Episode #18: Developing Multiple Income Streams


The Principle:

Most people spend their working years cultivating one income. However, in retirement, it’s essential to develop multiple income streams. Brian explains.

(Click the featured times below to jump forward in the episode)

Honest Takes:

[00:12] – A Bit Of Context.

  • Dorie Clark is the author of Entrepreneurial You. She says she discovered the importance of having multiple income streams once when she was laid off from her job. She now has SEVEN different income streams. She argues that much like a stock portfolio, you need to have a diversified group of income streams. Especially in retirement, as you walk away from a paycheck for good, you need to be sure you’re generating consistent, monthly income.

[1:12] – Can Retirees Build Multiple Income Streams?

  • Sure you can. Your company pension, part-time job, Social Security check, and stock dividends will all work to help you generate income streams in retirement. Don’t forget about real estate either. Selling your land and generating income from rental properties also create a paycheck. Furthermore, retirement presents you with the freedom of being your own boss. Many retirees these days choose to go back to work on their own terms. Whether it’s a part-time job, turning your real estate hobby into an investment, or finally starting your own business, there are all sorts of ways to earn additional income in retirement.

[5:17] – Diversify Your Income.  

  • Multiple income streams protect you in times of financial drought. They help take some of the risk out of your retirement plan and keep you from relying to heavily upon your retirement accounts and dividend-earning stocks. Having multiple income streams can also help to mitigate your tax burden in retirement.

Today’s Truth:

Other Virtues:

Dorie Clark’s Book: Entrepreneurial You

The host: Brian Bowen – Contact

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