Connect with us


3 Reasons Why You Must Diversify Your Income Streams, as per Scotty Huss

The idea of income diversification is fairly uncomplicated: you generate multiple income streams that are independent of each other. For a majority of us, income comes from a day job and it might be the only source too, whether it’s a part-time job or a full-time job. But a few others add revenue streams to support their income and escape the downsides that come when you rely too heavily on a single source. Experts have time and again suggested that creating multiple revenue streams is a great way to shore up finances. And likewise, the 23-year-old entrepreneur, Scotty Huss, shares 3 reasons why we must diversify our income streams.

Ever-increasing healthcare costs

As someone who ventured into the entrepreneurial world at an early age, Huss, in no time understood the importance of having multiple sources of revenue, be it for funding a business, paying for college, or clearing debts. Looking at the rising healthcare costs, Huss suggests, there are chances each one of us would begin to feel the pinch of higher healthcare expenses, and here’s where adding an extra source of income can come to use. He adds that when it comes to paying for things like the unavoidable monthly medicines or unexpected medical costs, the income coming from a side gig or part-time job can ensure you’re less burdened.

Unique opportunities

Being a real estate investor, network marketer, and entrepreneur himself, Huss firmly advocates the idea that we must follow our dreams and passions. He adds, “What is it that holds us back from going after our true calling? Probably, it’s because we are tied to a single job, mainly for financial reasons. But depending on one source of income to cover our necessities is a less viable option. And thus, identifying opportunities, particularly in the online world, say creating an online business or sourcing work-from-home jobs in writing, finance, or marketing can prove to be very lucrative.” The other benefit of these opportunities, he says, is that we can learn while still being employed at the full-time job. It may take long weekends and working late nights, but you can eventually pursue your side hustle even more, adds Huss.

Building wealth

“It can be tough to think long-term when planning for the next week itself seems overwhelming,” says Huss. But he recommends, the efforts we put today into our business or side hustle can reap enormous long-term benefits and capital gains. “A lot of the potential remote working jobs can be sustainable as well as scalable income generators. These are the kind of jobs you can establish at the side of your present job, and expand to the point that you’re able to quit your 9-to-5. The idea is to work smart and wise, and leverage your time to attain financial freedom earlier,” he shares.

If you notice closely, millionaires on an average maintain at least seven streams of income. They’ve understood that creating multiple streams of income and diversification is the key to not just long-term wealth creation, but also in achieving financial freedom.

Karishhma Mago is a former investment banker turned digital marketer. She has been in the digital marketing industry for over 6 years and has worked with clients across different sectors including Volkswagen Finance, Natera, Reliance, Standard Chartered amongst others. She has also done special content projects for Facebook. Karishhma is also a Wikipedia editor and has created over 300 pages for her clients. After founding Facilius Inc in 2014, she has helped grow the company from a two-person team to a dynamic team of 30 people.


Become A Crypto Expert

Join Disrupt Magazine

Become A Disrupt Contributor

Most Disruptive

Executive Voice14 hours ago

Unoma Okorafor: How the Woman Entrepreneur is Paving the Way for Others Through Her Own Inspirational Journey

Unoma Okorafor is the founder of Herbal Goodness, a health and wellness company that has become the number one supplier...

NFT2 weeks ago

Polly Kole, The Beauty With Gifted Hands Tycoon Of NFT Sculptures

In a society full of stereotypes, people clinging to appearance and disregarding one’s achievements is the magnificent Polly Kole stunning...

News1 month ago

Spider Man; No Way Home’, Crushes Box Office Estimates Generating A Mammoth $253 Million In North America.

After only 3 days in the cinemas, the latest and last Spidey outing disrupted the international market as the highest-grossing...

Cryptocurrency1 month ago

Nike just bought a virtual shoe company that makes NFTs and sneakers ‘for the metaverse’

Nike, the sportswear mogul, recently stunned the globe as it moved into the realm of the metaverse industry and blockchain...

QR code screenshot QR code screenshot
Diversity in Tech2 months ago

BTC did 62% more in transactions than PayPal this year

MasterCard and Visa have always topped as the runaway leaders; however, Bitcoin’s Lightning Network will soon disrupt this norm. Starting...

high angle photo of person holding turned on smartphone with tall buildings background high angle photo of person holding turned on smartphone with tall buildings background
Social Media2 months ago

How to Organically Grow Your Social Media Following In 2022

Instagram On Instagram, use Reels to reach new audiences and grow – find popular sounds and use them in your...

gold-colored Bitcoin gold-colored Bitcoin
Cryptocurrency2 months ago

Julio Domenech On How Banks Can Engage In Bitcoin in 2022

As cryptocurrency continues to become a popular trend in the US, many people are looking for an opportunity to participate...

Diversity in Tech3 months ago

Microsoft Teams, Incorporating New 3D Avatars And Virtual Meeting Spaces Before Mid 2022

Microsoft Mesh has always led as the future of Microsoft Teams meetings. However, Meta, the newly launched Facebook company, is...

Health + Fitness3 months ago

Stephen Campolo – How A Former Fat Kid Transformed His Body And Is Now Helping Others Do The Same

UPDATE: During a recent interview with Yahoo! News, Stephen revealed that he will be speaking at the next Disrupt Puerto...

News3 months ago

Facebook Goes Meta As It Scales Up Beyond Just Social Media

Thursday 28 September 2021, Mark Zuckerberg, the CEO of Facebook, announced Metaverse, a brand for users to interact in virtual...


Copyright © 2020 Disrupt ™ Magazine - Disrupt is a Minority Owned Privately Held Company

Disrupt ™ is the voice of Latino entrepreneurs around the world. We are part of a global movement to increase diversity in the technology industry and we are focused on using entrepreneurship to grow new economies in underserved communities around the world. We enable millennials to become what they want to become in life by learning new skills and leveraging the power of the digital economy. We are living proof that all you need to succeed in this new economy is a landing page and a dream. Disrupt tells the stories of the world top entrepreneurs, developers, creators, and digital marketers and help empower them to teach others the skills they used to grow their careers, chase their passions and create financial freedom for themselves, their families, and their lives, all while living out their true purpose. We recognize the fact that most young people are opting to skip college in exchange for entrepreneurship and real-life experience. This Podcast was designed to give them a taste of that.