As promised, I am providing my first update on my attempt to find the best source of passive income. It was a month ago (almost to the day) that I set out on a goal to develop multiples passive income streams. While a lot of things have been set in motion, I am still far away from having a great view on which stream is best.
When building up your passive income streams, it is important to know what you are doing with your money. If you are diversifying your income, it is likely that you have multiple ways of generating income. Whether it is originating from dividends, peer to peer lending, rental properties, or another source of passive income, you need to know what you are doing with it once you receive the cash.
As you all know, I am working to build up a large amount of passive income. My plan is that with enough time and dedication, I can replace my low day-job income. This would enable me to stop working, focus on building up other passive or semi-passive streams of income and enjoy life much more without having to be stressed. The main reasons that I think I can accomplish this is that I am not looking to get rich and I’ve had some success already. I don’t need a lot of money to survive.