Why you need passive income

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Why you need passive income

Jordan MoorheadBusiness Member
Real Estate Agent · Austin, TX · Member since 2015 · 5k+ posts · 3k+ votes

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!

[email protected]512-888-9122
The Moorhead Team5140 Reviews
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Kenneth GarrettPro Member
Investor · Florida Panhandle/Illinois · Member since 2016 · 4k+ posts · 3k+ votes
7y

@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.

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  • Tim SwierczekPro Member
    Lender · White Bear Township, MN · Member since 2016 · 1k+ posts · 1k+ votes
    7y

    Amen, this is a story everyone needs to hear

    1Reply
  • Cody L.
    Rental Property Investor · San Diego, CA · Member since 2013 · 3k+ posts · 4k+ votes
    7y

    Edit: sorry. I thought this was asking everyone why. 

    That’s a great story man!

    0Reply
  • Colin Percy
    Member since 2018 · 6 posts · 2 votes
    7y

    Are you ok? And amen to that! 

    0Reply
  • Pat L.
    Rental Property Investor · Upstate, NY · Member since 2012 · 3k+ posts · 3k+ votes
    7y

    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'.  

    0Reply
  • Kenneth GarrettPro Member
    Investor · Florida Panhandle/Illinois · Member since 2016 · 4k+ posts · 3k+ votes
    7y

    @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.

    3Reply
  • Karen O.
    NYC, NY · Member since 2016 · 617 posts · 456 votes
    7y

    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.

    1Reply
  • Jordan MoorheadBusiness Member
    OP
    Real Estate Agent · Austin, TX · Member since 2015 · 5k+ posts · 3k+ votes
    7y

    @Colin Percy i'm on the road to recovery

    @Karen O. auto insurance covered that and didn't give me any long term assets

    [email protected]512-888-9122
    The Moorhead Team5140 Reviews
    WebsiteView Page
    0Reply
  • Colin Percy
    Member since 2018 · 6 posts · 2 votes
    7y

    I was hit by a Prius a month after getting my first sportbike. I'm sorry you're injured... Get well soon and let us know how we can help!

    1Reply
  • Karen O.
    NYC, NY · Member since 2016 · 617 posts · 456 votes
    7y

    Nice to have both.  Glad you're on the road to recovery.

    0Reply
  • Jordan MoorheadBusiness Member
    OP
    Real Estate Agent · Austin, TX · Member since 2015 · 5k+ posts · 3k+ votes
    7y

    @Colin Percy i'm on the road to recovery

    @Karen O. auto insurance covered that and didn't give me any long term assets

    [email protected]512-888-9122
    The Moorhead Team5140 Reviews
    WebsiteView Page
    0Reply
  • Alexander Lang
    Rental Property Investor · Savage, MN · Member since 2016 · 202 posts · 61 votes
    7y

    Great story, get well soon! thank you for sharing

    0Reply
  • Tom Hertel
    Saint Paul, MN · Member since 2016 · 40 posts · 19 votes
    7y

    @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.

    1Reply
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