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Hi.

Welcome to my blog. I write about managing finances so that we can enjoy our lives more. Hope you have a nice stay!

Finding Passive Income

Finding Passive Income

As everyone knows, it's the goal of almost any person attempting to achieve Financial Independence (FI) to acquire as many streams of passive income as possible. Since I don’t have any real estate yet, and I’m still very active in my business, I didn’t feel that I had any “mailbox money” or passive income to speak of. 

It wasn’t until I read a blog post from www.collectingwisdom.com where the blogger listed their monthly passive income, that I realized that my wife and I do have several sources of passive income. I wish I could remember the name of the blogger. I searched through www.collectingwisdom.com to find the article and was unsuccessful. 

With the above inspiration, I’m going to list the passive (“Mailbox Money”) income that my wife and I received for the month of June 2019. 

My June 2019 passive income

My June 2019 passive income

It’s exciting to see that we do have some money working for us. I didn’t include our retirement and stock growth accounts since they are so volatile, but in reality they are progressively growing over time as well. 

Currently, my goal is to find a commercial building for our business which should lead to passive income in the future as well as find a way to become less involved in my business as it grows. Instead of working 60 hours a week, bring it down to maybe 20 hours a week. And who knows.....maybe even reach the desired 4 hour work week. 😊 I call this plan my triangle of attack to Financial Independence.  

  • Stock/Bonds (401K, Roth IRAs, etc.) 

  • Business Investment/Ownership 

  • Real Estate investments 

With those three assets set up and working for me, I hope to reach FI within 4 years. As a reminder, my definition of financial independence is having more passive income than I do expenses. 

What passive income do you have? How can you grow that income so that you get closer to financial independence?  

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