Creating multiple income streams helps safeguard against economic downturns from "summary" of Passive Income, Aggressive Retirement by Rachel Richards
In the world of finance, it's common knowledge that diversification is key. When it comes to investing, you wouldn't put all your money into just one stock or asset class. The same principle applies to your income. Having multiple streams of income can provide a safety net during economic downturns. Imagine if you lost your job - if all your income was coming from that one source, you'd be in serious trouble. But if you had other streams of income - whether it be from investments, a side hustle, or a rental property - you would be in a much better position to weather the storm.
Think of it like building a sturdy house. If you only have one pillar holding up your roof, what happens if that pillar gets knocked down? But ...
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