While there is nothing at all wrong with having a job, relying on that job as your main or sole source of income puts many people in a precarious position. Many jobs provide enough income to put food on the table and pay the bills, but if you really want to get ahead financially, that’s going to be very hard to achieve on just a salary alone.
Relying on the income from a job also has another major downside attached to it. What happens if you lose that job? Suddenly, you’re left with no money coming in if your job was your sole source of income.
Rather than relying entirely on your job for your income, or perhaps not having to rely on a job at all, let’s look at some ways you can escape the employment trap and start bringing in real money.
First Seek Wise Counsel
The first step you could take is to speak with your accountant about your current financial plight and discover what options you have for improving your income status and situation. Another would be to make an appointment with a financial investment advisor.
When it comes to investment advice, Australia has many options to choose from, so you likely won’t find a shortage of accountants and advisors within your area of the country.
You may even want to consider arranging an appointment to speak to your bank manager about your financial situation and see if there are ways you can improve it regarding savings accounts, repaying loans and debts etc.
Rather than trying to figure out what to do on your own when it comes to your money and making more of it, it only makes sense to consult with experts in the finance industry.
Invest In Your Future
Investing is a tried and true method of getting out of the employment trap. Many people right across the country and around the world have managed to earn residual and passive income from sound investments, or even capital gains from buying and selling real estate or businesses.
If you team up with an experienced and recommended financial investment advisor, they’ll be able to help you formulate clearly defined goals and assist you in putting together an investment plan. High-risk investments usually won’t be recommended. Rather, investing in safer options such as property or blue-chip shares will likely be recommended. Perhaps even investing in commodities such as gold and other precious metals.
Many Aussies have created good passive income streams from investing in real estate and receiving a rental income. There are also capital gains to be made when you sell an investment property.
Investments are also one of the very best ways to build wealth and many people have managed to attain serious wealth through savvy investing. Always consult with an expert first though, as some investments can be very risky. It’s generally a matter of working out the risk versus reward ratio.
Create Multiple Sources of Income
Often referred to simply as MSIs, creating multiple sources of income is the best way to safeguard your income and also offers you a chance to build wealth and stop relying on the income from a job.
The greatest advantage of having more than one income stream is that if one income stream does happen to dry up for some reason, you’re not left high and dry with no money coming in. You still have one or more other income streams putting money into your bank account.
Even if you decide to do some investing, it’s wise to not put all of your money into a single investment, but rather to expand your investment portfolio and put money into two or more different investments.
If you can create enough income streams that regularly bring in money, you’ll no longer have to rely on your job for a livable income. Multiple sources of income and investing ultimately give you financial freedom.
If you no longer have to rely on your job as your main source of income, you’ll start to experience the joy of living with true financial freedom, with more money and more time to enjoy your life.