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When I first learned that having multiple income streams is one of the keys to financial freedom, I started looking for odds jobs on Craigslist and part-time jobs on top of my full-time job.
The logic behind multiple income streams made complete sense to me – the more income streams you have, the more money you can make to save up.
What didn’t occur to me at the time was that the idea around multiple income streams is for most or all of those income streams to be passive income streams.
The approach that I took to take on multiple jobs was exhausting and just not sustainable in the long run. In order to keep those multiple income streams running, I needed to be present for each one and put in the work.
After a couple of years of working multiple jobs, I simply burned out and was too exhausted to continue on. As expected, once I cut back on the jobs, those income streams ceased to exist immediately.
Back to the Drawing Board
My time was my most valuable asset because I was directly exchanging my time for money. However, since I cannot be in more than one place at a time, I am also limited to the income streams that I am actively working to bring in.
In addition to bringing in more money from several sources, having multiple income streams is supposed to serve as your backup in case one or several of your income streams cease to exist.
I knew I had to find a different way to create and maintain multiple income streams, one where I did not need to be physically present and actively working to keep the streams up and running. I accidentally stumbled upon the concept of passive income and was determined to make it happen.
My Start to Passive Income
As I started to look into it, I discovered that passive income streams do exist and there were so many different types. I also learned that creating those passive income streams would require me to put in the time, work, and money upfront. Ironically, working the odds jobs and part-time jobs turned out to be a smart thing – not only did it push me to look for and pursue passive income streams, but it was with the money I made that allowed me to get those streams created.
My first passive income stream is buying several high dividend stocks. It wasn’t glamorous and the dividends that the stocks yielded was not significant enough for me to live off, but it was a start and it showed me that creating passive income streams was definitely doable. I was making money (though not much) with very little effort from me.
From there, I became a man on a mission (and still am) to create multiple income streams – passive ones, of course.