5 Lessons I Learnt To Manage Multiple Sources Of Income #Perspective

Disclaimer: This article is written based on the author’s perspective. We hope the thoughts put into this piece of work will allow people to see a new perspective on general finance.

Many articles out there on the web do show people how to achieve multiple sources of income either by investing in dividend stocks or through affiliate marketing. However, the ups and downs in my young adult life, taught me that there is more to JUST creating various streams of income. What is most important is how to MANAGE your sources of income consistently.

1. Emotions

I would like to talk about emotions as the first point in this article as I feel that this is the most important topic compared to the rest. (Not trying to say the rest are not as important.)

Controlling our emotions is so important as it shapes the way we are as well as our lifestyle. Seeing our rich friends posting their luxurious, expensive vehicles on social media, wearing boutique timepieces whenever we are out with them definitely brings a little jealousy out in us. Thoughts like “My friends are the same age as I already own a vehicle, It’s time to be on the same level as them” are my usual thoughts. After which, I will try to do what they do in order to be on the same financial status as them. But, it always fails. I came to accept that life is unfair and we create our own path of happiness and wealth. What works for others may not work for me. Why rush into it and trying to be like them? What am I even trying to achieve? Whenever I asked myself these questions, I was drawn back to reality and back to knowing who I truly am. I controlled my jealousy, cast it aside, and focus on my own path ahead of me. Each time when jealousy and envy start to creep into me, I will always believe in myself that I can achieve that too BUT at my own pace. I believe in fate and everything happens for a reason. And the majority of our daily actions lie beneath our emotions. As long as we are able to control our emotions rather than letting our emotions control our thoughts, we will be able to have better clarity of mind when it comes to decision making. The other topics are the subset of emotions. Remember, negative emotions kill.

2. Discipline

We have heard this word umpteen times since young even we have a discipline master or mistress in our school days. Youtube videos out there show successful people waking up early in the morning before the break and sleeping early to prepare themselves for the next day, however, for me that is not the case.

As my job doesn’t require a fixed work schedule, I do wake up during mid-day which doesn’t leave me many hours till dawn again. However, discipline to me is interpreted as “completing all the tasks given to me no matter how long the dateline, within a day or two”. It doesn’t matter what time I wake up as long as I complete my daily tasks before going back to bed. This is what discipline is to me. If I know I have to run many errands the next day, I will wake up early as I would need more time to complete all my tasks. Through great discipline, it shapes me to be someone who never likes to delay my work. Discipline and emotion come hand in hand. If I can separate work and personal feelings, I am able to complete my work efficiently with my best effort and settle my negative emotions after I am done for the day. By having your emotions controlled and a high level of discipline, Trading stocks or forex is another source of income too!

3. Hunger

Let’s talk about Hunger. So what do I mean by hunger you may ask? We got to be hungry, hungry for knowledge, hungry for experience, hungry to learn and make mistakes. These are my definition of hunger. One important rule of life that I abide by is to always try. Even though we may not have experience or knowledge in a particular subject, topic or industry but as long as we tell ourselves “Just go for it. If it doesn’t work out, it doesn’t work. But, at the end of the day, there is always something for me to learn.” You may have heard the saying “Failure makes us stronger” which I totally 100% agree with this statement. We will never know what the outcome is until we have given our 100% effort into it. Through this mentality, of being hungry to grow ourselves into better individuals, we will have a clearer perspective on situations which allows us to make better decision making when it comes to managing our sources of income.

4. Patience

Patience and Emotion come hand in hand. Emotions first affect our feelings, which then leads to a change in our thinking be it for the worse or better. However, if we allow emotions to get past our heads, we will rush into our decision-making without thinking through it clearly. Like I mentioned in the first point, we create our own destiny, we create our own lifestyle. There must be a reason why we are not at the level we want ourselves to be at. Patience my friend, take a step back, analyze your daily activities and reflect on what do we really want to achieve. Through proper planning of our goals, we self-consciously created a step-by-step blueprint on how to achieve them. Once we are self-aware of our life direction, don’t rush into it. Give yourself time and shape yourself into the person that you want to be in the future.

Remember, life is not a race. It is not how fast we go, it is how FAR we can go!

5. Humility

Last but definitely not least, let’s talk about humility. Why do I feel having a sense of humility is important? Let’s face it, no one likes a know-it-all or someone whose ego goes over their head. You can be a very successful person, having the riches and luxurious items the world has to offer but who would want to put their faith and trust in someone who thinks he is better than others? We must always be humble in life, sharing our knowledge with others and in exchange, learn and understand the difficulties the person is going through. By seeing what others don’t, we have not only expanded our perspective on life but also understanding the needs and wants of others. Through this, not only does it allow us to manage our multiple sources of income but we may even create another source of income by filling in the needs and wants of others.

All in all, these are the 5 lessons that I abide by, and through my personal sharing, I do hope I have provided some insights on how you can manage your incomes consistently and even create one! Remember, life is not a race. Each and every one of our endpoints are different. Focus on yourself, be patient, maintain the level of discipline, and do not compare yourself to others.