Having Multiple Streams of Income Is Key for the Self-employed Individual

by Meryl Evans | Category: Books, Business, Meryl's Notes Blog 11 comments

No LimitsWelcome to meryl’s notes blog (this here place you’re lookin’ at) in Plano, Texas (OK, the blog doesn’t live on a server in my house — but that’s where you’ll find me… in Plano, not in the server). We’re happy to be a stop in Sara Morgan’s WOW! Women On Writing Blog tour. Here’s a bit about fellow work from anywhere’r Sara… (Stay tuned in this long post if ya wanna win this book!)

About Sara Morgan

Sara Morgan knows just what it is like to have a good job that is just not the “right” job. As a software developer, she has worked for large and small companies spanning multiple industries. None of these jobs ever provided Sara with the fulfilling life she was searching for and in 2005 she made the jump to self-employment with the start-up of her own consulting company, Custom Solutions, LLC. Sara Morgan is the author of No Limits: How I escaped the clutches of Corporate America to live the Self-employed life of my dreams. For more information about Sara and her book, check out www.nolimitsthebook.com.

Sara MorganHaving Multiple Streams of Income Is Key for the Self-employed Individual by Sara Morgan

Four years ago, I quit my high-paying corporate job as a web developer and started my own software consulting business. I was one of the lucky ones, because I had a high-paying and high-in-demand skill set that allowed me to make a good income, despite the inevitable challenges of self-employment.

I realize though that most people seeking self-employment will not be this fortunate. For these people, I strongly suggest having multiple streams of income. By doing so, you can ensure that you are always able to pay the bills, even when one thing you are doing fails to generate the income you need. It is just the simple concept of not putting all your eggs in one basket. This is very old, yet still appropriate advice that applies aptly to the self-employed individual.

For myself, since I am promoting my latest book No Limits full time and have not been doing any software work for over six months, money has just been going out and not coming in. I was lucky enough to have built a small nest egg, which has allowed me to get away with this for a while. However, that can only last so long, so I recently started a third business as an independent garden consultant for The Happy Gardener.

The Happy Gardener is a great company that I only found out about when I interviewed the owner, Annette Pelliccio for my latest book. The company makes and distributes earth-friendly lawn and garden products that are chemical free and actually good for the environment. Unless you have been living under a rock, you know how important it is for all of us to be environmentally conscious, so I am really excited about being able to get behind a company like this.

If you are considering making a jump to self-employment, I would suggest that you have at least three alternative sources of income. This will help you to weather the inevitable “life” storms that affect us all. Other than that, always remember to Work, Live and Have fun!

Your Turn

Leave a 50+ word comment in this post by 11:59pm on October 21. That’s all ya gotta do to be entered to win this book. Tell us about your dream career or whatever strikes ya. The unbiased and robotic Random.org will pick the winner.

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