So I have read a little bit about how people have become rich and multiple income streams has come up a few times. I started thinking about my finances and of course I don't have multiple income streams or at least very good ones.
Right now I have my job as an attorney ($5000 a month-after taxes) and an online savings account (approximately $4 a month-before taxes). I also have a cash back credit card that pays 1.5% across the board on all purchases. Right now I have about $65 in cash back rewards, which I will probably cash out and add to my furniture fund. That's pretty awful for multiple income streams.
I hope to one day figure out another income stream (more than an extra $4 a month) so that I don't have to depend on my job to keep my bills paid.
I also have been thinking about my post the other day about where to focus my money now that I am debt free. I think I have been thinking too ambitiously,I need to focus on building wealth. For me that means making sure that I can retire one day. I plan to make sure that I fully fund my roth ira each year up to $5,500. I then plan to put another $3,500 a year into mutual funds. Those 2 issues will be my main priority. I can't make up lost time in retirement later on, I need time and compound interest on my side. I will focus on getting the roth ira fully funded as soon as possible each year. The idea of having a hardset goal to work towards as soon as possible gets me excited again. I will put a small amount away each month towards my other goals and then add more to them in the later months after the retirement money is taken care of. Paying off the house can wait, I will add a little extra to the mortgage when I have the money and let time do it's thing.