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Your salary is the only source of your income?.. Here are these solutions to diversify your financial resources

Is your salary the only source of your income at the moment? If the answer is yes then it is time to develop your personal financial policy.

Writer Diego Ortiz says in a report published by the “Embrandindo Asturias” website (Emprendiendoh IstoriasThe Spanish Most of the financial advice offered by experts focuses on saving more and stopping spending too much, but these tips alone will not make you achieve financial independence and prosperity.

Saving is an important issue, but the most important advice is to think about the sources of income and understand the importance of diversifying these sources.

The writer advises the need to stop relying on the salary, and to achieve this goal, you must find other activities, and make an effort to reprogram your brain, to move from a consumer lifestyle to an active investment mentality, and this simply means developing an investment mentality and taking risks sometimes In order to have other ways to make money.

One common way to raise money is to reduce your monthly expenses and control your budget, but a better option is to do more work.

And it’s not just about getting extra money, it’s basically about showing your ability to market yourself and show courage and initiative beyond the routine of traditional business requirements.

There is also another option which is to offer your services or skills to a third party during your spare time, or to get another job, or to create a project on the Internet that will bring you some profits.

The best way to invest is to set aside an amount of money that you are willing to risk and lose (Getty Images)

It’s time to take a risk

It is very important to learn how to take risks after you are convinced of the importance of finding diverse sources of income and have decided to invest your money and effort.

The writer believes that if you do not invest some money, it will be difficult for you to achieve your goals, so the best way is to allocate an amount of money that you are ready to risk and lose.

There are many options that help you make this financial decision, and there are experts and consulting offices who explain to you the size of the risk and the potential profit.

One of the most important obstacles that you may face during your adventure to secure a new source of income is the problem of language, which is very important in order to understand your new field of activity and make the right decisions based on what you know and not what others say.

It is important that you understand the complex technical terms used by professionals in that field in which you invest in order to be aware of everything that is going on around you, so it is recommended to invest some effort in educating yourself in the field of economics and accounting before you start your adventure.

Pay attention to these details

It is also advised to be aware of the fees and taxes that you will have to pay during your transactions and activities, and beware of fake advisors who are actually trying to sell you something instead of giving advice.

In this context, the writer cautions that you should immediately stay away from advisors and experts who make you feel completely ignorant and try to prove to you that you are unable on your own to take any decision, because they will not enable you to acquire the necessary knowledge to make decisions on your own, whether it is related to stocks or bonds or financial derivatives.

When you become an active investor, your worldview will change and your goals will develop into an integrated investment strategy, as you will start thinking about ambitious future steps, such as returning to university studies, buying a second property, or early retirement and engaging in a new activity such as writing.

After all these things that prove the importance of diversifying sources of income, it is time to immediately start reading some books about investing, using some free tools available on the Internet, and experimenting with limited amounts of money to explore this field.

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Reference-www.aljazeera.net

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