The answer…YES!

WHY?…because “(bleep) happens”.

 
Let me share 3 real examples with you. They will help me explain why everyone should have many streams of income. If you happen to be independently wealthy, you can skip this, lol.

Example 1

I recently had a forty-something-year-old patient with an infection in his abdomen. I told him that he needed admission to the hospital. Immediately, I could see the worry on his face. He said he wasn’t sure he could stay in the hospital. After I told him that people can die from this, he finally agreed. I asked him why he was so worried about staying. I hadn’t looked at whether he had insurance or not, so I asked. He told me he had insurance to pay the medical bills. Instead, he worried that if he wasn’t working as a painter he didn’t know how he was going to pay his other bills. Unfortunately, most people can relate to this guy’s story. Like most people, he trades time for money. If he doesn’t show up and put in the time, he doesn’t get paid. So, missing even several days of work may put him behind on bills. He knows it will take weeks to catch up.  Or he can put in extra hours to catch up faster…but, at what cost? He loses time with family and friends. If he had other streams of income, he wouldn’t have to worry so much if medical emergencies come up. Can you afford the lost income if you were unexpectedly hospitalized?

Example 2

A few weeks ago I met a lady who shared her story with me. Her teenage son has some serious behavior issues and got kicked out of school. Actually, this scenario had played out several times. Now, the only school that would take him was a specialized school a few hours from their home. It also came with a hefty tuition. She and her husband had to drain their savings and much of their retirement to keep their son in school. This was a completely unforeseen expense. Perhaps an extra income stream would have covered the tuition. Now, she and her husband are trying to play catch up on their savings and retirement. They are both in their late fifties. If this happened in your family, would you have the resources to cover it?

Example 3

In case you haven’t read my about page, I am an ER physician. Before that, I was actually a nurse. I got into healthcare because I wanted to help people. Also, everyone said there would always be job security for healthcare workers. Right? Well, recently the largest hospital in my area laid off 100 employees. These people had no idea this was coming. With another stream of income, this might not be such a burden. Instead, they would be able to consider whether they wanted to return to health care. They might decide to try something different. After all, extra income streams give you choices. Layoffs are commonplace these days. You can read about them almost every day and everywhere. Could you be next? If so, how would you survive it?

Protecting Yourself

Now, before you think I am trying to give you sleepless nights worrying, the truth is I want you to have hope. Hope that you won’t get caught off guard by any of these situations. You can, and should, figure out more ways to make money besides your job. Some of you are wondering, “How”? You could get another trade-time-for-money job. But why would you do that? Another job isn’t going to help if you aren’t able to work. You could invest in real estate or the markets. These need you to have the money to invest, and they can be risky. You could buy a franchise, or start a traditional brick-and-mortar business. But, that takes tens to hundreds of thousands of dollars…and you won’t make any profit for several years. So, What else can you do?
 
Start a home-based business. One that can earn you passive and/or residual income. Need some ideas, check out this post where I compare my favorites. Today’s technology has made it easy for anyone to get up and running in their own business. Will it be easy, probably not. Will it be worth it. Most definitely.
 
When you expect the unexpected, you won’t get caught off guard.  Protect yourself by having multiple streams of income.

Header photo by Kyle Glenn on Unsplash

    4 replies to "Do You Need Extra Streams Of Income?"

    • Kevin

      Great post and points Dr. Jim! I’m a total beliver in the 6 month emergency fund too

      • Dr. Jim Emerson

        Thanks for the feedback Kevin. Maybe I’ll do a post on the 6 month emergency fund later.

    • Jim

      WOW!! Dr. Jim, this post really has my interest. You sound like a real genuine and honest guy. I would love to learn more, especially about more income. I’ve been through some hard knocks before, with a family, and it’s not a fun place to be. Please contact me…. Thanks!! Jim

      • Dr. Jim Emerson

        Thanks Jim…stay connected as I plan on delivering a lot more useful stuff.

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