The following is a guest post by Forrest McCall of Don't Work Another Day. Enjoy! 

Coronavirus was an unprecedented event that no one saw coming. More than anything else in recent memory, the COVID-19 pandemic has affected the global economy and the income of most businesses globally. Small businesses and freelancers worldwide are seeking new ways of keeping their income stream flowing. By diversifying your income stream in 2021, you stand a better chance of making a steady income and worrying less about the impact of the coronavirus.

In this article, we explore 6 income streams to diversify your income in 2021.

The following is a guest post. Enjoy! 

If you feel frustrated with your life because things are not working out for you, one reason for your frustration could very well be your lack of abundance. This scarcity may have less to do with the economy and more to do with spending more than you earn. 

Once you take control of your finances, many of your problems will disappear. When you have more than enough money coming in, most of your stress will fall away. You’ll be able to afford many of the things and experiences that enhance the quality of life.

With that in mind, here are some strategies to protect your finances, grow your income, and tame your spending:

The following is a guest post. Enjoy! 

Annuities are a form of insurance contract. You give them a lump sum of money to manage, and you receive a guaranteed return on the investment. These sums are generally paid annually, hence the word annuities. But these investment products are often confusing, especially when you’re liable to get a sales pitch from a commissioned salesperson. Here are a few tips on how to buy and how not to buy an annuity online.

The following is a guest post by Casey Musarra. Casey is a reformed sports journalist tackling a new game of financial services writing. Previous bylines include Newsday and Philly.com. Mike Francesa once called her a “great girl.”

If you’ve ever participated in an Easter egg hunt, you know the goal is to collect as many hidden plastic pastel eggs (filled with candy or money—hopefully, more than a few pennies if mom’s not a cheapskate) as possible in your basket.

Putting all your eggs in one basket can be a good idea in certain financial scenarios, like with debt consolidation, as it allows you to streamline multiple debts into a single, low-interest monthly payment. But keep in mind, even debt consolidation is a good idea only when you have a steady income, good credit score, and the discipline to continue making payments while avoiding adding debt.

When it comes to your investment portfolio, though, you want to take the opposite approach. You don’t want to put all your eggs in one basket. Instead, you want to spread your eggs (money) across many baskets (investment opportunities).

Here are just a few reasons why it’s important to diversify your investments.

Saving money by sticking to a budget can be hard.  It gets even tougher if you have compulsive or impulsive spending habits. 

If you tend to overspend on shopping, there may be a psychological reason why.  Get to the root of your spending habits by better understanding how and why you buy things.  With this knowledge, you will be able to better manage your budget and minimize excess spending.

Two types of spending can hurt your budget and can be avoidable with some help: impulsive and compulsive spending.

Some people are under the delusion that success is a thing that just happens to people who are in the right place at the right time. That might be true for some small percentage of successful people in the same way that some people win the lottery. You can’t win without buying a lottery ticket. But buying lottery tickets is a lousy plan for success.

There are various investment strategies out there; each strategy suitable for a candidate with their specific risk tolerance. For instance, a twenty-year-old looking to take on more downside risk for a higher upside may invest in risky stocks or even cryptocurrency. However, older individuals looking to minimize risk to guarantee a safe and comfortable retirement may purchase GICs or even bonds.

In this article, I want to inform you of an alternative investment strategy that guarantees higher returns than bonds and GICs with similar or even fewer risks. This type of investment return is made possible with back-to-back annuities.

The following is a guest post. Enjoy! 

Your 40s can be considered one of the most financially difficult 10 years of your life. At this point, people are typically balancing multiple lifestyle costs such as their children’s education; ageing parents and trying to save for a comfortable retirement can cause significant stress levels.

However, if you were able to establish good financial habits during your 30s, they can be carried into your 40s and make things easier. Here is some advice for people currently in their 30s – ensure you learn and capitalize now so that you can enjoy your 40s.

Take some risks

You are likely to have at least 30 years of financial accumulation ahead, and therefore your 30s can be considered the best time to take on a realistic level of 'good debt'. Aim to invest in assets that can grow in value, such as property. It's unlikely that you'll have to worry too much about market cycles because most should wash out over 30 years (the maximum amount of time available in which to pay off a property.)

Determine your behavioral biases

Before you start investing, take some time to figure out your behavioral weaknesses; effective investment management can be seen as a crucial foundation for successful financial growth. For example, suppose the pit of your stomach turns when you see any decline in the amount of money on your statement. In that case, it may be best to steer clear of investing in an equity fund because even though there can be potential to receive high returns, it is susceptible to market fluctuations and therefore requires a long-term investment approach. Instead, it would be a good idea to start investing in a more conservative fund.

The bottom line is that you should work out what will inhibit you from making the right decisions, and then try to put instruments in place to protect your finances from any inherent biases.

Don’t succumb to the “I don’t need to worry about my finances now” mentality

Your 30s are likely to be busy; finding your ideal career, starting a family and contributing towards retirement are decisions that require careful thinking. However, you should make a concerted effort ensure financial admin doesn’t take a back seat because forgetting to sort out that tax-free investment for your child or upping your contribution to a retirement annuity can affect your future. Treat each important decision as if you were retiring in a few months, not decades.  

Seek advice from a financial professional

You never have to feel that you’re alone. It's an excellent worthwhile asking for guidance from a financial professional such as an independent financial adviser (IFA). He/she can answer the critical questions that can help determine which investment should meet your financial circumstances.

By instituting these astute financial practices in your 30s, you should find it much easier to live a more balanced lifestyle. It can give you the freedom to spend more time with your friends and family while having peace of mind that your finances are under control. It’s never too early to become financially savvy.