Diversify your seeds to reap wide benefits from your crops
We learn in finance that diversification is a means of spreading risk. We learn in business that compliance is a method of reducing regulatory and legal risks. We learn in development and engineering to follow best practices for quality control.
While it feels good to be your own boss and be self employed, to not have to worry about being hired or fired, there are still risks involved. One of the ways to reduce the risks involved with being self employed is by having diverse income streams.
Don't let all your income arrive from Steemit
Steemit i looking good right now for many people. People on Steemit are earning $40, $50, $100 a post. This is encouraging people to begin asking questions like whether or not they can live off Steemit and be a career blogger. A specific blogger asked that question in their post: "(VLOG) What Will You Do When You Can Live Off Just Steem!?":
The short answer to this question is people already are living off Steemit. The long answer to this question is more involved and whether or not someone should seek to exclusively live off Steemit. I don't think it's wise to put all your eggs into one basket even if Steem is the basket. There are other blockchains which pay participants and which you can generate an income stream from and if you'd like to see how then take a look at to see how he makes profits from Genesis Mining and BitConnect.
Don't let all your income arrive from cryptospace
In other words don't put all your eggs into one basket. There are regulatory risks in cryptospace which make it not necessarily a good idea to pin all career hope on making a living from the blockchain. The tax uncertainty is only part of the concerns, as there is the possibility of a crackdown and the possibility of crashes in the market cap to the point where the amount of money you can earn is no longer able to support a comfortable standard of living. The only way to reduce this possible risk is to diversify your income streams so that at least some of your income streams come from sources outside of crypto. These could be passive income streams such as from real estate investments, stocks, or and it can be your day job. You can work in the tech industry or outside of it, but as long as you have other things going on then you will not fear a crypto recession or crackdown as it will be just a buying opportunity for you or the end of profiting from the blockchains.
Don't let all your income be the result of your own labor
This is a critical point, and it is important to note that this might conflict with the labor theory of value. Labor is not the only source of income and not really ideal. Labor requires you to sacrifice your time for money and when you are young with more time this seems sensible, but once you're older, of poor health, or if you perceive due to your circumstances that you have less time? People who have less time don't have as much time to sell and all time / labor theories of value and methods of producing income will fail for people are old, disabled, not in the union, etc. Value is subjective and it doesn't matter who is doing the labor but what does matter is who has the legal rights to the income generated by that labor.
Passive income streams are an example of income without labor. The person who for example makes money from affiliate marketing may not need to do a lot of labor to get a lot of residual passive income. The artist who makes a film or album can get residual income for years with weeks or months of labor. And of course there are many stocks, REITs, and other methods of producing passive income which can fund care for you in times where your health is poor, or where you are retired. Passive income is a critical strategic source and during times when nothing is going on with Steemit or when you're unable to post, the passive income will still keep coming to you even if you're in a coma.