I get anxious about people. They have one job, and they rely on all the income from the job. If something goes wrong, there they are screwed. They will start by going back to an entry level job at minimum wage. When they spent years working for the same employer, building up their seniority and benefits. And their pay.
I realize more and more every day that employers have incredible power over their employees. All because they rely on the income.
I don't care what kind of job you work
Just because it's an industry that might be around forever. Doesn't mean your company will last. Sure you can go to the competitor company if your company falls through. But that still terrifying risk to take. With the technology every day we don't know what will come out next. What industries will be replaced? All the sudden, with cryptocurrency. Bankers are starting to worry about their jobs. And as we know, crypto has the potential replace just about every industry.
Don't get too comfortable
Being comfortable can sometimes be a good thing, But It seems like once we get comfortable with something. Something big changes. All the sudden we have to adapt to this new thing. Or make changes when it's already too late.
One Source Of Income
When you have one source of income, that entity controls you. Whether it's a job or your side hustle. One income puts you at risk. I realize this with my T-shirt business. I was relying on Amazon. All the sudden, Amazon changed something in their system. Dramatically dropping the sales of everybody selling shirts on their website, we have waited months, and nothing has changed. We still are getting the sells we were once used to. Amazon gave us no warning with this. While I had other sources of income, Amazon was the one I was using to pay my bills. I didn't want to spend the other source of income that I had. This shows how much power Amazon had over me. Because once I lost this income, I had to search for another one frantically. This is why diversifying your income is incredibly important. You never know what's gonna happen tomorrow, or six months from now. You can guess, but you could be wrong.
Rapid Inflation
While crypto is a great way to offset the effects of inflation our current currency. It's getting horrifying, while it seems like I have more money. I can't buy as many things. Food that I need to eat, or clothes or just the overall essentials. If your raises from your job are keeping up with inflation, you might have a problem. It'd require more and more money to survive. So by having more than one source of income, This gives you some leverage. On how much you make. One thing I hate about employers, is you don't get to pick how much you make. The employer chooses for you. I like to have control and how much I make. Even if it's a little bit.
I don't care what kind job you have, or if you think it's safe. You always need to be thinking ahead. Because you could lose that source of income anytime. And that loss would be really sad.
I got made redundant last year, and before finding another role, at that moment, seriously considered going full time on Steemit. I was "lucky" enough to get caught up in another role within the company, but it was the first "real" job that I had, that involved an Office, button up shirts, and the pretentiousness of corporate life.
Even if you can't have a passive income stream; it helps to be diverse and adaptive in your skill sets. I think, if I were to lose my job tomorrow, or in the coming days (the company I work for us some big announcements happening this week) - I'd want to swap; and work in a field as far removed from my current reality to gain more perspectives of what else is out there; and to re-balance "life".
It's important to have back up plans, but don't spend all day, every day worrying about what if, just be prepared; and know that when you're working for someone else, no matter how important that task or role might seem; there's a line of people behind you willing to do it for less.
We're all expendable from the perspective of giant companies! :)
Wow Good! I'm glad you are here while balancing your job. I also believe that even though Steemit is absolutely incredible. You need to diversify.
I love that you emphasize the skill sets and being able to adapt. As well as not worrying all the time. When we worry all the time we create a toxic environment for ourselves.
The Steem blockchain isn't something I'd be able to subsist on entirely ... yet! It's not a revenue stream to me anymore; it's a hobby that I can earn a few steem for, and as a result, invest in the future of others on the chain.
It is a way I can be a patron to the work of others, and help prop them up out of whatever hole that they might find themselves in. Jobs and work aren't about what you do for yourself so you can get things that impress people, or project a certain image.
They're about helping society function, and supporting those around you. Most people see jobs as a means to an end, but they're really just a way to gain a more fulfilled life.
We often see high levels of depression in those that are unemployed - not because they can't get what they need (but that's a driver, for sure) - but I would say, un-cited; that because they feel that they can't contribute.
Even with Steem being diversified is important. Steem might have it's down periods.
