Income Diversity – What is it?

Income Diversity – What is it?

Even if you have a solid job that pays reasonably well, you might still want to think of ways to protect yourself against fluctuations in the economy.  Experts at Caledonian Bank Limited stress that having more than one revenue stream – income diversity – can make the difference between mere stability and tangible wealth.

Income diversity includes all methods one might use to earn money, including investments.  To those of us who might not be in the economic top-tier, however, income diversity probably means holding more than one job.  While having multiple jobs is certainly necessary for a significant portion of the population (unfortunately), if you have a mind towards acquiring wealth, you might want to consider supplementing your current income.

But how is it reasonable to have multiple jobs in this economy, when so many people don’t even have one?  If you aren’t able to find a second job, or a second job that yields worthwhile income while fitting into your schedule, here are some other ways you can use to diversify your income.

Start your own business.  Of course, if you’re thinking big, like a major entry into the tech industry, you’ll need to invest significant savings as well as acquire additional capital, and that poses a risk many of us aren’t willing to take.  However, there are ways to supplement your existing income without having to go on “Shark Tank.”  If you have skills that other people may want to take advantage of, you could begin a freelance consultancy.  If you have a hobby website or blog, you can monetize it by using one of the many available search engine tools.

Asset management.  According to the experts at Caledonian Bank Limited, the wealthy are always looking at ways of making additional income, even if their primary revenue stream is substantial.  Asset management is not simply investing in stocks, since investments in property and commodities can often still be profitable even when the stock markets are on the decline.

Make your hobby work for you.  You may be surprised at the number of hobbies that have turned into full time, lucrative businesses and careers.  The key here is passion – if you believe in something – whether that be a college based dating site (the original Facebook), renting out your spare air mattress for an out of town guest (the original AirBnB), or creating a web page to find a new laser pointer (the original Ebay) – then you have a much greater chance of surviving and building something special.

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Get Wealthy by Living Like a Wealthy Person – Caledonian Bank Limited Explains

Get Wealthy by Living Like a Wealthy Person – Caledonian Bank Limited Explains

The task of managing one’s own vast wealth is certainly a problem most of us would like to have; at least it means that we have a tremendous amount of money that requires looking after.  However, even if we aren’t living like Saudi princes, we should nonetheless handle our personal finances with a mind towards enhancing them as much as possible. 

According to the experts at Caledonian Bank Limited, no matter what income bracket we’re in, we can all take tips from the wealthy when it comes to acquiring and saving money.  Here are a few “wealthy person habits” that you might want to adopt if you are interested in increasing your net worth.

Don’t spend needlessly.  Contrary to popular belief, behaving like a wealthy person doesn’t involve spending huge amounts of money on luxury items.  What is involved, however, is frugality; spending money within one’s limits.  Although it may seem as though a wealthy person is splurging on items that, to the rest of us, are well-nigh unaffordable, when taken in proportion to his or her own financial situation, those items aren’t breaking the bank.  Also, the truly wealthy don’t make a habit of buying needlessly extravagant items, anyway. 

Get yourself out of debt.  Debt is corrosive; while it may seem as though an outstanding credit card debt is only a few thousand dollars, if you only make the minimum allowable payment every month, you’ll wind up paying far more than your initial outstanding balance.  Paying off your credit card/student loan debt completely should be your priority.

Watch your pennies.  The old saying “penny wise, pound foolish” does not apply.  If you watch your pennies on the small transactions, then you will also be creating a healthy mindset when it comes to the bigger transactions.  Certainly, monies you save when buying a house or a car will dwarf those hundreds of smaller transactions we perform every day over many years.  But even the smaller transactions add up to a substantial amount of money over time.

Learnt to Negotiate.  Chester Karrass said it best “you don’t get what you deserve, you get what you negotiate.”  When it comes time to buy or sell those big ticket items, like cars and houses, make sure you know how to negotiate and that means being prepared.  The difference can be staggering. 

Money Management Tools – Resources that Help Build Wealth

Money Management Tools – Resources that Help Build Wealth

For most of us, money management involves employing common-sense strategies.  Saving money, having a stable source of income and reigning in extravagant spending should be obvious to even those of use without solid backgrounds in finance.  However, it might behoove us to learn from the services of professional institutions that place their entire focus on building on providing outstanding customer service for their clients. 

Caledonian Bank Limited has served clients for more than 40 years, and has a stellar track record of providing customer-focused service.  Its detailed knowledge of the global market ensures the very highest level of transactional management, and all payment processes and transfers are handled with the utmost speed, efficiency, security and privacy.  In terms of wealth, Caledonian Bank Limited prides itself on providing consistently exceptional banking services for its many satisfied high net-worth clients.

Caledonian Bank Limited diligently adheres to its core principles: maintaining open and honest communication with clients, creating an atmosphere of mutual respect amongst team members and consistently observing high ethical standards in all matters.  Its values were instilled by founder William S. Walker OBE, who not only founded the very first law firm in the Cayman Islands, but was also critical in establishing the financial legislation that allowed the island to thrive in the decades that followed.

In terms of corporate responsibility, Caledonian Bank Limited prides itself on helping the local community maintain a healthy and thriving environment.  With its financial literacy initiatives, scholarship program and dedication to preserving the integrity of local animal and marine life, Caledonian Bank Limited has dedicated itself to being a helpful corporate citizen.

For more information about Caledonian Bank Limited’ initiatives in the local community, including its rich history and its many services, please visit its website.