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5 Reasons You Need A Multiple Stream Of Income

More than ever, creating multiple sources of income is essential to keep a constant flow of cash for your immediate needs, increase your purchasing power and fund your desired lifestyle.

The concept of diverse sources of income is more profound in this age. The internet is a leveler with several decentralized platforms offering people the opportunity to make passive or active income either by selling products, trading, or offering services from the comfort of their homes.

Aside from having financial protection, earning an extra income also gives you the leverage to pursue your passion, travel far and wide, explore the world, and might be the opportunity to move from financial dependency to being independent and sufficient.

If you ever desire to create multiple income streams for yourself, the reasons below will reinforce the desire to commit to that plan.

Financial Independence

Having extra income sources helps you to be financially independent of your primary income or rely on anyone to live your dream life. It puts you in a position where you do not have to work to fund the lifestyle you desire and the absolute choice to decide when to retire.

You have control over your time, the type of investment, and your commitment. It allows you to spend enough time with your family and friends and more time to rest and enjoy while you don’t have to worry about making money or the financial cost of your lifestyle.

Diversification Of Investment

Multiple income streams allow you to diversify your investment portfolio to minimize risks. With money coming in from different sources, you can choose to invest in other enterprises or businesses from the various cash flow sources to generate more revenue, so in the event of a disaster or loss in one investment, you can have another that will make up for it. According to a famous phrase, “do not put all your eggs in one basket.”

Financial Security

If you work a 9-5 job or run a business, it is best to create other income sources to mitigate the impact of the loss of a job or failure in your industry. With much instability in the corporate world amidst the economic recession, you can not assure the safety of your job. It is best to be prepared for the inevitable by having income from other sources aside from your job.

Fund Your Dream Life

If you want to achieve the dream of living in a penthouse, going on vacation in exotic destinations, or timeout on a yacht, then you must be smart enough to create multiple income sources to fund those dreams.

The chances are high that you may not realize your dream life if you keep up with only one source of income. Rather than worry about the dream, designate a diversified income source to cater to your vision.

More Time To Enjoy Your Life.

When you have income from different sources, it affords you the privilege to be your own boss, a chance to plan your life the way you want. You can choose to pursue your passion, spend more time with your family, or even retire early to travel the world.

Creating multiple sources of income takes time, hard work, and dedication to build, but if you commit to the plan, you are on the right path to achieving financial sufficiency.

There are many options you can combine with your daily job or your business. Find the right one that fits your schedule. Even if your monthly income covers your expenses, it is still best to supplement it with other income streams.

Are you interested in trading in the capital market, or do you want to invest in properties in the UK? I can help you. If any of the above interest you, book a free 30 minutes with me here and lets about helping you create multiple streams of income.

7 Benefits Of Trading The Forex Market

The advancement of the internet and mobile-accessible trading platforms has decentralized the financial sector and made financial investment more accessible to people. As a global market, forex offers an opportunity for anyone to access the financial market, trade, and make profits from the comfort of their home.

Foreign exchange, otherwise called FX, is the largest market globally, which operates 24 hours per day and five days a week, characterized by the trading of currencies, depending on their increasing or decreasing value. The several entities that make up the foreign market make it more interesting, with banks, brokers, and corporate financial institutions speculating the fluctuation in the value of currencies.

Because of its volatility and unpredictability, forex trading is quite risky to invest in, though it offers opportunities for investors to make gainful returns on their investment. It also offers other advantages, like high liquidity and convenient market hours, which makes it attractive.

If you have ever considered investing in forex, now is the time to do so, because it can set you on the right path to achieve your financial breakthrough. This article highlights the benefits of trading in the forex market.

Low Cost Of Trading

Trading forex requires a good amount of money but depending on your financial capacity, you can start with very little. Besides, the cost of transactions is low.

Forex traders make profits from the spread, measured in percentages, which are then calculated based on the price and value of the currency pair you are trading. These spreads are low-cost, making forex trading relatively convenient.

It’s A Large And Global Market

The prospect of gaining access to a global market regardless of your location is a massive attraction to forex. As the world’s largest financial market, traders exchange an average of $4 billion on the market every day, creating enormous opportunities for brokers and investors. Because forex is being traded globally, governments do not regulate it.

It Offers A 24 Hours Trade

Forex trading occurs over-the-counter (OTC), which makes trading not subjected to opening or closing hours. The parties involve trade directly with one another, facilitated by a broker.

