Why you need passive income

12 Replies

I was in a horrible motorcycle accident on 10/26, before that I  had put together a portfolio of 20 units. While recovering from this accident my rentals have still continued to make income, what a blessing it has been to have  them!

Great to hear you are doing well & your right passive income makes up for a lot of unexpected W-2 downtime.

Up here our EMT guys call motorcycle riders 'organ donors'.  

@Jordan Moorhead

Sorry to hear about your accident. Hope you are doing well.

I couldn’t agree more regarding passive income.  True passive income will take care of you the rest of your life and your family.  I have a number of rentals and the income will allow me to retire early if I choose to.  

The great thing is it will be my choice not someone else’s.  I choose when to stop working not the other way around.  My goal is $10,000 of passive monthly income.  40% of the way there.  Two- three more years and I believe I will reach my goal.

A long term disability policy would also do the trick.  

If insurance premiums are paid for by an employer, the proceeds are subject to tax.  

If premiums are paid by insured, with after tax $, the proceeds would be tax free.

@Jordan Moorhead

Since I'm in healthcare, I'll be the one to say it: motorcycles are death-traps. I've seen far too many motorcycle riders present to the operating room or ICU with devastating life-long injuries or even worse, end up dead. Seriously, find a different hobby.

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