Multiple strands of income

dlynn By dlynn, 27th Sep 2014 | Follow this author | RSS Feed | Short URL http://nut.bz/er616wfr/
Posted in Wikinut>Money>Making Money

My husband just lost his job. This was our main income. But thanks to having other income coming in we are okay and were able to job search without panic.

What happens when you lose your main income?

My husband just lost his job. This was our main source of income. In today's unstable financial time we are grateful that we had other income coming in. My best advice to everyone facing an uncertain economic future is to develop what I call "multiple strands of income." Unemployment insurance is not a given. it takes time to get if you even get it. The system here is back logged badly. Our daughter lost her job due to store closing and has been battling almost 2 years with them, she just now got a letter that they are looking into her claim.

What are multiple strands of income

These are regular little bits of income. Small jobs or things you can do on a regular basis to make a little extra money. This can be anything that generates steady income. It does not matter if it is $10 or $100. If it is something that you can do to make a income every week or every month. If it is reliable it is a strand.

Why I feel this is the best way to insure finanacial stability

I believe the idea of having multiple income strands is the way to go. if you loose one strand you still have other income coming in. It is not a case where you lose a job you are totally without. It takes time and scheduling and getting out there. But I think it is the best way for each of us to ensure we are financially stable in turbulent economic times.

Tags

Income, Income Loss, Income Online, Income Security, Increase

Meet the author

author avatar dlynn
I was published many moons ago, But gave up writing to raise a family. Now the nest is emptied and I am back. I will write about pets, gardening, nature, hobbies and family and grief.

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Comments

author avatar reg430
1st Oct 2014 (#)

I appreciate you way of thinking. In today's world we have to earn money in whatever way we can -- as long as it is legal.

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author avatar dlynn
2nd Oct 2014 (#)

Exactly and by nt relying on one single income I think we are slightly more ecure

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