You often hear that it’s important to have multiple streams of income. I remember, when I was younger, wondering exactly what that meant. Over the years it became clear and we’ve successfully developed multiple streams of income – some very deliberately, and some more haphazardly. They are all independent of us having jobs (ie. they are passive income) and will continue, to some degree or other, into or through retirement.
The rental income will continue as long as we hold on to the properties. My royalty income will continue as long as my books sell. We have much less control over this than other income streams, but it’s nice to have. We earn interest on loans we make. When Jay retires there will be income from his pension (although we are leaning towards a lump sum which we can invest to generate income). There will be social security, to some degree or another. 😉 I’m also assuming that one or both of us will continue to work in some capacity, making sure to keep our earnings in line with IRS rules to minimize taxes and penalties. As a writer, I can make money doing school visits or giving presentations or mentoring wanna be writers. This blog is intended to generate income, although the results have been pretty sad! However, if I can make $5/mo who’s to say I can’t turn it into $50/mo or $500/mo? It won’t happen if I don’t try… 😉