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Diversify Your Income April 28, 2012

Posted by viper42 in Business.
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3 comments

Well its been a while since my last post. I thought I might touch on a topic that I know is really on everyone’s mind…..money. How can we make more to cover expenses in an ever more expensive society? Im’ 4 years into a refinance of a mortgage and I’m paying more than when I refinanced due to tax hikes. So trust me…I’m in that boat.

So what is the most common income attained that everyone goes for? LINEAR. Everyone goes out, gets a job where so long as you are present, you get paid…LINEAR. However, with a poor economy where there are pay freezes, lay-offs, the rules get changed and there are less…LINEAR options. Here is where the cliche think out the box comes in. What many have done is seek more options in PASSIVE and RESIDUAL income. This is where the diversification comes in.

If you continue to isolate your income to something that requires your PRESENCE to get get paid, think of what would stop your money…illness, lay offs, going out of business, becoming obsolete and I’m sure there are other factors. So the minute your gone, so is your money.

Where possible while times are descent and not falling apart you need to try investing where possible. Try stocks, bonds etc…PASSIVE INCOME….In other words the ability to make money without doing something for it. If you develop some sort of portfolio you have some leverage and assets to fall back on or liquidate. Of course, in light of the Wall Street collapse, this is not as popular as it once was but should still be reviewed and used.

The next best option is to CREATE a form of Residual Income for yourself….Income that continues to come in after doing something once for it. Honestly, this is really in my opinion the best possible option. So what are some examples? Well, if you are reading this post…this is one way. I dont consider myself an expert blogger. However, there are those who really enjoy writing. Turn your passion into money. There are many who do. They learn how to use affiliate marketing to make money blogging. This day in age, as I’ve mentioned ion other posts, the social media age has empowered individuals. So its makes Blogging a very viable business option.

The one option that this author put (http://financialhighway.com/diversifying-your-income-alternative-income-lessons-from-recession/) that for some is not so popular is Direct Sales or MLM. Yes, its true, it really is an option. When researched properly, this avenue of business affords people the option of getting into a business at an extremely low cost. Where many people have issues with it is the reputation the business has, largely over past transgressions and unscrupulous individuals. That being said though, the model has seen over the past years astounding growth and success across the country. My advice here…DONT expect instant money because you are already looking at it wrong and may lead yourself to quitting. When done consistently and patiently, this avenue can lead to income. Try not to be swayed by the instant comments people come out with….Its a scam, a Pyramid, Not a real business. Many who say it have quit, or have little or know REAL knowledge about the model.

Finally teaching or getting into rental properties is an option also. With the real estate bust here in the U.S, I know property is something that seems taboo. However, never lose sight of one thing…we all need a place to live. If you can educate yourself well enough, learn how to get capital for your purchases, real estate, long term, can be a viable residual option. Just be sure to insulate yourself well because non-paying tenants will be in your future at some point.

Some things appeal more to people than others. But in a day where many are looking for solutions to long standing issues, breaking away from just the LINEAR thinking is almost vital. There is nothing wrong with having a job. At the same time, its certainly great to have money coming from more than one source.

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