The Benefits of Multiple Income Streams That You Control

Many people are totally dependent on their (or their spouse’s) “regular” job for all of their income. This is a risky proposition even in good times, but especially now that jobs are being cut left and right. When that one job goes, all of the necessary income goes with it, leaving the person with no way to pay the bills (unless there is a substantial savings account available). It used to be okay to rely on one job for all of your money. Companies encouraged long tenures and rewarded long time employees with regular raises. If you did your job well through the years, you could generally count on keeping that job and the associated security. Those days are gone and we’

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11 Responses to The Benefits of Multiple Income Streams That You Control

  1. Dana says:

    I think more and more people are beginning to realize that relying on one employer to provide 100% of your income is not a smart strategy.

  2. I like the school of thought that has you look at your employer as your number 1 customer. If you treat your employer as your customer, then it’s not the end of the world if you lose a customer, you just have to go out and get another one (or two… or three). This has changed my perspective on how I market my skills and how I choose to work!

  3. JC says:

    relying one a single source of income is always risky

  4. Stacy Adcock says:

    I once considered working for my husband’s company. I didn’t and now I’m glad I kept my local government job. It’s secure because I’m a senior employee and although I would make better wages working for my husband on a regualar day, I’d now be working for free because he couldn’t afford to pay me. There’s something to be said for not putting your “eggs in one basket”.

  5. Jay Gatsby says:

    While entrepreneurship is commendable, most people aren’t cut out for it. They are either afraid or lack the discipline necessary to succeed.

    I would advise anyone who craves the safety of working for someone else to save your money in case you lose your job. With enough savings, you can ride out your unemployment with minimal impact to your lifestyle. If your savings reach a high enough level, you can even draw off some or all of the interest to cover your monthly bills.

    Jennifer – I get the impression that you are a single individual. Entrepreneurship is far easier when you don’t have a spouse or children dependent on your income. You can take risks that others cannot. If you fail, then you only have to worry about yourself.

  6. Monkey Mama says:

    I agree with Jay on many levels.

    But the rest of the article is right on. I think what most people don’t understand about those of us who live off one income for a period of time in our lives, is that we are practicing exactly what this post breaches (on some level). Or maybe I should simply say that marriage is a way to achieve that end. I don’t expect a lot of future earning potential in my career path. But I Am okay with that for many reasons. A main reason is because my spouse can always rejoin the workforce and increase our combined income considerably. If something were to happen to me I also have another wage earner, in addition to any insurance we have put in place, or any unemployment I may receive.

    Living well below your means kind of has the same benefits though. IT’s kind of the “lazy” way in some sense. It buys you time anyway, when other income streams decrease.

  7. Moneke says:

    sounds like you are a slave to money…

  8. China Brooks says:

    Amen sister! I also have to agree with Jay. Entrepreneurship takes a lot of discipline and is easier when you don’t have a family to feed. But for me, someone who just doesn’t do 9 to 5 well (nor do I have children), multiple income streams are where it’s at!

  9. Chris says:

    Use your investment to generate income. Either bonds or CDS can pay you monthly income and keep your principal safe!

  10. Doug says:

    Yes, I agree you can’t rely on an employer for your income. You should establish at least three income sources so that if one dries up you can fall back on the others.

  11. Gail says:

    I married a self employed man while working a full time punch the clock job. Three weeks later I was too sick to continue working and never went back to fulltime employment. When I’m not resting and taking care of my health we run an on line store which everyone in the family pitches in on since I can’t do it all, I also have a source of income from being an alffliate for several companies. They don’t make a lot of money, but when you get a $100 check in the mail, do you complain that you don’t get one every month or be happy that this month paid off. Hubby does his regular job, consults for pay with others who want to learn piano restoration and goes out to give tunings aand minor piano repairs. We also have a rental property that brings in some income and should bring in more once it is paid off in 6 years. Yes it can be trying to make ends meet especially since so much of our income is soaked up in medical expenses since we both have poor health, but since neither of us can work a regular job because of that poor health, it is our only way to earn an income. I am firmly convinces that if I was completely well tomorrow, all I would do is to ramp up my work and work harder and thus earn more I have plenty of ideas on how to earn more–just don’t feel well enough to carry them all out.

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