DIVERSIFICATION | DON’T PUT ALL YOUR EGGS IN ONE BASKET

Diversification of income is not a new concept. Anyone who is smart enough and wants to secure their finances, that is their family’s future, understands the significance of diversifying the sources.

When any company goes in loss or predicts a dip in market, the first thing they do is shed some load off, they cut on their excessive expenditure. If you, as an employee, are not aware, you are the excessive expenditure. People find jobs as permanent and secure for some reasons but I have always found them as a temporary fix to a permanent problem. Do not take me wrong, I have an attitude of gratitude towards my primary source of income but what I am saying is, I deny to bind my lifestyle choices for the lifetime to a boat with a hole.

Diversifying your income provides you with the extra cushioning to fall back upon. With diversification comes business experimentation. And you never know where that could lead you. Where people go wrong is, instead of leveraging the available systems and platforms they try to reinvent the wheel. If you want to travel by aeroplane, would you build it from scratch or will you rent a seat?

The hot topic of this century is start ups. You touch anybody and they have a start up. I think some just have it because it sounds cool. When I ask them what is the end of your start up? 95-98% has no clue.

How can a business thrive without a vision?

While I don’t believe in get-rich-quick schemes, I do believe that most people have more money-making alternatives around them than they realize. The only question we need to ask ourselves is where are we? Where do we want to reach? And whether what we are doing can take us there or not? If not, then this is the time to see things from a fresh perspective.

Put all your eggs in one basket… the handle is going to break. Then all you have got is scrambled eggs. – Nora Roberts