Diversity Is Our Strength!
At least, that's the mantra I've been hearing.
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G'day there everyone!
It's been a little while since I uploaded a video so I thought I'd snatch the opportunity to pump a small one out while I could.
Now, this isn't a long-form topical video that I've gotten into the habit of making, this is more of an off-the-cuff steam of consciousness response to some things I've been seeing. After seeing a similar sentiment among several of the people I follow, I figure why not throw my 2-Steem in and see if I can add to - or create - a conversation!
Centralizing Your Income Is Bad -
It seems fairly obvious as to why.
To me the most glaring reason to avoid this is the centralization of risk to your lifestyle. If your primary and only income source were to be stopped for whatever reason, then your ability to maintain your quality if life is in jeopardy. A lot of people when they are hit with economic hardship raid their savings or they take on more debt in order to offset the economic downturn.
This just makes the inevitable correction to one's quality of life all the more dramatic.
It is as if people see hardship as always a short-term temporary thing that can be navigated around or bribed away. It is almost as if they see themselves as being immune to prolonged hardship or evolving markets, which may see their occupation being made redundant. A prevailing mentality of trusting in the status quo and distrusting conservative or cautious behavior only compounds this problem.
This is a pattern I see regularly from almost everyone I know.
In Australia we have a saying, "She'll be right, mate." This saying embodies this mentality completely. Just ignore and downplay hardship, see it as something short-term which can and will be corrected before long.
Until catastrophe strikes.
Let's just say a person works the same job for 15 years. It's a nice job that they're really amazing at, and they truly enjoy the work and coming in every day. Because that person has been so comfortable for so long, they haven't diversified their skills into other industries. Because they've always had the job, they didn't see the point in growing their savings all that much - after all, the next check is a week away.
What happens to that person when their office goes out of business?
With no diversification of skills or income, when the land gets pulled out from underneath you - you are truly naked.
That kind of vulnerability is terrifying, to me at least.
How to Diversify Yourself -
What is your current skill set? Do you have resources you're not utilizing?
The best way to diversify, in my opinion, is to build on what is already there. If you are skilled in one area of industry, is there a way you can take that skill and grow it perhaps in another industry or another part of your existing industry?
For instance if you're a trained car salesman, you can take the skill you have honed (sales) and apply it somewhere else. Say, event sales for Hotels, or for soliciting donations to a charity. You could even use such a skill purely for your own business or online presence - the applications stretch as far as the imagination does. This goes for practically every skill that can be used to produce value. There are multiple uses for multiple instances for every skill - so don't be afraid to use what you have in an instance you've never previously considered.
Aside from doing the above, probably the next best option is to develop a new skill while you're not experiencing hardship.
When life is stable, that's the time to get busy. Another saying comes to mind: "In times of peace prepare for war!"
Here's where passion projects and hobbies really pay dividends for you. If by following your passions you at the same time develop new gainful skills, then you're winning, my friend. Winning.
- If you love making videos - why not learn to edit film?
- If you love computers - why not learn how to assemble and maintain them?
- If you love cars - why not learn car mechanics?
- If you love music - why not learn how to mix, or better yet, why not learn how to play?
Lastly - if the above aren't working for you, then my best suggestion is to simply go for what pays the best and is the most stable. This usually entails getting a second full time or part-time job, however that can be destructive to your health if managed poorly.
This option removes passion or skill and is simply a task for you to perform in order to gain wealth. It isn't ideal, and in most cases it will probably suck - but it is diversification. If your primary source of income vanishes, at least you'll have the safety net of your crummy 2nd job to help sustain you.
I guess freelance work also falls into this category. Doing things like, transcriptions, microtasks and surveys isn't very fulfilling - but it does pay the bills.
I've had success earning extra money by doing transcribe work on www.rev.com and www.mturk.com - but these I don't think, should be relied on for primary income sources. (that is from my privileged western viewpoint. I understand that some people in some countries can survive with relative comfort by performing these tasks.)
There's nothing shameful about getting a second job or by performing menial work, in fact the drive and determination to do this is very commendable.
Don't Wait for Catastrophe to Strike!
Diversify yourself today
Thank you for watching my video and reading my blog.
If you have any questions I'd be happy to answer, if you have any comments or suggestions - please leave them down below.
Again if you liked, please upvote!
Thanks again - Peace!
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