Why you need passive income

Question

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!

Kenneth Garrett · Answer

@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.

Tom Hertel · Answer

@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.

Colin Percy · Answer

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!

Karen O. · Answer

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.

Tim Swierczek · Answer

Amen, this is a story everyone needs to hear

Alexander Lang · Answer

Great story, get well soon! thank you for sharing

Jordan Moorhead · Answer

@Colin Percy i'm on the road to recovery

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

Karen O. · Answer

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

Jordan Moorhead · Answer

@Colin Percy i'm on the road to recovery

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

Pat L. · Answer

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'.

Why you need passive income

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