You've probably heard that you shouldn't put all of your eggs in one basket. This is especially true when it comes to income.
Do you have all of your eggs in one basket? To answer this, you have to understand the difference between "different baskets" and just putting "more eggs in the same basket." A basket is a type of vehicle you use to accomplish something.
When we are talking about income baskets, we're talking about things like jobs, businesses, investments, etc. Each of these is a different basket. So if you were to have a job and invest in stocks, you have eggs in different baskets. However, getting a second job is putting more eggs in the same basket.
This fact is particularly relevant when you consider that 96% of all Americans procure their entire income from one or two jobs. The majority of people have been taught that having a good job, with maybe an extra one on the side will provide comfortable life. This is a statistic that perpetuates itself worldwide, to every country around the globe. The numbers might be slightly different but the message is the same.
However, this is no longer true. Multiple Baskets of Income is an important concept. It's no longer true that a company will be your home for your entire career. Businesses are going under at the fastest rate in history. People experience job insecurity more frequently than they used to. We are suggesting that you begin to look at other baskets to put your eggs in besides the "job basket." This way, you will begin to solidify your financial position and increase your income simply and easily. What are your options?
Have you ever wanted to start a small business? Today, more than ever, small businesses are able to profit without the immense overhead that was required years ago. The internet and global expansion of business allows access to a larger number of customers than ever before; all without ever having to travel further than your computer or phone.
Investing is also less expensive and easier to do than it was years ago. Paper investments have low commissions, can be executed online, and at this point, there are tons of brokers who are clamoring to get your business (should you decide you need a personal broker). Research on all investment types is easier now as is access to almost anything you want to know.
It's worth noting that we don't advocate abdicating your investments in an attempt to not have to learn anything. Instead of taking the time to learn about finance, people rely on brokers' advice to determine how to diversify. Remember, diversification is generally taken out of context. Proper diversification consists of investing in a group of things that you have reason to believe will all work to your advantage… not, "Let's invest in everything and surely something will go up."
If you are unsure whether the effort it takes to learn that we are suggesting is worth it, you need to understand the realities of today's world. There was a time when jobs were secure but that is in the past. Company loyalty is dead; it's all about the bottom line now. In addition, it is our belief that thousands of companies will be faced with an important choice over the next 10 years. They will need to either change their business model and cater more to an online model of business or they will go out of business. Either way, the amount of available jobs will decrease because even if they do make the shift, online businesses require fewer personnel.
Investigate all the ways there are to provide an income. Become an entrepreneur by turning your hobby into a business. Learn how to manage your own portfolio. Many brokers offer classes on how to invest for free. Invest in real estate. If money is an issue, get a second, part time job temporarily and save the money you make. There are many ways to diversify your income. The point of this article is that you start to consider which ways will work best for you.
It is also wise to focus on learning and growing you largest asset, you. When you learn at a job or elsewhere, you are able to keep that knowledge forever. We have many resources at our website for assisting you in doing just that.
By,
Michael Bloxton,
President & CEO,
oneMYnd.com, LLC.
Do you have all of your eggs in one basket? To answer this, you have to understand the difference between "different baskets" and just putting "more eggs in the same basket." A basket is a type of vehicle you use to accomplish something.
When we are talking about income baskets, we're talking about things like jobs, businesses, investments, etc. Each of these is a different basket. So if you were to have a job and invest in stocks, you have eggs in different baskets. However, getting a second job is putting more eggs in the same basket.
This fact is particularly relevant when you consider that 96% of all Americans procure their entire income from one or two jobs. The majority of people have been taught that having a good job, with maybe an extra one on the side will provide comfortable life. This is a statistic that perpetuates itself worldwide, to every country around the globe. The numbers might be slightly different but the message is the same.
However, this is no longer true. Multiple Baskets of Income is an important concept. It's no longer true that a company will be your home for your entire career. Businesses are going under at the fastest rate in history. People experience job insecurity more frequently than they used to. We are suggesting that you begin to look at other baskets to put your eggs in besides the "job basket." This way, you will begin to solidify your financial position and increase your income simply and easily. What are your options?
Have you ever wanted to start a small business? Today, more than ever, small businesses are able to profit without the immense overhead that was required years ago. The internet and global expansion of business allows access to a larger number of customers than ever before; all without ever having to travel further than your computer or phone.
Investing is also less expensive and easier to do than it was years ago. Paper investments have low commissions, can be executed online, and at this point, there are tons of brokers who are clamoring to get your business (should you decide you need a personal broker). Research on all investment types is easier now as is access to almost anything you want to know.
It's worth noting that we don't advocate abdicating your investments in an attempt to not have to learn anything. Instead of taking the time to learn about finance, people rely on brokers' advice to determine how to diversify. Remember, diversification is generally taken out of context. Proper diversification consists of investing in a group of things that you have reason to believe will all work to your advantage… not, "Let's invest in everything and surely something will go up."
If you are unsure whether the effort it takes to learn that we are suggesting is worth it, you need to understand the realities of today's world. There was a time when jobs were secure but that is in the past. Company loyalty is dead; it's all about the bottom line now. In addition, it is our belief that thousands of companies will be faced with an important choice over the next 10 years. They will need to either change their business model and cater more to an online model of business or they will go out of business. Either way, the amount of available jobs will decrease because even if they do make the shift, online businesses require fewer personnel.
Investigate all the ways there are to provide an income. Become an entrepreneur by turning your hobby into a business. Learn how to manage your own portfolio. Many brokers offer classes on how to invest for free. Invest in real estate. If money is an issue, get a second, part time job temporarily and save the money you make. There are many ways to diversify your income. The point of this article is that you start to consider which ways will work best for you.
It is also wise to focus on learning and growing you largest asset, you. When you learn at a job or elsewhere, you are able to keep that knowledge forever. We have many resources at our website for assisting you in doing just that.
By,
Michael Bloxton,
President & CEO,
oneMYnd.com, LLC.
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