When nobody is worried, money seems so obtainable. When you have a job you receive your income every month it all feels well organised.
Any external situation can cause us to get in trouble no matter if we are reasonable with money. The only way to prevent future problems is by making sure that you have multiple income streams or atleast have multiple possible income streams. With many options comes freedom to do as you please and to get back up when you need it.
One pillar to wealth is having residual income. – Nipsey Hussle
To prevent financial problems arising it’s best to figure out ways to earn money while not working. Residual income is the best method to continue taking care of your expenses every month. Examples of risidual income are rent, dividend and interest obtaining. At first putting money into them seems like a waste and potentially even will lose you money. Put money in these options when you can miss the money so you can profit from them when you need to. Solely use the profits to continue investing and don’t use the profit untill you have to.
The more you focus to be financially savvy the more financial secure you will feel. It’s great to think about potential residual income but it’s not the only thing you should look at. Decreasing your expenses and your risk will improve your security. An income is never fully guaranteed, because of this you can never be safe enough. Build your own safety net so you don’t have to be dependant on the governement or anyone else helping you out. It feels great if you are independant during an increasing economy. Maintaining this in a troublesome period empowers you even more.