Recently we looked at this list of 15 things put together by John Rampton which may be holding you back from financial freedom. The list is :
- Living Above Your Means
- Lack Of Determination
- Neglecting your Health
- Purchasing a Home
- Relying on One Source Of Income
- Wasting Valuable Time
- Not Acting on Your Ideas
- Not Reading
- Fear and Negativity
- Not Setting Goals
- Avoiding Routine
- Not Collecting Assets
- Spending Time with Toxic People
- Failing to Follow to Allocate your finances (70/30 rule)
- Not Having A Mentor
Today we are going to look at the fifth - relying on one source of income
Although one source of income can give you great comfort and stability, what happens when that source of income is taken away? Years ago, when only 'the man of the house' worked, families seemed to be more at peril. What if the factory closed down, what if I lost my job? The impact was huge.
In modern society, we see both members of a household working, and whilst this spreads the risk greatly, it is not uncommon in some areas for them to be employed by the same person or work in a family business. Of course, if it is their family business, the stakes are raised even higher.
With the advent of technology, most people can start up a business relatively easily. They can work part time, finding something which really is their passion whilst they have the comfort of a good solid salary behind them. This may be the catalyst towards a huge career change, following your real purpose, doing what you love each day and being paid to do it - and at the same time, easing that potential financial risk of job loss. Time and time again, we find people who will work far harder on their passion, their purpose and their real love, which reaps tremendous success.
The key is, that if redundancy or business failure comes your way, you have something which you can throw yourself whole heartedly into, which itself would bring far more benefits than just financial ones.
Today's work is to write down the 3 things you love doing most, then thinking if their is a way you could earn money from them. It need not be mega-bucks, but just the seed of an idea, to cover your costs and subtly go about creating a value for you in your life. Figure out where you can fit time in to do this (see tomorrows article) and gradually start to build something great. If you love doing it, there is no burden, it is just a commercialisation of a hobby or passion.
Getting a balance between working and living is essential, however, when you find a way of making money from something you love (be it teaching music, coaching sport, driving) that brings a great spread of risk to your income stream.