A trip to Bali or Paris can involve specific advice. Some people seem to be posting general advice that apply to comparatively few people. It’s like presuming that all people with poor eyesight should get laser surgery.
I wet back and read the OP. I am not sure what the objection is. Is it that there are people with multiple streams of income who can only make rent and food with zero money left? It is because of these people that we can only give general advice to the majority of people (who presumably don’t have two nickels to rub together)?
Then here is my general advice to this majority of people: Keep working.
I think that in the US almost everyone that’s fully retired and comfortable has multiple income streams, because you are either living on SS only (which is not a comfortable retirement for most people) or SS plus another source, like a pension or investment income.
That said, the PHRASE “multiple income streams” is used so heavily by people promoting really bad business opportunities, like MLM’s - as well as outright scams - that it should be viewed as a red flag. In the case of the former, it’s a workaround against false income claims - you arent supposed to say “earn an extra $100+ weekly because hardly anyone does, but “multiple income streams” is meaningless but sounds really good.
It’s the amount of water in the pool that’s important, not the number of hoses filling it up.
Yeah, I interpreted the “multiple streams of income” as being something that was more important for people who are in the gig economy / “hustlers” - people who don’t have a full-time job and who have multiple small-time money-making endeavors going at once.
So if you’re some kind of online content creater/influencer, the advice is saying to have other sources of income, because the Internet is notoriously fickle, and your content money might dry up. So better to not put all your eggs in one basket.
This doesn’t really hold for full-time employed people- often the reward isn’t there for a lot of small-fry money-making opportunities that would suck up most of your non-working hours.
As a public school teacher, I have never been rich. When I first started putting money away for “retirement income”, it was less than $50 a month. So to do that, I had to avoid spending money…I adopted a tight budget, and did not spend much on vacations, better cars, and so forth. And sometimes there were second jobs that were needed to achieve my goals.
Not a rich man by any means. Mostly just living below my means, which were not lavish by any means. But this approach did work for me.