Why is important to develop passive income streams?
It is normal to want to have more money and a more prosperous life.
But you must realize that the mentality of waiting for “someone” to do something or to “give you” something is counterproductive and is actually up to you to improve your quality of life.
The biggest mistake you can do is to want to make money “fast”. Studies show that many who wins the top prize in the lottery, after 5 years, are reaching poorer and more unhappy than they were before.
The only sustainable way to become prosper is gradually, step by step, meaning “slowly”. Only then will you succeed and grow with your investments and learn to become “master of your money”, and not vice versa. If you understand that there are much more ways of losing money than to win them, you will succeed in better manage your investments and therefore to succeed in long term.
So, why is important to develop passive income streams? Passive income has one big advantage: once the work is done, the money continues to come in, with no additional effort on your part. This means that if you develop lucrative enough passive income streams you’ll get to a point when you’ll earn more than you spend with no extra effort on your part.
Adding passive income streams to your portfolio can help you increase your earnings and accelerate your financial goals in tremendous ways.
Benefits of creating (multiple) income streams:
- it is a recurring income: once the stream is created it keeps earning
- it’s easier to create several small income producing streams over one large one
- it reduces the risk of being left without any income
- you can create income streams based on your interests, talents, and passions
- most of them can be created and managed online