© Elliot Essman 2005. All rights reserved.

These pages contain the complete 2005 revised text of Building Yourself, public speaking trainer Elliot Essman's guide to living the successful life.

Elliot Essman Public Speaking Training
Building Yourself Table of Contents
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• If there is but little water in the stream, it is the fault, not of the channel, but of the source. St. Jerome (342–420)

Diversifying your income is as important as diversifying your savings. Over‑specialization leaves you vulnerable to outside forces that are out of your control.

Develop a reliable backup income if you work for someone else. If you have writing skills, freelance work is always available. Having a consulting practice is an option many people overlook. Many people turn hobbies into income streams, or even full-time businesses. If you're in your own business, you still should always keep your eyes open for new ways to generate income, new products to sell, new services to offer. Concentrate on one or a few things so that what you offer other people (your boss, your clients, your customers) is the best on the block. At the same time, in your own interest, keep playing the field. Moving between several income sources keeps you going. It keeps your brain alert. It protects your income stream and maximizes all your wealth possibilities.

Having several income sources means you have the flexibility to follow opportunities as they come up. I believe being in business, rather than working for someone else, makes you truly free (after a lot of hard work and creative thought). But even if you work for someone else, you should have­ a side business or two. You can make it grow slowly but steadily—the right way. There's nothing quite as stimulating to success as being an entrepreneur, even on a small scale. It will keep you young.

Let's take an example from the top—that fits at all levels. Let's say you're a movie producer. After years of scrambling around Hollywood or New York City you've found your script, your director, your financial backers. Your film is going to be a success. But you can't ride on just one film. You have to produce more to get further income streams coming in. And films alone make you vulnerable, so you move into video, then audio, then DVD production, then international licensing. You generate income from many related products, in several related areas, from all over the world. If the U.S. market dries up, you make money in Europe. If your next film is a domestic flop, you can still make your money back over time in international licensing and video sales. Your diversifi­cation protects you against change and maximizes your ability to take advantage of opportunities as they arise.

Just like the multi‑national conglomerate, you can diversify. When you do diversify your income sources, you open up and diversify your personal horizons at the same time. You don't want to spread yourself too thin, but up to a certain point, being involved in several ventures builds you up and makes you more effective.