Having a variety of income generating assets is the key to a prosperous life. One source may be your primary gig, while others can be tucked away for safekeeping. Having a diverse set of sources will also allow you to maximize your earning potential, should you decide to take a sabbatical. The trick is to make sure you are not interfering with your main source of income.

Is 20k a month good?

The best way to do this is to keep a sources of income examples. For each line item, note down what is the income, the average pay and the number of hours worked. Next, list down what is the cost of living. The cost of living includes the rent or mortgage, food, clothing and utilities. Ideally, you will have one source of income and then multiple sources of income, like the aforementioned. This will help you build a savings plan, if you are able to afford it.

Having a variety of income generating sources will ensure you don’t go into debt. It is important to understand that you are not going to become a multimillionaire overnight. It is not impossible to achieve financial freedom, but it can be a slow road. The key is to be disciplined and be willing to take the first step. You may be a few years from retirement, but you can be on the fast track to a rich life. The most important part of all is to enjoy the journey, if you have the willpower to do so.