One Income Source Is Not Enough!

My personal opinion is that in today's new economy, it is wise to have multiple income streams. Reliance on one income source poses a risk to individuals, entrepreneurs, and even large corporations. A single-source income stream, rather it comes from a job, a million-dollar customer, or a highly targeted market segment can dry up for any number of reasons.

I live in Michigan where many people derive their income from the auto industry. A downturn in that industry can affect masses of people in various industries because their critical source-point is the auto industry. In fact, before I got laid off from IBM last year, Ford was their biggest client here in Michigan. As Ford started making drastic cuts, so did IBM and many other IT consulting companies. This trend happened over and over again and our mid-western economy has still not fully recovered.

People still assume that a job provides security but the reality of unemployment tells an entirely different story. I was laid off for 7 months and I had plenty of time to come to terms with my own financial vulnerability. Financial consultants have always advised a person to have 6 months income saved up and as sound as this advice is, many people don't even have 2 months income saved up; they are actually living from paycheck to paycheck.

Over my 20+ year career, I've gone through the down-sizing fiasco more than 5 times and I would be quite foolish to pretend that I can depend on a job to be there just because I need the money. Jobs are good?they keep the economy flowing?people get paid?people spend money?the money flows in and out and everybody's happy. But?and this is a big BUT, jobs cannot be viewed as the single source of personal long-term security. Our view of jobs have to change to match the reality and the reality is - we'd better learn to manage our money well and we'd better learn to generate income from multiple sources if we want to create financial security.

There are a few people who don't have to worry about money now or in the future. They have money handled; their income is quite substantial, their lifestyle is affordable, their savings, investments, and retirement plans are unassailable. Most wealthy people cannot even claim this kind of stability because their lifestyles are exorbitant and out of control. But there are people who simply have no money worries; they made the right career choice, they love their work, they handle their career and money like an expert. How many people do you know that fall into this category? Not very many, right.

It's true, money doesn't buy happiness but don't let anyone trick you into believing that you can have a quality life without certain financial means. In western society, having a certain income is essential to survival. I know everyone who reads this article may not be suited to join my business but everyone who is looking for way to give themselves some financial breathing room should consider three things, controlling the money going out, diversifying the income streams, and increasing the money coming in. Starting a part-time home-based business is an excellent way to do this. This is one of very few ways that a person can legitimately reduce their tax liabilities and take the money they save and use it to make more money.

Robin Harris is a DesignerLife Coach who specializes in helping people get money handled once and for all. You can find out more about acquiring your free copy of the Self-care Kit which includes the amazing Money Module at http://www.how-are-you-doing.com

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Google News Updated : Sun, 06 Jul 2008 00:55:15 GMT France's Sarkozy Questions If ECB Rate Increase `Reasonable' - Bloomberg France's Sarkozy Questions If ECB Rate Increase `Reasonable' Bloomberg - 6 hours ago By Simon Kennedy July 5 (Bloomberg) -- French President Nicolas Sarkozy recommenced his criticism of the European Central Bank today, asking it was ``reasonable'' for it to have raised the region's key interest rate this past week. Fighting Inflation, Europeans Raise Rate New York Times Euro flat after post-ECB dip MarketWatch istockAnalyst.com - Reuters - Forbes - Wall Street Journal all 1,857 news articles Publ.Date : Sat, 05 Jul 2008 18:50:48 GMT Argentine Lower House Passes Grain Export-Tax Plan (Update3) - Bloomberg Aljazeera.net Argentine Lower House Passes Grain Export-Tax Plan (Update3) Bloomberg - 2 hours ago By Eliana Raszewski July 5 (Bloomberg) -- Argentina's lower house of congress approved the government's plan to increase taxes on exports of grains and oilseeds, risking a resumption of three months of strikes by farmers. Export Tax That Angers Farmers Advances in Argentina New York Times Argentina lawmakers approve farm export tax hike guardian.co.uk Voice of America - AFP - BBC News - The Associated Press all 138 news articles Publ.Date : Sat, 05 Jul 2008 22:41:30 GMT California's priority wildfire in check -- for now - Reuters AFP California's priority wildfire in check -- for now Reuters - 2 hours ago By Jim Christie SAN FRANCISCO, July 5 (Reuters) - Firefighters in California have fended off a blaze threatening more than 3000 homes in and around the coastal town of Goleta and are turning their attention to preventing its spread toward the nearby ... Video: Wind Keeps California Wildfires Raging AssociatedPress California's Wildfires Have Scorched 527000 Acres (Update3) Bloomberg Los Angeles Times - AFP - NECN - San Francisco Chronicle all 910 news articles Publ.Date : Sat, 05 Jul 2008 22:04:28 GMT Obama mixes holiday and politics in Montana - Reuters Boston Globe Obama mixes holiday and politics in Montana Reuters - 4 hours ago By John Whitesides, Political Correspondent BUTTE, Montana (Reuters) - Democrat Barack Obama mixed presidential politics with parades and barbecue on Independence Day on Friday, celebrating his daughter's birthday with a picnic and fireworks in Montana ... Play of the Day: Malia Obama's "best birthday" The Associated Press On the Road: Montana Outtakes New York Times FOXNews - Los Angeles Times - Washington Post - New York Daily News all 755 news articles Publ.Date : Sat, 05 Jul 2008 20:13:58 GMT A Side Competition in Beijing: Island vs. Mainland - New York Times CTV.ca A Side Competition in Beijing: Island vs. Mainland New York Times - 8 hours ago The Taiwanese Olympic table tennis team practicing at Kaohsiung. Taiwanese players have hopes of winning medals next month in a sport China has dominated. Taiwan media, business people welcome charter flights, mainland ... Xinhua South Africa: Country Should Take Heed of Taiwan's Errors AllAfrica.com Monsters and Critics.com - International Herald Tribune - Wall Street Journal - BBC News all 883 news articles Publ.Date : Sat, 05 Jul 2008 16:16:20 GMT Jesse Helms, former senator, conservative icon, dies - Newsday Wall Street Journal Jesse Helms, former senator, conservative icon, dies Newsday - 2 hours ago Jesse Helms, the former five-term US senator from North Carolina whose relish for thwarting initiatives he opposed as too liberal earned him the nickname "Senator No," died Friday at age 86. Video: A Look Back At Jesse Helms CBS NC Senator's Hard-Line Conservatism Helped Craft Republican Social ... Washington Post Wall Street Journal - San Jose Mercury News - Boston Globe - Dallas Morning News all 2,466 news articles Publ.Date : Sat, 05 Jul 2008 21:58:21 GMT SAfrica's Mbeki meets Zimbabwe's Mugabe - Reuters SAfrica's Mbeki meets Zimbabwe's Mugabe Reuters - 1 hour ago By MacDonald Dzirutwe HARARE, July 5 (Reuters) - South African President Thabo Mbeki met Zimbabwean President Robert Mugabe on Saturday to try to help end a political crisis after a violent election that extended Mugabe's 28-year rule. Germany's Merkel hopes for African leaders' support on Zimbabwe ... International Herald Tribune South African president arrives in Zimbabwe Xinhua Voice of America - guardian.co.uk - AFP - The Associated Press all 5,770 news articles Publ.Date : Sat, 05 Jul 2008 23:04:03 GMT RSS For Web Pages Increase Website Traffic

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