Are you hesitant to get the vaccine, but your job requires it? Quite a few people have said they will NOT get the vaccine, but after their jobs made them a requirement, many got the vaccine because they were forced to.
Wanting to do something voluntarily is one thing, but being forced to do it is another. This not just about the vaccine, this is about being made to do something you’re not comfortable doing for the sake of a paycheck. This is where having leverage comes into play. Instead of grudgingly doing as you’re told, it’s time to create options.
The average person is reliant on their one job to survive, and that job can have more control over their life than they may want.
For example, that one paycheck is used to pay for everything:
Thanks to inflation, this need to have a job is more important than ever. This gives employers the advantage, allowing them to make more demands on their workers.
It’s critical people decrease their reliance on one source of income for survival. There are instances where a person may want to work, but can’t:
- Laid off/fired
- Lack of skills
- Government shutdowns
How do we overcome this predicament? This is where multiple streams of income and passive income come into play. Here are the definitions of each:
- Multiple streams of income. The concept of earning income from more than one source at the same time, thus multiplying your earning power and creating a more secure income than if you only had one source of income.
- Passive income. Earnings derived from a rental property, limited partnership, or other enterprise in which a person is not actively involved.
It should be noted that in both instances, these income sources are not from typical jobs where a person works for money. The average millionaire hs 7 streams of income. Not 7 jobs, 7 income streams.
if one income stream is lagging behind, others can help pick up the slack. This can provide much needed leverage for those being told to do something they may be uncomfortable doing.
There are many ways to generate multiple streams of income. Some of the most popular include the following:
- Rental property
- Owning multiple franchises
- laundromats/dry cleaners
- Automated car wash
- Vending machines
- Monetized blog/website/YouTube
- Social media influencer
- Published author
- Online courses
Having multiple streams of income can give you the leverage you need, and prevent you from being backed into a corner.
Call To Action
Today, the requirement is to get a vaccine. You might be OK with that, but what if something else becomes mandatory you’re not comfortable with? No matter how a person feels about the vaccine, having just one source of income could potentially pose a problem later down the road.
This type of information is not taught in school. We are taught how to be employees, not how to own businesses. Thanks to vaccine mandates, layoffs and inflation, this information is more important than ever.
When was the best time to plant a tree? Twenty years ago. The next best time to plant a tree? Today. Learn more about generating multiple streams of income and generating passive income in my online course Tired of the 9-5? How to Retire Early With Passive Income. Available on Udemy.
Should our youth should learn the business basics? Download a copy of my book Planting Seeds: The Children’s Guide to Entrepreneurship today.