How to create additional sources of income? Never put all your eggs in one basket

Never put all your eggs in one basket

This is the importance of diversifying or creating passive sources of income.

{getToc} $title={Table of Contents}

In the world of investments and other areas of life, this phrase is well known: Never put all your eggs in one basket. And this phrase is very true and accurate at the right time. The reason? The reason is that when one asset falls, the other supports you, and if both fall, other assets help you.

For example, if you have put all your savings in a single cryptocurrency or a certain company stock, you must know that sooner or later, this financial instrument, is going to have a "correction", and, therefore, it can be detrimental to you. Therefore, having a diversification of our assets is actually a good long-term strategy.

Saving is an important habit and requires a lot of effort. However, saving is the first step to obtaining more wealth.

If you had invested in Bitcoin, and at 100%, that is, all your savings have been directed to this asset, it is very likely that you have gone through the valley of death, and depending on your personality, emotion and circumstance at that time, you have lost, or you have endured these large falls.

So, we can come to the following conclusion: Diversifying our assets, or obtaining diverse sources of income, will allow us to be balanced in the face of life's adversities.

I confess that, there are assets so good that very few corrections can have. Bitcoin, for example, has performed excellently from 2020 to 2021, which shows us that it has been an anti-inflationary asset, and that, if we had invested, it is 100% certain that we would have earned good money. And as well as Bitcoin, we find other assets such as: Ethereum and XRP.

And remember, these assets have the nature of earning interest; so you can leave it and earn weekly and monthly interest. This way you benefit from compound interest, you grow your assets, and you also gain from price volatility.

How to create additional sources of income?

Creating diverse sources or channels of income is an art. And not everyone has the ability or the opportunity to build this art. And when we get to build this art, we may not secure the future of our finances, but we can balance our financial status, and be protected from any eventuality. And speaking of eventuality, the COVID-19 pandemic has taught us that having additional income channels is, to a large extent, a good and effective option.

In difficult times, you need to have the ability to create new sources of income.

We can see that thousands of salaried employees have been laid off or companies have reduced the salaries of many of them. And the reason why many have been left up in the air, is that they have always been confident in their jobs, and their abilities, and therefore, overnight, they have been fired from their respective jobs. And this, coupled with a lack of financial literacy, has made things worse. Since many of these workers have debts and things to pay every month, and when they have been laid off, things have gotten worse in their lives.

In conclusion, relying on daddy state, and our abilities and our secure job, is not a good option, and never will be. The future is uncertain on these issues, and sooner or later, we are going to get hurt.

Here are some tips for creating revenue channels:

Study and become an expert in a sought-after field.

You may be talented in something, but market conditions allow the mindset of thousands of consumers to have another version of what you offer. So my advice is, don't look for or try to ingest what you like, but always do the things that people demand the most, i.e., want to buy the most.

Study and become an expert in a sought-after field.

For example, I have an acquaintance who made a living as an usher of antique watches; but sooner or later, this acquaintance had to let go in front of the true reality. For, nowadays it is difficult to see anyone with a hand watch, or an analog watch. And, therefore, the demand for these things no longer arises interest because there is no demand, and, therefore, the cost of an expert who fixes these watches, falls to the bottom, and, therefore, you can not endure.

My recommendation is that you study something that brings people request, and that you sell yourself in the right way and that you take advantage of the opportunities that are in the market. For example, you can study medicine, you can study to be a Chef, or you can study for something that is in demand in your country. But be careful, nothing will be easy (you will understand it when you are in the field, because theoretically, you will never understand it).

The more complicated the subject is, and the more it is in demand, the better you will be able to get good money.

Build confidence

Now that you have chosen something in high demand, it's time to demand yourself (if you wish), and to build confidence. If you don't apply all this, I can tell you that you have wasted your time, and that everything you have learned has been in vain. And I tell you something, if you have done or have studied a career only because you have felt obliged, believe me, that, in the long run, it will be YOU who will suffer for that bad decision. Because you must learn that everything you learn, is for you, and no one else.

If you die someday, all those details and skills will be taken away too. Don't fool yourself, please.

Not all players are soccer stars or stand out; both options you can take, if and only if, you want to, and you insist on doing it. If you insist on living a bitter life, you will insist on always being a mediocre person; if you insist on being a standout, you will insist on being the best.

Trust will allow you to get solid customers and your customers will have confidence in you. Build trust in your business, and in any area of life.

If you strive to be outstanding, I recommend that you build confidence and build trust with the people you work with, so that they can tell their other friends and colleagues. And remember, always strive to do good in order to do well, in fact, I wrote an article about it where I explain the 4 keys to generate wealth in the long term.

Self-promote yourself the right way

Once you're building confidence, it's time to look for channels where you can make everything you know known. For example, you can build a YouTube channel, or you can start writing a book. These things help you gain influence little by little, and allow people to secure even more trust in you.

Your image is a very important one and you must reflect your personality to your customers. Always practice honesty and respect.

In the beginning, you don't need to pay Facebook for it, but use free channels for it. Finally, you can create a blog of the things you do and share it with your current friends.

Exploit your inner talent, awaken your sleeping giant.

We are all intelligent, good for good, and bad for bad. If you have a good heart, you will use your intelligence to build and work optimally, and in what you like. However, it is clear that these details are really just one of the many things that the market demands and that, therefore, you should demand much more from yourself.

Awaken the sleeping giant within you.

If you are starting in this world, and you want to build new income channels, my next recommendation is necessary:

Always look for the most correct and free way that exists in the market to be able to start with your new income channels. For example, you can start without much budget creating online courses on Udemy, and you can start a blog on Blogger to tell all your experience, and build your brand in the long term.

It is well known that diversification is a phenomenon that can be applied on all sides of life, and that building new forms of income helps us to have greater protection against people who do not do it or have this opportunity.

The more income you have and that is passive, the more protected you can be, and the more secure you can be in the face of life's adversities.

Currently, I have different sources of income every month and passively, and these are:

• Online courses on Udemy.
• Online financial courses on Udemy.
• E-books on Amazon Kindle.
• My Peruvian recipes blog.
• Digital transformation consulting.
• My portfolio of investments from invertirX and clients.

All these income channels, are passive income channels, and are based on trust, and I don't need to be present in at least most of them. That makes me happy, and that's what you have to create yourself.

Article translated from Spanish: Nunca pongas los huevos en una misma canasta