Having multiple income streams is always the wisest thing to do. Recently, after investing on NPS, I started thinking more about creating multiple income streams. Good decisions have to be made at a very young age about financial planning. For example, the income from NPS is something that will be good if we start saving money in NPS at a very young age.
Income from Dividends
Most of the people who have an interest in stock investments can follow this path. Some of the stocks give a decent dividend every year or multiple times a year. If we are lucky to purchase those stocks, we will keep getting dividends regularly, which can act as a good passive income.
Income from rentals
Real estate can always have demand. There will be good times and bad times for every sector, but investing in properties can see a decent amount of growth. Getting rents from our properties can be considered a good one because that is a good passive income stream, and it can help us even when other schemes fail.
Income from NPS
The usual thought for many people would be to think that we may not live beyond 60 years, and there is no point in investing the money in something that is going to yield only after our retirement or after our old age. Knowing more about this income stream recently, I now know that this investment is very important, and getting passive income as NPS after retirement is a great thing to have.
Income from bank interests
The most common method to make some money is through FDs from a bank account. We have the flexibility to make such deposits online. Some people are happy saying that the interest provided by the banks itself is sufficient for them, and they don't think about doing any additional investments in other schemes that can be risky. The percentage of interest provided by the banks is very less, but compared to all the other things, bank interests can be a low value generating deposits.
Overall, having a few of the above passive income streams or all these passive income streams is very good because at times when we need the most, even if one flies away, there will be another income stream that can help us out.
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