Income Diversification - 2

I’m reproducing Seattle Simplicity’s comment on the previous post here, since it provides the perfect segue to my next viewpoint :

That is so true! By creating multiple sources of income, you reduce your risk if one suddenly dries up. I only have one primary source of income and I am not part of a dual-income household. However, not all of us are cut out to be entrepreneurs. But this risk something I think about frequently. Iâ€™m glad you highlighted it with this post.

I commented on the difference in mindset that I’ve noticed between most entrepreneurs and most employees. There are several “employees” who do look for diversification, just as there are several “entrepreneurs” who stick themselves out on a limb.

But more important, and to address Seattle Simplicity’s point. Choosing to be (or not to be) an entrepreneur is an individual choice. However, you don’t need to become an entrepreneur to diversify your income.

A second, part time job, if that’s feasible? Or odd jobs? A paying hobby - painting, writing, etc.?

Trading rather than investing - especially if you don’t have too much to invest ? Real estate services (broking and the like) if you can’t buy yourself?

While some of these may look entrepreneur-ish, it doesn’t necessarily have to be that way. Joining hands with someone else, can make it akin to a “job” rather than a business.

Any more ideas?

Written by 2cworth on May 14th, 2006 with no comments.
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