SHOCK! HORROR! What If Your Income STOPPED At 5 P.M. Yesterday?
Noel Peebles
Why you need multiple streams of income.
If you are not already seated - sit down and take a deep breath - because you might break out into a cold sweat at what I'm about to say.
How much are you really worth? What is your true wealth?
Now, I didn't ask how big your mortgage is, or how much you owe on your car, furniture, or credit cards for that matter. However, those things (liabilities) will have an important bearing on your true wealth.
Just imagine the worst-case scenario. For some unforeseen reason your job finished at 5 P.M. YESTERDAY and your income STOPPED dead in its tracks. No more money flowing into your bank account! You could have had an accident - or an outbreak of foot and mouth disease (or an earthquake) has suddenly bankrupted your employer and affected the whole nation. Think of some "Titanic" event happening to you. How's that cold sweat developing?
In effect, this is what has happened. You have stopped trading your hours for money. You have suddenly stopped earning a living. Your sole stream of income has suddenly dried up.
Now, reassess your true wealth.
What liabilities do you have...and what are those assets really worth?
You have no money to pay your mortgage, no money to pay your car installments, no money for your credit card bills.
If you are in business - how will your creditors react? Will those nice people at the bank let you never pay your mortgage interest again? Are you suddenly in a precarious financial position?
Take stock of your assets. If you had to sell your furniture, car, boat etc in a hurry...how much would you get in COLD HARD CASH?
Think about it! If you stopped trading your hours for money - how many days, weeks, or months could you survive for financially … WITH NO INCOME? Even if you did have some money tucked away...how long would it last?
Don't be too discouraged - you are not alone. In reality most employees would be in the same position.
The same is true of most small business entrepreneurs. If their bank accounts were suddenly frozen, or their customers stopped buying, most would wake up with a very severe headache (to say the least).
Quite astounding, when you consider that this type of monetary dilemma was once predominantly confined to the younger generation. Not these days - more and more people in their forties and fifties are discovering the true limits of their wealth.
However, it would take a sudden unforeseen "Titanic" event (such as a job loss), for most of us to realize how financially fragile our circumstances really are.
Sobering isn’t it?
One solution is to spread your risk by having multiple streams of income, rather than just relying on just one source of income. The internet offers a range of business opportunities that can generate multiple streams of income from home, for a low start-up cost, and without having to quit your day job.
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About the Author: Noel Peebles, Market Leaders Limited. Get Your 100% FREE mini-course "17 Powerful Secrets That Have Made Business Owners Into Millionaires." 100% FREE! Simply send a blank email to
FREE website with helpful Real Estate Tips: http://www.instantsellhome.com
Peebles has authored and co-authored some very successful Ebooks -- "Home Biz Ideas Goldmine" -- "Sell Your Business The Easy Way." -- "Home $elling $ecrets"
Copyright © 2008 Noel Peebles. All rights reserved.
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Noel Peebles
Successful Small Business Entrepreneur and an Internet Marketing Veteran.
