Run the gauntlet which takes 30 years or build passive income and achieve financial independence.
Run The Gauntlet
The narrative around how to manage our finances is all wrong. Go to school graduate then go to work. Earn enough to have a nice lifestyle and retire in 30-40 years of work.
This is a harsh reality. I worked in the financial planning industry for years and talked to person after person who didn't save enough money to make it work. They were stressed, afraid, and worried they would have to lower their standard of lifestyle just to be able to stop working.
Enter Passive Income
I was turned on to the idea of earning passive income back in 2015. I didn't start working on it until 2020. But I can tell you that it consumes my focus now. I saw the vision where if I can build up my passive income enough to pay all my bills I will be set free, unleased to live my life in a fashion I'd prefer. All of this so that I don't have to run the gauntlet and can exit the 9-5.
As of 2022 my passive income that I don't earn from my 9-5 job is $1,300 a month. This year I have invested more into generating more passive income than any other year and it has paid off huge.
I'm also aggressively searching for a real estate deal that will add to my passive income portfolio. We are in interesting times with real estate so I am posed to strike on a deal that works for me.
Prior to buying my first real estate deal I am working these things:
- Increasing Credit Score ( at 810 )
- Saving money for down payment
- Set up HELOC on home ( $260k )
- Got my wife on board to buy a rental
- Found a Property management company
- Analyze 5 properties a day in my target market
- Create plan to get renter in ASAP
There is more but this is a good start. Problem I've had in the past is that I've been stuck in the "analysis paralysis" phase. I planned and planned and planned and really I just needed to grow a pair and JUST DO IT. Not sponsored by Nike.
So this year with my just do it attitude, I bought a RV that I've been renting out. It has been a great investment so far. I didn't have to put any money down and it is generating me $1k+ a month in passive income. I am expecting this income to slow down in the winter so this number likely can fluctuate.
If the RV rental keeps up this type of performance I may find myself buying more of these to get to my goal of $5k passive income faster. We will see.
List of my passive income sources per month
- RV - $1k
- Crypto - $150-300
- Dividends - $200
Totaling around $1350 a month.
If this article has been of any help to you, find my newsletter and sign up where I share how I'm going to get to my passive income goal of $5k a month income. My hopes are that in some way you can learn how to not run the gauntlet as well and learn to build your passive income to become financially independent.