Why You Should Have Multiple Sources Of Income in Nigeria

The Importance of Having Extra Sources of Money as a Nigerian

by Priscilla Ajayi

Nigeria holds a vast population in the world. As of 2021, the Nigerians’ population has skyrocketed to over 200 million. Meanwhile, the available resources aren’t enough to cater to the large populace. So, most citizens struggle to make ends meet, which is why the country is all about the survival of the fittest. The fittest in this context are those who, in the long run, emerged as the affluent. Those who, most likely, have multiple sources of income.

6 Reasons Why You Should Have Multiple Sources of Income

Things are tough! This is one conventional statement among Nigerians. As a Co-Nigerian, you don’t need an introduction to the meaning of this statement. 

Now, what do you think is the reason behind the successes of these few rich ones and the struggles of the others? It is simply their stream of income! Although persistence and determination also contribute fairly. So, implementing the rule of having multiple sources of income alongside these attributes can make all the difference. 

Keep in mind that you can join the rich people’s band today if you’re ready to give it your all. This article discusses six obvious yet negligible reasons why you should have multiple sources of income.

  1. It creates financial security

When you are not overwhelmed by the constant need for money, you can easily cater to your expenses as quickly as you desire. Having multiple streams of income renders you debt-free and financially secure. However, financial security does not come in a day. It is a product of hard and intelligent work. 

An adage says, “millions wish for financial freedom, but only those who make it a priority have millions.” Making your financial status a priority is the same as knocking on the door to financial security. There’s no big deal in running a poultry business, a bakery business, being a freelancer, and earning your salary as long as your health is secure. It gives you peace of your mind- knowing that you’ll always have something to fall back on if one fails. This is called financial security. 

Read also: How to start a poultry business in Nigeria

  1. For optimum survival

Imagine clinging to your last breath or holding the dying body of a loved one just because you can’t afford the hospital bills. The thought sucks, and the reality is much worse. Bode, a friend of mine, almost died because he only had one source of income. He fell ill and was taken to a hospital where the bill summed up to #70 000, and Bode’s only source of income provided him with #50 000 monthly. To make matters worse, Bode hadn’t been paid, so his wife had to beg family and friends to raise the money.

Now, imagine Bode had multiple sources of income. Would his wife have begged for money? And what if his wife wasn’t able to raise the hospital bills? He might have died. Having multiple streams of income can indeed ensure your optimum survival. Never put yourself in the same condition as my poor friend.

  1. Promotes creative thinking

Money is the pioneer of anything that deals with finance. Assuming you have five ways through which you generate income. However, you’re tired of keeping your money in fixed deposit accounts; there are ways you can fix that issue – investment. 

You can come up with something else aside from business – something similar to passive income. You can buy shares in banks or big companies and become a shareholder. Before you know it, you’ve already created another source of earning, and your income continues to multiply. Isn’t that cool?

Read also: How to improve your creativity as a Nigerian

  1. Life after retirement

Perhaps you’re a professional who plans to dedicate their whole life to working for the government and be a proud salary earner. What happens after your retirement? What happens if they approach you with corporate jargon on why they have to let you go

If that were your only means of survival, the most likely sequence of events would be depression -> death. And it’s over. However, if you have used your handsome salary to create other streams of income, you’ll only be partially affected by that loss. Those other sources of income will cover you and your family to a reasonable extent until you build and expand.

  1. Reduces the rate of taking crippling risks

The world can always differentiate a poor man from a rich man in terms of decision-making processes and other actions. When a poor man needs money, his first instinct is to borrow. In most cases, he does this without plans on how to pay back as soon as possible. That is a risk that can lead to unimaginable consequences depending on the nature of his creditor. 

When a fairly-rich man (salary earner) needs money, he waits to receive his salary or also borrows with hopes of balancing with his salary. That is yet another kind of risk. The Nigerian economy is sinking in more ways than one. There is no guarantee that you’ll always get your salary when you expect it and the reality is, there are some money needs that you can’t delay.

However, a wealthy man who is financially secure does not need to take all these risks because he almost always has the money he needs. Remember that multiple sources of income can earn you a financial security badge, especially as a Nigerian. The wealthy man only needs his other sources of income to get help. Hence, he successfully avoids taking unnecessary risks.

Are you ready to take charge of your financial status? Send us a message to join a community that always exposes you to multiple viable sources of income.

  1. Creates a safety umbrella

If you’re a citizen of a developing country like Nigeria, one unwavering fact should always be at the top of your mind. The economy of any developing country is not buoyant enough for the rising population of that nation. Hence, it is called developing, not developed.

The job opportunities in a developing country are not sufficient for the large population. Developing countries have a fast-rising number of citizens. Nigerians’ population increases at the rate of 2+℅ per year. However, you won’t be caught up in the mess of economic instability if you have multiple streams of income. You won’t have to rely on government jobs if you have another way of surviving. This implies that having multiple sources of income creates a safety umbrella for you unconsciously.

Read also: How to cultivate money-saving habits in Nigeria

Dear readers, I hope this piece has helped you discover why having multiple sources of income should be your top priority. It’s better to have in excess than to lack in a range of areas. 

Feel free to share and comment. If you already have multiple sustainable sources of income, what prompted you in that direction? If you also enjoyed the read, you may want to be a member of our Insight.ng WhatsApp community for more insightful contents.

About Author

Avatar of Priscilla Ajayi
Priscilla Ajayi
Meet me: I am Priscilla Ajayi, a passionate writer and content creator with remarkable experiences. "The world couldn't have been a better place if it lacks prolific writers to keep track of the happenings". I am proud to be a writer!

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Jerry March 19, 2022 - 3:37 am

What a indepth article. I have bookmark this blog for I believe am going to read more great content. Translife.com.ng love your writers. Keep it up.

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