There are challenging times ahead. Here in Michigan, for example, we are facing continuing uncertainly due to the higher oil prices, a downturn in the domestic auto industry, and troubles in the housing market. While Michigan may be suffering more than other regions of the country, this challenging environment is certainly not limited to our state.

Then, this past weekend, the news went from bad to very bad to catastrophic.

The U.S. government takeover of mortgage companies Fannie Mae and Freddie Mac…Lehman Brothers collapsing and filing Chapter 11 bankruptcy… Merrill Lynch taken over by Bank of America… the Federal Reserve Board rescue of crumbling insurance giant AIG.

With all the uncertainty about the future, you know you can’t depend on the economy anymore. You can’t depend on your employer either. And your certainly can’t depend on the government.

So who can you depend on?

YOURSELF!

If you have not done so already, now is the time you must start to diversify your income streams.

If you’re an employee, you need to stop thinking that your company is going to provide for your economic well-being until you retire. Even if it’s a strong company today.

If you own your own business, you need to stop thinking that a single source of revenue is enough. Even if you are highly successful today.

A lot of people who had what they thought was a solid Plan A, are finding themselves in economic despair because they put all their eggs in the Plan A basket.

If you don’t have a Plan B, create one today. What could you do to supplement your income if you’re working for someone else? What other profit centers can you create if you’re self-employed?

Diversification is essential in today’s economic climate. Create a new revenue stream, then work to reduce your reliance on any one source of income. Get started today, so you can prosper in any economic environment.