What a difference a year makes. How about two years? We started our journey on the path to financial independence in June 2019, roughly 27 months ago. In October 2021, my wife and I reached $700 from various passive income sources. This is an incredible number, especially since it doesn’t include the rental income from our three properties ($2,000/mo).
Today, I wanted to share our journey and show how I use the words I write. Wealth is a mindset and one that requires daily concentration. With enough focus, it becomes fun to add more and more passive income to your collection.
Let’s first take a look at where we were in October 2019. During this timeframe, we were still working our way out of debt. In the article “From -$77,000 to +$150,000 in 22 months,” I wrote about that journey.
At this point, the only brokerage account I had was my WellFargo account, which I stuffed with $5,000. Our total passive income was $28, all from stocks, bonds, and a few dollars from Fundrise REIT.
Don’t get me wrong; we were ecstatic to be sitting with $7,100 in the bank and $28 in passive income. We were totally new to words like passive income, dividends, and interest. I hadn’t even considered royalties, automated business, and cryptocurrencies. Learning is part of the fun of starting your passive income journey.
Fast forward two years and things are looking better than ever. We are sitting on $194,000 in our various accounts and $680 in passive income. I want to do a quick rundown of our passive income sources and attach articles that I have written about each.
- High Yield Savings account: I use this account to keep a few dollars for market fluctuations. I have another savings account that I keep on the side for emergencies.
- Bonds: Bonds are a great way to keep money on the sidelines while also getting a 3-5% return using high yield junk bonds. I also have US treasuries.
- Cryptocurrencies: I invest in my cryptocurrencies via the Voyager app. I invest for the interest, as I currently have six coins collecting interest every month. Those coins include Bitcoin, Chainlink, Voyager token, Polkadot, USDC, and Cardano.
- Real Estate Dividends: These dividends come quarterly from Fundrise REIT. Fundrise is a real estate investment trust that does not trade on the stock market. I specifically enrolled in the income portfolio, where I receive more dividends and fewer capital gains.
- Kindle Royalties: My Kindle Royalties don’t have a dollar amount because they are free to create. That is the magic of royalties; you can make passive income from thin air. I have been releasing books for ten months.
- Kris Investments: I am proud of my wife. She has amassed $45,000 in investments and $120/month in dividends. Very impressive!
- Cash App Dividends: I started the Cash App challenge 62 weeks ago and continue documenting my journey via Pinterest (here).
- Stash Dividends: I consider Stash my proper dividend growth investing portfolio. I have all DGI stocks, an index fund, and a couple of dividend ETFs. I invest into each stock every week, an actual dollar-cost-averaging scenario. If you want to read more about my DGI accounts, let me know.
- High Yielders 8: I just created this account on M1 Finance. This is my income investing portfolio, and it consists of 10 high-yield products with a goal of an 8% dividend yield. If you want to read more about my income portfolio, let me know.
Living with passive income. Seeing passive income is great, but what is it like to live with passive income? I’ll tell you; life is fantastic. It’s like you have another person working alongside you, contributing to your bottom line.
Yes, I reinvest most dividends and royalties, but it is still great to have the option to use this income if required. There is nothing like waking up to see crypto interest, dividends, and royalties in your account. People, this is life-changing stuff, but it will take a significant commitment on your part.
Getting started with passive income. You have to start by educating yourself in the ways of passive income. Luckily, I have written a book so large that I have to call it by its size. If you are indeed serious about building passive income, I recommend reading my book “The Biggest Book on Passive Income Ever! (Amazon).”
Suppose you don’t have the cash to fork out for this massive book, no worries. I have the Web Edition (Amazon) that links every chapter in my book to the corresponding webpage on my site. I also have the Art Edition (Amazon) that relates to every web page and includes the artwork I create every day.
Finally, I have a massive 696-Page free book called “Don’t Gamble with Retirement 3 + 4.” If you don’t know anything about passive income, this book may be somewhat more advanced than you are ready to handle. But, if you are feeling bold, go ahead and grab the free download here.
Conclusion. Where does your passive income stand today? In a year, when I write about my passive income in October 2022, where do you want your income to sit? There is no better time than now to learn and build passive income.
Building passive income has been life-changing for my wife and me. We have grown closer together as we unify our vision of the future—that’s the magic of marriage. In the end, only you can start your passive income journey? Are you ready? Please follow me on Twitter and my Facebook Page for more investing knowledge. Enjoy and Happy Investing.
- PDF of the Month: How We Plan to Retire on Dividends 2 (165-Page Free PDF)
- Free PDF Downloads: Download FREE PDF books here (Twitter Link)
- Financial Mindset: Become CEO of Yourself (book)
- Retirement Planning: Don’t Gamble with Retirement 3+4 (696-Page Free PDF)
- Investing: The Pros and Cons of Dividend ETFs (Free PDF)
- Cryptocurrencies: The Magic of Cryptocurrencies (Free PDF)
- Real Estate: Real Estate is a Mindset (Intermediate) (Free PDF)
- Business: Retire Rich, Retire Comfortable with a Business 2 (Free PDF)
- Everything!: The Biggest Book on Passive Income Ever! (book)(Web Edition)(Art Edition)
- I bought a Kindle Oasis: Check it out Amazon
- Read My Books for Free: Free Kindle Books Schedule
- Sign up to Access our “Hidden” Free Kindle Book Schedule
- My first Children’s book: A Child’s First Book on Passive Income (book)
- Book Reviews: 54 Takeaways from 54 Books (book)
- Want to Build Passive Income from Books and Affiliate Marketing? (Learn here)
- Writing: Can Grammarly Make You a Better Writer? (direct)
- My Favorite Chromebook: The Ultimate Chromebook (direct)
- Follow us: On our Facebook Page and Join our Facebook Group
- Amazon Author Page: Check out my author page on Amazon
- Monthly Dividend Planner: Check it out on Etsy
Disclosure: I am not a financial advisor or money manager, and any knowledge is given as guidance and not direct actionable investment advice. I am an Amazon Affiliate. Please research any investment vehicles that are being considered. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article. All Right Reserved Military Family Investing
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