I had a minor epiphany while I was flying back from Europe last week.
While I was doing some work, I realized that I really want to get to the point where I’m not writing during my flights… but I’m earning money regardless, just sitting there.
Which means I need a passive income stream.
And I actually think everyone should have one (or more). Here’s why:
The Top Three Reasons to Develop a Passive Income Stream…
Having more than one stream of income puts less pressure on all of them. With multiple streams of income, if something happens to reduce one, it’s not as much of a hardship.
For example, suppose you’re a copywriter who needs surgery for carpal tunnel syndrome and you won’t be able to hand write or type for a month. (Let’s keep it simple for the sake of this illustration and assume those are the only ways you can write.) As a copywriter, you trade your skills for money. So your earnings will take a hit that month because you’re not able to do your work.
But if you have a passive income stream, you’ll still have money coming in from that while you recuperate from your surgery. And if you have, say, five other passive income streams, then your inability to write for a month is a much smaller issue than if it were your only income source. Having multiple sources of passive income helps spread out your risk.
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