The current economic downturn has resulted in the highest unemployment rate in many years. Unquestionably, many people are currently unemployed and seeking employment. Whether times are good or bad, there are many reasons to have additional sources of income, whether as a fall-back position, plan B, or even change of career. In this article, we look at the 10 most important reasons to diversify your income, especially with passive residual income in a business making money online.
In typical David Letterman style, we’ll start from the top and work our way down. So, … drum roll please beginning with #10:
10. It is outside the norm: Although our economy rests on the unique American entrepreneurial spirit, most people are “conditioned” to seek the “safety” of the 9-5 job. In the current economic climate, most now recognize that getting out of the “job security” mindset is now critical to long term survival.
9. Get more experience quickly: The quickest way to get diversified experiences in a variety of disciplines is to expand yourself. You will quickly become more attractive to both employers and clients as you broaden and deepen your experience base.
8. Become more creative: Tap into the “spark of genius” that exists within and exploit your own natural talents.
7. Tax advantages: There are two sets of tax rules in the US and many other countries. As a business owner, whether in a full or part time endeavor, many additional expenses become tax deductible.
6. Write your own ticket: You determine your own value in the marketplace of ideas and contributions.
5. You have a higher income potential: Your income can be unlimited as you learn to employ the concepts of leverage and economy of scale.
4. Expand your relationships: If you work 9-5 at a single employer, your contact base can become limited and stale. You will make many additional relationships as your work and interests reach into multiple disciplines.
3. Generate time freedom: Learn how to develop a systems approach to business. Learn how systematize you efforts and soon you can be earning money 24 hours daily, through the leverage you’ve created.
2. You operate at less risk: Yes, it’s true that “job security” has now become an oxymoron. You must diversify for true security.
AND the #1 reason to diversify your income is
1. To face your fears: “Throughout the centuries there were men who took first steps down new roads armed with nothing but their own vision,” Ayn Rand. Learn to master your fears and you will be unstoppable.
We hope these reasons will provide the motivation needed for you to step out and take charge of your life. For those interested in taking on these challenges, developing a systems method in an business making money online, we invite you to look one possible approach and training to diversify your income and conquer your fears via an Internet approach and passive residual income.