You must have multiple streams of income...
Jobs are a thing of the past, everyone is now in business for themselves whether they know it yet or not.
Automation means that less people are needed to get the job done. You can see this in self-service checkouts at the supermarket, robotic gas service attendants. Heck, when even surgeons aren't spared the onslaught of automation through technology you can be sure your job isn't safe.
Then there's the aging population where you have more people living longer due to advances in technology, living standards and the medical profession. Retirement age is being pushed up and many older individuals are choosing or being forced not to retire. This means more people competing for the same jobs.
Add to the above two factors that jobs can easily be outsourced to countries where labour is cheap and you can see why relying on your job as your sole source of income is the least safe choice you can make.
So, what's the solution? Spread your risk through diversification. Create business equity and invest your revenue wisely.
Experiment with different business models and run with what works, then move on to the next business. Think in terms of new projects rather than new jobs. The trick is to fail often and fail fast so you can get to what works sooner rather than later.
This obviously also means that you need to know when to drop projects that just don't work so you can refocus your energy on the ones that show potential and solidify them.
The time to take action has already passed so if you're not working on this already you may have some catching up to do! ;-)
Multiple income streams are no longer only a way to get wealthy. It's becoming essential just to be able to survive. Start today!
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