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Having more than one source of income makes good solid business sense, even more so in today's fragile financial markets. And for anybody who is self employed it is vitally important that you do not as they say Put all your eggs in one basket'.

The secret of obtaining multiple streams of income is to diversify; people always assume that if you are working for many different companies then you must be rolling in money, which is far from the truth. There are still only so many hours in a day.

One of the disadvantages of working for yourself is the time spent chasing money owed to you. Over the years I have wasted countless hours trying to convince companies to mail a check out to me.

I have experienced companies closing and even one man, I regret to say, died. Now the loss of these pay checks was obviously a big blow for me but because I have always ensured that I have multiple streams of income then I was able to write these debts off and move on.

One of the biggest problems when you lose a payment is that your trust in that company has gone forever; and you have lost one of your income sources. Just a short time ago my family used to comment about my juggling my workload in order to complete assignments. Suggestions were made that I should take up an offer I had received which would have made me an employee. Only recently I heard the news that this company had folded.

It seems strange to say that I prefer to have more than one source of income, maybe it is born out of the current recession. A comfort zone knowing that I will be able to turn things round if one of my sources dries up.

Apart from the obvious solution of additional working, could investing bring a decent rate of return on your capital. However, watching Wall Street at the moment is it safe?

From everything you read and hear it would appear that more and more people are now turning to the internet, looking for ways to secure an additional source of income. Insecurity at work is slowly producing a nation worried for their financial future. Spare time hours which used to be spent relaxing are now often used to procure extra income.

Whether you are the sole wage earner for your household, a couple or self employed, the advantages in creating more than one source of income cannot be over emphasized. Add to that today's monetary problems with the credit crunch, the company foreclosures bringing ever closer the threat of the unemployment line and suddenly you realise that perhaps it is worth investigating additional income sources.

Learn more about this author, Lucy May.
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