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Diversifying your income streams can provide stability in uncertain times from "summary" of Playing with FIRE (Financial Independence Retire Early) by Scott Rieckens
One key principle to keep in mind when building your financial independence plan is the importance of diversifying your income streams. By relying on multiple sources of income rather than putting all your eggs in one basket, you can create a more stable financial foundation that can weather uncertain times. Imagine a scenario where you rely solely on your job for income, and suddenly find yourself facing a layoff or unexpected financial setback. In this situation, your financial security would be at the mercy of external circumstances beyond your control. On the other hand, if you had diversified your income streams by investing in rental properties, starting a side business, or building passive income streams, you would have a safety net to fall back on in times of crisis. Diversifying your income streams not only provides financial ...
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