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Set Up Your Fishing Poles and Make More Money

The expression “don’t put all your eggs in one basket” is often used when speaking about diversification in business.  Financial security depends on diversification because it limits the risk of losing everything you have.  The problem I have with that expression is that it implies that you already have the eggs to put in the baskets, but what about the people who don’t have a sufficient income at all?  They should also diversify in order to have financial security and achieve the success they so badly want.

As a result, I came up with my own expression and today I’m going to coin the phrase “Set up your fishing poles”.

When people go fishing, they usually prepare their fishing poles by tying  a hook to the line, adding the bait and throwing it into the water for the fish to bite.  Many times they set up another fishing pole and repeat the process to catch more fish.  This same concept can apply to business. One can diversify by making several investments that are independent of each other to increase the odds of achieving success.

The investment doesn’t just have to be money. It can be time, knowledge, and creativity to come up with ideas that can make something out of nothing. Think of each investment as a fishing pole and your earnings as the fish.  The more fishing poles you have, the more income you earn.

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2 Comments

  1. Ally says:

    I love this analogy. I think its important to have a couple of different projects out there as you never know when once of them may take off or collapse at any time.

    Reply

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