Multi-Streaming for Financial Security
A friend of mine called me a few days ago. He told me that he was going to be out of a job in a couple of weeks. I was floored. I know him to be a hard working, honest, friendly, and successful person. It turns out, though, that in this case, none of that matters. The company that he works for is merging with another. The office is moving across the country. And the long and the short of it is that most of the employees here will need new employment.
This re-emphasises something that I’ve long believed in. The only way to be financially secure is to have multiple INDEPENDENT streams of income.
We all know the importance of diversification in our investments. We would never put all of our money into one stock, but we often have only one plan, our current job, for income. And, for one reason or another, that usually leads to some inconvenient times, like my friend is experiencing.
I suggest that you begin immediately to develop some new ways of earning income, that have nothing to do with your current job. No, I’m not suggesting you get a second full-time job! I’m talking about ways of making money that don’t require your presence all the time.
Rent out some property. Sell items on the internet. If you’re reading this, I know you have some internet skills. Start an internet business.
You say that you can’t come up with any ideas that would earn enough money to make it worthwhile? Many people think that they need an idea worth thousands before they get started. Another friend of mine, Dennis Becker, wrote a book about using ideas that only earn five dollars a day. You start one, get it running, and then move to the next one. Combined, this leads to some serious income. For a complete description, I recommend that you get his book.
Note that your incomes need to be completely independent of each other. Life Happens, and you must be diversified to be safe.
Multiple independent streams of income (multi-streaming) can give you security like nothing else. You know that if any one of your income streams fail, you have others.