Whether you have your own business, perform contract-based services, or you work for someone else full time, the fact is having multiple streams of income is the best way to build income security into your life.
Think about it, when one income source dries up, you have the others, so you aren’t destitute or ruined as you rebuild and replace the lost income. Not only that, if your work depends on you performing a task, what if you get sick? Then what?
Thankfully, when you are working online, there are ample opportunities to build multiple streams of income to build your net worth, provide income security, and create a safety net you can fall back on during difficult times. In fact, one could argue that today there is no job security – no matter what you do. Therefore, no matter what you do, you should seek to find ways to create more than one stream of income.
Everyone has a lot at stake. You have health care, college for your kids, and so many people relying on you for their basic needs. Make no mistake: it’s not having a business that is risky, it’s having only one source of income that’s risky. Most jobs don’t last for 30 plus years anymore, and if they do, the pay doesn’t rise as it should. Therefore, creating multiple sources of income can alleviate the fear of being laid off, the fear of losing that one big client, and free you up to relax a little with your working life.
If you look at rich people, they do not rely on one source of income either. Even if they inherit money from a parent, they usually take that money and invest in several business opportunities so that they can earn a little money from each venture and not worry that the stock market might crash, or something will happen to their one source of income. They diversify their investments, they diversify their income generation, and spread the risk out so that they won’t suffer if something goes wrong.
That’s why you have sharks on Shark Tank who are already rich investing money in small business owners, entrepreneurs, and inventors. It’s not because they don’t already have enough money. Itís because they’re hedging against something happening to their original source of income with the other streams so that they’ll never be without. Because when you have many streams of income, you have options.
You have the option not to take just any client on to feed your family. You have the option not to work at that 8 to 6 job (face it, there are no 9 to 5 jobs), and if you’ve kept your expenses low, you may even have the option to just ride out the income loss depending on the other sources of income without too much sacrifice.
Creating passive forms of income can change your life completely. In this challenge, that’s what we’ll explore. Because there is no security in one income stream. You need many different streams to create an environment where you will not be ruined if just one of those streams should end for whatever reason.