Here in the UK we have one of our major banks being supported by the Bank of England because its lending and borrowing strategy have been found wanting as the world wide credit crunch has bitten.

Without getting too technical they have been borrowing from a high interest source to fund their lending and as the credit crunch has developed they have found it difficult to secure funds. The banks have stopped lending to each other.

So as the Bank of England has agreed to support them it is acting as an alternative additional source of funds until the credit crunch is over. This demonstrates a number of important strategic issues.

If your business strategy is not sound you may get away with it so long as some of your assumptions are correct. Once external conditions change your business strategy may lead to failure.

In the case outlined if the bank had alternative sources of funding (multiple sources) in place it may have avoided its current predicament.

So it is with personal income. If you can secure multiple streams of income you will build more security into your life. You can do this by breaking with employment and developing your own business that has multiple income streams.

As you go about your life as employee, self employed or business owner be sure to develop a strategy leading to multiple streams of income.

Worry is interest paid on trouble before it becomes due.

Best wishes,

Michael Harrison.

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