Life Lessons#1: Develop Multiple Income Streams
This is a guest post by Beverly Davis, Founder of SundayCosmetics.com
I’m a home-based entrepreneur with a clear vision of stable, multiple income streams. It sounds savvy, but the truth is, I learned from sudden unemployment. I’ll never again rely on one employer (or client) as my only source of income. It is my mission to share my personal revelation with anyone who wants to succeed financially.
I’ve always heard “live beneath your means, don’t spend all you make, don’t use credit cards. Pay your tithes, give offerings” Good advice. Teachings should also include suggestions for increasing income with examples of people who did. It opens up creative thinking. Times have changed. Today, most companies are quick to downsize, cut pay and lay off employees. It’s ruthless.
After two consecutive jobs working in a toxic work environment, I couldn’t take it anymore. I reached my limit. I had spent a almost 25 years working hard to succeed with no financial security to show for it. It was a disguised blessing.
In October 2007, with a small savings and a new mortgage, I launched out to work for myself. Friends, family and colleagues laughed. They expected me to fail and some were bold enough to tell me. I immediately let them go. I cleaned my life of all negative people and kept my faith in God. I struggled intensely, but I made it.
In this economic recession, there are people surviving and thriving because they had a Plan B. When their company cut their pay or laid them off, they were able to still take care of themselves and their families. They didn’t end up starving or living in a homeless shelter.
The only way to recession proof our income is to have more than one source.
Thank you Beverly for the reminder. I learned from unemployment experiences in the late 80s and 90s to create mutiple streams of revenue with my gifts. Your wisdom and insights are appreciated. Thanks Ginger for sharing Beverly with the blog audience.
Thanks for the article, it gave me some inspiration. I’m always paranoid of job loss, having only one stream of income. I’d like to add another but am unsure how to go about it. Do you have any tips for someone wanting to find a niche as a second income?
Crystal Groves’s last blog post..A 2008 Meme
This article says nothing of value. You didn't even talk about how you have multiple income streams, or even what you personally did. It's too vague and comes across as just a statement to brag.
I definitely agree. I had the same situation and once I left my job (a toxic work environment also) I had to get creative in learning new ways of making income. Working from home is much better especially if you have children or just want freedom