DIVERSIFICATION OF INCOME IS PRETTY HARD

in LeoFinance2 years ago (edited)

As a newbie here on hive you have probably heard the word “diversification” being thrown around once or twice, I mean I even wrote an article on diversification a while back but there is something no one ever speaks about which is that diversification of income is hard and it gets confusing if you have no knowledge of it.

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Now don’t get me wrong, I know all the benefits that come with diversification and I would also advise everyone to do that but I can’t say that it is the easiest thing to do and before you ask why I think so, don’t worry I would be answering.

The main reason that I feel like diversification is a bit hard is mostly that there are so many routes that you can take if you want to diversify, and figuring out what is good for you can be a little tricky and if you aren’t careful you might either waste your time or your money which I doubt anyone wants to do.

It is also important to know that what works for one might not work for another so if you are trying to diversify while following someone’s lead you might end up questioning your decision.

Well, what if I choose not to diversify since it’s this hard you may say? My simple answer to this is that in this day and age, I wouldn’t advise anyone to focus on one stream of income so at the end of the day you would still need to consider diversification but, the good thing is that life is filled with different processes of trial and error and since there are so many routes to take, you can keep trying till you find your perfect means of diversification.

Right now, I am still trying to figure out ways to diversify, and even though I sometimes get overwhelmed, I know that I am closer to figuring things out which feels really good.

I would advise any newbie that wants to diversify to take it easy because it can get overwhelming and it is so easy to get caught up in other people's successes which could lead to you making a lot of mistakes so take your time, research, ask questions and listen to that little voice in your head if you can trust it.

Diversification is hard but nothing worth it is easy so you have to decide to choose the path of hard you want to follow.


Thank you for opening this box of passion

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I opened this box of passion and guess what I found? diversification...men, what a word. I've always heard our government talking about diversifying the economy and I can see how much they're doing that.

It's great to diversify, that way you're not caught unawares. When one venture goes down you can use the other to assist that one. Just like being a full time Hiver, what would you do when prices drop and they're no good income coming in?.. you'll have to look for an alternative. I heard Nonsowrites talk about a side hustle, that's exactly what you need. They could be a number of them, atleast something to keep you going on a daily.

This is a post to reflect on
. thanks for sharing.

Side hustles are very essential, right now I have about two streams of income while job hunting, and it has made life easier but it is important to research before getting into anything at all because it could make a difference.

Thank you for reading @chincoculbert

I'm glad to hear that you're doing other stuffs to meet ends, it's a necessity. Yeah the part of research is true, proper research has to be done to make things easier.

Thanks for sharing

Thank you for reading.

Diversification to me is not just having two or more streams of income. It requires you to diversify in geographically and in currency too. Dangote is seriously diversifying his income by pushing his stuffs abroad. He regretted ever focusing only in Nigeria economy and you know what this economy did to our naira. If you have 10 million naira before, this economy just reduced your money to 4 million.
😂😂😂

That's another way to look at it, a very good way.

No one who is seriously building their income should invest in Naira sha.

This is what I've been facing too. I've been trying to move into CUB because I feel.it would be a great way to start but guess what? It is really hard! I want go just focus on getting the BNB and CUB right now and also find more ways to passively earn Hive. I have little Leo Tokens i haven't staked and POB tokens as well. It can get overwhelming really 😩

Tried to get some cub too, didn't understand the process at all so I had to just chill, it's complicated mehn so my focus right now is gaming.

By the way, i want to learn some of those

You can, it is easier than a lot of things.

I'll take it one step at a time, understanding one thing at a time, soon, diversification will become easy for me to figure out. Thanks for the advice babe.

Exactly, a step at a time because it is easy to want to do too much at once.

In this day of instant coffee, it is hard to be patient. But we should all always remember to start small and move our way up. Just like HIVE blogging, in the beginning, we are not going to earn much. Like say a few cents. But don't give up hope. Diversify when you can. But at the beginning, it is best to just start small. Move slowly up.

I found you through @dreemport

God bless.

This is very true, I guess we live in a world where we want it all so fast but, we need to realize that it takes time.

It's really tough I know. But somehow we will have to overcome the urge to have things fast.

A lot of young people are angry when Uber drivers don't show up on time. Kids nowadays are just too impatient because of how fast we can get things.

So, in the end, if we aren't patient, not much will work out for us.

It's just the culture and a big problem we have with kids nowadays.

I guess I am also a very impatient person, I need to learn to take it slow also.

Thank you for this, made me self-reflect.

I would advise any newbie that wants to diversify to take it easy because it can get overwhelming and it is so easy to get caught up in other people's successes which could lead to you making a lot of mistakes so take your time, research, ask questions and listen to that little voice in your head if you can trust it.

That's very good advice right there. Do your own research, listen to what people say, but "don't get caught up in other people's successes..."

Thank you for sharing your experience with us.

I got here via @dreemport.

Thank you so much for reading, I am glad I could share my experience.