If you have ever suddenly lost your job or become sick and couldn’t work and left feeling that pit in your stomach of financial insecurity, or you feel stuck in an unfullfilling career then continue reading, Diversified Income: Create Your Own Job Insurance.
What is Diversified Income? Why is it so critical that you have in place an diversified income plan?
How would you feel if you had an income stream to fall back on if you lost your job, your self-employment business took a hit or you got sick or hurt and couldn’t work your job or your own business?
I’m going to tell you exactly how you can create your own income insurance so you don’t have to dip into your savings, your retirement or borrow from family in the event your primary income stops or is seriously reduced.
Diversification As Insurance
The term diversification is typically associated with investment portfolios and personal asset protection. Diversification is a technique used to minimize risk of loss, or spread risk of loss associated with investments, over an entire investment portfolio, helping to insure the overall performance of the investment portfolio.
People who have accumulated assets don’t hesitate investing resources with professionals to set up and maintain comprehensive asset protection programs to minimize their risk of loss, protect wealth accumulation, personal assets and reduce income taxes for themselves and their posterity. These plans include diversified investment mixes, life insurance, tax planning, setting up special income tax entities and other strategies.
Diversification provides insurance to minimize risk of loss or failure just like in a rock climbing anchor system. In rock climbing, the increased number of anchor points an anchor system provides (1) increases the load capacity of that system and (2) creates an inherent redundancy for a more reliable anchor system should any of the anchor points fail. A failed anchor system will lead to serious injury of death of the climber(s).
However, people do very little to insure themselves against the risk of cash flow disruptions from their primary source of income.
Why You Need A Diversified Income Plan
Do you have a strategy, or a plan, in place to provide you with cash flow to support yourself and family and pay your bills if you lost your job tomorrow or couldn’t work? Most people try not to think about losing their primary source of income. Plus, they believe that there’s little or nothing they can do about planning for a break in their income for some reason. If you’re like most people, you would list one or more of the following as your cash flow backup plan:
- Look for and apply for another job with similar or better pay and qualifications
- Take a job with lower pay until your ideal position is secured
- Apply/receive state unemployment or disability benefits (a limited resource)
- File a long-term disability claim
- If you have a long-term disability insurance policy and qualify for benefits
- Provides a 2 year maximum benefit
- Pays only a portion of your salary
- Liquidate from assets: savings account, retirement funds, investment accounts
- Apply/receive food stamps
- Church assistance
- Borrow from family members
- Reduce housing expenses: Sell your home, reduce rent, move in with family
The underlying problems with these fall-back options are:
- You have no control over whether or not these resources will be available to you.
- Funds, if available to you, will be far less income than your monthly salary
- Benefit funds have amount and time limitations.
- Asset liquidation reduces your position of financial strength and options.
- Most people have insufficient savings, retirement plan or assets to support themselves.
Like a climber relies on the redundancy of a multiple point anchor system to help insure that the risk of failure to that anchor system (leading to serious injury or death) will be minimized, you need an income strategy with multiple income streams or leverage points to help ensure that you and your family will remain financially secure should you lose your job, can’t work or you’re forced into early retirement.
What Would Freedom From Financial Worry Mean To You?
How would you feel if you never had to worry about losing your job? What if you had an income plan that allowed you to pay off all your debt? Gave you the freedom to work when you wanted doing what you wanted? How would it feel to have the financial freedom to fire your boss? ..Take vacations where ever you wanted, whenever you wanted to with whoever you wanted to? Sound too good to be true?
If I show you an income strategy that will allow you to become financially secure, give you back your time, allow you to live the life of your dreams, has a proven success business model, provides a low-cost investment entry, pays you while you learn while working part-time (2-5 hours/week) and has no ceiling of income potential, would you be interested to learn more? If you’re not interested and you want to take your chances in a job market where there is no security and have a life of limitations, that’s okay. If you want more freedom, abundance and financial security in your life and want to learn how to achieve this, then read on.
The Diversified Income Plan
The diversified income plan consists of (1) your primary job or primary source of income, and (2) a side business that you work part-time, a Plan B.
You’re probably thinking, “I don’t have time to work on a Plan B!”. My answer to that is, what are you doing to change that? If you don’t do something starting today to get your time back and take action to have another income stream to fall back on you’re giving up control of your future to someone else.
Top business advisers, authors, motivational speakers like Robert Kiyosaki (author of Rich Dad Poor Dad, The Business of the 21st Century), Tony Robbins (motivational speaker, top-selling self-help author) and Bob Proctor (public speaker, success coach, corporate trainer) each endorse network marketing as the business of the 21st century and encourage everyone who wants financial freedom to have a network marketing business.
Why network marketing?
Network Marketing is the easiest way for the average person to create residual income with a low-cost initial investment, working part-time and allows for huge residual income potential.
Network marketing is a legitimate, respectable profession that pays people to promote company products and services to consumers who want and need those products or services. Companies using traditional marketing channels pay media and companies to promote their products and services. Network marketing does away with the middle man and pays people like you and me to promote these products or services. A team works together to provide leveraged hours and get paid in promoting and moving product and services to end consumers.
Network marketing is a business of personal growth and service, provides you with tax benefits of owning your own business and allows anyone who is coachable and hard-working to have the income and life of their dreams.
But don’t take my word for it. Check out these testimonials:
Why Robert Kiyosaki Endorses Network Marketing
A Better Way – Wall Street to All Streets
Meet Joe Occhiogrosso and Frank Marone
Diversified Income Success Stories
There are so many stories of people who have experienced family crisis and because they had a diversified income plan in place that included network marketing they were able to withstand family crisis and hardships due to illness, death, job loss and other situations. Even more, network marketing has allowed them to live a full life of purpose, serving others and helping to make this world a better place.
If you have a story that you would like to share on how network marketing has provided you the means to whether a family crisis or hardship please share your story by commenting below.
If you have a story to share on how network marketing has allowed you the time and financial freedom to live the life of your dreams, please share your story by commenting below.
Please contact me if you want to learn more about network marketing and having a diversified income plan.
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