Which one do you feel is riskier....

Having one source of income, as you do as an employee?

Or having hundreds of sources of income, as many entrepreneurs do?

What do people think?

- Dien

The most risk is had by having a single source as in an employee roll.

Which is different to having a single source as in an entrepreneurial roll.

If I work for Walmart and they sack me, I'm finished.

If, on the otherhand, I supply Walmart, they are my single source of income... but I benefit from the fact that each consumer that buys the product I supply is a small source of income which filters down to me.

Personally I'd rather have many sources of income than one.

I forget the guy's name, but he was the CEO of Goodman Fielder. After spending $17 million on developing a new product, and having nothing on the market yet, he was sacked.

I don't imagine there are too many openings for CEOs who are sacked for wasting money.

Being an employee doesn't stop you from having many sources of income though.

If you don't have an entrepreneurial bone in your body you can still have other sources of income. Like getting a part-time/casual job on the side.

One of my teachers at school was also a waiter in a restaurant a few nights a week. And going to that restaurant when he was on sure was an odd thing. I mean, at school, he was the boss, but in the restaurant, I was, in a manner of speaking.

When I was a security guard at Australia's Wonderland I worked on the weekend with a couple of teachers. (teachers during the week, guards on the weekend)

Hmmm.... seems to be a thing about teachers and jobs on the side. :o)

Another guy I knew worked a factory job during the night and was a swim coach during the day (couple hours early-morning and a couple hours late-afternoon).

I think the important thing, if you have two "jobs", is to do so only as a means of funding your other investments which would be more residual-based (stocks for example), or funding a business venture.

That way you're using your "security money" to build your "comfort money".

Michael Ross.

Yes... but the whole point to having multiple streams of income is that if ONE disappears, the others will still support your cost of living.

This is in contrast to the school teacher who MUST work a second job in order to supplement their primary income in order to pay the bills.

What I'm trying to do (personally) is have multiple streams... each which could support me independently, if one or the other should become unfunctional.

-Adam.


New dog training videos teach you how to have the dog you always wanted...

I don't think too many people will disagree
in the advantage of different sources of incomes;
here's the clencher for many folks:
1)how do I do this and maintain a healthy balance
between family and financial goals?
2)how do I cope with the jobs which drain your
time and energy and still give quality time
to new endeavors?
3)which" alternative sources of income opportunities" require the least time and money
yet gives the most reward?

Thanks to sowpub for giving us an opportunity
to explore these issues...I'm interested in
all comments, suggestions, life experiences
which address these concerns...

"no one on his deathbed ever said,"I wish I
had spent more time on my business." -Paul E.
Tsongas,quoting a letter from a friend,1983

Hi Sandy,

As usual, you make some great points and ask some great questions.... :)

> here's the clencher for many folks:
> 1)how do I do this and maintain a healthy
> balance between family and financial goals?

Yes, this is important to me too. Lifestyle is very important to me....

Mail order is one of the common answers to this question. Although I've bought plenty of books about mail order, to be honest I still needed convincing. What finally clinched it?

Two books, I'd say, clinched this for me (that mail order is a great business)....

One was Jim Straw's "Own Your Own Mailorder Business" course. He really does give it to you straight. I like Jim Straw's stuff, because he skips all the useless filler that you find in most books. Instead, he cuts to the chase.

(By the way, if you want to get this book, first check out Gordon Alexander's deal on this and join the Jim Straw Plus Study Group for no extra charge. All you have to do is get it through Gordon's link. It's the best deal on the 'net. Gordon has stated that admissions close on Feb. 28....)

The other book that convinced me was George Haylings "A Lifetime of Homework." A fantastic book, crammed with information not just on mail order, but also on hundreds (maybe thousands) of unusual little businesses. I believe that Terry Alexander (no relation to Gordon, as far as I know!) still has some copies left for sale. He posted earlier on in the forum....

> 2)how do I cope with the jobs which drain your
> time and energy and still give quality time
> to new endeavors?

Yes, I think this is where efficiency might come in....

Partly through talking to and observing my brother Thomas, I've come to realize that efficiency is vitally important. He spends a lot of his time thinking about how to improve his efficiency, and the efficiency of his company.

As he wrote earlier in the forum, efficiency is about getting more for less. (Either for less money, or for less time.) Who doesn't want that? :)

> 3)which" alternative sources of income
> opportunities" require the least time and money
> yet gives the most reward?

Ah, yes, this is the big question....

Any suggestions?

I think the answer may be different for each person....

I've found I can make a lot of money in the stock market, while spending very little time, by identifying and investing in undervalued long term growth stocks. But I know that this may not be for everybody....

The main "problem" with the stock market, as I see it, is that you do need money to make money. The more money you have, the more you can make. (Or the more you can lose, if you don't know what you're doing or if you're not careful.... It definitely pays to educate yourself first in this area.)

- Dien Rice

> 1)how do I do this and maintain a healthy
> balance
> between family and financial goals?

Only YOU can answer this one as only you know what a healthy balance is within your life.

It helps if your family knows what the situation is. Then the whole family can become involved, in a way. And if the "family" are children, they may learn something in the process.

> 2)how do I cope with the jobs which drain
> your
> time and energy and still give quality time
> to new endeavors?

You could "keep the end is sight" while you're doing the energy draining jobs. That should help give you a boost.

> 3)which" alternative sources of income
> opportunities" require the least time
> and money
> yet gives the most reward?

The "alternative source of income that requires the least amount of time and give the most reward" is,

The one you're willing to do.

Some people eBay. Some buy/sell cars. Others sell chattel through consignment stores. Others make think it's real estate.

They're all require the least amount of time and give the most reward... for the person who does them.

Warren Buffett would say investing in the stockmarket gives the most reward for time/money invested.

Yet others, could take $500 and flip personal goods over and over and double their money in a month, instead of the years it takes on the stock market.

Buffett would most probably NOT flip cars for money. Then again, he doesn't know how and would have to SPEND TIME learning the ropes - that requires work.

As with exercise... the best one is the one you're willing to do.

And is usually the one you already know how to do. Start with what you know and save time learning something new.

> Thanks to sowpub for giving us an
> opportunity
> to explore these issues...I'm interested in
> all comments, suggestions, life experiences
> which address these concerns...

And...

> "no one on his deathbed ever
> said,"I wish I
> had spent more time on my business."
> -Paul E.
> Tsongas,quoting a letter from a friend,1983

... "no town ever became a ghost town when government packed up and left."

Michael Ross.

mmm..loved the gov't post: tis true

> It helps if your family knows what the
> situation is. Then the whole family can
> become involved, in a way. And if the
> "family" are children, they may
> learn something in the process.

> You could "keep the end is sight"
> while you're doing the energy draining jobs.
> That should help give you a boost.

> The "alternative source of income that
> requires the least amount of time and give
> the most reward" is,

> The one you're willing to do.

> Some people eBay. Some buy/sell cars. Others
> sell chattel through consignment stores.
> Others make think it's real estate.

> They're all require the least amount of time
> and give the most reward... for the person
> who does them.

> Warren Buffett would say investing in the
> stockmarket gives the most reward for
> time/money invested.

> Yet others, could take $500 and flip
> personal goods over and over and double
> their money in a month, instead of the years
> it takes on the stock market.

> Buffett would most probably NOT flip cars
> for money. Then again, he doesn't know how
> and would have to SPEND TIME learning the
> ropes - that requires work.

> As with exercise... the best one is the one
> you're willing to do.

> And is usually the one you already know how
> to do. Start with what you know and save
> time learning something new.

> And...

> ... "no town ever became a ghost town
> when government packed up and left."

> Michael Ross.