Whether the economy is booming, busting, or simply bewildering, most of us are continually concerned about whether we have enough money coming in. We wonder about our cash flow. We wonder about our financial security. There is nothing worse than having your sole source of income dry up on you, especially if you are already buried in bills. You may have heard the phrase, “I would rather have it and not need it, than need it and not have it.” You can surely anticipate the luxury of earning more money than you really need.
Diversifying your sources of income can be done in many ways. Some will choose to take on a part-time job in addition to their full-time one; some will rent out their own property or equipment; some will stage a one-time event such as a fundraising party or yard sale. The ways of going about multiplying your income streams are innumerable; but the objective, almost always, is to secure additional income. Besides material gain, a new job can lead to new knowledge, which is a fantastic goal in and of itself. There is no shame in going back to school or in learning about something totally unfamiliar to you; once you are firmly established in this new domain, you may even enjoy your secondary source of income so much so that it becomes your primary source.
Have you ever considered working at multiple jobs instead of one full-time job? That way, even if you get laid off from one, your other job (or jobs) can still keep you going. Part-time jobs are less likely to provide health-care and other benefits; the trade-off here is that you might have a more flexible schedule than with a nine-to-five day job, and losing one job would mean a small dip in your income, rather than a complete cessation of your cash flow. Many full-time employees will take on temporary part-time jobs in the retail sector during the winter holidays, when retailers need all the help they can get, and when many of us need some extra cash in our pockets.
- If you want true prosperity, you have to take charge of your own prosperity
Becoming a business owner, either by capitalizing on a skill or resource you already have or by investing some of your money into someone else’s company, is another option. Are you good enough at photography to be hired as a photographer, or qualified to advertise yourself as a babysitter perhaps? There are numerous ways to turn your skills, talents, resources, and spare time into additional income–take the time to research them thoroughly before deciding what you want to do.
To quote the ‘Millionaire Messiah’ Randy Gage, “If you want true prosperity, you have to take charge of your own prosperity.” Even in times of financial comfort, it makes little sense to save only from one source. Rather than waiting until you really need that extra bit of financial cushioning, be proactive and start planning. You really can begin creating wealth today, but you have to take the necessary steps.
D C Dolabaille
Latest posts by Sakib Niaz (see all)
- Micro-Credit Program to Jump Start the Black Creek Business Community - April 26, 2011
- Multiple Streams of Income: Your Best Backup Plan - March 15, 2011
- Investing in Canada - March 9, 2011