10 Reasons to Have Alternate Income Streams

A friend of mine was the COO of a company for 13 years. The company was sold 6 months ago and the new owners let him go with only two weeks of severance pay! Those sorry dogs!

Anyhow it got me thinking. It's not only business owners like me who need multiple income streams but everyone needs a diverse occupational portfolio -- as I think of it. so here are my 10 reasons to have alternate income streams.

1. Jobs are no longer secure regardless how big the company is and how lofty your position is within that company.

2. Employers no longer feel a responsibility toward employees and will lay off as a first resort, not a last resort.

3. Your retirement investments are not in one stock, you diversify your investments for better security and income balance. You should do the same with your earning streams for the same reasons.

4. You can never be fired from 100% of your income when they come from multiple sources.

5. You have better control of your financial situation because you make the decisions for each income stream.

6. You have options of which income stream you want to focus on depending on what is doing well at the time. Ride the wave of one while it’s hot and when it’s down you can ride the wave of another income stream.

7. It maintains excitement for work because you have variety. So you are less likely to fall into a rut.

8. You meet different types of people in different jobs providing you greater growth potential and a larger network.

9. You always have options and flexibility.

10. Make sure one of those income streams is from a home based business. You are in complete control of that business.