Is it good to have multiple streams of income?

[Dien Rice]

I was reading through one of Gordon's early posts... actually, one I had saved from a very early forum (from the late 1990s, believe it or not)...

It was about making multiple streams of income...

When you think about it, most people have essentially one stream of income - from their job...

Though, having multiple streams of income is becoming more common, as people add "side hustles" and so on...

Is having multiple streams of income a good idea? Or is it better to just focus on one?

I'm a believer in multiple streams of income...

Does wanting multiple streams of income make me some kind of kook?

During the pandemic, one of my streams of income dried up, due to circumstances beyond my control. It caused some difficulty, but... Because I had multiple streams of income, we "survived"... (That income stream which had dried up, is now back...)

The point is that having multiple streams of income gives you more security...

If one income stream dries up, you have others still going... So your income will not drop down to zero!

Also, there's a greater chance that one of your income streams will get great growth!

You can think of it as having more than one ticket to the lottery... With more than one ticket, your chance of winning increases...

And the happy giddiness that comes from it!

Of course, there's a limit. The best way is to get your income streams to the point where you don't have to spend too much time operating each one...

You don't want to carry the burden of a pack mule!

Maybe we can talk about that at a future time...

Best wishes!

Dien