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I talk a lot about creating financial security through minimizing debt, creating significant savings as a financial buffer, etc. Another layer to the idea of financial security is creating multiple income streams.
ONE OF THE WORST BLOWS TO YOUR FINANCIAL STATUS COULD COME IN THE FORM OF JOB LOSS.
One way to minimize the magnitude of this type of event is to develop multiple streams of income. This is something that may take several years to put into place. Creating a plan to develop this type of financial picture may be something that you start now, with the realization that it may not come to fruition immediately.
The higher percentage of your overall income that comes from additional sources, aside from your primary job, the less likely any single event can substantially reduce your income.
HERE ARE A FEW...