Why
you need multiple streams of income.
SHOCK!
HORROR!
What If Your Income
STOPPED At 5 P.M. Yesterday?
Article
by Noel Peebles, author of the best-selling Home Biz Ideas Goldmine
containing 1035 proven-to-work work home business ideas. www.homebizideasgoldmine.com
If you are not already
seated - sit down and take a deep breath - because you might break
out into a cold sweat at what I'm about to say.
How much are you really worth? What is your true wealth?
Now, I didn't ask how big your mortgage is, or how much you owe
on your car, furniture, or credit cards for that matter. However,
those things (liabilities) will have an important bearing on your
true wealth.
Just imagine the worst-case scenario. For some unforeseen reason
your job finished at 5 P.M. YESTERDAY and your income STOPPED dead
in its tracks. No more money flowing into your bank account! You
could have had an accident - or an outbreak of foot and mouth disease
(or an earthquake) has suddenly bankrupted your employer and affected
the whole nation. Think of some "Titanic" event happening
to you. How's that cold sweat developing?
In effect, this is what has happened. You have stopped trading your
hours for money. You have suddenly stopped earning a living. Your
sole stream of income has suddenly dried up.
Now, reassess your true wealth.
What liabilities do you have...and what are those assets really
worth?
You have no money to pay your mortgage, no money to pay your car
installments, no money for your credit card bills.
If you are in business - how will your creditors react? Will those
nice people at the bank let you never pay your mortgage interest
again? Are you suddenly in a precarious financial position?
Take stock of your assets. If you had to sell your furniture, car,
boat etc in a hurry...how much would you get in COLD HARD CASH?
Think about it! If you stopped trading your hours for money - how
many days, weeks, or months could you survive for financially …
WITH NO INCOME? Even if you did have some money tucked away...how
long would it last?
Don't be too discouraged - you are not alone. In reality most employees
would be in the same position.
The same is true of most small business entrepreneurs. If their
bank accounts were suddenly frozen, or their customers stopped buying,
most would wake up with a very severe headache (to say the least).
Quite astounding, when you consider that this type of monetary dilemma
was once predominantly confined to the younger generation. Not these
days - more and more people in their forties and fifties are discovering
the true limits of their wealth.
However, it would take a sudden unforeseen "Titanic" event
(such as a job loss), for most of us to realize how financially
fragile our circumstances really are.
Sobering isn’t it?
One solution is to spread
your risk by having multiple streams of income, rather than just
relying on just one source of income. The internet offers a range
of business opportunities that can generate multiple streams of
income from home, for a low start-up cost, and without having to
quit your day job.
Noel Peebles is author of the best-selling Home Biz Ideas Goldmine
which contains 1035 proven-to-work work home business ideas. www.homebizideasgoldmine.com
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