MULTIPLE STREAMS OF INCOME FROM WITHIN NIGERIA IN 2022 AND BEYOND
The rising cost of living is impacting globally but differently; it is clearly evident that expenses and bills continue to rise steeply. The cost of food, household consumables and other essentials has skyrocketed in recent times from Cairo to Botswana, from Delhi to Shanghai, London, Houston, Mexico City, Johannesburg, Mumbai, Dublin and Manila, name it. This price hike has been on the increase as part of the consequences of the novel coronavirus and this continues to shrink the available disposable income of the majority altogether.
In the Nigerian context, a loaf of bread that was N350 in 2020 is now about N700, a 100 percent increase in two years. Similar percentage increases are in the cost of flight tickets, healthcare, rents, diesel, cooking gas, bag of rice, crate of eggs, a kilo of chicken or turkey and many other essentials due to inflation, yet income has remained the same or even less. Nothing is easily affordable and almost everything is out of reach of the masses. Given the country’s current situation and that many people have not seen a growth in their income, this has resulted in reduced or no savings, increased frustration and dissatisfaction in fulfilling basic demands amongst many.
There is always the possibility and anxiety of losing jobs or businesses folding up regardless of the length of service put up, experience acquired or available connection and these consequences may even be more severe. Employers, in fact, are hesitant to implement any wage increases for economic reasons. Inflation continues to have a severe negative impact on man’s mental, emotional and physical well-being, as well as on marriages and livelihoods.
Currently, even with a steady, regular salary, living has become costlier with heightened uncertainty, high inflation and weak purchasing power, especially for the masses including civil servants, entrepreneurs and small business owners. As a result, one of the ways to have protection is by diversifying sources of income and having multiple streams at this time. You have multiple bills; why not have multiple streams of income to support the inadequacy.
Consequently, having multiple sources of income is the best way to protect yourself, your company, and your family against drastic financial change. The tools for generating these multiple streams of income are readily accessible on the internet or by engaging a professional. We have greater access than ever before to information, people, ideas, and opportunities with the social media, so tap into this.
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