Multiple Passive Income Streams….why?

On and off, I used to search online, in many different places, for a way to become Financially Independent. I came across many videos on youtube, many links on google, etc but nothing struck a chord in me. After a life changing event leading to some difficult times, personally and professionally, my search for peace and calm led me back to financial independence but this time, it struck a chord.

A couple of the important sites I came across were Extreme Early Retirement and Mr.Money Mustache. I cannot remember how I came across these sites, but I was hooked for a month or two on these. I realized that these sites espouse one path to Financial Independence….the path of Extreme Saving

I then came across a different set of websites that espoused multiple income streams as a path to Financial Independence i.e. earn your way to freedom. There are many sites to mention, but mainly, Dividend Mantra, Conservative Income Investor, etc etc.

I also read and listened to Rich Dad Poor Dad by Robert Kiyosaki, which espoused the difference between assets and liabilities….the philosophy being spend on income-producing assets rather than income-sucking liabilities.

So, I decided to adopt a two pronged approach to financial independence

  • Save as much as possible
  • Invest in income producing assets

Articles in this category will talk about my goal to build multiple passive income streams that together produce a yearly income of $50000.