I am currently 32 years old. Watch me achieve financial independence and retire before 42!
Wednesday, July 13, 2016
It's crazy to think how much writing I have completed in the past two weeks. This site is only 13 days old, and since then I have published all of my Passive Income Reports for the year bringing me current for 2016, I've added 13 different pages to the site, which are mostly complete (though a few are still under construction!), and without a blink it is already time for a mid-year review.
In this post I will do two things:
1) Review all passive income received
2) Review how on track I am with my 2016 Goals.
From January to June of 2016, I have received $3,516.45 in passive income. Wow. $3.5k of income that I did nothing to receive but make the initial investment. Make the initial investment. That's as simple as it gets. And that's also as hard as it gets. As the saying goes, the devil is in the details, and the hard part in the above statement is in what "making the initial investment" actually entails.
To get to where I am today means: I delayed gratification, I lived frugally, made wise choices, saved, lived well below my means, and then, THEN during that long, long slog, I made initial investments along the way.
Now, years later, I can sit back, and watch these investments grow larger and larger. And also, I can continue to make new initial investments.
Read more to see the details and some of the bigger insights for my semi-annual review,
With $3,516 received, that equates to roughly $19.30 a day.
While this a great number, it is far off from what I need to cover my monthly expenses. Later in July I will post in detail my income and expenses from June, but you'll see that $19 hardly covers it! :)
But still, consider the following scenario: I lose my job, my house, my possessions, and I am left living out of my car (which is thankfully paid off) with only my portfolio. With $19.30 a day, I imagine it could cover enough food to live off of in the U.S. for the rest of my life. What a blessing.
As our situation stands currently, I anticipate we'll need around $150 a day to maintain a family of four, some niceties, and pay for all expenses, and housing. So as it stands, I'm about 13% the way there. Not too bad.
My goal for this year is $10,000 in passive income. Halfway through the year I am at 35.2%. Though this looks like I am behind, I imagine I am actually slightly ahead of pace as I anticipate December's number being huge. That is the great thing about several of my mutual funds. They pay out huge sums at the end of the year. Last December was well over $2k in just that month alone.
At any rate, here's to exciting progress and a great journey! What are your thoughts?
Thanks for reading,
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Well done. Keep it up and you will make your goal without trouble. I too attempt to live frugal and devote resources to the retirement prize. I am looking forward to reading your posts on your progress. Welcome to the party !ReplyDelete
Thanks! It is great to be back. I blogged for several years under a different domain but then gave it up since my friends and family knew of my blog. Hard to share finances humbly and without drama when fam and friends know about the details sometimes. Keep in touch,
Passive Income Dude