There is nothing more dangerous than relying on one or two employers to support your household's income needs. Although this goes against conventional wisdom, which tends to focus on labour as the primary mechanism for economic security, make no mistake: Job security is an illusion.

In fact, one would go so far as to say a savvy small business owner who has the flexibility to enter new markets or adjust his cost structure, provided he or she has the financial knowledge to make wise decisions, is in a far less risky situation than an employee who could be laid off due to budgetary concerns or economic recession.

The reason?

If an employee loses his or her job, there are no new funds coming in the door to buy groceries, pay for gasoline, or build wealth. If the business owner has grown the business in an intelligent way without over-reliance upon a single customer, vendor, industry, sector, or market, he or she should always have enough funds to enjoy a good standard of living.

Remember: If you’re hankering after brighter financial future and think several income streams sounds better than one, diversification becomes necessary. The key when diversifying your income is remembering to never invest in something you don't understand. Diversification does not mean throwing money at a wall.

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