Not just diversified through crypto, but other forms of passive income is what's important to have true "financial Independence". Work to live, don't live to work. :)
I believe in passive income. Passive income is quite possibly one of the most important and central ways that the rich get richer. It’s how you detach your ability to earn from the time that you do have in a day. If you’ve ever heard the term, making money while you sleep, no truer words have been spoken. With passive income, you do make money while you sleep. You also make money while you’re awake. It’s automatic and simply keeps coming in.
Absolutely right. This is ultimately why I'm involved in the cryptosphere. That's why one should avoid uncollateralized debt like like credit card debt like the plague.
@kaylinart I just got done listening to a Bob Stanley Video and he believes that STEEMIT will move onto the EOS Software when EOS is smooth and running. That way nothing gets taken away with a competing EOS creation. No Matter what though think of your Crypto's as your savings and your currency. There will be NO REASON to look back at the OLD FIAT SYSTEM..............
Always on point with tips and lessons to help others out hehe :)
Definitely need to have multiple sources or be looking at alternate ways just in case.
I’m going to this company right now that helps people with a criminal background get a job. They have been open for 10 years and now the government is shutting it down. The employees are worried because hey never knew this would happen and now their job is being taken from them . So that goes to say, your job is definitely not safe . Even if you believe your full time job is steemit , what if Steem price falls back down, then what?
there must be patience in each of us. just live what it is..nice post @kaylinart 👍👍👍
Exactly :)
I swear this post was going to be all about AI lol
Good Post !!
Thank you
Someone loses, and someone finds :)
Oh dear, what a powerful and true message.
I can understand that people from the older generation have that kind of mindset.
But the younger generation who grew up with technology should already observe that we are living in an age of exponential changes in different economic areas.
Having multi-stream income is today much better than and gives you more flexibility.
Great message.💪🏽
nice post
Job is like a hostage scene where the culprit is the employer and the hostage is the employee where the gun is the wage.
Really good content here!
It is important I feel to have more than one form of income and also a passive form of income!
I hope that using steemit will tick both of those boxes!
Another great post, Kaylin!
Luppers :)
Oh, your post is so nice. Thesedays the industry changes rapidly, and we cannot expect the result exactly. We need to think about it more seriously.
Diversification .... the name of the game :)
Unfortunately if we want to live in society we have to play by society’s rules and if you don’t own your own business you must work in one for someone else. I see a lot of unhappy people slaves to the dollar for different reasons, most just making enough for bills and mortgage or rent. Step back and it’s easy to see we are pawns in an orchestrated play. I think we’re wising up to this and platforms like Steemit are only going to become more popular. You’re right, it is wise to be diverse in areas of income.
I agree. As I've said in the past:
If you reach the point where your passive income overtakes your living expenses you're financially independent. If you keep going from there you can not only free yourself but potentially your loved ones as well.
The main mistake I see is people chase the job rather than the financial independence.
Very risky putting all your eggs in one busket..thats a true say @kaylinart
This is not just good advice, but also an important lesson for banks and landlords that don't take freelance income seriously. When you're self-employed and have survived the first two years, you have better job security than someone with a 'steady job' that can be fired, and you're probably more flexible to deal with a loss of income.
Yeap. Not relying solely on one income is certainly important. However, if one has not succeed in making that one income stable, it will not be advisable to go find that second income.
Diverting oneself from full attention to make one income successful might cause one to fail in all streams of income. Just my 2 cents :D
But it is definitely not safe to having just one job because inflation will definitely hit us hard.
It is definitely helpful and flexible to have multiple sources of income
Wise points raised here. I have lots of art to put on T-shirts but have not done it, I want to start Reiki but have not done it! Time to get the ball rolling 💯🐒
I agree with you 100% i always try to keep my income coming from different sources
Ban of cryptocurrency trade in Nepal has been quite a big knock for steemians of Nepal even though there are people who still trade. All my life, I've been working for studios so far and I've got no alternate source of income. Steemit could prove to be that alternate source I think.