Let’s talk about “diversification” today. Are you familiar with that term? You’ve heard the term “don’t put all your eggs in one basket”, right?
1. The act or process of diversifying; state of being diversified.
2. The act or practice of manufacturing a variety of products, investing in a variety of securities (stocks, mutual funds, bonds, annuities, etc), selling a variety of merchandise, etc so that a failure in or an economic slump affecting one o them will not be disastrous.
Example #1: The farmer who grows corn, and cucumbers, and strawberries, and broccoli, and lettuce, and has orchards of stone fruit and almonds… because of differing growing times, tending needs, harvest time, and money made from each crop.
🤣 Example #2: Girl who dates more than one guy at a time. Because if all of a sudden one guy shows his true colors (and she doesn’t approve of those colors) she has another date at-the-ready to accompany her to a double date, or wedding, or another social event. 🤣
My corporate career for over 25 years was in the investment world. You hear the word “diversification” a lot in the industry. Investor’s portfolios are built on diversification. Why? One investment (10% of the overall investment) may do better one month than the other 10 investments. And then there may be a shift in economics – and the stock market may swing in another direction where another 25% of the portfolio experiences major gains. Having a diversified portfolio of investments may be a good way to mitigate the risk of a downturn in a certain industry or the overall market.
But here’s what I’m here to talk to you about today: let’s look at the importance of diversifying the income of the average American household. There’s the income from a day job, you might have some real estate investments, a “side hustle”, etc.
Do you know how many American households have side hustles? Nearly HALF OF AMERICANS have side hustles: working as Uber or Lyft drivers, extreme couponing, renting out their home or vacation homes, picking up gigs through TaskRabbit or getting additional freelance work. Forty-three percent of those side hustlers work full-time, while 51% are part-time workers, according to a new Bankrate . com survey.
I’ve had a side hustle since before I was employed full-time. I’m a maker. I’ve been making (and selling) since I was 14 years old. I love to create and build and watch ideas come to life. You might say, I’ve always had a side-hustle.
But my income really increased when I had two jobs at once. And a light bulb went on for me! I was working a part-time job in a computer lab. I was already sitting in the computer lab, may as well use one of the free machines to type up papers and get paid for doing so, right? Two paychecks coming in at the same time. GENIUS!
I’m going to outline some of my other side hustles I’ve pursued over the years… mostly because IT LIT MY SOUL ON FIRE to create, and build, and grow something. Plus, I don’t sit still very well… 🤣
🖥 Graphic designs – creating business logos, personal resumes, personalized letterhead designs, business cards, promotional flyers for events, and more.
🎉 Event planning – from creation of idea to recruiting vendors to promoting the event… I so enjoyed helping start-ups grow into successful micro businesses!!!
📸 Photography – as a freelancer I enjoyed taking candid photos of all that life beholds. The name of my business was “As Life Happens Photography”… candid photography is my jam! Black & white photography even more so. This was a hobby that turned into a business that turned into being published on many occasions… and wow – what an honor! From album covers to magazine layouts to life-size posters… to see one of your creations on display for others to enjoy really fills this Enneagram 3’s bucket!
✂️ Maker of things – from paper flowers & bouquets to stamped silverware to personalized flasks and pumpkins centerpieces made out of paper to stenciled wine bottle bags… the list just goes on! I have simply LOVED creating all the things. And then when someone loves it and wants it for their home or office, or as a gift for someone… well, you put your business hat on and get your hustle going. >>> Especially when you get an email from the Editor in Chief at Better Homes & Gardens… “We’d like to highlight your product in our upcoming Christmas Ideas magazine. Would you be open to talking about that idea?” DUDE! YES! <<<
::: Insert typical Enneagram 3 flip out here! :::
All of THAT is an example of diversification.
What’s your side-hustle? Or better yet, has your side-hustle turned into your full-time? I want to hear about it!