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Giving Up What You Love
Financial independence means you can indulge your dreams. By 1995 I had reached a level of net worth where I could realize many of my dreams. Coming from an agricultural background I wanted to move back to the country and have a small farm. Ten acres with a house and barn came up for sale a mile from where I grew up. My dream was now owned.
In 1982 the family farm went through a wrenching bankruptcy. I was eighteen and had no future. Everything I knew related to farming. The pain etched a deep wound in my psyche that never went away. My desire to live in the country was not the whole dream. I had to own a small farm. In my mind I had to understand why the family farm died when I was at such an impressionable age.
How Lucky We Are
Regular readers around here know Friday night is card night in the Wealthy Accountant neighborhood. Scheduling issues forced us to move card night to Saturday this weekend. As always, we catch up on news and solve all the world’s problems as we enjoy the game. This week was no different.
Roger lives across the road from me. He plays sheepshead, but we never invited him to our game, an oversight we need to rectify. Roger is a low-key man. He is quiet, but quick to help a neighbor in need. I don’t remember how Roger came up as a topic around the card table. We started to sing Roger’s praises when Pete said, “Roger would be unstoppable if he didn’t have so many medical problems.”
We all nodded. Roger is hard working and it is understood his medical condition is not good. I said, “Bob told me a few years ago Roger nearly died it was so bad.”
“It wasn’t good,” Pete said. “He was having a kidney replaced when he had a heart attack on the table. They had to do two surgeries in one.”
Passive Income Hoarder
When it comes to passive income I have an edgy side as the title indicates. Multiple streams of income showing up in your account regardless what you are doing is a powerful force to have on your side. Losing your job is only an issue if your job is the bulk of your income. Business owners know the loss of one client out of hundreds is no more than an annoyance. You can harness the same force in your finances.
Before I list the sources of passive income I have, let me share a short story that happened to me recently. Certain sources of passive income are offered to small groups only. I was fortunate enough in my business to have one of these sources. Mr. Money Mustache, a personal finance blogger named Pete, gave me a plug, including a plug for this new source of passive income. I did not expect a lot. When the numbers were finally tallied I was surprised. The revenue was much higher than I calculated. I shared the info with Pete along with traffic data. He responded with an email saying, “Welcome to the world of passive income.” It started me thinking about all the sources of passive income I have and how passive income cements my finances regardless of the economy or my business.