Are you relying on your ONLY income source?
If yes, then this article is written especially for you.
It is well said that “Don’t Put your all Eggs in One Basket” and this does not mean don’t take the risk at all but to take calculated risks at every stage of your life.
This is a piece of advice which means that one should not concentrate all of his efforts and resources only in one area because he could lose everything.
It would be better if you focus on the other platforms to reduce the overall risk factor. It is wise to diversify your investments on different online platforms as a freelancer.
You should not rely only on one freelancing website because they have the authority to ban you anytime. You must go for multiple freelancing websites like Fiverr, Upwork, Freelancer, Peopleperhour, Airtasker as a proper backup to make your cash flowing.
Here are some reasons why you should not rely on one freelancing platform:
1. To have Financial Stability:
Relying on one source of income is definitely too dangerous especially for those with family. If you get yourself banned from the platform by any issue, it might take some time before you are able to land on new employment or other freelancing platforms.
Working on the multiple freelancing platforms will be able to reduce the risk of being left without any income.
2. Development of Your Skills:
By having multiple sources of income, you get to learn many new things.
Every business has its own perks and cons. So, You just need to keep trying on the other platforms to produce more income and this will have fewer chances of getting zero income.
The important thing to take note is that if you have multiple skills, it will automatically increase your value in the market and you have better chances of getting a highly paid job.
3. Preparation for the Rainy Days:
Emergencies, accidents and other unexpected events didn’t give us any symptoms.
One thing for sure, they require money.
For those who rely on one platform, it is going to be a tough time when these kinds of emergencies happen. Because you don’t have additional funds for it and you will have to face such kind of difficulties.
For this, you should have to make money from the other different platforms and from this additional source of income you can face and overcome these situations steadily.
4. Boost your SAVINGS:
By working on different freelancing platforms, you can easily save as much as you can. Each new source and skill will increase the total amount of the money you make and represent another way of potential advancement. This will definitely boost your savings and also provides you many opportunities in your future to invest.
5. Grow your Investment:
When you are able to pay off your debt faster due to multiple sources of income, you can channel the same income to boost your income.
When your income is being boosted by paying your debts faster through savings, this can help to grow your investment.
In a simple way, when you have multiple platforms for a source of income, you can easily grow your investment with the additional money.
For example, you can invest the extra money to your preferred unit trust account or you can save that money for your retirement and believe me this is the best way of investment.
6. Provide your Additional Protection:
It is always a good idea to have some additional protection. With the additional income, you will be able to buy additional insurance and the other medical coverage for you and your whole family.
Sometimes medical fees increase and it is important to have sufficient medical coverage for the whole family and this can be done by working on multiple freelancing platforms.
By relying on one platform, you can’t get all other additional facilities and resources. So, think about it.
7. Generate Profit:
Instead of just concentrating on one business, think of creative ways to add value to your business so that it will generate profits through other multiple ways.
Work for the Business, NOT in the Business ~ By Muneeb Dogar
It is wiser to put your eggs in different baskets because if you rely on one freelancing website, you may face many difficulties. So, it also gives your time to the other freelancing platforms to generate more profit by having money from different income sources.
8. Less Pressure and more Fulfilled Life:
There is no need to say that when you see money coming from multiple sources of income, you will feel less pressure. Due to this, you will perform better in many aspects of your life.
Additional income also provides you the option to travel or contribute to society. Thus, by having such kind of these facilities, you’ll have a more fulfilled life.
Final Words:
Multiple sources of income not only provide us with additional cash but it also adds value to our lives in many other positive ways. You just need to select multiple freelancing online platforms, instead of having only one platform to work with.
All the platforms are growing very fast and each platform gives you a different experience. This will also make your skills very sharp and valuable.
Without a doubt, it is well said that “Don’t put all of your Eggs in One Basket”.
You just need to avoid relying only on one working platform because this can affect you badly both mentally and physically. Working on different platforms will give you more income and fewer worries.