Multiple Income Streams – Are They Necessary?

Restored from the Empower Network archive (2011–2017), lightly edited to meet our current advertising standards. Views are the original author’s.

In today’s uncertain world, do you think that having and staying in one occupation for your whole working life is still viable? Well, there are two sides to every debate and I guess there is something to be said for both viewpoints.

ONE STREAM OF INCOME

“The way to become rich is to put all your eggs in one basket and then watch that basket.” Andrew Carnegie

Let’s say that in your area unemployment is high and getting a job of any kind is difficult. The competition for the few jobs out there is ridiculous and you find yourself looking outside your preferred job market for employment – in fact for anything that will give you an income. When you eventually find a job, you are grateful enough that you want to keep the job, even if you don’t really like it. After a while you get comfortable with what you  have because after all, it does pay the bills, and before you realize it, 20 years have gone by and you’re still at the same job with little or no opportunity for advancement.

Some people choose to work for large corporations such as GM or electronics companies and believe that, because they are established companies their job is safe. They make the decision to stay with the company through thick and thin, hoping to climb the corporate ladder over many years towards that golden retirement.

The third category of one-job people have a passion and spend their entire working lives seeking out ways to follow that passion. Doctors and lawyers for example, have to be fully invested in what they are doing in order to carry out their tasks as professionally as possible. The same applies to professional artists of all kinds, and scientists who are doing groundbreaking research.

The fourth type of person starts a business, on- or offline, and puts all his or her total financial resources into it. Offline businesses need considerable amount of seed money to lease a location, purchase office furniture and sometimes hire an employee or two just to get going. After that, they need to spend a fair bit of money on marketing their products or services so that the public is aware of their existence.

OK let’s flip the coin and look at the risks of ‘putting all your eggs in one basket’.

MULTIPLE STREAMS OF INCOME

What does the word ‘diversify mean to you? It is often used by financial advisers when they are discussing your investment options. They are always suggesting that you diversify, that you DON’T put your eggs in one basket. Why? Well, even with the best intentions, even when you invest in so-called blue-chip companies, things can take an unexpected turn and you may lose some or all of your capital. So as a hedge to possible future downturns in the market, they suggest that you spread your investment money around so that if one company goes down you still have other sources of income.

Those people who stick to one job throughout their working life may not of course have the ability to do anything else – and that’s fine. We cannot all be Donald Trumps or Richard Bransons and often have to compromise in our livelihood. Other folks who maybe would like to advance their career aren’t fortunate or ambitious enough to follow through with their desires.

Employees of large corporations are completely at the mercy of the head honchos who can lay off any number of people at any time. There is little or no job security in these mega-companies as employees are little more than pawns in a giant power game.

The bolder individuals who start their own company are to be admired – especially those who open small businesses with minimal capital and knowledge. At least they are trying to make it on their own, regardless of the risks and therefore demand our respect , even though they have fallen foul of the ‘all eggs, one basket’ syndrome.

Finally, we come to online entrepreneurs. Really the same rule applies to online business – diversify. By all means spend time mastering one business but once mastered, don’t hesitate to add other income streams. This way if one income stream dries up it is not the greatest but it is not a disaster. When it comes to financial endeavors, it seems to make sense to work SEVERAL streams of income not just a single stream. It sounds obvious but you must always have a Plan B, C and D – just in case.

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