Markets are falling, economies are slowing down, businesses are struggling, and no one’s certain how much longer this pandemic is going to last. The global unrest couldn’t get more real, and it’s taking a toll on us not just in health but also in wealth.
In the Philippines, 99% of the business operating are small and medium-sized enterprises (SMEs) which employ around 66% of the country’s current workforce. Ironically, they are the ones grappling and hurting the most.
What does this mean for us?
Layoffs are prevalent and operations are majorly disrupted. That’s why more and more businesses are resorting to this measure just to survive. The bottom line: we are highly vulnerable.
However, as the adage says, “every cloud has a silver lining.” Despite the major challenges, we have technology within our reach that we can powerfully leverage even while on a quarantine. Who knows?
After this, we may have discovered more efficient and sustainable ways of handling our workforce. It’s about time we take a closer look at what we can do moving forward. Individually, especially for the younger ones, we should start seriously building multiple income streams. It is no longer an option nor a luxury– it is a must. Here are the top 3 reasons why:
Putting all your eggs in one basket is by far the riskiest you can do, especially in a crisis. We’re sorry to burst your bubble, but the high-risk, high-reward concept does not apply here. If you merely have one source to cover your lifestyle, imagine what will happen when it drastically plunges. No matter how big it is, it will eventually get wiped out completely. As investors, we need to be able to make smarter choices in wealth management. Diversifying can be the first step. Having a safety net gives you more control over your income and your options.
With technology, you are offered more opportunities to hone your craft and build on your interests anywhere you want. Be it writing, graphic design, video editing, photography, e-commerce, finance, you name it. The things that are rewarding for you can potentially set you up for life while not being tied down to a single location. Knowing that you can also continue working on your resources amid a lockdown gives you a sense of strength and peace.
Trading time for money can be painfully exhausting, especially in a traditional 9-5 job. However, creating ways to leverage on multiple streams of income means you can powerfully get out of debt faster or even achieve early retirement. This means more time for the things you truly care about and the people you love being with.
All the reasons mentioned above ultimately proves that there are countless ways to make money work for you. We can rest on the fact that creating multiple, sustainable means of income is not a fantasy anymore. More and more people are doing it, and technology continues to enable us to make more empowering choices.
Keen to start taking more control of your life and ultimately live on your own terms? Our expert wealth and Forex mentors who have taught over 300,000 people worldwide can help you.
Allow us to help you discover a whole new source of income that can give you all these 3 benefits. This method of gaining income is known as Forex trading. To explore how, attend our free introductory workshop by clicking on the “Register Now” button below.