As I was walking downtown the other day I couldn’t help but wonder how all these stressed out souls passing hurriedly by were managing with their income. Were they slaves to the nine to five grind because they needed the next paycheck to pay for their lives that they spent already in the future? Did they have their entire income riding on just one job? Were they happy to scurry into the glass towers lining the street every day? I was intrigued.
People tend to focus more attention on buying a car then they do on figuring out how to manage sources of income to live their life. Many people simply jump on the bandwagon and join the nine to five grind, repeating the same mantra, each and every day, in the hopes of one day jumping off to live their life. Putting all your eggs in one basket can leave you vulnerable to life’s happenstances. As such, it’s important to broaden to the extent possible different ways you earn income. Banks tell us every day to diversify our investments, so too should we diversify our income streams.
To develop diverse sources of income, you need to invest in time to do other things. It’s easier than you would have imagined because when you do activities that are fulfilling, it doesn’t feel like work; rather, it’s considered a pursuit. Your energy level usually increases, your focus remains positive, and you become happier. This is an investment in your future. It will take some time and effort, but you’ll never regret the outcome.
As you progress in diversifying your income, you’ll reach the tipping point, that point when things begin to happen. If you’ve invested in an online business, for example, you may see that your online community has suddenly come alive by interacting with you. Your name is being recognized in other online sites or blogs. You may have sold a product or book, or landed a new client. You’re coming of age. You’re beginning to realize diverse income streams.
Soon your income streams will allow you to step back a little from your full-time income generating job. This isn’t the time to lose focus; you need to keep on track until you have reduced your reliance on a single source of income. This risk diversification strategy will reduce your vulnerability to life’s happenstances and most important, reduce your levels of stress.
Have you found ways to diversify your income?
Feel free to share your answer in the comments.
Other Time Trading Gurus
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