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.
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.)
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?