Tag Archives: side income

Alternative Income Level 1 Update

by

Two and a  half years ago, I created an article called Creating Alternative Income Milestones, and I’m happy to say that I’ve made it to level 1 already!  I’m about one year ahead of where I thought that I would be in my progress!

In the article Creating Alternative Income Milestone, I mentioned that I wanted to speed up the alternative Income Money stream, but I didn’t have any plans or really any ideas how to accomplish this feat without working another full-time job and saving the money like a fiend!  Well a lot has changed in two short years!  While my levels and goals are still the same, instead of taking thirty years to develop the money stream of dividends and other investment that would total $25,000, I now want to accomplish this feat in less than 10 years.

Obviously, developing a yearly money stream in 10 years is a far cry from when I thought it would take about thirty years… so what has changed?

My Investment asset classes!

Instead of sticking strictly to dividends from stocks and interest from bonds, I’m planning on trying to develop an additional money stream from a few choice rental estate investment properties.  I believe that if I could buy 2 or 3 multifamily units and collect the cash flow from those units, I could beat the thirty years that it would take for me to get to level 5 by just investing in dividends and bonds!

Just as a reference point, below is my Alternative Income (Passive Income) Milestones:

 

Levels Amount Milestones
1 $5,000
2 $10,000
3 $15,000
4 $20,000
5 $25,000

 

While I’m a long way from $25,000 or more in passive (alternative) income, at least I feel it’s a doable option now that I have more detailed plans!

Best

MR

Striving for Income Diversification

by

Most of my life, I’ve been an employee.  For the most part, it’s been a good living and I have no complaints about the workability of the employee model, it has put food on the table and supported my family.  Recently, an associate at work retired, and I decided to ask him his plans.  And while he has a few personal projects going on, for the most part he said he doesn’t have much in the works.  No big plans to tour Europe for a month or year…  He’s not going to talk to the mortgage brokers sydney company, and buy a house in Australia.  In fact, he has no travel plans at all!

Since he had no big plans, it piqued my interest on what he would have done it he had it all over to do again, so I asked him.  Surprisingly, he said he wouldn’t have stayed with my current employer so long.  This was a surprise to me considering he was well liked and seemed happy most days.  His statement has motivated me to create more choices for myself!

Getting Paid for recycling

Money recycling

Jumping back a few years ago, I first started exploring the entrepreneur route with selling stuff on eBay.  And while I learned skills I didn’t previously had, and it was a boost in confidence, it wasn’t for me.  Next I started blogging, and it’s been more of a hobby than a total revenue stream, but I do make more blogging that I did with selling stuff on eBay.  Plus it’s much more fulfilling and profitable.

Now I’m at the stage where I want to explore real estate.  I plan on starting out small with a duplex (or triplex) for the first year, just to get my feet wet.  Then as my investment money builds up for the next potential property, I’ll buy a larger unit (hopefully).

With the investment property, that will mean that I now have income coming from the following sources:

  1. Employment Income
  2. Entrepreneur Income
  3. Passive Income (via dividend stocks)
  4. Passive Income (via real estate)

So now I’m back in the deep learning phase of my life to learn about all elements of real estate.  I’m even thinking about getting a real estate agent license.

Cheers,

MR