Money is definitely one of the biggest motivators in our life, and is the reason we go to get an education and then a career. It allows us to buy the things we need and want in life. From housing, to food and water, to electricity, and then superficial needs such as new clothes, new shoes and entertainment.

Money essentially makes the world go round.

Money itself is not anything special, but the value of money is what can afford you to have choices and freedom in life.

Having money means you can choose where you want to live, how big the house is, as well as the resources available to you. It also allows you to have luxuries such as a bigger house, entertainment devices, the ability to go out and have a good time on the town and so on.

On the other hand, not having money can severely limit your lifestyle, and affects everything about the way you live.

It can mean having a smaller house in a place you don’t want to live, not being able to go out and do what you want, and general struggle in life.

Money is needed to cover basic life expenses such as food, water and shelter. Beyond this, the money you need is determined by what type of life you want for yourself. Some lifestyles will require large sums of money, whereas some would be more content with middle class living. Generally, middle class living means you have access to higher education, some luxuries and enough extra to be able to enjoy your life.

Money is obviously important, and should be strived for in line with your lifestyle goals. It is important to also keep in mind the other things in life besides money, but money is generally important for your basic lifestyle needs.

Most people will have one or maybe two sources of income in their life.

A good way to build your wealth is to have multiple streams of income.

Many highly successful wealthy people practice this, and obtain, keep and grow their wealth with multiple streams of income.

More income streams benefit you by not only increasing your cash flow, but also creating security. If for some reason your main income stream is disrupted, you still have other forms of income and you can stay financially secure.

Here are some ways to generate multiple sources of income.

Diverse investments

Your investments should not focus on solely one sector, and instead you should have a diverse investment portfolio. This can be done through diverse stock market investments, investment bonds and hedge funds. These all will provide a form of passive income and will create diverse income streams.

Sell something or offer a service

You could have extra time on your hands to provide a service to people such as ridesharing app driving, gardening etc. which can form another stream of income outside of your main income. You could also sell things that you make or don’t need, which also creates a bit of extra cash coming in.

Real estate investments

Real estate is a great form of income. Buying a property which you can lease out to tenants can create a passive income stream every rent cycle. You could also buy property and flip it for a profit, which is another form of income stream, however this will take more attention and action to do so.

Having multiple income streams creates a higher cash flow and provides financial security for yourself. It is important to have diverse income streams, in order to maintain security if one stream of income was to be disrupted.

You might be saving for a holiday, a new car or something else.

Either way, the price tag is hefty and it’s a goal of yours.

The way to reach this goal is through the act of saving money. These little bits of money saved can add up to become a significant sum, enough to reach your goal. It’s something that people often struggle with, and are not sure how to go about.

Here are some money saving habits that you can implement into your life.

Setup an auto-transfer into a savings account

It is a good idea to setup a separate savings account, and every payday have a certain savings amount automatically transferred into this account. In doing so, you don’t have to worry about remembering to do so, and every week or how ever often your payday is, it will add up and before you know it, you have a significant amount of savings in that account. It would also be wise to ensure you cannot transfer out of that savings account to stop yourself from touching that money.

Plan what you are going to purchase

When going grocery shopping, or to the pharmacy or wherever you plan to buy things, make a list of planned purchases. By sticking to this list, you will avoid impulse buying which can add up and significantly affect your savings.

Set up a budget

Setting up a budget helps to organise your finances and you know how much you should be spending per week. This will help you to save money and visualise your finances.

Saving money can be done easily with a bit of organisation. By implementing these money saving habits, you can have a good amount of savings set aside for your goals.