Multiple Income Streams

Managing risk (increasing Resilience) by having more than 1 source of income (Make Money)

for family: Two Income Family

for (each) individual:

• Portfolio Life
• Free Agent
• Side Business
• Passive Income
• One Person, Multiple Careers ("Slash Effect") by Marci Alboher. http://heymarci.com/book-slash-careers/
  • reviewed by Venkatesh Rao. Almost without exception, the examples in the book follow a particular pattern. On the left of the slash is typically a tough, demanding specialist Profession requiring many years of formal training, practice, and working in real, consequential contexts where your non-performance can hurt others. On the right there are typically playful, creative, non-professions requiring primarily originality of thought, self-taught skills, cultivation of auxilliary talents like public speaking or non-specialized writing, and working in inconsequential contexts where your non-performance wouldn’t matter a damn to anybody... So why this pattern? There are practical reasons of course (doctor/engineer or lawyer/physicist in parallel requires superhuman talent and persistence). But there’s more. First, this pattern represents a practical motive: normal professions have a high baseline of income expectations, but overall, you will never beat the house. Artistic professions on the other hand, tend to have huge reward gaps, ranging from burger-flipper to millionaire celebrity, due to the Talent-Lottery dynamics. There is a second motive: groping towards Self Actualization... The one big thought I had, reading the book. There are only two sorts of slash patterns that are credible and sustainable: the hard/soft pattern, where the cash-cow Line Of Fire work subsidizes the self-actualization side show, where there is no serious intent. Or the soft/soft pattern that eventually transcends slash-hood and achieves brandhood (Brand You).