When it comes to managing money there are usually two types of people that I meet when it comes ensuring one\u00e2\u20ac\u2122s financial security in life. You have one group of people who focus heavily on saving a lot of money with the intent that they won\u00e2\u20ac\u2122t have to work anymore afterwards and the other that concentrates in creating streams of passive or residual income to achieve a similar goal.<\/p>\n
While I personally do both, I personally try to focus more in finding ways to create those streams of income. It made more sense to me when I thought about it at an earlier age. For example if it was a situation such as my food supply was currently fine and dandy, I could just focus on somehow storing it for an emergency incase the supply stream runs out temporarily. On the other hand, wouldn\u00e2\u20ac\u2122t it make more sense to spend energy exploring different sources or ways to grow food as well?<\/p>\n
It\u00e2\u20ac\u2122s the same thing when it comes to money in my mind. While obviously you do want to save still, spending your time and energy figuring out different ways to generate streams of revenue that will fit your particular lifestyle just seems like the logical thing to do. Speaking for myself, I personally wouldn\u00e2\u20ac\u2122t rest unless I have developed a passive or residual income stream that is strong enough to get me through some kind of drought without funds in a savings account being a factor.<\/p>\n
While obviously nothing is 100% bullet proof, I think focusing more on creating multiple income streams rather than relying on just saved money per say is a wiser way to really be prepared for emergencies or times of need.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
When it comes to managing money there are usually two types of people that I meet when it comes ensuring one\u00e2\u20ac\u2122s financial security in life. You have one group of people who focus heavily on saving a lot of money with the intent that they won\u00e2\u20ac\u2122t have to work anymore afterwards and the other that […]<\/p>\n","protected":false},"author":1,"featured_media":12165,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_newsletter_tier_id":0,"footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[5],"tags":[569,5954,5952,509,896],"class_list":["post-705","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-management","tag-emergency-funds","tag-financial-management","tag-making-money","tag-passive-income","tag-residual-income"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/www.al6400.com\/blog\/wp-content\/uploads\/2014\/02\/9.jpg","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p6VnHC-bn","_links":{"self":[{"href":"https:\/\/www.al6400.com\/blog\/wp-json\/wp\/v2\/posts\/705","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.al6400.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.al6400.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.al6400.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.al6400.com\/blog\/wp-json\/wp\/v2\/comments?post=705"}],"version-history":[{"count":0,"href":"https:\/\/www.al6400.com\/blog\/wp-json\/wp\/v2\/posts\/705\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.al6400.com\/blog\/wp-json\/wp\/v2\/media\/12165"}],"wp:attachment":[{"href":"https:\/\/www.al6400.com\/blog\/wp-json\/wp\/v2\/media?parent=705"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.al6400.com\/blog\/wp-json\/wp\/v2\/categories?post=705"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.al6400.com\/blog\/wp-json\/wp\/v2\/tags?post=705"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}