Passive Income Goals and Update
I know, I keep harping on passive income. Why? It’s because I believe that when my passive income exceeds my living expenses, I’ll consider myself financially free. Yes, that is a definition ripped straight from Robert Kiyosaki of Rich Dad/Poor Dad, but it makes sense to me. As stated as one of my goals for 2007, I would like to achieve passive income of at least $500/month this year. Here are my sources thus far:
1. Rental Income: $250/month cash flow
2. Dividend Income: $18.71/month (from non-reg account)
3. Interest Income (From savings): $83.33/month
4. AGLOCO Income: Unknown for the time being. Last time I reported, I had 67 referrals (Jan 14th), as of today I have 140 referrals and growing! My referrals are building their networks quicker than I anticipated. I am hoping that when the Viewbar is released that cheques for $50/month or more will start flowing in. If you haven’t started your AGLOCO referral network yet, you can start here (it’s free).
Total: $352.04/month (without AGLOCO)
I started using MyLot, the site that pays you to post messages, but it requires quite a bit of time and effort. I could put in the effort, but I’m really short on the time aspect these days. Thus far, I have posted around 23 messages which are a combination of unique posts and replies with earnings of $0.80 (3.4 cents/post). However, in MyLot’s defense, there are some members who are making at least $25-$35/month. It just depends on how committed you are to posting on their site.
Anyways, I’m a little shy of the $500/month right now but increasing my dividend income along with AGLOCO income should do the trick.
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Can you provide an update on how your passive income experience is going? Have you had any change in approach or strategy since your last blog in 2007?
Kiyosaki is a scam. His books are full of lies, half truths, contradictions, grammatical errors, and age-old financial adages. If you haven’t already, read John T. Reed’s analysis of the Rich Dad, Poor Dad books, here:
http://www.johntreed.com/Kiyosaki.html
It actually gets quite funny after a while. When I read the book, I got a bad taste in my mouth. Sure the stories were good, but he didn’t ‘say’ anything. No How-To.
[…] As you can see, not much difference from my last passive income update of $352/mo. […]
You got to have different sources of income , because you can never really rely on one or two. Passive income is about leveraging on time and efforts , it builds up in time and when you make several sources of passive income you are on your path to be financially free.
Mylot is just not worth all the effort. Making money is about being a part of a powerful system or making one.
CMBR,
Yea, I think you’re right. It seems that you’d have to spend a LOT of time on MyLot in order to make it worthwhile. Either that, or you get a BIG referral network. But even then, there’s no guarantee that your referrals will post.
FT
My first impression of MyLot is that it’s not worth the time spent on it. I think the time might be better spent promoting your blog to increase ad revenue. What do you think about that?
Hello AroundTheWorld!
Thanks for the comment, perhaps when I reach the $500/month passive income I will adjust and raise it higher. Until then, I still have to reach the $500. :)
FT
Not even one month into 2007 and you are nearly to your goal….. perhaps it is time to make an adjustment…
How about $1500 a month passive income in 2007?
Hi George!
Good point! I guess MyLot wouldn’t be considered passive income as it requires active participation.
I consider the rental property passive because someone else takes care of it.
Thanks for your input.
Regards,
FT
I’m curious about your definition of “passive” income. While dividend and interest income make sense, the MyLot income isn’t really ‘passive” (since you have to post messages to earn the money), and neither is the rental income in most circumstances, since you need to manage the rental and deal with upkeep/maintenance issues unless you’re already paying somebody else to do that for you.
When you hit the “financial independence” milestone, are you truly free if you still must put your effort and time toward your “passive” income?