“Sow your seed in the morning, and at evening let not your hands be idle, for you do not know which will succeed, whether this or that, or both, or whether both will do equally” – Eccl. 11:6
- The Reality of Economic/Financial Challenges.
- Understanding Multiple Streams of Income
- Profession as distinct from business.
- Developing your Business
- Watching the pitfalls.
- The Reality of Economic/Financial Challenges
With the level of challenges confronting most people, companies and parastatals; job and financial security seems unattainable. Companies are closing-down, the nation’s economy has been taking a downturn trend and individual businesses are suffering from financial support.
In today’s fast paced and ever-changing world, it is the dream of every Christian either as entrepreneur or business manager to be financially secure. The world economic crunch and the COVID-19 pandemic has had a negative multiplier effect on the world’s economy, taking its toll on national economy to companies and down to individual businesses. Even in developed economies, mergers and acquisition, downsizing and various restructuring programmes are throwing more and more people into the labor market which is already saturated.
For most workers, the salary from their regular job is the only source of income or cash inflow. Their life revolves around their job. If their salary gets delayed for whatever reason by a few days, their finances are in crisis immediately. They live from pay-cheque to pay-cheque. The common question on the lips of this group of workers is “Have they paid?”
Salary determines their lifestyle, where they live, what they do, what they can afford and when they can pay for these items. Payments are deferred until after pay day “I will give you at the end of the month”. Their lives are wrapped around the proverbial salary. The only increase comes through pay raises and bonuses. Their work is their life, literally.
In this situation, the worst that can happen is to be laid off from your job. This is a crisis of unimaginable proportions. Your life goes upside down. For retirees, whose end of career is also well-known years ahead, the event often leads to deterioration in standard of living. The next phase of life involves living on stipends called pension. The situation is really that bad!
If you want to attain financial freedom, if you want to be rich, you need multiple streams of income. Income from diverse sources, especially the variety you do not have to labor daily for.
Look out for Part 2