Multiple Streams of Income September 9, 2009Posted by shaferfinancial in Finance.
Tags: multiple streams of income, protecting yourself in this environment
One of the key themes I teach at the Shafer Wealth Academy is the importance of developing multiple streams of income. Even for employees, this is critical and well worth the time spent. One basic axiom of today’s economy is that things change fast. Once secure jobs turn quickly to lay offs. Once promising business models quickly turn for the worse. Change happens and it happens quickly. You must be prepared for this and the best way is to have multiple places that your income is derived. I personally do this and you should too.
Take the time to think through how you are going to accomplish this. Put the plan to paper and then start the process now. You never know when you will rely on what started out as alternative income! Many a successful business has started out as a “little side thing.”