Multiple Money Streams - Is a job just enough?
Job Security
If anyone can safely say that their job is as sure as death and taxes then I will be truly amazed. Jobs are some of the most unsecured sources of revenue around. Take radio shack for example. Ten years ago radio shack didn’t expect to cut 400 jobs in 2006. I’m sure that the folks now are wishing that they would have done something in preparation of that catastrophe other than simply receiving one to three weeks of pay for each year of sweat equity (up to 16 weeks for hourly and 36 weeks for salaried) those people put in. Or most notable for the size of the layoff; ford motor company. Ford laid off 10,000 (possible more finding out every day) salaried workers and closed a few plants as well. This just proves that no job is as secure as it should be.
Diversification
Okay, so now we know that no job is secure in reality. What can you do about it? For years (probably a hundred or so) people have been touting diversification. Farmers diversify with the crops they plant. Investors diversify with the stocks they buy, the countries they buy in, the markets buy in, etc. Businesses diversify with the range of products they sell. How much longer is it going to take for individuals to figure out that they might need to diversify their sources of income? No job is secure!
You can diversify a number of ways. Well I hate to admit it, but having some type of employment is probably the most common source of income and probably the first in diversifying your income. A second source of income could be from some money generating account. If you have a few pennies to start out with you could put some money in an interest bearing account. This account could be any type of account (money market, savings, stocks that produce dividends, etc), but the most important stipulation is that it earns interest. I find it very confusing when people put their money into a non interest bearing checking account. Why do this? It doesn’t make sense. Make your money work for you any way you can.
Most importantly are the other sources of income because these are the income sources that are going to be the cushion if one of your other sources of income happen to fail. These other sources of income could be anything your imagination can think of, as long as it makes a little money. It could be a lemonade stand (this application of this source probably will depend on your age), or it could be some graphics work you do on the side if you are so talented. Or it could be your personal blog.
Blogging is becoming a very hot topic now that you can generate income from it by selling ad space. Who would have thought that your opinions and thoughts would be just as interesting to other people around the world? Now if you can answer that last question with a loud “I already thought of that”, then why didn’t you already think of a way to capitalize from it.
Capitalization
How can you capitalize from a website? It’s simple: with a bit of html, graphics, and critical thinking experience anyone can try it out. The fun thing to think about when considering this blog idea, is that it doesn’t really cost so much to start out. If you have a bit of time, a few extra dollars, and the willingness to try something new, then you have what it takes to try it. Now how do you start. Well, first you have to think of something you’re good at, or something that really attracts the masses. Then make the website. Then make lots and lots of money. Sounds great, yeah?
Well there are a few more steps. You could find a connection between what you have on your website, as far as content goes, and other products or services that could be sold on your site. Partner with those companies that sell those products and services by selling their products and services on your site, and you’re off... That’s one way to go about it. Or you could simply partner with a popular search engine such as google and promote their customers ads on your site; specifically the ads that have some correlation to your sites content.
Now you’re set
Now that you know that a job just won’t cut it in today’s world, you are more prepared and more capable of do what you need to do to survive the scariness of the world as we all know it. If you have any questions or comments, feel free to leave a comment below and all that read this will be happy to point in the right direction.
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