Never Do This One Thing If You Want To Succeed
Investing in stocks and bonds always seems to be tricky at the beginning. It can be a massive mess to figure out what is the best place to put your money in. However, one thing many people advise at the beginning is to never dump all of your eggs into one basket.
But why is that they suggest that with stocks but not with life in general?
I get why they suggest that with stocks, after all, no one can predict the future and if the company crashes, you’re out of money. But I believe that’s the same case with life as well.
If you want to grow a successful business, one needs to create multiple streams of income.
If people want to have a wealthier life, they need to look beyond the 9 to 5 day job and go beyond that.
That sort of sage knowledge isn’t passed down from generation to generation. Instead, people are more fixated on individuals getting an education and landing a job in the traditional sense.
But If You Ever Want To Succeed You Need To Go Against The Grain
No matter the situation, it is vital that we don’t put all of our eggs into one basket. This idea is becoming more important now more than ever before.
Medium has changed how their structure and how they pay writers.
Algorithms change that influence traffic to our blogs, reducing the number of visitors we get paying for courses or services.
Companies crumble or hit a huge loss, forcing them to lay off workers.
There is nothing truly stable here in terms of financial security. The closest thing is starting a business (cause you can’t fire yourself), but that has some risks to it in different forms.
So we need to keep our options open. We need to be creating more ideas and opportunities for us to create income streams. For the entrepreneur that’s adding in services and products that people will buy and get value. For day job workers it could be setting up a side hustle, investing, putting money into a savings account, and budgeting.
Sure these are weird things and people certainly have their doubts, but it’s important for us to diversify and spread out. Because once you depend on a single source, you’re screwed.
We see this all the time.
Charities that help the homeless, while having good intentions, have given those less fortunate a dependence on them. They’re not willing to go beyond the help they are getting from charities or from good-natured people. They’ve hit rock bottom and aren’t eager to climb back up any time soon. Or at least most.
Don’t Become So Dependent
Things come and go in our lives. People, friends, family, opportunities, and more. While it does sound depressing it’s important to find a balance between leveraging a system and full on depending on it. After all, spending little to no time on something isn’t going to yield results.
You’ll need to invest, and sometimes that’s not going to be cheap. But that’s okay. Because you can learn from the experience and grow as well. That’s all part of investing.
So dedicate enough time to something to make it grow into something you can use. But never settle for that one thing. After all, we don’t know where it’ll be in a few months, or a year or two from now.
To your growth!
Eric S Burdon
Love reading? Here’s some you might’ve missed.