What a wonderful time to be alive and enjoying the Thanksgiving holiday season. What are you thankful for this year?
I am blessed to have retired from the Marine Corps this year—24 years later. After many years of being away, I finally came home for good.
I am also thankful to have learned the ways of passive income. This additional income has helped me live the life of my dreams without working.
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Passive income and grace go hand in hand; you can’t have one without the other. To build an income stream, you must appreciate every penny that comes into your pocket.
Additionally, you must spend and invest your money wisely. Building a successful income stream takes years, so getting through the first few years will be tough. That’s why it is vital to handle the situation with grace.
The Thanksgiving of your dreams. Let’s start by dreaming of your perfect Thanksgiving season. I am living my dream, so let’s start there.
This holiday season, my wife and I are free of the confines of working a 9-5 job. This allows us to enjoy the kid’s week off from school.
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My wife is in the country of Turkey, spending time with her sister and her kids. She was able to travel there with money we made by trading options.
My mom is in town visiting me and my kids. She will watch my kids when I leave for Turkey after Thanksgiving. I bought her ticket using dividends from my portfolio.
My kids and I went to an ice hockey game with three other guests. I paid for everyone’s ticket using rental income from my two properties.
I took my mom and son to the restaurant where my older son works. We had a nice lunch paid for by royalties from my book business.
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As you can see, passive income funds my life. However, getting to this point was something other than passive. I am thankful to be in this position and look forward to improving our finances further by next holiday season.
I am thankful for dividends. Everyone in the United States should have a dividend portfolio. Dividends allow you to enjoy your time because your money makes money.
The toughest part about dividends is getting enough money into your account to make a difference. So, having grace is critical to starting the process.
Dividends work by allowing you to invest your hard-earned money with a company that pays dividends. Some great dividend-paying companies are McDonald’s (MCD), Starbucks (SBUX), and Costco (COST).
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However, you’ll need a lot of money before you feel the difference dividends make. If your company pays 3% in dividends, investing $10,000 will net you $300 annually. Yes, per year.
Don’t let the massive amounts of money deter you. If you can get started and stick with it, dividend investing is your way to a better life full of income and opportunity.
I am thankful for options trading. Options trading isn’t for everyone because it is highly emotional. No one wants to feel dumb or lost when they do something.
The stock market can make anyone feel like a fool; it’s simply too irrational for a rational mind. However, trading options is about controlling the emotions of greed and fear.
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If you can condition yourself to reduce your emotional responses, you can have great success trading options.
There are many ways to trade options (covered calls, cash-secured puts, long strangles), so you’ll need to find some ways that best suit your disposition.
Take the time to read some books and do some paper trading. If you can wrap your head around the concept of fear and greed, you can make an outrageous return on your capital.
I am thankful for rental income. The housing market is currently challenging for most people to enter; however, there are still tons of ways to make rental income.
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You can make rental income by renting rooms, cars, spaces, parking spots, and your things. You simply need to “believe in” the sharing economy.
Don’t get hung up on owning a second property to make rental income. Think of something people would love to rent, and make an effort to find renters.
With a bit of thought, you can rent your computer, musical instruments, or video games. It just takes some imagination. You could be on the cusp of making great money by lending your things to someone.
I am thankful for royalties from books. Writing has become my top passion. Yes, the payoff is much longer than with other types of passive income, but the risk is also low.
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My only risk in writing books and articles is wasting my time. Other than spending my time, publishing a book and an article costs almost nothing.
I earned $200 last month in book royalties from Amazon. It doesn’t sound like much, but all the work is completed long before the sale.
My books continue to sit in the world and make me money. I do the work once and reap the rewards repeatedly—the definition of passive income.
If you want to earn passive income, earning royalties could be an excellent way to start. There is a low financial barrier to enter, and you will improve other skills outside of your creative talent.
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Finding your passive income streams. These are MY passive income streams; yours may look completely different. Passive income is all about your time and lifestyle.
If you don’t know where to start, read “Rich Dad Poor Dad” and “Rich Dad’s Cashflow Quadrant.”
These two books will give you an overview of the mindset of people who create passive income. Once you understand how capitalists think, you can incorporate the processes into your life.
You don’t have to be a full-blown entrepreneur or side hustle extraordinaire. You can do as much as you need that aligns with your lifestyle.
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Conclusion. Thanksgiving is a time of coming together and sharing our experiences. The more resources we have, the closer our family can stay.
Keeping a family together takes an ungodly amount of money. You can try to work a job for this money, but sadly, you’ll come up short.
The only answer is passive income. It’s the only way to keep your family together AND have time to enjoy them.
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If you want to make next Thanksgiving more enjoyable than this one, you’ll need to do something different throughout the year.
Set a passive income goal, say $100/month, and do whatever it takes to achieve it. Imagine purchasing a couple of turkeys next year with dividends. Wouldn’t that be amazing?
I spent 20+ years as a government employee, living paycheck to paycheck. I decided to make a change and became a capitalist. Now, I am more thankful than ever. Good Luck!
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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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