Today I wanted to give you a break from the investing series and help explain another tool to show you a way to give your financial standings a liftoff. How do I make my financial security and success better? Multiple streams of income. It seems pretty intuitive doesn't it? Well most people have one stream of income there whole life. When you are working in your career you rely on the stream of paychecks, but what if you can't work or the company goes out of business, where did your stream of income go? Or what if your retirement savings is eaten away by inflation or a recession of today's proportions pummels the values of your retirement savings. You need to develop yourself something to fall back on. There are many different opportunities out there to develop a stream of income outside of your work. Maybe you could purchase an interest in someone elses small business. Or possibly you could purchase a rental house. But don't they require alot of upkeep? There is even a solution for that hire a management company to take care of the house and pay them a management fee and keep everything else. Ebay has created a great platform to turn you hobby into an alternative cash flow. When everything else fails, wouldn't it be nice to be able sleep well at night when the downsizing starts at your company, because you know you will still be able to pay the mortgage on your house.
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