Why Diversifying Income Can Position You To Thrive Through Economic Turbulence

Why Diversifying Income Can Position You To Thrive Through Economic Turbulence

Pam is Founder and CEO of TPK Properties LLC, a property investment and consulting firm focused on investor capital preservation and growth.

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If 2020 needed a word to encompass it, perhaps turbulent would be the best fit. Much like turbulence on a plane, this year was unexpected — with jarring ups and downs — often pausing for relief before resuming with ferocity. You can also apply those same sentiments to the recent stock market and the global economy in this pandemic. Just when there is a moment of stability, a new storm awaits the plane that is our personal finance vehicle. So how do we weather the storm better? I believe one answer is the diversification of income streams.

The next question is how do you find a vehicle that can provide passive income so that you can stay present in your current job while secondary steam is working for you — without the need for dedicated daily time? Investing in real estate is one common vehicle — and comes with a large misconception. Many people think you need to be a millionaire to begin investing in real estate. This could not be further from the truth. While there