This article will focus on the question of why multiple sources of income are needed and how they can be created.
One salary is not enough
If the main sources of income are only the salaries of family members, then this is a rather unstable financial situation. This is especially true if another financial crisis is traced outside the window.
This issue becomes important if these sources of income are blocked due to the loss of a job, and the family needs to be fed, and there are other financial obligations (for example, a bank loan). In this case, the option of earning money in another place will also help.
Therefore, in the thematic literature one can find an interpretation of such a concept as multiple sources of income. It is the creation of such that will contribute to the formation of real financial freedom. Especially if such sources of income generation are passive. In other words, this is the profit that a person receives, regardless of whether he works or rests.
Passive sources of income
So, what is it and by what criteria do theycan be evaluated:
1. Opening your own business. This is a type of activity that does not require special participation in the process of functioning, but will require a lot of attention at the initial stage.
2. Income from rental property. It can be personal property both in Russia and abroad. Such sources of family income are fairly stable. At the first stage, it is advisable to have such a property abroad.
3. Copyrights are quite interesting sources of income generated by various printed or audio, video materials, as well as inventions created personally. The source of such earnings is the receipt of roy alties.
4. Bank deposit, which is the most common source of additional income. It is formed by investing a certain amount of money in a bank at interest, which is a passive type of income.
In what order is it better to form incomes
If today there is only one type of income in the family, then experts recommend adding others gradually.
Multiple Streams of Income: Creating Them
For the successful implementation of their achievements and developments in order to receive additional earnings in the future, it is necessary to draw up a certain algorithm of actions:
- select the direction of activity in which it is planned to create a source of income;
- a specific plan for its formation is drawn up;
- this one is being implementedplan to life.
Other sources of income
In addition to passive, there are also such sources of income as:
- bonus for work;
- compensation and damages;
- pension;
- scholarship;
- alimony.
Income and expenses
As long as the family receives a regular income, it has the ability to plan for an appropriate level of spending. Often, however, spreading out spending on future monthly payments, you can find the need for additional payments. Thus, additional financial plans may appear.
It's a completely different matter when it comes to irregular earnings. In this case, it is more difficult to plan the sources of income and expenses, since the size of such an average family budget for the previous year and the moment regarding its expected minimum amount per month remain uncertain.
An important issue for the budget of any family is its planning in accordance with the minimum source of income. And if there are surpluses, it will be possible to direct them to cover additional needs.
Security of sources of income
In this case, it is necessary to repeat once again about the need for a family to have, in addition to the main source of income, additional ones. For example, if a family member receives only social benefits, then there is a possibility of changes in the current legislation that will lead tolosing their status as an eligible citizen.
The best option is for all able-bodied family members to work. At the same time, they should have different places of work, so that in the event of any reorganization at the enterprise, the family would not be left without income. Household income is dependent on a large number of factors, but effective planning will enhance the effect of income growth with their distribution between sources.
An additional source of income
As an additional income, you can try to get a temporary job (if it is possible to combine it with the main one).
Each person has his own unique talents that he realizes as a hobby. An example is needlework. So, knitted products can be sold with a good income, they can be made to order.
Another example is gardening and gardening. Thanks to successful sales, you can also get additional income from your land in autumn.
Thus, such activities will bring both pleasure and, maybe, a small, but still income.
Expenditure part of the family budget
Expenses are an important part of any family budget planning. After all, the well-being of all its members depends on their optimization. Often in families there is an excess of expenses over income. This situation facilitates the taking of loans from banking institutions, which subsequently increase the expenditure side of the family.budget, because the loan must be repaid on time, and even with interest.
The main expenditure items should be the following:
- food, housing, clothing and he alth-related expenses;
- raising children associated with paying for tuition and recreation.
Such needs are absolutely the same for everyone, but only differ in the level of earnings of family members. For some parents, raising children of preschool and primary school age is much cheaper than those who, due to their income level, can provide their offspring with additional elements of education (for example, foreign languages). The latter will have a better quality of training and, accordingly, life in the future than the parents themselves.
Depending on the size of the source of income, people plan their holidays. So, for some, it will be expressed in gardening, and for others, it will be a trip to a foreign resort.
Expenses, like income, can be fixed and occasional. The former may include those that are repeated in a certain period (for example, once a month):
- utility bills;
- rent;
- repayment of loans;
- premium insurance;
- tuition fees;
- shipping costs.
Occasional expenses are:
- overhaul and current repairs;
- purchase of equipment;
- examination and sickness expenses.
There are also so-called "undesirable" expenses,consisting of:
- fines and pen alties;
- various compensations (for example, repairing water-flooded neighbors);
- interest on outstanding obligations.
Summing up the material presented in this article, it should be noted that the preparation of a family budget is an integral part of any "cell of society". Only through effective planning will a family be able to exist at a sufficient financial level.
