Multiple Streams of Income—Magic or Myth?

...was written by J.F. (Jim) Straw. You can read it on his web site: http://www.businesslyceum.com/tunnel.html.

This article is one of my favorites. Even though it is about focusing (or specializing), what he ends up describing is "multiple streams of income." In fact, I think it's almost a requirement that in order to have true MSI, you must focus -- that's the only way to earn more without increasing your time committment.

In my opinion, the most time-consuming aspect of establishing an income is the learning phase. That's why it's wise to take increased advantage of what you already have worked so hard to know.

-Phil

P.S. -- What do you do if your specialty suddenly falls out of favor? Don't abandon all your hard-earned knowledge, instead re-position yourself.

Many of you on this board have much more
experience in business than I do...but let
me share what I know about this subject...
I work with many disabled people(mostly people
who suffer with low back pain, carpal tunnel,
stress) and with people who file workers compen-
sation claims.

Almost daily in my encounters and discussions
with the disabled(who are down to their last
dollar) they want to know: "what else can I
do?"(meaning work or other ways to make money)...
Most of the people who have relied on computer
usage as a career who have severe cases of carpal
tunnel wish they did have other sources of income...

It's amazing how many people with carpal tunnel
syndrome want to know what other types of jobs
can they do which don't require their hands...
Too bad many employers don't utilize the new
technologies which are voice activated so these
people can continue to work....

But multiple sources of income or some type of
business which involves leveraging "opb" or
"opr" would be the answer for them...

...was written by J.F. (Jim) Straw. You can
> read it on his web site:
> http://www.businesslyceum.com/tunnel.html .

> This article is one of my favorites. Even
> though it is about focusing (or
> specializing), what he ends up describing is
> "multiple streams of income." In
> fact, I think it's almost a requirement that
> in order to have true MSI, you must focus --
> that's the only way to earn more without
> increasing your time committment.

> In my opinion, the most time-consuming
> aspect of establishing an income is the
> learning phase. That's why it's wise to take
> increased advantage of what you already have
> worked so hard to know.

> -Phil

> P.S. -- What do you do if your specialty
> suddenly falls out of favor? Don't abandon
> all your hard-earned knowledge, instead
> re-position yourself.

I am very sympathetic to those who lose their jobs to carpal tunnel -- I hope to avoid being one of those myself. While I haven't experienced any type of loss like that, I am sure it is emotionally devastating.

However, as this post was in response to mine (whether or not it was intentional), let me go a little further. Let's take an example of someone who worked for ten years as a data entry clerk. One day, he gets tendinitis in is wrist and can no longer touch-type with two-hands. What to do now? Some possibilities:

• Continue in the Job using new methods such as speech-recognition software or one of the one-handed Dvorak keyboard layouts.
• Switch to a somewhat-related job. Perhaps a job involving database design, where, with some study, the person could become an expert at designing easy-to-enter and maintain systems.
• Switch to an un-related job using previous knowledge. For example, the person could trade (or chattel) office equipment or other products that he has mastered over the course of his career.

Now, those options took me all of five minutes to think up. In reality, you would have to give it much more thought given the specifics of the situation. My point, however, is that unless the person has a dislike for the knowledge that he/she has learned up to this point, then it only makes sense to find a way to use that knowledge in the future. That person will have the hardest time creating a new income in an area that is totally new to him/her.

The way this all relates to "multiple streams of income" is: in my opinion, it is more effective to get income from variations on one theme, rather than multiple themes. Not that you can't do it with multiple themes, but it is harder. The person who is an expert in one subject and who writes books, holds seminars, provides one-on-one coaching will have an easier time maintaining those multipe incomes (because they are all related) than will someone who's a fitness coach, a computer technician, and is marketing a new, unrelated product on the side.

-Phil

P.S. -- Interesting story about tendinitis of the wrist. I play classical guitar, an instrument where carpal tunnel syndrome and tendinitis are major concerns. In the 1950's, a professional guitarist developed tendinitis in his right hand. That tendinitis soon destroyed his ability to play at all, ending his performing career.

Instead of moving to a completely new job, this person started studying guitarists who did not have wrist problems and reading up on the ergonomic use of the hands. He began teaching how to play guitar, and, as a result of his studies and experiments with his students, he developed a different approach to classical guitar playing.

He wrote a few books which were quite successful (and are still in print) and helped set up one of the first classical guitar degree programs at an American university. He then went on to head the guitar department at the famous Peabody Conservatory in Baltimore, MD. In fact, many of today's top professional concert guitarists studied under him at Peabody. He's retired now, but all throughout his teaching career, he did not play the guitar himself (but it's obvious that he wished he could).

If you're interested, his name is Aaron Shearer. His latest books are probably the most-used materials to teach classical guitar at the unversity level today.

Now, is everyone who develops a disability going to have a story like that? Of course not. I am not in any way trying to trivialize the loss and grief that can come about from such an injury. What I like about the story, though, is how he used what he knew.

Thanks Phil..that's the type of information
I was looking for...many companies are reluctant
to spend the necessary dollars to accomodate
employees with debilitating diseases. I think
your suggestion to "use what you know" was a
good one...and I particularly liked the "prevention solution"...

Yes, there's no question that a sudden disability can be devastating. I truly wish you well in your work in this area.

While it's true that many employeers are not accomodating to people with disabilities, there are also many who will allow people to accomodate themselves. Where I work, for example, there's no problem if someone wants to bring in a special keyboard, ergonomic chair, or other helpful device. The company wouldn't pay for such things, but they have no issue with people customizing their own workspace.

Best,
Phil

> Thanks Phil..that's the type of information
> I was looking for...many companies are
> reluctant
> to spend the necessary dollars to accomodate
> employees with debilitating diseases. I
> think
> your suggestion to "use what you
> know" was a
> good one...and I particularly liked the
> "prevention solution"...