Catherine Bell of Wealth Wise Women says most families have already faced at least three of the "5 D's": death, divorce, diagnosis, downsizing, or job loss. She argues women need seven streams of passive income to survive these shocks and have money left to give.
Who is Catherine Bell? Passive income is really, really important because money is like oxygen. I have Wealth Wise Women where I teach women about investing and the importance of having a minimum of 7 streams of passive income, because the more families I talk to, and when I speak on stages and stuff and I do this, is I ask people to hold up their fingers and how many of the 5 D's they've dealt with. And most families have already dealt with at least 3 of the 5 D's, and any one of them can wipe you out financially. So it's death, divorce, diagnosis, downsized, or being dumped from your job. And most people, most adults have already dealt with at least 3. So, uh, creating multiple streams of passive income is really, really important because money is like oxygen. The more you have, the easier it is to breathe, and the more you have and easier you can breathe, the bigger the difference in the world you can make. And I really believe if you can, you must.