Trading can happen any time of the day as long as the market is open somewhere in the world. Forex market runs continuously from Monday Morning time and closes on Friday afternoon, New York time. However, trading is closed on weekends, except for the crypto markets.

High Liquidity

The high volume of billions of dollars traded every day on the market creates significant volatility in the values of currencies. While no one regulates the forex market, several external factors like the global economy, natural disasters, news, and events in the political space influenced it.

When these factors influence the market, it can increase some currencies, giving room for investors to amass profits.

Market Volatility

The high volume of foreign exchange in activities in 24 hours makes forex a volatile market. Traders can exchange currencies with little difference in their value with relative ease. The market’s liquidity allows you to trade with minimal risk of currency stability and control the movement of your investments.

Availability Of Leverage

Perhaps the most appealing benefit of forex is leverage, which allows you to open a prominent trade position with a small amount of capital, allowing you to control a significant stake during trading. Depending on your trading location, forex offers numbers of leverage expressed in ratio to increase your profits.

Access To Risk Management Tools

Forex offers different risk access tools to manage and analyze your investments. Free demo accounts allow you to practice in a live virtual market until you hone your trading skills and have become confident enough to go live. These risk management tools, like stop loss, take profit, interactive charts, and technical analysis, will help you manage your risks.

Forex trading has its fair share of risks, but if you pay great attention to details and observe the market trend, it will help you make decisions that will help you rake in profits every day.

Would you like to learn how to trade forex? You can reach out to me to find out how to join the Capital Market Academy, so you can make money as soon as you are ready.

5 Secrets To Help You Create Lasting Wealth That Will Outlive You

Wealth is beyond fancy cars, gigantic mansions, exotic holidays, and yachts. Wealth is a wise investment that yields profits and substantial returns. It takes a commitment to wealth-building strategies and investing in people.

A famous saying goes, ‘’a generational wealth begins with a risk-taker,” but so is generational poverty.

The great disparity between the rich and poor in the world is a testament that there are secrets to creating lasting wealth that can withstand the test of time and drastic economic changes.

Taking a clue from wealthy people reveals that creating lasting wealth is a long-term goal that requires planning, perseverance, and commitment. Simply wishing to be rich without taking cognizance of the secrets of wealth creation adopted by the successful upper class of the society is just a futile endeavor.

Therefore, if you desire financial stability, you need to understand that there is no get rich quick scheme anywhere. Becoming wealthy is the accumulation of resources over a lifetime.

Consider the points below and apply them to your life to experience a turnaround in your finances.

Financial Responsibility

Financial responsibility is a skill and mindset that manages available resources to make plans for the present. It is a lot of decision-making that requires critical thinking and risk-taking. To achieve financial stability and create lasting wealth, you need to be prudent in judiciously spending and managing your resources.

Realistic Expectations

While investing in properties or the stock market, maintain a realistic expectation of your return on investment. Do not set your hope too high, losing sight of external factors and changes in market trends.

Many people expect a far more yield on investment than the average expectation, which might lead to incurring too much risk. According to Economic Times, “there is nothing wrong with hoping for the best from your investments, but you could head for trouble if you base your financial goals on unrealistic assumptions.”

Money Management

Creating lasting wealth involves budgeting, saving, and managing expenses. It helps to create a clear financial path to follow. Make a plan to create a budget for all your costs.

Consider your financial standing, pay off your debts, and create funds for emergencies. Keep records of your finances and evaluate the reports to evaluate your progress.

Mindset

Developing a wealthy mindset will get you closer to attaining financial prosperity much more than you imagine. Creating multiple sources of income, controlling your expenses, and making a suitable investment are all products of a wealthy mindset. Be positive in your ability to increase your revenue and judiciously use them.

Get A Mentor

In the words of Isaac Newton, he said, “If I have seen further, it is by standing on the shoulders of giants.” Learning from the experience of those who have walked the path of attaining financial stability and building lasting wealth is as important as creating wealth. A mentor helps you to understand mistakes they made along the way, advises you, and sets you on the right path. Get a mentor that has your growth in mind.

Everyone desires wealth, whether as money in banks, properties, or investments. The difference between the people that eventually create wealth and ones that don’t is action.

The road to creating lasting wealth is long. Therefore you need to arm yourself with the secrets discussed above to reach your financial goals. As a wealth coach, I can help you on this journey. Would you like to book a free 30 minutes appointment with me? Click here now.

Mayowa Oluyede