Diversify Your Work With Multiple Streams Of Income

It is a common practice that the first question we ask when we meet someone is, “What do you do for a living?” because we greatly identify our self-worth with our career accomplishments. Unfortunately, as a society, we have become our professional work.

We plan our vacations around work. We plan doctor appointments around work. We set our alarms in time to go to work. We travel to work. We work all day with a focus on communicating about work. We eat lunch and communicate some more about work. We drive home from work while thinking about work. We receive phone calls, emails, and text messages about more all day and sometimes all night long. When we are home, we are thinking about what we will do at work the next day. Then when we go finally go to bed, the time is chosen early enough to get up and go to work. It’s work, work, work 24 hours a day, 7 days a week.

No wonder we identify our self-worth in life with our job!

But what happens if we lose our job?

Since almost our whole existence has been with a mindset centered around work, our identity is suddenly snatched from under us.

“Who am I without my job?” becomes the unanswered question that hangs in the air.

Did you know that almost one-third of the work-related deaths caused by violence in the United States is suicide?

That fact didn’t shock me at all. I remember when the stock market crashed not too many years ago and business men were killing themselves at a totally alarming rate.

We are our work.

But if we no longer have “work,” we become nobody.

I didn’t think I fit into that category because this attitude isn’t as prevalent in women as it is in men. However, when I was laid off from my last job, I felt like I was going to totally freak out. I had been PTSD free for one week, so the ground was a bit shaky. The company I worked for always had rumors of lay offs because the company constantly lays people off. It’s just a common practice.

When my ex-boss laid me off, she said, “Go do something you like – maybe something more creative, like finish your book or expand your web work.”

Well, I “liked” my job. It was a very analytical, data crunching job and it very satisfying for me. I fulfilled the “creative” part of my personality with my blog, web designing and social media business.

During the early months of my lay off, I was too filled with fear to even think clearly. So maybe I really did freak out, but who can really blame me? I am a single woman! I have worked since I was fourteen years old. I’ve supported myself since I left home, and I never moved back home to mooch off my mother. Of course, my dad was nowhere around, so it wasn’t like he was going to give me any money if I needed it either. So I worked the way my mother had taught me to work – honestly, dedicated, loyal, and I put all my energy into succeeding because I needed to make sure there was a roof over my head and food on my table. No one was going to take care of my needs except me.

It was also a different market for employees up until a few years ago. I used to have my pick of where I wanted to work. I walked into a business looking sharp in my expensive suit, presented my pristine resume, got an interview usually on the spot, and basically was offered the job immediately. If I found a company where I wanted to work, all I had to do was apply for a job and I got it. Believe me, it was really that simple.

Jobs were more stable and you could start a job at 18 and 55 years you could retire from the same company having never worked anywhere else during your career. With the global economy today where we have to compete for jobs with the entire world, that type of job security isn’t true anymore. Company loyalty no longer pays off for the employee.

The market is flooded with employees of all ages, genders, education, and skills. The economy is sluggish. Now the employers can pick and choose not only who they hire, but they allow a computer to choose which resumes they even see. So there is a high possibility that your resume won’t even be seen by the hiring manager!

If you are lucky enough to have a resume that catches the computer’s attention, when it gets to a live human being, how much personality comes across on your fact-based resume? My loyalty, honesty, work ethic, or my pleasant personality does NOT come through on my resume. It’s not like I can have a footnote that says, “Read my blog and you’ll discover I’m a super nice woman who will work her butt off for you AND I have a ton of skills that will add great value to your organization.” It would be nice if I could do that, but it just doesn’t really work that way.

So what options do we have in this often chaotic employment environment?

Diversify

Diversifying yourself is the key to remaining employed, self-reliant and successful. Maybe this sounds like an odd concept. You diversify your investments so that you make the most money. The same holds true with diversification of your employment. If you add variety to your employment by diversifying yourself across different industries, you will always have an income.

Bad things happen to good people!

Creating multiple streams of income sets you up for financial success. It guarantees that if you are laid off or lose one stream of income, you don’t have to become terror-stricken with visions of living under a bridge. Because you have many other businesses that provide you with income, you will not be face with financial ruin.

That’s what multiple streams of income is all about…peace of mind and steady income.

Do I have a full time job? Unfortunately, I do not, however I do have multiple streams of income and I still have time for a full time position at a good company.

Over the next couple of days I will introduce you to a few of my business ventures – one old and the other one is a new old. If that’s confusing and has your interest piqued, that’s what it was meant to do! They are both totally unrelated businesses, but in very high demand.

Today I would like to share with you a portion of my resume and skills. LinkedIn is a business-oriented social networking service that was founded in December 2002 and launched on May 5, 2003. Linkedin has over 300 million members that join the platform to manage their professional identity, build and engage with their professional network, while accessing knowledge, insights and opportunities. You can find my profile on LinkedIn at https://www.linkedin.com/in/SherryRiter.

Some of the information you read about me when you visit my Linkedin profile says that I am an:

Experienced Program Administrator – Manager – Web Designer – Social Media Strategist – Trainer – Professional Blogger – Business Process Specialist – Customer Service Representative – North American Demand Coordinator – Corporate Webmaster – Price Administrator – Sales Representative – General Manager – Accounting Administrative Assistant

I would venture to say that those descriptions prove I have quite diversified skills.

17 Reasons To Have Multiple Streams Of Income

Saying that it is a good idea to have multiple streams of income sounds good, but what are some concrete reasons that prove it is more than fancy advice? Why should you make the effort to have multiple streams of income?

1. Protection against unpredictable global economy
2. Ability to take advantage of upswings in markets while minimizing losses in other markets
3. Increases earning potential
4. Minimizes effect of a layoff
5. Creates more independence
6. Gives you financial security
7. Financial stability provides peace of mind
8. Allows substantial donations to causes you support
9. Rising medical expenses due to the market and aging
10. Provides a solid retirement
11. Helps you to become and remain debt free
12. Allows the choice of making cash purchases for large ticket items
13. Enough time to become further educated
14. Work no longer will define who you are or your self-worth
15. Time to pursue your dreams and enhance your skills/talents
16. Frugality has limits
17. Opportunity to have experiences beyond your dreams

Working in an environment where all the employees are in fear of losing their job everyday, not because of poor performance or lack of company profit, but because the leadership feels that threatened and worried employees perform better is what I call a dysfunctional, greedy and neurotic organization.

I’ve been there. Being employed at that type of company probably took ten years off my life because of the constant unrest and anxiety I felt daily. That is no way to run a company! However, that form of managing is prevalent and the best way to combat it is to have the financial freedom that multiple streams of income can provide.

Don’t let the unimaginative man detract you from your dreams.
When you step out of your comfort zone and do the unpopular,
he will believe you’re foolish.
Enjoy success from your imaginative labor decisions
and he will think you are just lucky.
Ignore the unimaginative man
and let him wallow in his ambitionless world.
His ignorance and condemnation is caused by
a lack of understanding or stubborn laziness.
Just be thankful you are YOU!
– Sherry Riter