We are supposedly in a recession, but I refuse to participate. I’ll tell you why after this quick question (maybe you can figure it out).

When a farmer goes out to plant a farm of corns does he/she plant one corn or a lot more than one? Of course we all know that the answer to this silly question is that the farmer plants many corns when growing a corn farm. I think the most important part to this whole thing is “Why?,” why is the farmer planting more than one corn for the farming season? Simple… all of the the corn he/she plants doesn’t necessarily grow… further more, some are never even harvested… even further, some die in the process (sad but true). This could happen to any source of income that you have decided to generate, so get more than one.

The point is, most people for many years have depended on ONE source of income (their job) instead of spreading their wings into multiple sources of income (planting more than one corn), which has left them under the weather in our present economy. I think one of the reasons people are hurting in our economy is because most people have all of their eggs in a bad one basket. This is partly because people do not want to take risks by trying something new (like making money in a different way).

Imagine having more than one source of income, let’s say you had 3 sources of income that generated an average of about $500 monthly, plus your full-time job income. If you lost your job tomorrow at least you wouldn’t go to zero income, you will have at least $1,500 (3 x $500) coming in on a regular basis. I am currently working on establishing my first $500 stream of income, after it’s complete I will be looking to diversify into other streams while still growing the previous. I would love to work up to 5-10 different streams of income, so that I am never dependent on just one or two sources of income.

Multiple streams of income allows for you to live a lifestyle,  it affords you time and money. The more income streams you build up, the more time you buy back  for yourself. This buy back of time allows you to spend time doing the things you love instead of focusing on creating just enough income (job) to pay the bills.

I am working on acquiring multiple streams of income, how about you? What are you doing to establish a more diversified income stream? What streams of income do you currently posses?

If you are looking to end (or never again participate) your personal recession, establish multiple streams of income (preferably something passive).

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