Christmas is a place for celebration and time with family. Celebrating Christmas is even better when you have the financial resources to assemble the family in one place. Christmas is costly because of distance, plane tickets, event planning, and of course, gifts.
I’ll admit, I am not a huge fan of giving gifts, but I love the idea of bringing the family together. I’ll be honest, America is freaking expensive. Everything costs a ton of money, and if you don’t prepare yourself for the prices, you can have a real-money relapse.
I spent the last year locked in my barracks room in Japan, and upon my return to America, I was in a state of sticker shock. We spend hundreds of dollars on a weekly basis, with not much to show for the money. Lunch and dinners out are pricey, and we need to keep these under control.
If we want to get ahead, especially in America, we need to have a lot of money. However, we value time with our families. How can we make more money WHILE spending more time with our families? The Magic of Passive Income is the answer—we need to separate our time from the process of making money.
Passive income comes to us while we are doing other things throughout the day. We may wake up to find fresh dividends in our bank accounts. While we play with kids at the park, royalties may drop into our cash pile. Our tenants may pay us before a big family dinner. Passive income is a tool to help free us from the daily grind.
I am writing this a little early for Christmas because that will give you a couple of months to build a small income stream. Even if you build $5 of passive income before Christmas, you will be well on your way to having a huge Passive Income Christmas next year. Let’s review the types of Passive Income so we can start our journey.
Dividends. Dividends are a portion of the profits from companies with which you own stock. Read “The Magic of Dividends” for more on how important dividends are to our day-to-day lives. To get started with dividends, read “How We Plan to Retire on Dividends.”
Rents. We receive rental income from tenants, storage, and other sources. Rental income is one of the best ways to build a passive income empire. Read “The Magic of Rents” for more on how rents can propel you to the next level. To get started with rental income, read “Financial Independence through Real Estate.”
Business. I like to split my passive income from business into two categories; royalties, and an automated business. Royalties come when someone buys your creative or intellectual works. These include books, music, videos, and artwork (even print on demand). Read “The Magic of Royalties” for more on how royalties help throughout the daily grind.
An automated business is a business that is automated via programs and apps, out-sourcing, or management. You set everything else and then have minimal interaction with the business. Business is a great way to make out-sized returns over time. Read more about this here “The Magic of an Automated Business.” You can read more about both types of businesses in the article “Retire Rich, Retire Comfortable with a Business.”
If you really want to learn about passive income in one resource, try “The Biggest Book on Passive Income Ever!” At the time, it had every article I had ever published in one big book. I have already written 70 more pieces since then. What can I say—I love the Passive Income Grind.
I can’t forget about cryptocurrencies. I am new to the world of crypto, but as I read books and study more on the topic, I will bring you everything I know. You can start with “My First Book on Cryptocurrencies.”
Where ever you start, start small. Passive income isn’t supposed to take over your life on the first day. It is slow, steady progress. But if done right, you will see great returns in a year or so. I went from less than a dollar a month of dividend income to $500/month in two years.
$500/month may not sound like a lot, but trust me, it’s massive. My wife and I went to Buffalo Wild Wings, Sushi, and Home Depot with our $500 this month. It is so exciting to have guilt-free cash at the ready.
This is not to mention the $800/month we clear after paying all three of our mortgages. By the way, my royalties are bringing in $50/month. I had zero royalty income at the beginning of this year.
2021 may not be your most significant passive income Christmas, but you can set the stage for your family to celebrate these times in comfort (and style) for the rest of their lives. Everything you learn about passive income transfers to your children as you educate them. It sounds corny, but make this the Christmas of Education. We all deserve a Passive income Christmas!
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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.
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