Pay your bills with the money your money earns.
Photos: Unsplash | Source: Medium
I entered my 60’s, so as one does I reflected back on the last 2 decades. As I looked back I really started to appreciate what my passive income had done for me.
It had allowed me to change careers multiple times and take big chances. I’ve lived without financial support from my family since being a teenager, but in spite of that, I’ve never been desperate for cash.
Any time I wanted to start a new business, or grow my investment portfolio, I could always rely on my slowly building passive income to hold me up until things worked out and I had a paycheque again.
I’ve never found maintaining a passive income to be easy, but it’s not unattainable either. It just takes some planning, commitment, and a willingness to achieve what you want.
My main source of income may have been affected this COVID recession, but in the entirety, I am still standing. I never thought that building my property investment portfolio for years will have me on solid grounds today.
If you’ve saved some money and want to get into property yourself you can easily achieve this. Just make sure the rent is paid in the area you want to buy is much higher than what the mortgage and other bills will cost. Some Googling and an Excel spreadsheet are all you need.
Right now, I am able to give rental payment time offs until this pandemic passes and people can start work to pay for bills. I still have other sources.
Dividends and interest payments are great ways to track a company’s progress and an indication of whether things are going well or poorly. But they’re also a great passive income that you’re missing out on if you’re not invested in companies that pay them.
I’m rewarded 4 times a year with payments of varying sizes and it’s wonderful because it’s cash that’s earned by my invested savings which continue to grow and thrive within the companies I’ve chosen.
Dividends are the real way of earning money forever because they’re not coming out of your bottom line, they’re paid to you as a thank you for trusting someone else with your money.
3. Online business
This is definitely one key income source we all should be geared into - if you are someone who can work from home and have a specialised skill set, consider upskilling and taking on freelance work.
I have a business which I run remotely and it does not require me or my employees to go to an office - this made it possible to still operate during the COVID pandemic.
The passive income life
There are many more ways to make a passive income. Anywhere you can release your talents and earn a royalty for years to come is a passive income.
But as great as royalties are, perhaps the best and most reliable passive income of all is generated through investment.
We don’t all have talents that can make us more than a few bucks online, but we’re all capable of making a few bucks somehow. The smartest thing we can then do with those bucks is invest them somewhere safe...
...Somewhere that pays a dividend of course.