by Wendi Blair
It’s that time of year. Spring is in the air – euphoria is on the rise and energy levels are increasing. We’ve been planning and waiting for the cold weather to break so we can spring into action. Only, the arrival of spring 2020 isn’t the same as it usually is. This year we enter into this, typically more engaging, season with panic, fear, uncertainty, isolation, and an array of other feelings. Plans and focus have shifted.
With health safety being on the forefront, many feel lost and unsure about goals and professional development and whether or not this should even be a topic of importance right now. It’s undeniable health is a prerequisite to professional aspirations. At this time, taking heed to precautionary and preventative measures is of utmost importance. However, this does not mean to completely disregard professional development and creating financial security. On the contrary, times like this have the tendency to really make people think about where they stand professionally.
Are you a person who has worked very hard at developing professionally only to find that a pandemic such as COVID-19 seemingly cancels out all of your hard work? What I mean is, can your chosen profession continue to be lucratively operational during mass hysteria, shutdowns, and isolation?
If the answer is no, take this time of social distancing to really think about your professional future. I’m not saying to completely give up what you’ve been working toward career wise. But now is the time to consider other professional avenues. One or more that can withstand times like the current. If you only have one stream of income that you rely on to sustain yourself and that stream becomes threatened, what will you do? How will you survive?
It is good practice to have more than one stream of income. When considering what those streams should be, consider times like the present. Ask yourself the following questions:
· What will this stream of income require from me? (i.e. time, money, knowledge, etc.)
· Is this income passive?
· Can I earn money without being present (i.e. residual)?
· What is the need? What problem is being solved?
· Can this product/service withstand such times as the current?
These are just some of the questions you can ask yourself. However, I know the desire to have/create multiple streams of income is not for everyone. If taking on the task of creating multiple streams of income is not for you, that’s fine. Either way, there is still much to think about in regards to financially sustaining yourself through professional development. Take advantage of this time of social distancing! Think about your professional choice(s) along with your lifestyle. Are you at the top of your profession? Does your career and lifestyle leave room for savings that would get you through such times if your income was to cease?
I am one of those people who believes in multiple streams of income. I am blessed to say that all of my streams of income can withstand times like the present. Whether you’re like me and has, or would like to have, multiple streams of income or you’re like the latter and prefer to focus on one stream, you can take this time to truly think about how your choice effects your life in times like the present.
I am available for free consultations on this topic. If you need assistance on weighing your options and/or devising a plan, please feel free to reach out to me.