Why have a Multiple Income Stream Strategy (M.I.S.S)

Change AheadTimes have changed, the economy has changed, the job market has changed, people have changed and technology is developing at an unprecedented rate.  As a result of these changes, general opinion suggests that we can no longer expect to have a job for life.  And there’s more change ahead!

It’s widely estimated that the average person will change jobs 10 – 15 times during their working life and that may well include 2 or more complete changes in career path.  Of course, some of these changes may be taken completely voluntarily, as part of our career development strategy, but the chances of an employee being made redundant are higher, now, than ever before and sometimes change may be forced upon us.

Whereas having a job was once considered to be a very safe and secure way to plan your financial future, these days it would seem that no job can really be assumed to be completely safe.  Even those people working for the government are falling prey to the cutbacks taking place, right now, due to financial pressures in the economy.

You could say that the old ‘safe’ is now the new ‘risky’.

A huge number of people, including many that have faced redundancy, have discovered that running their own business can prove to be far more secure than having a job.  It’s a way of taking away the risk and uncertainty of employment by taking complete control of your own future.  Having said that, running a business does bring some of its own challenges.

The Parthenon PrincipleWhen I advise business people about marketing their businesses I always point out how incredibly risky it is to be reliant on a single marketing method.  Doing so makes a business highly vulnerable to relatively small changes in the economy or in the sentiment of their target market.  I always suggest that employing a range of marketing methods will make for a far more stable business.

I call it the Parthenon Effect – having a lot of pillars makes for a far more stable roof then having just the one.

Of course, in the same way that having a range of marketing methods is good for the financial stability of a business, having Multiple Income Streams is good for your financial stability, as well, and this is why it’s so important that you create your own Multiple Income Stream Strategy (M.I.S.S) – if you don’t already have one.

Nurturing Your Financial FutureDeveloping your very own Multiple Income Stream Strategy will help you create and nurture financial stability and financial security in your life and, the best part is, you can use strategies that sit comfortably with you.  You can design your own, unique, strategy to balance risk and reward in a way that works for you.

In future posts we’ll be looking at the many different elements of a Multiple Income Stream Strategy and looking at some of those that are available to you.

In the meantime, if you’ve found this interesting, please share it.  And don’t forget to leave your comments in the box, below.  I’d love to hear your thoughts, opinions and feedback.

Have a great day,

Steve Bimpson

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