Most of us have heard this idiom before but many people still rely on one place to supply all of their income. Doing this is a most dangerous example of putting all of your eggs in one basket. Many of us are now aware that the conventions of the 1950’s and 1960’s don’t apply to the world of work anymore. Most employers will get rid of an employee for any reason that they deem advantageous, even the most loyal and hard-working of employees are subject to this, especially in the so-called “Right to work” states. The phrase “Right to work” sounds so great, insinuating that this law is about worker’s rights when in fact it is a union busting tactic and allows employers to dispense with an employee at will. The employee therefore should feel that he/she has the right to dispense with the employer’s employment at will, although you will not find this prominently displayed in any workplace.
Every person needs to evaluate their financial circumstances at regular intervals, which brings up another common phrase, that of saving for a rainy day. Everyone should save money from their income, even if it is only a couple of dollars a month. The act of saving will get you into the habit and hopefully the savings will dramatically increase as earnings increase.
Acting now to diversify your income will save you the potentially devastating consequences of losing your one job, that pays all of your bills, that puts food on the table and a roof over your head. I can think of several ways to take some of those eggs and put them into different baskets. One great way is to complete some contract work online. The work is not permanent and you need to work with multiple websites to ensure that cash keeps rolling in, If nothing else it may supply the money for a savings plan and if you keep at it, the jobs get more interesting and the pay can increase. Working “gigs” on websites like Fiverr is along similar lines, except for the fact that you are using your particular skills such as typing, internet marketing, graphic design etc. Both of these ideas have the potential to generate a full-time income and even a business. I have more information on my “Generating Money” page.
Part time work, after completing your full-time job puts another egg into another basket for you, if you have the energy. Some are well paid, it all depends on your skill set. In theory, this is a great way to diversify your income, the problem is that it is time-consuming and potentially very hard, but it is an option.
Starting your own business is a dream for many people. To be your own boss and reap the full rewards for your efforts is a wonderful and motivating goal. A business can be started while you still have a full-time job, this makes the transition into self employment a whole lot easier. The general advice for starting your own business is to pick the thing that you love to do and go for it. Failing that, use your individual skills to generate money for yourself.
The goal is to have multiple baskets, each containing one egg. Each basket represents an independent source of income. The dream of course is to receive passive income, the basket that holds the golden egg. This is income that generates an inflow of cash month after month without a need for any labor. It requires an initial effort, but after that, you are enjoying another independent income stream, labor free. Royalties from artistic works, affiliate marketing and pensions fit into this category.
This is a large topic and it is of particular interest to me. I will write much more about this area of interest frequently and give you insights into my experiences. My goal is to produce a comprehensive list of reliable leads for you in the near future, especially in the area of working online.
Until next time, take care and invest wisely.