4 MUST HAVE INCOME TYPES FOR FINANCIAL SUCCESS - Pt2

4 MUST HAVE INCOME TYPES FOR FINANCIAL SUCCESS - Pt2
...by Oluwatosin Samuels

Happy Easter,

So last week we started a discussion on the 4 important types of income types that we all must have if we are to succeed in finances. Have you ever wondered why lots of medium to high earners you know still live a borrowing life? It's because their only source of income is probably their job and like someone said, the word JOB is simply an acronym for Journey Of Borrowing while some call it Just Over Broke but whichever way, one source of income is never just enough. For the many financial challenges life is cumbered with, only streams of income would do.

And this is why I do my best to encourage as many employed persons as I meet to learn to own side business(es) or have other financial streams because as it is generally known, if you don't leave your job, your job would leave you someday either through termination, poor health, resignation or retirement.

Without much ado. I'll just go on to discuss the 3rd and 4th income types to have. If you need the previous part of this article, kindly visit https://reallioninvestments.blogspot.com/2019/04/4-must-have-income-types-for-financial.html

3. Seasonal income: This is the kind of income that comes once in three to four months or at most once or twice a year. It is one that everyone with kids in school should have. This income type would not put you under pressure whenever kids are on holiday breaks or whenever you have rent or mortgage to pay. It is another essential income type to have and should be regular because they meet regular needs.

4. Project grade income: just as the name implies, this income type is what Yoruba (an ethnic group in Nigeria) calls "owo tabua" or "owo gbemu" (heavy duty, poverty lynching kind of income). The kind of income that can sufficiently buy a befitting house or invest to start a mega business. It's the kind of income we all aspire to make but as attractive as it is, it should never be our major income avenue. As a matter of fact, if care is not taken, an individual with project grade income type would eventually beg the one with daily income for financial support, for the reason that project grade income don't come all the time. They are the kinds of income that come from hitting a major contract, getting a huge dividend for an investment made sometimes back and many more. If well utilized to create other avenues of wealth may turn out to be your best income source but if not it may turn the worst nightmare.

In conclusion, the goal is financial rest. Having income streams that ends all the worries that comes along with inevitable expenses is the ultimate goal. Hence, these four income sources are to be deliberately cultivated by everyone to attain the financial rest that we all seek.

In the next episode I'll be sharing on "What The Wealthy Understand About Income That The Poor Don't". If you would love this sent personally to you, kindly drop your email or chat me up on 08068230088 (whatsapp). And if you think this would bless someone out there, kindly share.

I'm a writer, my power is in my pen: a public speaker, my tool is my mouth: and a Life/Wealth coach, my passion is to improve lives.

With love,
Reallionaire®