“Never invest in a business you can’t understand” – Warren Buffet
So, I have determined I need more income to prepare for my “next third”. Internet research has quickly shown me that I can earn extra income from many sources…dog walking, driving for UBER, hiring myself out as a consultant, writing for others, cleaning houses and on and on and on. None of those sound very exciting to me. Don’t get me wrong. I love dogs – I have two of my own, but you can ask them, I am not very committed to walking them daily. If I can’t do it with the dogs I love, how could I possibly sell myself to other dogs?
Earning a passive income sounds much nicer but I do not believe there is such a thing as “passive income” that you can have without a pretty large initial investment of either large sums of money or large sums of time. The kinds of income you see listed as passive include interest, royalties, dividends, capital gains, real estate cash flow, and pensions.
My husband and I do own real estate (along with the bank). Our tenants’ are wonderful and my husband is an excellent landlord. I am actually planning several articles in the future to share with you our progress in our real estate business and how we are planning to monetize it further. We started it in our fifties and it has been very good to us, even during the crisis that began in 2008. Although rental income is considered a passive income by some, I can guarantee you that it is anything but passive. As we speak, my husband is at one of our properties installing a new dishwasher because the tenant that just moved out did not tell us the one in place was dumping stinky water all over the kitchen floor.
My new supplemental retirement income plan is based on one of my true loves – doing research and sharing what I have learned. Since Google first hit the internet I have been researching everything under the sun, including the Sun. Once again, this will not be a passive income. It requires work of the most luscious kind. I ran across a website called smartpassiveincome.com by Pat Flynn. On it he shows his income. In August 2015 he made $116,891.83. I don’t know about you but that kind of money could definitely support my living my life with gusto. He began his internet career in 2008.
I am now in training to support my future supplemental income plan. My instructors are a community brought together by Kyle and Carson, two delightful Canadians who began the community in 2005 and have organically grown it ever since. They can be found at wealthyaffiliate.com and I highly recommend getting to know them.
My training has just begun. I could not be more excited
I fully believe that passive income is the way to get ahead. It’s pretty hard to retire without it. I enjoy Pat Flynn & have been following him for the last month myself.
What are your thoughts on a dividend-paying stock portfolio as a way to generate passive income?
Thank you for your comment. Pat Flynn can be an inspiration to us all. The appropriate dividend-paying stocks are an excellent source of passive income and should be a part of anyone’s portfolio if they are trying to balance risk and maintain a long-term return.