Who says you can have only one income source?

Business Coaching Brisbane

There is no rule that says all your income must come from one source.  There is nothing wrong with having a job, a part time business and making money from an investment as well, or from your own entrepreneurial efforts.  Don’t be reliant on just one source for all of your income.  It’s a risky thing to do.  Anything could happen!  You could lose your job, become sick or injured and be unable to work.

Getting a job and being employed sounds like the safe and secure option but it’s not.  It is merely the easy option.  Besides, who is in control?  Let me assure you that it is not you!  To be totally dependent on one employer means giving control of your financial life to someone who can sack on the spot and will certainly not employ you long term if you become unable to work due to sickness or injury.

For the time you need to be employed, be in demand.  Take back some control by having knowledge and experience that employers want and develop an attractive work ethic that revolves around reliability and results.  But what ever you do, don’t stop there.  Complacency limits your income!

Consider passive investments (e.g. shares, managed funds, investment property) that earn income but don’t require much of your time.  Find other sources of income that don’t involve selling your time.  The more sources of income you can build, the better.   Best of all are what is called ‘recurring’ income streams.   That means you earn repetitive money from selling a product or service, or making an investment.

For business coaching Brisbane and personal financial planning for business owners, call me on 0408 756 531 or email me at gary@garyweigh.com