Why look for a Second Income?

15 08 2009

Once upon a time people got a job out of school and ended up retiring from that company after 25+ years.  Those days are now gone.  Businesses are downsizing in record numbers, many businesses are even closing their doors forever.  The days when once you got a job, worked your way up through the levels and finally retired from that same company are long gone.   Job security has gone out the window.

People are now realizing that one income stream is probably not enough.  Reviewing your highly successful people, many have found that they have more than one income stream to work with.  Multiple income streams in this day and age is now one of the most important things a person can do in order to assure financial stability if not financial freedom.

If you have multiple income streams, you have the ability to change directions at a moment’s notice if one of your areas starts declining.  If that particular area of income declines, you can turn to one of your other income streams and build  up there.  If you were working at a regular job and that was your only income, where will you get money if your company goes out of business?  What about your retirement, do you have enough invested to live comfortably on if you live more than 30 years?

It is a good idea to begin spending time looking for at least one other income source.  That is not to say to quit your job today, but it is a good idea to find other sources just in case something happens to your main income stream.  Many of these other sources of income do not require a large investment of either time or money, but the will require dedication.  If you spend an hour a day (perhaps watch TV for an hour less a day) for at least a year working on your second (or third…) income stream, by the time anything may happen to your main source of income, your second stream may be generating as much as, if not more than your original job.  The really great part is that if your second income stream begins generating more money than your main income, you are fully on the road to financial freedom and do not HAVE to work for anyone if you choose not to. 

Finding a second income stream that suits you is not as difficult as you may believe.  You will need to overcome any fears you may have and need to determine what your interests are.  We will cover more on discovering what you may want to do next week.  Until then, take care and be well.  (www.hawgwash.net)

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