Anybody who is currently trying to build multiple income streams knows that it’s hard work to maintain them all. Whether the reason is due to a low interest rate environment, mental fatigue, or a tremendous amount of extra hustle during undesirable hours, when it comes to creating your own safety net, patience is a virtue .
One thing I’ve realized over the past 25 years of trying to build wealth is that if you can give your income a purpose, then you tremendously raise your chances of holding on and growing that particular income stream.
For example, at age 25, I wanted to quit finance and become a mango farmer / beach bum in Hawaii. I was sick of work after only three years. However, at age 26, I bought a condominium and because of the mortgage, making money suddenly became more meaningful. For the next 10 years, I focused full effort on maximizing wealth so I could ironically have the option to be a beach bum!