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Unemployment is surging and there is no indication that the economy will rebound in 2009. This is no time for denial, so let’s just keep it real. We need to stimulate our own personal economies and our best bet is to create multiple streams of income.
When you think about Russell Simmons, what comes to mind? Def Jam, Def Poetry Jam, Phat Farm, reality shows, a best-selling book and other ventures sprinkled in here and there. Now, think about Diddy. There’s Bad Boy Entertainment, Sean Jean, a few acting gigs, reality shows and his new best friends, Ciroc. Donald Trump? Casinos and resorts, The Apprentice, co-owner of the Miss Universe Organization, a few best-selling books and numerous other ventures. Besides being paid, what do these magnates have in common? You’ll notice that each one keeps multiple streams of income flowing at the same time. Should one slow to a trickle or even dry up, they have other hustles that will sustain them (or that they can sell for profit).
For the average person, having one income stream is hard enough to nurture now, but this is why creating multiple streams is more important than ever before. Simply put, if you’re solely relying on your job for income, you’re taking a tremendous risk with your financial future. Not to mention, there is little room for growth in a one-paycheck model.
You may be short on time and even shorter on cash right now, but you’re not short on brains or talent. Brainstorm ways to segue some of your ideas and your talents into profit-making ventures. You don’t have to become a millionaire through these ventures and there’s no need to quit your day job, but before your day job quits you, work on getting a few of your own streams flowing.
To read more pick up the current issue of Crunk Magazine
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