Why I considered creating a second income stream

byJessiePalay1

1.1K followers

6 years ago

We all joined wealthy affiliate for a reason. I personally joined because I wanted to learn affiliate marketing and make an attempt at creating a second income stream. I would rather not rely on one stream of income to support me and you shouldn't either. Why? What happens if you get laid off or fired?

For most people, they scramble for another job. That is not bad in any way. It's only bad if you can't find one in time. Then what happens? You lose everything from your house, your car, and everything else you might own just to pay back the loans you took out. For me, that is building your life on unstable ground. Not smart in my book.

So I want to share with you a few reasons why you should break this habit and learn to create a second, third, and maybe a fourth stream of income.

My Reasons

Lack of control

A lot of people lack control over their incomes when it comes to their primary source. If your like most people, odds are your employer controls your income. Think about it like this:

"If you got fired today, how much money will you be recieving in your bank account?"

For most people, the answer is ZERO or nothing. Said another way, they get to decide whether you eat or you starve. That absolutely scares me. For most people, if they lose this source, they have to scramble and find something quick or else they were lose everything they have.

If you lack control of your income at the moment, I would try to figure out a way to gain control back.

Lack of freedom

A lot of people want freedom from working a job that is unfulfilling. They want to do things that excite them the most.

The beauty of affiliate marketing is that it allows us to pursue whatever we are passionate about. I am currently creating a website that promotes entrepreneurship related books. Jay created a website that promotes football snack helmets. Owain pursued a blog that is centered around genealogy.

These are the respective subjects we are passionate about. Thanks to affiliate marketing and affiliate programs, we are able to make money around our passions and blogging about them. I was lucky to learn affiliate marketing from the training course here at Wealthy Affiliate.

Insurance policy

Another income in place should be an insurance policy against loss of income. Think about all the things you insure. Your car, your house, your health, even your loved ones. If you bought a life insurance policy on your spouse, you are protecting the family. Especially if that person is the "breadwinner". Yet, we don't insure our incomes in case of a layoff or downsizing.

By creating a second and third source of income that you are in control of, you don’t have to worry about giving your house or your car back to the bank. Why? Because while one faucet gets shut off, the other two faucets will still be running and providing streams of water (cash).

Remember what the purpose of insurance is. NO, its not to scam you of your money. I don't blame you for thinking that. But insurance is there to give you peace of mind. That is what we all want right.

By giving ourselves a sense of security in this regard, we can also give ourselves freedom and ultimately happiness.

Go Fourth and Plant Money Trees

I hope you take this post with a sense of urgency and start creating multiple sources of income. The last thing I would ever want for someone is to hear they ended up on the street because they realized to late that they didn't have control over their main source of money.

For people who are affiliate marketers, what passions are you pursuing that will help you create a second income? I have started a book blog and I also have a fitness blog which I want to eventually focus on afterwards.

Have you successfully created these backup income sources?