Friday, August 15, 2014

The 2nd Biggest Financial Mistake!

Tonight I want to continue my blog from yesterday. On Thursday, I spoke about the secret to avoiding financial issues in life and business. In fact, I listed the number one mistake we all make. So, what is the second worst financial mistake we make? Depending on one source of income.

In business, owners are always looking to market to new money / new customers? Why? Growth and expansion. Counting on their current customers is good, but shouldn’t keep a business complacent because financial situations change and some customers simply outgrow a product or service. The same theory should be applied to your financial life from a personal perspective.

Relying on a single income thread isn’t good. If the market goes under, you lose your job, the business doesn’t take flight – whatever- your one and only income source is gone and you are forced to hit up your savings account.

The best piece of advice I can offer you tonight is to seek out diversification on how you earn and grow money. Spend this weekend looking at different investment concepts, side businesses, freelance opportunities, etc. I promise you, when one income source hits a tough period, you will thank me at a later date.

Until Monday,

Twyla Garrett

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