A reader recently pointed me to annuity.org, which reminds us that sometimes we can just let some stashed cash do the work for us.
Passive Income Streams by Kim Borwick explains a few of the benefits of income sources requiring financial research and strategy vs. the ‘produce-and-market’ approach of many side hustlers.
A few highlights:
— “A passive income stream can mitigate the effects of financial shocks, especially for people in retirement who are on a fixed income.”
— “For example, diversification lets investors achieve two goals simultaneously: increase their rate of return and reduce risk.”
— “Similarly, laddering can eliminate the rigidity of an annuity contract, allowing you to take advantage of rising interest rates.”
— “These income sources can allow you to save for retirement or meet current financial obligations” without “the lack of quality family time and personal connection common among dual-earner households (including side hustlers).”
— The author closes with a list of additional ideas for passive income, many of which you might have considered, but in this world of ‘info-barrage’, a few reminders never hurt. PLUS, conditions and circumstances in 2021 change so fast, an idea ignored one day might be just the ticket for extra cash the next.