I was at my in-laws house a few weeks back, and I asked one of their long time friends in a very superficial and innocuous way, how he was doing, and the response I received just solidified my goals of building multiple streams of income even further. He let me know that he had been out of work, and with no stream of income things have been stressful. I don’t know what his exact position was, but I know it had to do something with a technology that is dwindling in popularity, and thus the few jobs remaining are currently filled in a reasonable driving distance. To say I was taken back was an understatement, he has/had to be really hurting to open up to me when I was obviously just trying to make small talk with someone I see twice a year.
Creating Multiple Streams of Income Provides Security and Flexibility
This older individual was obviously not in the mental state to have a conversation with a 34 year old about what he would have done differently, but my inner monologue was scream, “self how do I avoid being in this situation in 20 years?”
The answer seems clear to me that the answer has to do with creating multiple streams of income that are at the very least semi-passive. Creating two viable nevertheless successful careers that are operating at the same time seems near impossible. However, creating independent streams of income, while they may never replace my career-driven income, can provide my family with a little bit of breathing room if my career-driven income was lost for an extended period of time or indefinetly.
In addition to creating security, multiple streams of semi-passive income can provide flexibility. In an ideal world the streams of income I am eventually trying to create are location independent (real estate would take a hit due to hiring a property manager, but I think the point is still obvious). Would you make different career choices if you need your had at least a portion of your monthly nut covered from other sources of income? I am not sure I currently would since I love my job, but maybe at some point when the 2 main partners move on, I want that flexibility.
While I started taking my personal finances seriously, a number of years ago when I started my first blog, this new journey feels different. I am now keeping myself hyper-focused and accountable on building those multiple streams of semi-passive income. While the process feels slow, I know by creating this blog and holding myself accountable to the few that read it that I’ll eventually get “there.” I have to keep reminding myself that while 24 would have been better than 34; 34 is better than 44, and 44 is better than 54 and 54 is better than never.