Income diversification or multiple incomes seems to be the trend of the month right now. Its seems like everyone is hopping on the bandwagon. I, personally, love the idea and am working hard at finding different routes to be able to feel financially secure. Let me preface this by saying that I have always been a spender, but I have always worked. Hard work to me is part of the course, but I do get bored rather quickly. So in order for me to stay focused on one task for a long period of time, I need to feel mentally stimulated. Being bored equals sloppy work, and sloppy work is simply not acceptable.
We all have fears, some have completely irrational ones like talking on the phone, some, like myself, fear being unemployed. I fear waking up and not having a source of income. I fear not being able to take care of myself and therefore relying on others. Actually, I think what scares me the most is relying on others. I bet a lot of people have the fear, but there are very few that do something about it. We live in a culture where being unemployed isn’t seen as a scary thing since people can rely on the social system. I don’t want to think about that as an option. One of my biggest dreams is to become a vega-bond and travel the globe. While building a passive income stream might not be on the top of my list, I do want to have multiple channels of revenue coming in so if/when I decided to take a sabbatical and go live in Honduras, I have enough to cover my bills.
My friends refer to me as the “do-er”. I like making plans and starting right away. I usually lack the self control of waiting around to mull an idea over. If I think I should do something I jump right in. Thats how I started blogging. I came across a few blogs, read them all weekend, found Yakezie and took the plunge. That is also how I started my side business.
You may have read about the 30K challenge last year. The challenge is one of the ways that I am motivating myself to diversify my income stream.
Benefits of income diversification:
- Peace of mind
- Income security
- Increased income
- Ability to expedite debt repayment
I like knowing that I can walk away from any part of my work life and still have a steady income. Income that I can increase exponentially based on the amount of work I am willing to put in. Don’t get me wrong working full-time at a steady job is fantastic, but I don’t have the security of knowing that I am my own boss and that my future is in my own hands.
There are a ridiculous amount of resources available out there that can help provide different channels for secondary income. All it takes is a bit of research. Sometimes you have to fearless to start a new business or become an entrepreneur. There is a bit of luck, a lot of hard work and some foolishness involved, but the peace of mind that comes with it is very worth every second of extra work.