Once upon a time, a young adult would go to work for a company, spend 40 years there, receive a gold watch and pension at 62 and be dead by 65. It worked and everyone seemed content with it.
Then things shifted. People had several employers during their working years, saved in their 401(K)s, maybe invested a little in the company stock, retired at 65, and enjoyed maybe 10 years before they died.
Then people started changing jobs more often, they saved less, and either could not afford to retire or had to return to the workforce because the money ran out before their heart.
Now we have COVID-19 and the career trajectory is changing again. People have seen just how unstable jobs are. Governments that were underwater before are on the brink of bankruptcy. Tax revenues have been delayed or greatly reduced while expenses for unemployment, health care, PPE, etc, have increased exponentially.
If the events of the last month or two are not enough to show you that depending on one revenue stream (aka: your job) is not enough, I do not know what is. So, now is the perfect time to start investing in yourself and start a side hustle or a full time business.
Consider investing in:
- your own small business
- teach something you are good at
- stocks
- rental real estate
- annuities
- mutual funds
- index funds
- certificates of deposit
- money market account
- bitcoin
- arts and crafts
- freelance
- translate
- anything creative
- anything you enjoy doing or that others regularly ask you to do (you hit gold when it is both)
There are so many free resources and experts willing to share their experience and expertise. There is nothing stopping you from taking a chance and trying something new. So, how are you going to diversify your income? Or do you think you are fine with what you currently have?