Diversify Income Streams

Do you have a 9-5 job and no emergency fund? If you do, you’re risking a lot on the stability of your job. I know, you’re the star producer that everyone loves… you won’t get fired, right? What if the company’s profits are dwindling? No, I’m not recommending that you quit your job. I even have a 9-5.

Consider this for a moment: when you go into work, you are selling your time to your employer. Your employer is your only customer. When you have a side-business, chances are that you have multiple customers. What are the odds that all of your customers will stop paying you at once? Pretty slim. What are the odds that your only customer will stop paying you (you’re fired)? You need to consider this.

When you get home from your 9-5, don’t waste your time watching TV or playing video games. Maybe spend a few nights out of the week working on a side-business? It’s truly a liberating feeling to know that if I were fired tomorrow, not only would I be covered by my emergency fund, but I have two side business that generate a decent amount of income.

What are your thoughts?

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