As you all may know, according to a recent report from Newspapers & Social Media, automation is gaining momentum globally across industries especially in the tech space, domestic software firms that employee over 16 million are set to slash and by 2022 about 30% of them ( low skilled and BPO employees) are likely to lose their jobs. That would save these companies over $100 billion in annual salaries & associated expenses, the report says.
Links received through social media/News and other mediums are shared below
- https://timesofindia.indiatimes.com/business/india-business/it-companies-set-to-slash-3-million-jobs-by-2022-due-to-automation-to-save-100-billion-in-cost-report/articleshow/83575541.cms
- https://mybs.in/2ZfAMYI
Lost Job Due To Automation
When our family depends on us financially & your source of income suddenly shuts down...only hearing this makes the mind restless... but what if this really happens to us in the future ??
Therefore, my friends, you should always have an alternative source of income with you, which will not only be useful in your daily life but also if your primary source of income suddenly shuts down/stops, you can contribute your expenses through this alternate source of income.
Friends, if you think carefully, if you are working in the private sector...and suppose you depend on the income from that particular single job, then you can only meet your daily needs. Because our needs are never ending, a man with a low salary fulfils his daily needs first but his salary runs out only in meeting out those daily needs. As ones salary increases, his/her needs also increase simultaneously, his lifestyle changes. A person who used to be satisfied with daily necessities, after increasing his/her salary, turns to luxurious life like TV, fridge, washing machine, car, bungalow etc.
All in all, you can't have a balance of money without having an alternative source of income, and this alternative source can be useful to you in difficult situations as mentioned above.
We will now look at some of the key benefits of having an alternative source of income
1) Achieving financial independence -
In the initial stage when the business starts, the founder/owner usually tends to do all the work/takes many tasks for himself/herself. But with the progress over a period of time, the target will be to delegate the tasks little by little to the other employees so that they can focus on 20% of the tasks which may generate 80% of the results to scale the business.
The main objective is that we should able to answer Yes to the question:
"If i were not present, would my business still generate money?" That's an excellent indication of whether or not you are financially independent.
2) Good stability and safety in Life
It is important to make sure that your first source of income is mature & developed enough before you start focusing on eventual second income source. But at the same time it is also important for entrepreneurs to always have ambitious attitude towards seeking new income sources. Having multiple source of income can decrease your risk of losing at all.
If the business for which you are giving all of your efforts goes fail, you will lose your only source of income & will be with empty hands. When you will have several steady sources of income, that worry will reduce.
3) Rapid progress
4) Working in the comfort Of your own home
There's recently has been more debate about what is best : Working from office or from Home. It depends on us as it is relative because both options have their advantages & disadvantages.
No matter your opinion, because you are your own Boss & you will be the one to decide from where to work. In that case geographical area is not a matter for you.
5) Living your dream life
**Different Alternate sources of income/business plans -will see in next Blog - Keep Reading**
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