How does your financial picture differ when you discover the concept of financial independence in your late 40s?
That’s the predicament faced by the author of today’s Friday Feature just a few short years ago when she realized that it was time to get her financial house in order.
Today, she can proudly claim five streams of income, a mix of active and passive.
It has nothing to do with wanting to be a millionaire! Even though we’ve all heard or read that millionaires have 7 income streams. Over the last year, my full time job oscillates between periods of intense busyness and boring nothing-to-do days.
Without question, my biggest source of income is the salary I earn from my full time job. And I would definitely classify it as an active income. I actively trade my time, energy and effort (LOTS OF IT at the moment!) to earn this income.
I define passive income as income I earn without actively doing something to generate it. Income that I earn while I’m sleeping. How awesome is that? To have income streaming into my bank account without me having to work for it?