One of legacies of 9/11 is that that large sections of U.S. and world economy have taken a body blow.
Every day we hear of more and more companies who plan to lay off large numbers of workers (or have already) as they strive to reposition themselves to ride out what doomsayers predict will shortly become a full-blown recession.
As much as you can intellectually sympathize with a decision that effectively sacrifices a few for good of many (i.e., ultimate survival of business entity and jobs of all those left behind), if you're one in firing line it's pretty cold comfort that others will be more financially secure as a result of your sacrifice.
REBELLION AND VULNERABILITY
It's not unusual for people in such a situation to begin to rebel against idea of having their financial destiny in someone else's hands. Quite right, too. The response of many in this situation is to begin to think about working for themselves, to be free of tyranny of being dependent on others for their financial survival.
Unfortunately, however, failure rate of new small businesses is high and they take time to get up and running. So thinking about and actually starting a new business AFTER you've lost your day job is too little, too late.
For this reason, many people start their own business part-time, while they're still working full-time. This approach has several advantages, not least of which is a financial cushion (i.e., your salary) during time you're building your business.
The goal of most such business owners is to eventually become successful enough to allow them to quit their day jobs and work on their own business full-time. Fair enough.
As recent events have shown, however, no-one is immune from financial vulnerability whether you be employed in full-time workforce, a struggling home- based entrepreneur running your own small-scale travel agency or anything in between.
So how do you know what to choose as your livelihood to ensure that you will never again be subject to vagaries of economy, to ensure that your financial future is secure?
The cold hard truth is that since you don't have a crystal ball, you simply don't. After all, who could possibly have foreseen events of 9/11 (other than FBI and CIA)?
Whatever your job, career, business or investment strategy, things can take a downturn. Does that mean you have to take a downturn right along with them? Well, if all your eggs are in that particular basket, it does. But what if all your eggs are not in that basket but only a few of them? Well then, you simply divert energy you were expending on basket that's gone south into ones that are still headed north.
MULTIPLE STREAMS OF INCOME
Multiple streams of income is key. You've probably heard of concept in terms of running an online business. It means don't just sell one product or service from your website, sell several so that if one bombs, your livelihood doesn't have to.
Well, you can apply same approach to your life. Who says your only choices are to work full-time in paid employment, work full-time in your own business, or work full-time in paid employment and part-time in your own business?