A lesson we've probably all been taught but can so easily forget is that multiple streams of income only add to our security when they're also diverse.
So, yes, we can have multiple similar streams adding to our income but the problem arises when that type of income stream stops working so well - ALL our income streams can dry up. A case of having too many eggs in one basket, to mix our metaphors.
For real security, our multiple streams need to have different sources. For example, a lot of internet marketers, especially affiliate marketers, caught a cold recently (as in the past) when Google changed its algorithm and started penalising obvious affiliate sites with little unique or useful content. Their sites disappeared and their income stopped overnight.
The same could happen to people who are relying on Amazon's Kindle to make them rich. One change of heart (or 'slap') from Amazon and their business is stopped dead. Don't believe me? It's happened to a few big Kindle publishers already, and not always through any fault of their own.
Now, we're using Kindle publishing as one of our revenue streams, being careful to create unique content and offer good value, but we're not depending on that alone. We also have our marketing company Cinnamon Edge building websites, doing SEO, writing articles, etc, for clients.
Then we have something entirely different. Although I use the Internet to promote it, this business is as 'offline' as it gets - furniture assembly. The benefits of such a different business are that it gives me a physical outlet and time away from the desk (unless it's a desk I'm building...) and clients pay on the day or very soon afterwards, so that cash flow is excellent. It also cost very little to set up, although my marketing, website and SEO skills played a big part in that - a rival would need to invest a lot in marketing to come close to matching the visibility of Flatpack Assembly Suffolk.
But the main benefit is that I can be immune to Google slaps and Amazon slaps, just by concentrating more on flatpacks.
Conclusion: it pays to think outside the box, even if the result is a whole pile of boxes from Ikea!
Roy
