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.
Although she lives on the opposite side of the world from most of us, you’ll see that many of the challenges in Australia mimic those that we have here. This post was originally published on Late Starter Fire.
Is this what my income streams should look like? I had never been concerned about diversifying my income streams. Until the pandemic hit. And I saw how jobs and livelihoods can disappear, literally overnight.
I will never forget the image of long lines of people queuing outside Centrelink offices on the nightly news, a sight that I’d never associate with Australia, the lucky country.
At that time in 2020, I was just concerned about surviving in my full-time job and ensuring we kept up with all the changes in procedures associated with Covid-19. It was a highly stressful time to be in healthcare. It still is. (I wrote about it back in 2020)
Fast forward. The uncertainty is still with us. The lockdowns. Businesses unable to open and trade. Low vaccination rates (but slowly improving). More infectious Omicron strain. And on and on it goes.
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.