Unless you are an investment banker, CEO, or some other high level executives that makes in the mid six figures, your 9 to 5 job is probably not going to make you rich. Wages are depressed all around. Middle class income has been on the decline over the past decade. Company loyalty has gone the way of the dinosaur.
Companies have demonstrated that they are willing to layoff employees in a heartbeat to bolster their bottom line. Even federal workers have seen their wages frozen and will likely see cutbacks in jobs over the next few years. So, what is the solution to help stabilize your financial future?
Develop an outside income stream.
Don’t put all of your eggs in one basket. Diversification is the name of the game. You do not want to have your primary income, retirement, and benefits all dependent upon the same company. Spread the risk out by developing multiple ways of generating income.
Making Money Online
I have given a ton of examples in the past of ways that you can effectively diversify your income. You can earn money online by creating a blog, freelance writing, ad networks, Internet marketing, etc. I detail all of these ways in my ebook, 101 Ways To Make Money Online.
Working From Home
You can also earn additional income by starting a home based business such as starting a temp agency, running errands for individuals, becoming a virtual assistant, etc. This is a great time to dip your feet into the entrepreneurial pool. Create an idea and develop it so that it addresses an existing need or helps to solve a problem.
Another option is to create a passive income stream from investing. You can buy high yielding dividend stocks and collect the dividend payment each quarter. You could also invest in small cap growth stocks and reap the benefits of capital appreciation.
Those are just a few options. I am sure that you can come up with a whole lot more. All of these methods are designed to increase your money making ability and reduce the leverage that your place of employment has over you.