Passive Residual Income - 10 Reasons to Diversify Income

passive residual income

Passive Residual Income - 10 Reasons to Diversify Income

By Jim C Green

The current fiscal downturn has resulted in record unemployment levels recently. As a result, many people are currently unemployed and seeking a job. In both the good times and bad, it shows great wisdom to be well diversified in your income sources, more than ever in a business generating passive residual income. In this article, we look at the 10 most important reasons to diversify your income on the Internet(in addition to the most obvious one of losing your job).
Here is our top ten list in reverse order, in David Letterman format:
10. Express yourself outside the norm: Even though many world economies are dependent on a distinctive entrepreneurial spirit, most Americans are "pre-disposed" to seek the "safety" of the 9-5 job. In the US now many more immigrants are establishing business ownership than Americans. In today's new job economy, most are now realizing that getting out of the "job security" mindset has become critical to long term survival.
9. Expand your experience base: The fastest way to broaden your experience base in a variety of disciplines is to work on different responsibilities. You will quickly become more attractive to both employers and clients as you broaden and deepen your experience base.
8. Expand your creativity: Take full advantage the "spark of genius" that is within you and exploit your own raw talents.
7. Tax breaks: There are two sets of tax rules in the US and many other countries. In a legitimate business, regardless of full or part time status, many additional expenses become tax deductible.
6. Write your own ticket: You determine your own value in the marketplace of ideas and contributions. Only you determine the course of your career path.
5. You have a higher income potential: Your earnings possibility is limitless as you discover how to employ the concepts of leverage and advance in leadership skills.
4. Expand your relationships: When working at a single location, your contact base can become limited and stale. You will make many additional relationships as your work and interests reach into multiple disciplines.
3. Create time freedom: Take advantage of systems in your business. Automate your efforts to create income automatically all hours of the day and night. Enjoy the time freedom you have created through this leverage.
2. You operate at less risk: Yes, it's true that "job security" has now become an oxymoron. Diversification is now mandatory for true "life" security.
AND the #1 reason to broaden your income sources on the Internet is...
1. Take on your worst fears: "Throughout the centuries there were men who took first steps down new roads armed with nothing but their own vision," Ayn Rand. Learn to master your fears and you will be unstoppable. We hope these reasons will supply the motivation required to enable the boldness needed to take life "by the horns," in a business making money online, generating passive residual income streams.
Jim Green is a business coach for those interested in generating passive income streams in an Internet business making money online. He provides a systematic approach and training to diversify income using Internet marketing.
Article Source: http://EzineArticles.com/?expert=Jim_C_Green
http://EzineArticles.com/?Passive-Residual-Income---10-Reasons-to-Diversify-Income&id=3856289