meta_pixel
Tapesearch Logo
Log in
Radical Personal Finance

262-How Risky is Your Income? Applying the Concepts of Diversification to Wages and Profits

Radical Personal Finance

Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP

Finance, Retirement, Insurance, Business, Money, Education, Self-improvement, Financial, Independence, Growth, Advice, Investing, Family, Personal, Radical, Christian, Faith

4.41.9K Ratings

🗓️ 19 November 2015

⏱️ 40 minutes

🧾️ Download transcript

Summary

We talk a lot about diversification within the context of investments. But what about diversification of your income?

After all, how risky is it for you to depend on a single source of income to fund your life and lifestyle?

The paradox is this: the more specialized you become in your career, the more you can earn. But the more specialized you are, the riskier your income is!

The challenge is for us to figure out how to reconcile these two things.

Today, I share my thoughts on the subject with you.

Enjoy!

Joshua

Transcript

Click on a timestamp to play from that location

0:00.0

Make Match days easy with Google Pay.

0:02.0

Running late for kickoff, tap in and speed through.

0:05.0

Say look at the merch store,

0:07.0

Unlock and tap to pay securely.

0:09.0

Fast, safe, simple.

0:11.0

Match days made easy with Google Pay.

0:13.6

Add a card to your Google wallet.

0:15.2

There's a real paradox that we've got to face with personal financial planning

0:19.2

when it comes to our income and income sources.

0:22.0

And the paradox is this. The more specialized you become, the

0:26.2

higher the potential for higher income. However, the more specialized you become, the more vulnerable

0:32.2

you are to changes in the market condition.

0:35.0

So how do we balance the need for specialization,

0:40.0

for profit potential, with the need for diversification for the purposes of

0:46.5

developing safety. Today, my thoughts and suggestions for you. Welcome to the Radical Personal Finance Podcast. My name is Joshua Sheets and I'm your host. Thank you for being with me today.

1:14.0

This is the show where each and every day I work with you, virtually of course, to help you build

1:20.0

and implement a plan for financial independence.

1:23.4

And basically, every day we wander around the same major themes,

1:27.6

practically five of them.

1:29.0

And today we talk about increasing income

1:31.4

and avoiding catastrophe and how those integrate together.

1:35.0

Today's show comes as the result of a question from one of the patrons of the show at the highest level of patronage

...

Please login to see the full transcript.

Disclaimer: The podcast and artwork embedded on this page are from Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.

Copyright © Tapesearch 2025.