Should I use one (1) password for all my password requirements or vary them?

Hello. At present, I have many different passwords for various password requirements on my iMac. Would it be possible to use only
one strong password instead for ALL my needs? Thanks for any input on this.

Thanks very much everyone--sorry I can only give 'this helped me' points to the first couple of answers, doesn't look like I can give out any more. Also I will put a 'this solved my question' on after I wait for a few more replies, if they should come in.
I have been using MANY passwords, actually about 3 pages of them I keep written down, but thought I was being paranoid! By the sounds of it I should keep up with what I am doing even though it is a bit cumbersome.
There is a program called 1Password but the cost is a bit prohibitive and I have found in the past that I pay and download some of these programs and then find I cant understand completely how to use them, so for the time being I will continue with what I am doing, thanks to your input.
I did read somewhere that a strong password would be a series of statements that meant something to you--for example 'Ilovetopasstimeonmymac' (I love to pass time on my mac). I have also read that putting a # sign in with the characters and numbers has merit.
Again thanks for your input, I appreciate your time and expertise. Cheers.

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Message was edited by:
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Should I use one (1) password for all my password requirements or vary them?

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