit well from it. That is the same thing with being a Youtuber, it requires a lot of hard work and making good videos to keep your viewers entertained and engaged. Then some of the other jobs you have listed requires money to start up, take for example:Mining.

The only one that I think would be much easy to start is working on this crypto forum.But before then you have to be consistent and raise your account to a good level before any of these campaigns are ready to hire you.

[shield132]

I know very well you can live a low budget life too. For example someone might just argue, you need only single stable income.

Depends on whats your aim in this life. Some people just want to wake up every day and have the money for food, nothing more. Yeah, there are really some people who are very happy with all the basic stuff.

With the digital era, there are just so many ways to earn the money. If spoken about the crypto space then . .
1) Crypto staking
2) Mining Farm (Very profitable if done properly)
3) Crypto Trading
4) Crypto Investment by HODL (More or less staking without fixed APY%)
5) Work at Forum

Forum isn't a work, I thought people were posting here because of interaction, their interests in crypto, etc... Signature campaign is a privilege for good posters to earn some additional bucks while enjoying the process. But yeah, I guess people from poor countries look it like a job and even $200 seems fine enough for them in their country.

1) Blogging
2) YT influencer
3) Social platform king e.g. Insta page, FB pages, Twitter (Promoters)
4) Digital Marketing

These are great options but nowadays I think that being an Instagram/Youtube influencer is one of the most amazing job to have and it's a little easier right now to enter into this. Do you have great body and are a good looking person? Then become a fitness influencer, upload videos, share your day to day activities and earn decent money. Do you have good hair/face and can suite amazing hairstyles? Boom, this niche made some youtubers very rich.
We have to be creative, that's all, then the opportunities will open up.

[yhiaali3]

Of course, this happens all the time, it happened to me and also to many forum members here, one source of income cannot be satisfied because the expenses increase and multiply with the increase in the complexities of modern life, you always need a long list of daily needs that are constantly renewed in addition to your own dreams (new house, A new car, a farm.....etc.) All this needs more work and a search for various sources of income to cover it.
For me, I work as a government employee and focus on only two things: writing here in the forum and trading and sometimes HODL. Also, don't forget that business diversity loses focus and this negatively affects your business, so I prefer to focus on two or three jobs only.

[lucates]

Financial freedom is my goal so I am trying to do everything to have passive income. I think that we should diversify our sources of money it means that apart from our job or business we should have passive income such as investment in crypto, or stocks, or real estate.  Only this way we are likely to become financial independent and it is important not only to be able to earn money, but to save them as well.

Before talking about financial stability we should talk about financial literacy. Financial literacy is the ability to understand the necessary financial concept in making decision about saving, investing and borrowing.
It's a life skill that one must grasp for good financial wellbeing. It can also improve a person's standard of living and helps you to maintain a healthy credit score. Lack of financial literacy can be a very damaging to an individuals long lasting financial success.
In the us more than 20 states have compulsory financial literacy. In Australia financial education has been embedded in school curriculum. In many country are yet to push for mandatory financial literacy programme.
I presume financial literacy is the only solution for attain financial stability or financial freedom.If you are from a country that doesn't offer financial literacy in school go online there are plenty of courses on fundamental finance many of these courses are free. No matter what age you are it's not too late to learn. Educate yourself and educate others.

[Silberman]

Expenses are endless, we will spend our earnings if we only have one job. Such a situation will keep you out of sight from your family and friends since you will tirelessly just keep going. Unfortunately, we only realize this when we get older already and have growing responsibilities.

The lack of planning for the future while I was in my 20s resulted in this kind of life. Unaware of what is going to happen.
I have been staking and trading for a while but I'm however not earning huge daily though. I hope to really start mining if the bull market provides me enough to start.

One problem that I see very commonly among people is that they believe they are always going to be 20 years old, they believe they are always going to have the same level of energy and health and this is not the case, as you get older our health deteriorates and our energy levels go down, this is why it is important to work as hard as we can and save as much as possible during that age as you can set yourself for success during that decade while many people are wasting their time partying.

[MNbag]

Income is temporary, bills are forever! 

We will always walk on the daily treadmill of jobs, sleeping, eating and studying until the day our minds give out.

That is unless you are or become rich in between that.

[vabchgent]

trading and investment is one of the kind that can gives you stable financially but remember there are some risks with this.

For the record, trading doesn't give a stable financial income. If we pass this kind of information that it is a steady means of income then new traders can think that way and believe so to invest more than they can carry. So it is not a steady means because of the risk involved. Business or investment are not steady means of income, what we can call steady is government job that is the reason many people run to go into it. However, trading is beneficial if you understand how to go about it.

Right and even though there are some self-proclaimed gurus who suggest that you can achieve stable income with trading, the truth is that those guys might also have been lucky for a period of time and those who lost big time simply don't show up on Youtube and tell you about it. No ugly faces on Instagram because there are no ugly people? No broke traders on Youtube because there are no broke traders?

[Anonylz]

Always good to have a backup for contingency, except you are from a wealthy family or inherited some wealth it is unhealthy to rely on one source of income, the bills will keep coming in and it is mandatory to clear some of those bills otherwise you can face problems, I do what I can to have a backup earning, crypto is my major rest are like side hustle beside my job (which I hope to quit soon enough)