Home loan to pay off!
Many families have a lot of difficulty finding the kind of work that makes it possible to keep afloat financially in life. They work themselves into the ground continually doing many hours of overtime to get ahead of the money pits of life. They feel that they are stuck in the jobs they do because that is the work the people around them have done through generations. Maybe even tied to family business. It is time to get out of the notion that you can only make a set amount of income for a set hours work.
Diversification is an important step towards creating a constant income flow, a number of different income streams that would help maintain the lifestyle of your choosing.
Take the farming community,
We know that in some cases farming can be a very unstable income producers the highs and lows can be extreme. You spend many hours including nights prepairing the ground and planting crops only to find months later after having no rain or other conditions unfavorable for growth a full years crops can be losses that are heartbreaking. Extended years of losses can mean that could have financial problems and possibly in extreme debt and the bank takes over the farm because you can’t keep up with the payments and you end up loosing everything.
Farming has its own variety of income streams like my own families 1500 acre farm where I had spent the 1st 25 years of my life running Sheep, Cattle, Wheat, Oates ,Barley and sunflowers and other crops like lupins. If the crops fail then you have to dip into the savings to buy feed for all the stock. If you have had a few good years you would have stored grain and hay to help with the hard times.
financial interests outside of the farm environment can give a more balanced and overall stable financial plan, when in a difficult financial situation with the farm the incomes coming in from outside interest can maintain financial stability.