The current economic slump has resulted in the highest unemployment rate in many years. Therefore, more people than normal are currently in the job market. In both the good times and bad, it shows great wisdom to be well diversified in your income sources especially in a business making money online. Whether as a fall-back position, plan B, or even change of career, these ideas can be used as motivations to pursue your goals.

So, … drum roll please beginning with #10, here are our most popular reasons to diversify income, starting with #10:

10. Express yourself outside the norm: Even though many world economies are dependent on a distinctive entrepreneurial spirit, most Americans are “conditioned” to search for the “safety” of a W-2 employee. In the US, business ownership is now sought out more by recent immigrants, than Americans. In today’s new job economy, many now recognize that getting out of the “job security” mindset has become critical to long term survival.

9. Get more experience quickly: The fastest way to get diversified experiences in many areas is to work on different projects and responsibilities. Additional experience will expand your resume, as well as qualify you to work with a variety of new clients.

8. Expand your creativity: Tap into the “spark of genius” that is within you and exploit your own natural talents.

7. Tax breaks: Take full advantages of existing tax laws which favor business ownership. As a business owner, whether in a full or part time endeavor, many additional expenses become tax deductible.

6. Write your own ticket: Your market value is determined by the contributions and value you bring to bear. Only you determine the course of your career path.

5. Your income potential is virtually unbounded: Your earnings potential is unconstrained as you discover how to employ the ideas of leverage and advance in leadership skills.

4. Expand your relationships: If you work 9-5 at a single employer, fewer helpful contacts are available. You will make many additional relationships as your work and interests reach into multiple disciplines.

3. Realize time freedom: Learn how to develop a systemmatic approach to business. Learn how systemmatize you efforts and soon you can be earning money 24 hours daily. This creates incredible leverage and time freedom.

2. Decrease your risk: Yes, it’s true that “job security” has now become an oxymoron. You must diversify for true “life” security.

AND the #1 reason to diversify your income is…

1. To face your fears: “Throughout the centuries there were men who took first steps down new roads armed with nothing but their own vision,” Ayn Rand. Learn to master your fears and your income and options become limitless. We hope these reasons will produce the motivation required for you to step out and take life “by the horns,” and start generating passive income streams in a business making money online.

Jim Green is a business coach for those interested in generating passive income streams in a business making money online. He provides a systematic approach and training to diversify income using Internet marketing.