Everyone with a preparedness mindset understands that it’s important to have backups for systems of support. We store food for a variety of reasons, but one major one is as a hedge against disruption in the food supply.
Or take water for example. We store water, and we store the means to purify even more water. Even if we have a great water source, it’s still possible for it to be contaminated or even stop working. And we have more than one ‘backup plan’ in case of a water disruption, in this case storage and the means to purify more water.
Our income is the same. The problem is that we’ve been programmed to think that our incomes are one monolithic benefit that we get from a job. In many cases, people with more than one job are looked down upon. People strive to build careers to increase their income higher and higher.
Yet those folks who have more than one job are actually better off than the Career guy if you look at things from a redundancy perspective.
It’s way too easy to lose sight of the fact that our income is a major system of support for us. Just like when we store water in 55 gallon drums to have on hand if we need it, we store income by saving cash or storing metals.
But too many people don’t go the next step. Building more and more income streams, even smaller ones, even a second part time job, makes your overall financial situation more sound. And that’s absolutely a good thing.
Because that career guy who has spent twenty five years working on building up that career may wake up one day and find out he lost his job and he’s now “unemployable” due to his age.
Don’t think it can’t happen to you. It can, and it’s happening to others every day.
It happened to my Dad. In hindsight, one of the best things that could have happened. The wheels that were put in motion as a result of that fateful call have impacted many lives and put him and my Mom in a pretty good position.
It wouldn’t have turned out like that if he didn’t have other ways to make money. Sure, he doesn’t have a JOB today, and hasn’t for quite a few years now. But he has built up a number of income streams and continues to do so. Slowly but surely, adding a couple new things a year.
It was rough at first, and they burned through quite a bit of their stored income. But it was enough.
Now he wasn’t really much for preparedness at that point, but he’s certainly changed his tune.
Knowing that things turned out pretty good for him despite that makes me wonder how much better it’d be if he HAD built up a number of additional income streams.
Now take that and learn from it. If you’ve already started building out your financial redundancy, great. Keep at it.
But if you haven’t, now is the time. You can’t afford to delay.