ENTRY NUMBER 8: MULTIPLE INCOME STREAMS
I would like to share my thoughts on MULTIPLE INCOME STREAMS.
This means literally "Source of Income" (pinag kukunan ng kabuhayan).
Karamihan sa ating mga PINOY ay TRABAHO (JOB) ang major source of income
While the minority has their own businesses
But most people didn't know other sources of income,
Sad to say most of us rely heavily on their jobs alone.
Bakit po ganito ang setting ng karamihan sa atin???
Lack of financial education I guess.....
You see financial education is not taught on our school in detail
Mapapansin nyo po na halos lahat ng naituturo sa paaralan ay papunta sa iisang scenario
AT ITO AY ANG MAGAMIT ANG ATING PINAG ARALAN SA TRABAHO.
Which I believe is not the case
1. How many of us after studying for almost 2 decades landed on his/her dream job?
2. Of those who landed on their respective dream hobs, How many are those happy with their current salaries?
3. Of those who are happy with their salaries, How many of those have the investment for their retirement?
Kung nakaabot ka sa 3rd line, NICE! Pero you need to be at least on one of the top positions in the company.
And this requires hard work..... And a lot of it
This means literally "Source of Income" (pinag kukunan ng kabuhayan).
Karamihan sa ating mga PINOY ay TRABAHO (JOB) ang major source of income
While the minority has their own businesses
But most people didn't know other sources of income,
Sad to say most of us rely heavily on their jobs alone.
Bakit po ganito ang setting ng karamihan sa atin???
Lack of financial education I guess.....
You see financial education is not taught on our school in detail
Mapapansin nyo po na halos lahat ng naituturo sa paaralan ay papunta sa iisang scenario
AT ITO AY ANG MAGAMIT ANG ATING PINAG ARALAN SA TRABAHO.
Which I believe is not the case
1. How many of us after studying for almost 2 decades landed on his/her dream job?
2. Of those who landed on their respective dream hobs, How many are those happy with their current salaries?
3. Of those who are happy with their salaries, How many of those have the investment for their retirement?
Kung nakaabot ka sa 3rd line, NICE! Pero you need to be at least on one of the top positions in the company.
And this requires hard work..... And a lot of it
MULTIPLE INCOME ILLUSTRATION
Take a look at this illustration........
This diagram shows the advantages of multiple income
SCENARIO 1:
MORE WORK, LESS PAY
-work that requires hard labor
-"Isang kahig, isang tuka" set up
-kahit magtrabaho ng todo, hindi katiyakan na tataas ang sweldo, minsan pababa pa
-Pag hindi nag trabaho, alang bayad at benefits
SCENARIO 2:
MORE WORK, MORE PAY
-work that requires EQUAL amount of work for EQUAL AMOUNT OF LABOR
-para kumita ng malaki, kailangan kumayod ng TODO
-pag hindi nagtrabaho, may mga benefits pa rin na matatanggap
SCENARIO 3:
LESS WORK, MORE PAY
-work that requires LITTLE or no EFFORT at ALL
-malaki ang kita sa kakaunting pagod
-kahit hindi magtrabaho, may income stream pa rin.
This diagram shows the advantages of multiple income
SCENARIO 1:
MORE WORK, LESS PAY
-work that requires hard labor
-"Isang kahig, isang tuka" set up
-kahit magtrabaho ng todo, hindi katiyakan na tataas ang sweldo, minsan pababa pa
-Pag hindi nag trabaho, alang bayad at benefits
SCENARIO 2:
MORE WORK, MORE PAY
-work that requires EQUAL amount of work for EQUAL AMOUNT OF LABOR
-para kumita ng malaki, kailangan kumayod ng TODO
-pag hindi nagtrabaho, may mga benefits pa rin na matatanggap
SCENARIO 3:
LESS WORK, MORE PAY
-work that requires LITTLE or no EFFORT at ALL
-malaki ang kita sa kakaunting pagod
-kahit hindi magtrabaho, may income stream pa rin.
KUNG INYONG MAPAPANSIN, ANG SCENARIO 3 ang pinaka magandang scenario sa tatlong nabanggit
Do you know why? because scenario 3 has the SECRET that SCENARIOS 1 and 2 do not have....
AND IT IS MULTIPLE INCOME STREAMS
THINK OF IT THIS WAY
You have an open faucet in which water flows. - Water represents your income
You have a pail of water that has a hole in it. - The hole in the pail represents your expenses while the water in the pail represents the money you have in hand.
NOW FOR THE QUESTION.... PAANO MO MAPAPANATILING HINDI NAUUBOS ANG TUBIG???
There are 3 options:
1. Put a patch on the hole - Reduce expenses
2. Increase water flow in the faucet - Work hard.
2. Add more faucets - Create more income streams
OPTION 1 IS GOOD but you cannot always cut down your expenses easily because prices are constantly changing.
OPTION 2 IS ALSO GOOD but there is a certain limit on your job or career, and that is your self (you cannot work till 60++ I hope you get the point)
OPTION 3 IS BETTER although a new income stream (stocks, mutual funds, investments, businesses) requires capital, it is still very rewarding dahil hindi lang isa ang pinanggagalingan ng pera mo
NOW YOU ARE WONDERING.... WHAT ARE THOSE OTHER SOURCES OF INCOME??? >>> MADAMI PO.... Aside from what I am doing now ( see entry 6) there are lots of ways to generate multiple income streams...
Just open your mind to those opportunities
I hope you learned something.... GOOD LUCK AND GOD BLESS!
Do you know why? because scenario 3 has the SECRET that SCENARIOS 1 and 2 do not have....
AND IT IS MULTIPLE INCOME STREAMS
THINK OF IT THIS WAY
You have an open faucet in which water flows. - Water represents your income
You have a pail of water that has a hole in it. - The hole in the pail represents your expenses while the water in the pail represents the money you have in hand.
NOW FOR THE QUESTION.... PAANO MO MAPAPANATILING HINDI NAUUBOS ANG TUBIG???
There are 3 options:
1. Put a patch on the hole - Reduce expenses
2. Increase water flow in the faucet - Work hard.
2. Add more faucets - Create more income streams
OPTION 1 IS GOOD but you cannot always cut down your expenses easily because prices are constantly changing.
OPTION 2 IS ALSO GOOD but there is a certain limit on your job or career, and that is your self (you cannot work till 60++ I hope you get the point)
OPTION 3 IS BETTER although a new income stream (stocks, mutual funds, investments, businesses) requires capital, it is still very rewarding dahil hindi lang isa ang pinanggagalingan ng pera mo
NOW YOU ARE WONDERING.... WHAT ARE THOSE OTHER SOURCES OF INCOME??? >>> MADAMI PO.... Aside from what I am doing now ( see entry 6) there are lots of ways to generate multiple income streams...
Just open your mind to those opportunities
I hope you learned something.... GOOD LUCK AND GOD BLESS!
HOPING FOR YOUR FINANCIAL SUCCESS
WILLIE VERIDIANO JR.
WILLIE VERIDIANO JR.