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A great example of passive income is this: say you have three rental properties that you own outright, meaning you do not owe a loan or mortgage on them. Those 3 rental properties would have made you about a consistent $3000 per month after expenses such as repairs, taxes, vacancy and insurance. Now picture that in addition to that, you own a fourth property that you break even from cash flow wise, but you would make $700 per month in equity when you pay down your mortgage. In addition, you would have an estimated $150 income from investing within a reliable S&P 500 Index fund. Finally, you would earn $100 per month from interest in a bank savings account. In total, that would bring you to $3950 per month or $131 per day! It is essentially having your money work for you, so you will not have to.
To be successful in earning passive income, it would be wise to view every dollar you make as a potential employee. The only job the ’employee’ would have is to go to work and bring you back more cash. By ‘work,’ it is translated into investing. So frankly, the dollar’s only job is to be invested and do its job.
Having multiple sources of income would reduce the stress of going broke since if one or more of those incomes suddenly come to a halt, you would still have more to fall back on that you do not have to worry about. Passive income is a huge benefit because you would not be forced to do things you really do not want to do. Instead, you can freely do things your care free heart desires.
S&P 500 index’s are predicted to multiply cash investments by the tenths in 30 years. Historically, stocks in general have performed roughly 7{91334d9f29cb6757b1139bfd5d3bfe5cbc890f88eb8ef562a6c21800acb4f92d} to 10{91334d9f29cb6757b1139bfd5d3bfe5cbc890f88eb8ef562a6c21800acb4f92d} returns per year. This means that for every $100 you invest per year, you could earn back about $108 to $110 per year adjusted for inflation. What this would mean is that you can safely and freely withdraw 3{91334d9f29cb6757b1139bfd5d3bfe5cbc890f88eb8ef562a6c21800acb4f92d} to 4{91334d9f29cb6757b1139bfd5d3bfe5cbc890f88eb8ef562a6c21800acb4f92d} of your initial investment every single year and never touch your principal, also taking into account of inflation.