How To Build Multiple Income Streams

Professional investors cannot ignore the need to have a portfolio of investments to reduce the systematic and unsystematic risk. It's pertinent to diversify your income sources to curtail career risk.

If you're in a vocation or profession, especially the one you're passionate about it's cool. It's however wise to "Cast your bread upon many waters, for you will find it after many days" (Ecclesiastics 11:1).

Placing all your eggs in one basket can be risky, hence, the need for cashflow through multiple streams.

Factors To Consider Before Getting Started.

Many companies have rules, policies and ethics that limit employees from doing other jobs. So first confirm if you have the approval to do that before adding a new stream.

Also be careful that you're not creating competition with your organization with their already existing client base. 

Like if you work with a real estate investment firm, you shouldn't be cross selling another investment scheme not approved by your organization to their customers.

Also, be willing to create time to do, or supervise and learn the 'Know-how' of this stream adequately to avoid losses.

Finally, try to get one stream on track before starting another.

Multiple Streams Of Income

Learn to monetize your skills.

We have several skills that can monetized:

1 Listening 

2 Speaking

3 Music 

4 Art

5 Reading 

6 Writing 

7 Drama

How To Create Multiple Streams 

1 Be an influencer. This means try to build an audience either physically or the internet,(Social media). You can easily sell other people's products and your products and services.

2 Involve yourself in affiliate marketing.

3 Make YouTube videos 

4 Invest in businesses or Startups and watch them grow.

5 Create an Online course.

6 Buy good properties in good locations.

7 Rental income.

8 Writing books.

Hope this was helpful?

Emergency Fund: Why You Need One

What really is an Emergency Fund?

An emergency fund is the amount of money set aside to ensure that your daily activities don't come to a halt when confronted with unforeseen financial demand. Emergency funds can cater for medical bills, sudden job retrenchment, home or car repairs, etc. It also hinders you from the desperation to contact Shylock lenders to take high-interest loans or sell off your properties. 

How do you begin the journey?

1. Create a budget 

Creating a budget increases the consciousness and intentionality of how you spend your money. You cannot begin saving money from your income when you don’t have an inkling of how it's spent.

Start by documenting your weekly or monthly expenditure if you earn wages or salary as the case may be. Take into account for at least 2 earning cycles to know which expenses are important or essential (Opportunity cost) . Once this has been enumerated, you can now look for avenues to plan, curtail unnecessary spending and begin allocating some money for an emergency fund. 

2. State the emergency fund target

Peradventure you want an emergency fund to cater for 6 months,  you can create this by multiplying your total monthly important expenses by six. The product is your emergency fund target. 

3. Automate your deposits

Set up a standing instruction from your income source into your savings account. Automating deposits makes saving simple, it ensures you don’t default and makes you conscious of your emergency fund target.

4. Save your giveaways and tips 

Until you have reached your emergency fund target, save all unexpected income. Unexpected money could be attained as a tax refund, bonus, inheritance, winning a bet, cash gift, etc.

5. After reaching the target fund, continue

Situations of life are not always predictable; an unplanned expense can need more than a 6-month emergency target. For instance, being unemployed for more than six months where you’ll have wished you had more in your emergency fund.

When you have this fund what next?

1 Keep it safe

2 Make it accessible especially for emergency 

3 You can invest in short term instruments that can easily be liquidated when emergency arises.

4 They can also be kept in High yield interest deposit accounts.

Biography of Apostle Folorunsho Alakija

Apostle Folorunsho Alakija is a Nigerian businesswoman, philanthropist, and one of the richest women in Africa. She was born on July 15, 1951, in Ikorodu, Lagos State, Nigeria to a polygamous family of eight wives and fifty two children. Her early education started at our ladies of Apostles, Lagos from 1955 to 1958. She left Nigeria for the United Kingdom at the age of seven to continue her primary education at Dinorben School for Girls in Hafodunos Hall in Llangernyw, Wales between 1959 and 1963. After completing her primary education, she attended Muslim High School in Sagamu, Ogun State, Nigeria after which she later returned to England for her secretarial studies at Pitsmans Central College, London. 

Apostle Folorunso Alakija started her career in the fashion industry in the 1970s and later moved into the oil industry in the 1980s. In 1993, she founded Famfa Oil Limited, which has since become one of the largest oil exploration companies in Nigeria. Today, Alakija is estimated to be worth over $1 billion, making her one of the wealthiest women in Africa.

In addition to her business ventures, Alakija is also an active philanthropist. She founded the Rose of Sharon Foundation in 2008, a non-profit organization that provides financial assistance and vocational training to widows and orphans in Nigeria. She also serves as the vice-chair of the Nigerian National Heritage Council and Endowment for the Arts.

Read: How to Get a Loan from First Bank of Nigeria in 2025

Alakija has received numerous awards and recognition for her work, including the African Achievers' Award for Business Excellence, the International Business Woman of the Year award, and the Forbes Africa Person of the Year award.

She is happily married with four children. Her husband, Modupe Alakija is a Lawyer and they  got married in November 1976. They now live in lagos with their children and grandchildren. She is a devoted Christian and a preacher of the gospel.

Overall, Folorunsho Alakija is a successful businesswoman and philanthropist who has made significant contributions to the Nigerian economy and society.

First female Chancellor in Africa | Servant Leader: @RoSGMI | VC; FAMFA Oil, RoSG + | Philanthropist | Mother | Grandmother | Author | Public speaker

Vice Chairman at Famfa Oil Limited, Managing Director at The Rose of Sharon Group

Apostle Folorunso Alakija is active on social media. You can connect with her via her official handles on Facebook, Instagram, LinkedIn and X.