Cultivate Multiple Streams of Income: Provide for Your Future Security

Even if you feel your job is secure, you should continue searching for ways to improve your financial prosperity.

The popular phrase, "Don't put all your eggs in one basket," illustrates an important truth regarding work: it isn't always steady. Yet, most of us typically rely on one stream of income to provide our needs and give us a living. When that stream runs dry, however, we are then forced to consider alternative methods of income. Not all of us can be doctors or college professors, and sometimes businesses must cut their losses by shrinking employment. You owe it to yourself to be ready for the worst so that you are not left high and dry by bad circumstances. As the economic situation of the past few years has indicated, few jobs are truly secure. The purpose in cultivating multiple streams of income is to provide yourself a little extra for when times are good and something to survive off of when times are not good. This way, you can sustain yourself in those "in-between" times when you find yourself lacking gainful employment.

Generate Passive Income

When you have steady work, search for a method of receiving passive income: that is, income that generates dividends even after you have completed the work for it. Passive income is generally a relatively small amount of money (10-50 dollars per month), and it does best for filling in the gaps. Some examples of passive income include online writing (such as knoji.com) and other sorts of online activities that generate income through hit counters and page views. The advantage is that, even when you have to focus on your 9-5 job and leave the passive income source alone for a while, it still continues to generate some revenue. This can give you some extra oxygen and gas money for the good and bad times.

Consolidate Time Use

There are a limited number of hours available per day, and sleep is usually a non-negotiable item for most people, so time is of the essence if you are attempting to nurture more than one method of earning income. Work-from-home opportunities are wonderful for filling in time gaps, because they are convenient to your place of residence and can allow you to relax at the same time. Thus, you don't have to spend the additional gas money of a second part-time or conventional job, and you can utilize the time normally spent on driving or other activities to get some extra cash flow. Some good home ideas include electronic jobs such as writing and editing, data entry, home businesses like embroidery and sewing, and other activities that don't require a great deal of machinery at home.

Increase Your Marketability

One method which improves the security of your primary source of income and can often be far more effective than cultivating several streams of income is to return to school and further your education. This has become a common response now, while times are rough, but if you can get ahead of the power curve and achieve a degree before the economy gets tighter, or as soon as possible, then you find your job situation more stable while some of your peers have to frantically scramble to catch up. You want to be in a position where your peers are chasing you, because you can increase your experience while they have to return to school for more education.

The most important piece of advice to remember is to be aware. If you are noticing that work is flagging at your place of employment, then it should be your first goal to work harder and indicate how indispensable you are to your superiors, and also to search for a new job if you get the feeling that you may shortly be losing yours. You may not always be able to choose just what cards you get in your hand, but a little forethought allows you to reap the rewards of playing your hand to the best of your ability.

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