Most people still believe they have to follow a given path to be happy, secure, and well set for retirement. In a nutshell, people think they need to get into the right college, choose a major with a stable job outlook, then find employment immediately after graduation. Work for a successful company and then finally retire once your IRA is substantial. This is a method it is tried and true, working in some cases failing in others. The fact of the matter is that successful people do not follow this method. More to the point, though, your life doesn't work how you plan for it. You might go into a field and find out that you hate it after putting four or more years of study into an advanced degree. Then you have Automation and technology, making it hard for some people who have been established in their careers for decades to hold onto any sense of job security.
Because of this, some people are freeing themselves from the working world altogether. In most cases, they are freeing themselves to a life that they design and allows them to do the things they want. Plus, they are doing so without risking their financial future. They are doing so by building additional income streams, both active such as starting a business of their own or consulting, and passive such as finding opportunities that will continue to pay even after they stop putting work into it.
Today I'll be listing several methods to create passive income, but how many income sources should you have? This depends on where you are financially and what your financial goals for the future are. Truthfully the more income streams that you have, the better. There is no "one size fits all" advice when it comes to generating income streams. But having at least a few is a good start. The bigger the net you cast into the water, the more fish you will catch. In addition to the earned income generated from your normal generating activities, rental properties, income-producing securities, and business ventures are a great way to diversify your income stream."
Having multiple passive income streams, you can cast a vast net with less additional effort.
