Second Income Sources

I bet you are wondering why I titled this "Second Income Sources". In today's economy, we all need to diversify. When you are talking to stock brokers, they talk about diversification, remember the old adage, "don't put all your eggs in one basket?". That is more true today than it has been in years. Many people have one job, and if they don't like it, find another job to go to. Today, many companies are reducing their employment workforce, and jobs are becoming more scarce. With a second income stream you are supplementing the income from your main job.

I personally know several people who have worked at one company for well over 10 years. This particular company has gone through many iterations, and in an effort to not lay people off, has forced them to take a reduction in pay and a reduction in hours. A double whammy. Many small companies are also trying not to lay off their workforce, but are reducing employee hours to the point of non-work. Several companies are not laying people off because they can't afford the unemployment costs, they hope that if they reduce the hours so much, the employee will quit and move onto another job. The problem with that logic is that there aren't that many jobs to find in many metropolitan areas, so the employees won't quit. Many people are already living from paycheck to paycheck, may also have families and can't just uproot and move to another state for a job that may or may not work out.

Second income streams will help reduce the stresses of this type of working environment. How much more comfortable would you feel if your hours were reduced on your main job, but you had a second income stream. By having another income source, and reduced hours in your first income source, you can now dedicate more time to building your second income source. You may see a brief lowering of income, but that should resolve itself quickly, since you did essentially have more than one "pole in the water". Second income streams can also lessen the strain of paying for unexpected bills, like a car broken down, or some repairs needed for your home. With a second income stream, you can still have that vacation you dreamed of, even if your current job is not paying too well.

There are a lot of things you can do with a second (or third, fourth, etc.) income stream. By having an alternative method of making money, once your main income stream starts drying up, you can easily shift to your second stream. The learning curve can be less (because you have been working a little on this second stream), and you may even enjoy making money through this second stream of income more than your first. Usually if someone has a second income stream, it is doing something they like to do. It may have started as a hobby, but, when push comes to shove, you may be able to easily turn it into your main source of income.

If you do not currently have a second income stream (or backup plan if your current income stream stops suddenly) you may want to consider starting to build another income source. You never know where the tides will go, and it is always a good idea to stay diversified. Hawgwash, LLC has several different income opportunities, in different fields. Take a look at what we have to offer, perhaps it will be something that tickles your fancy. If you don't see what you like, shoot us an e-mail and let us know what you might be interested in. Perhaps together we can help you find the perfect second income stream to suit your need and lifestyle.

Until tomorrow...