Hello there, this post is meant to address some noticeable issues that are arising in the world we live in today. Many people often wondered if it is important to have any alternative stream of income. You sometimes hear things like, ” I have a good job, that pays me well, what do i need another stream of income for”. And at the end of the day, they get to realize the need for it, but often times a bit late.
Also remember that the Nigerian economy slide into recession in 2015 because of our over reliance on one stream of revenue generation, which in this case is oil, and we all got to witness the devastating effect it had on everyone of us. Before we go ahead to list a few reasons why we all must endeavor to have something doing on the side, it is important to note that one must be careful when in search of a second or third stream of income, so as not to endanger the primary source of income, as that will only amount to foolishness. Except for a situation where you’ve finalized plans to fully focus on the new stream of income as the number one or primary source. Below are a few reasons why i believe that we all need an alternative source of income.
Rising cost of living
You will agree with me that the cost of living is on the rise across most urban areas and recently even in rural areas. From accommodation rent to school fees, transportation and feeding etc. There is always a spike in prices which on most occasions, is usually not followed by increase in wages. Thus leading to a deteriorating standard of life for many, as their take home salary is literally no longer sufficient to take them home. This overtime could also have an adverse effect on the mental health of the persons, as they are easily worn out by stress and frustrations. We all know how the issue of minimum wage has been handled over the years in Nigeria, with committees been setup and here and there and yet the struggle to reach agreements that will be suitable to the larger population.
Unforeseen circumstances
Every now and then, their could be a downturn in the economy, that might lead to the struggling of many companies, who might be in a desperate rush to devise survival strategies. Which we all know often times could be in the form of downsizing their workforce not because they don’t want to keep them as the company is also losing valuable experience and resources that had been invested in training and re-training them . And when this happens many people are often left shocked as they never saw it coming and as such, are usually caught unaware, and on many occasions without any tangible savings. So you begin to see a trend of people who just lost their jobs, almost immediately they also begin to struggle to meet-up with their basic responsibilities. But if they had any form of alternative channel through which income comes in, it could help to sustain and stabilize them, till they are able to fashion a way forward.
Technological disruption
I believe that we all must have come across the term 5G, which is been developed by some of the biggest tech firms in the world. It will also serve as the back-bone for the advent and deployment of IOT, which is the short term of ‘INTERNET OF THINGS’.
This technology will allow some of the traditional devices we know today, to be able to communicate with each other, i.e they will be able to perform more smart tasks and overtime become more productive. This will also lead to loss of jobs, which are already seeing in many sectors today like banking for example, where most First Tier Banks in Nigeria are already deploying CHAT BOTS, on facebook and across other platforms, to attend to the needs of customers, thus eliminating the need to have employed agents who originally would have been tasked with such duties. Which is why most experts are gearing up for this new era, where it is believed that the present day workforce will have to be re-trained and retooled to be able to fit into this new era. So if you’re still dependent on one stream of income, it therefore means that you’ll most likely be impacted more negatively compared to someone who has an alternative or backup channel of generating income.
In conclusion it is wise that you look for an alternative means of revenue generation, as in most developed countries you can see someone with a very well paying job, being an UBER driver or Digital Marketer, just to add as a supplement to what he/she is already making. So look around you today and find a skill or something that looks promising and engage on the side, as the internet as also made it easier for one to earn from the comfort of their home or office.
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