July 28

5 Reasons Why You Should Diversify Your Income

It could be time to consider putting those eggs in some new baskets…

Whether you have been working from home, put on furlough, or sadly been made redundant, we can all agree that job security has suffered in the current lockdown situation.

For many of us, having one stream of income has meant that the financial impact of COVID-19 has hit hard and in some cases, encouraged people to re-evaluate their current careers.

The paradigm of having one job has seemingly become high-risk and for some, having a diverse stream of income has meant survival through the lockdown period. While we are currently in extreme circumstances, having multiple streams of income not only means spreading the risk for any financial issues along the way but also means you can invest your time and skills in ways that you might not be able to when working for an employer.

With increased freedoms and instant access to a world of prospects via social media, this could be the time to consider putting those eggs in some new baskets. Here are 5 Reasons Why You Should Diversify Your Income:

1. Working with the 3 Ps could make you happier

Working for passion, pleasure and profit is at the core of any successful working life. Diversifying your income or creating a ‘portfolio career’ could mean positive changes to your working life and your life outside of work. (Find out more here)

2. The digital world has so much to offer

In the fast-paced digital world, it’s easy to get swept up in keeping up appearances and forget that there’s so much free information readily available to us. Try engaging with people who inspire you and seek out some free online courses or webinars that could help you start your journey to a diversify your income.

3. You can easily achieve a ‘blended working lifestyle’

Achieving what Steve Preston calls, a ‘blended working lifestyle’, requires you to focus on the aspects of your life that you are not willing to compromise on and build your work around that. So often we mould our lives around our work and end up sacrificing more than we anticipated.

4. Traditional paradigms aren’t always the best

It can be tempting to follow the traditional patterns of society which call for an individual to only have one job, but when traditional ideas are no longer compatible with contemporary society, it makes sense to move with the times and reconsider your current work lifestyle and what it can offer you.

5. Lessen the risk and increase the security net

The final, and simplest reason to diversify your income is that you remove sole dependency on one form of income, lessen the impact of financial implications and increase your security net for any hiccups.

Want to learn more? Co-writer of this blog piece, Steve Preston, will be hosting a webinar on Monday 3rd August at 1 pm to discuss the benefits of a ‘portfolio career’ and how you could introduce it to better your working life.

You can learn more about Steve on his website: https://steveprestonthecareercatalyst.com/

If you’d like to learn some more business growth ideas and strategies, then come along to one of our weekly Bizmosis® events.


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