In 2008, when the economy collapsed, over $1 trillion was lost on toxic and bad assets many people lost their jobs, businesses and houses. The only people who survived the crash well were the people who were not relying on only one source of income.
Warren Buffett, probably the greatest investor of all time, with a worth of $73.8 Billion, says never rely on one source of income. Only this one sentence by a person like this is enough for me to realize that I should have multiple baskets.
But for the sake of argument I will give you a few reasons for the same. Every single multi millionaire you see out there has multiple sources of income. Be it their main business, books, video courses, audio courses and loads of others.
Pick any one millionaire at random and see if he has a single source of income. From Elon Musk to Warren Buffett to Mark Zuckerberg, all have multiple models throwing money back at them with a multiplier in between.
Consider these scenarios:
#1. Let say you have a job, you get sacked. Bamm..!! No money coming in, only money going out. And soon enough your savings deplete and you are on the road.
#2. You have one well flourishing business, economy crashes and sploosh. On the road. When big banks with billions in revenue and assets could not survive the crash, what is the guarantee people like us with small business are going to survive the another one.
#3. You have a job, a part time business that brings in income, you have a big social media page that you sometimes leverage and earn through using affiliate marketing, you have a book bringing in some royalty money every month, if one of the thing goes down, you still have another one working for you.
Lets hope you choose #3.
You get the point. Why should we put ourselves in such a situation where we do not have a source of income left.
So go ahead write a book, start a part time business, get a job, do whatever but never ever give up. It is your responsibility to take care of your life.
On an ending note, Grant Cardone says it all ”Success is your duty, it is your obligation and it is your responsibility.
Shivam Chhuneja
