Creating Multiple Income Streams

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Today, the vulnerability of American’s in private sector employment is massive. Having a single career identity is a liability. Corporate job security is no longer the case with our current economic conditions. Headlines tell us how many Americans are being laid off, their jobs sent overseas, businesses closing their doors, and several other factors contributing to job loss.

American unemployment rates are on the rise. Fortune 100, 500, and 1000 Companies are making significant “restructuring” changes within their organizations. This has been building for several years now with no end in sight. As our financial climate changes, more business owners can no longer afford to offer benefit packages to their employees, so these individuals are offered contractual or part time status potentially losing previous income levels. Full time employment status is no longer a guarantee.

So, how do you protect yourself and your sanity? We no longer have the luxury of the employment opportunities some of our grandparents shared. Enron (and others) taught us a valuable lesson in the safety of our Retirement Funds. Putting all your eggs in one basket could be financially, physiologically, and economically devastating. Even small business owners and entrepreneurs must consider all their business options.

There is no need to wait until the door closes in your face. Start finding your “opportunity” today. Believe in the possibilities of success in your new endeavor and it shall be. It may take months to build a sustaining income, that income could become primary replacing your current income, most times exceeding it. You could become the corporation, small business owner, consultant, or entrepreneur and pay yourself for your services. The most valuable asset you have is yourself.

Success is not encoded in a persons DNA. So how is it, that some people are more successful than others? Is it their belief system? Have they been pushed over the edge somehow and “sink or swim” mode kicked in? I believe it is different for everyone. We all have our motivations that propel us forward in our lives. Freedom was my primary motivation.

Ask yourself these questions:

What are my skill sets? How do they transfer? What do I love? How do I define myself? What is most important to me? What are my dreams, desires, and goals? What feels good to me?

Write down your answers and explore them. Prioritize each one. Research a topic that piques your interest. Can your favorite hobby bring in an additional source of income? Find a product you love and believe in. Explore and experiment without leaving your primary income source. If your first choice does not create the opportunity you were expecting, retool your efforts and move forward. Sometimes it takes several attempts but perseverance is a key factor here.

The current economic conditions in the US demands you take care of your own best interest. Employees are replaceable, I learned this from a former Director who operated on this very principal. Having a single income source is a liability that most cannot afford. And perhaps a good option is to find an opportunity to create within your own home to will help you to achieve financial freedom and internal security.



Source by Brenda Beck


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