Things are starting to heat up, and the money is beginning to become real. Last month, which was September 2021, my wife and I crossed a new milestone. We made $650 in passive income this month.
Why is that number so impressive to us? First, it doesn’t include money from rental income. As I wrote in “The Magic of House Hacking,” rental income from renting rooms is the fastest (legal) way to build wealth.
So, I do not include income from our rental rooms ($1,600/month) or two rental homes ($400/month). This number only includes our dividends, cryptos, REITs, and royalties.
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But Josh, what does this amount of money signify? Think about it; if we do nothing, we would have $650/month to reinvest back into our portfolio. How cool is that? We are at the point where our assets are a silent partner in our investing life.
I tried to express this process in “The Children’s First Book on Passive Income.” Our passive income becomes our friend: the more revenue, the more friends. Eventually, with enough friends, you no longer have to work a day job.
How did we get started? We started our journey in June 2019. We were visiting our family in Turkey and pondered the idea of living overseas passively on passive income. That was two years and four months ago. We had zero passive income coming in that month.
We put our first $1,200 into multiple accounts. I opened my first brokerage account (Wells Fargo) and high yield savings account (Discover). Towards the end of the month, we had a total passive income of $0.06 from the interest in our Discover high yield savings account.
We keep grinding. The passive income grind is a lifestyle. Every single thing I write about, we follow. These lifestyle changes reflect our ability to repeal the toxic consumerism trap, pay off all of our debt, building our dividend portfolios, and start a business.
Become CEO of Yourself
As busy as all of this sounds, we actually have more free time than ever. We know exactly where we are heading, and we are already far ahead of the game. You see, I am 40 years old, and my wife is 37. We plan to keep investing in ourselves, our kids, our grandkids, and our assets.
Let’s say we keep this up for the next 40 years; how much passive income do you think we will be earning by then? It’s inspiring, and I wanted to share our progress to help motivate you to get started.
Our numbers today. We just looked at our numbers from two years ago, so let’s look at our numbers today. September 2021 was a brutal month for crypto and stocks, so our numbers stayed flat. No big deal because we are in it for the long term.
On the passive income front, you can see how the numbers turned out—cryptocurrencies $30, royalties from books $35, my wife’s dividends $135, and my total $396. That is a crazy amount of income for still working our day jobs and having an additional rental income.
Young Brilliant Entrepreneurs
What can we do with this money? Anything the HELL we want! That’s the magic of passive income; it’s ours to spend—without guilt. We will reinvest most, but we did go to sushi a few more times than average.
It is so exciting to see your well-laid-out plans coming to fruition. We still have a lot of work to do—we have to temper our excitement. I remember when we first hit $100 in passive income. Things start to move fast as the power of compounding takes effect.
How can you get started? If you are interested in building passive income, I recommend the article and free book “What is Passive Income? (free pdf)” That will be your guide to how the concept of passive income works.
In short, you perform a lot of work upfront, with the intent of building, buying, or creating an asset. That asset then performs the work of making you money. That’s how the rich buy their things—with money from investments.
My 60-Day Pre-Retirement
Once you understand the concept, you will need to focus on one source first. It is tough to multitask, so start with whatever you’re passionate about in the mornings. Most people love the idea of living on dividends.
You can also start a business, create royalties, or invest in cryptocurrencies. Don’t forget about rental income—the most accessible stream to begin via renting rooms.
Conclusion. I want to take the journey with you. My wife and I are laser-focused on achieving our passive income goals. It is a slow process, but it is not dull by any means. Hitting your first $10, $100, and $1,000 will be monumental moments.
If you are on the cusp of getting into passive income, look into buying some blue-chip dividend-paying stocks. Once you get a few dividends, that feeling will hook you on the process. From there, the world is your oyster.
Follow me on my Twitter and Facebook Page for more free books and content. I not only like to give guidance, experience but also ideas. If we can keep our brains fresh with ideas and content, we can maintain new income coming our way! Enjoy and Happy Investing.
- PDF of the Month: Don’t Gamble with Retirement 3+4 (696-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 4 (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.
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