Having passive recurring income is the way I will reach financial independence. I figure if I can consistently bring in $10,000 per month in passive recurring income, I will have enough to both live on and to add to the nest egg for future needs.
Passive Recurring Income - Today
- Dividends from stock: $1,500/month
- Fully occupied rental properties (including the ones held in my retirement LLC): $8,200/month
At first it appears that I almost have the $10K/month I need. The problem is, the rental properties are rarely fully occupied. When they are, there is bound to be a tenant who is behind on rent. Likewise, dividends can be cut, which is out of my control. Therefore, I need a cushion above and beyond the stated $10,000 goal that guarantees I always make my monthly goal.
Passive Recurring Income - 2020
- Dividends from stock: $2,000/month
- Rental properties: $10,000/month
I'm giving myself less than two years to increase passive recurring income by $2,300/month. Stay tuned.