Life Lessons#1: Develop Multiple Income Streams

This is a guest post by Beverly Davis, Founder of SundayCosmetics.com
I’m a home-based entrepreneur with a clear vision of stable, multiple income streams. It sounds savvy, but the truth is, I learned from sudden unemployment. I’ll never again rely on one employer (or client) as my only source of income. It is my mission to share my personal revelation with anyone who wants to succeed financially.
I’ve always heard “live beneath your means, don’t spend all you make, don’t use credit cards. Pay your tithes, give offerings” Good advice. Teachings should also include suggestions for increasing income with examples of people who did. It opens up creative thinking. Times have changed. Today, most companies are quick to downsize, cut pay and lay off employees. It’s ruthless.
After two consecutive jobs working in a toxic work environment, I couldn’t take it anymore. I reached my limit. I had spent a almost 25 years working hard to succeed with no financial security to show for it. It was a disguised blessing.
In October 2007, with a small savings and a new mortgage, I launched out to work for myself. Friends, family and colleagues laughed. They expected me to fail and some were bold enough to tell me. I immediately let them go. I cleaned my life of all negative people and kept my faith in God. I struggled intensely, but I made it.
In this economic recession, there are people surviving and thriving because they had a Plan B. When their company cut their pay or laid them off, they were able to still take care of themselves and their families. They didn’t end up starving or living in a homeless shelter.
The only way to recession proof our income is to have more than one source.

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Life Lessons#1: Develop Multiple Income Streams