DIVERSIFYING YOUR INCOME.

It is no longer news that anyone who desires financial independence must have multiple

streams of income. No one can afford to rely solely on a source of income because when

that source fails like they often do, the budget and plans for that month go down the drain. 

No matter how long you have worked in a firm or how highly placed you are, losing your job

is still a possibility, one that should be taken with utmost seriousness. What happens when

the unthinkable happens? You lose your job for whatever reason,  maybe due to a market

downturn, or pandemic like the case of COVID 19, or just because you refused to sleep with

your new boss. What happens? Will your kids get driven out of school or you have a

contingency plan in place to keep you on your feet until you can run again.

It is a laughable idea for anyone to keep all his eggs in the Civil Service basket and we all

know why. I know of a state in my favourite black country that owes its workers eight months

salary. It saddens me when I started hearing of these civil servants committing suicide after

finding themselves drowned in loan debts they struggled repaying since their only source of

income was not forthcoming. Some got their children kicked out of school,  some pensioners

simply died in their sleep. The most painful part is not the fatality or hunger, it is the fact that

they could have been avoided if these victims had made a conscious decision to diversify

their income source.

Although it is easier said than done because this is not me preaching internet scam or fraud

as you may have thought, take your mind out of the mud. There are various ways you can

diversify your income that won't involve you looking over your shoulders or running from a

police siren. I know you want to but you don't know how or what to diversify and this is why I

tell you, you are reading the right article.

WHAT DOES IT MEAN TO DIVERSIFY INCOME?

Diversifying income simply means having more than one source of income but rather, 

multiple channels of earning. It is simply,  having a Plan B should A fail, a Plan C should B

fail, even a D should C fail.

The same way you have Tunde to run to if Wale decides to break your heart.  A 'main babe'

and a 'side chick.' You get it? That's it. With the idea of having a shock absorber in place in case

of emotional trauma, you can also apply that tactic and the same energy to your ways of

earning money.

Diversifying income is just a way of providing stability and some level of income insurance

should you lose your primary source of income. It guarantees financial independence by

creating diverse streams of income. This way,  your castle does not fall to the ground when a

pillar crumbles. No matter how stable your income is, or what good position you are in

financially,  it is unwise and reckless to be limited to just a channel of income when there are

plenty of opportunities begging to be explored.

WAYS TO DIVERSIFY INCOME

Most people reading this, probably you included, would ask; how and what is the best way

to diversify income? But why should I give you one way when I can make you choose from a

handful of ways to diversify your income. Here are some of the many ways to make money online as well as offline:

1. Blogging: blogging has been around for a while now and it pleases me to tell you that

it retains its relevance still, as the old fashioned means is still very much alive and

thriving. You can consider this your best way to diversify income if you're able to

produce relevant and valuable content on a regular basis. You are sure to attract

traffic from people of like mind who are invested in your niche of information and

products. Basically compelling your readers into buying what you're selling. 

2. Web-centred business: this is another or the best way to diversify income. Owning a

website for example can be a stream of passive income. Earnings are made from

advertisements,  traffic,  sales of products and services,  referral fees, or even investments. 

This is how to diversify your income as you can run a website while holding down your job as

an employee without one affecting the other. Passively making money online even in your sleep.

3. Own a YouTube channel: YouTube is another best way to diversify income. Over

millions of people make passive income from YouTube.  The good news is,  you don't need

to have millions of viewers or subscribers to earn from YouTube.  Here is how to diversify

your income using the YouTube app.

 Create for yourself a YouTube channel. This is where your contents will be uploaded

and kept.

 Create a content calendar that ensures you consistently upload videos. 

 Do not starve your viewers,  people are impatient and they are quick at finding

replacements. They can quickly switch to your competitors’ channel, should you fail

to upload videos on time or enough to satisfy their urge. 

 Make sure the video content you're uploading meets standards. 

 Create and keep a fan base. Reply to all comments and make necessary adjustments

or corrections when necessary. Simply give your viewers what they love to watch. 

 Allow YouTube to include ads in your videos. This way you're monetizing your

undertaking.  You split the fee with Google for each time a viewer clicks an ad.

4. Copywriting: International Living defined copywriting saying copywriting is a mega-

industry, ripe with opportunity. And longing after individuals can drive it with new marketing

messages and one of the best advantages of the freelance copywriter’s lifestyle is that one

can get paid in U.S. dollars…yet live virtually anywhere across the globe.”

Read on how to become a successful copywriter in the next issue.

These are just a few directions on how to diversify your income. From the shortlist of four

out of thousands, you can choose your "best way" to diversify your income. Whichever way

you choose, know that it is not an option to stay glued to a single source of income. It's too

risky to be an option.

BENEFITS OF DIVERSIFYING INCOME

Imagine the joy of always having money to spend. The peace of mind that comes with the

assurance that you always have somewhere to turn to whenever financial needs arise. The

pride of never being stranded. The satisfaction that even if your employer disappoints at the

end of the month, or the unexpected happens and you get laid off, you and the people that

depend on you won't starve. Imagine that. You'll sleep better at night, both eyes closed. Fewer

worries, no anxiety, because even in your slumber, there is a constant rise in your bank's

numbers. You'll smile, you'll look good, you'll feel good, and you'll be less angry.  

2. Financial Independence: diversifying your income helps you get an edge, it gives

you stability, putting you at advantage against income loss from your primary source

of income.  This is a very important reason to diversify your income, to keep you on

your feet in case of income loss either due to layoffs, disability,  sickness or a rare

case of a pandemic.

3. Peaceful Retirement: why should anyone be scared of going home to rest after

years of labour? Retiring at your old age should not be a worrisome and difficult

decision.  Having multiple sources of income, passive incomes ensure that you

retire from active service without your pocket growing lean from it. Since where you

are retiring from is not your only source of daily bread, going home to rest won't be a

cause for a raised BP.

4. Building Wealth: No one has made it to the Forbes list of richest men in the world

by a single source of income.  No one ever will. To build wealth, sustainable wealth,

you must diversify your income stream.  Multiple sources of income ensure a

constant inflow of earnings, different channels leading to your enriched purse. Tell

me what better way to become wealthy than constantly earning. You will never rest

until you find a way to make money while sleeping.

HE THAT HAS EARS

It would be difficult if not impossible for a man like King Solomon with a thousand wives and

hundreds of concubines to get heartbroken by a woman because there will always be

an alternative.  Relationship wise, you may be considered a cheat for having more than one

partner but financially wise, you're smart to have more than one source of income.

As an individual, diversify your income enough that no one can threaten your breakfast,

lunch or dinner. Enough that you don't lick boots to make ends meet.

As an employee,  diversify your income enough that no boss or employer can threaten you

with your job. Enough that you're not afraid of losing your job, that the thoughts of probably

being laid off do not keep you up at night.

As a business or company owner, diversify your portfolio to the point where not a single

customer is responsible for more than 10-20%  of your revenue.  To the point where the loss

of a customer or investor will not leave your company bankrupt or your asset liquidated. 

However,  investing in financial markets is profitable, getting rental properties is reasonable,

owning a blog, running a website and other web-based businesses are all good ideas to

diversify income. But it is always best to stick to what you know and what you are good at,

learn what you don't, do your research and know the basics of whatever you are delving

into. 

Be time conscious, protect every source from which you earn.  Do not take any for granted.

Be smart enough not to allow your passive or side income channels to jeopardize your full-time job until you are sure you can survive financially without it. We usually don't know the

value of what we have until we lose them.

After reading this book to this point, it will break my heart if I still see you in my dm or

someone else's begging for an 'urgent 2k.' I promise you won't like what I am going to say to you.