Passive Income Update – May 2007
It’s been a little while since I’ve last talked about passive income. To be completely honest, we’ve been more focused on saving and investing in capital appreciating products than generating passive income. Is passive income the key to financial freedom? I think that it could be! If your passive income can meet or exceed your expenses, then couldn’t you retire from the daily 9-5 grind?
Here is an update on my passive income:
- Rental Property: $250/mo
- Canadian Dividends (taxable): $26/mo
- Interest: $106/mo
- Total: $382/mo
As you can see, not much difference from my last passive income update of $352/mo.
As the level of taxation is different based on the above sources, it would be ideal to increase my Canadian dividend amount to reduce my taxable amount.
I’ve gotten quite a few emails as to which stocks I hold and recommend. As I have said before, I do not recommend stocks or funds as I am not an adviser. I will however disclose that I hold the following Canadian dividend paying stocks in my taxable account:
- Bank of Nova Scotia (BNS)
- Enbridge (ENB)
- Power Financial (PWF)
- Transcanada Corp (TRP)
Happy Investing!
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Increasing passive income is certainly a prime goal of mine. Watching your investments grow is one thing, but there’s nothing like cash in your hand every month for doing nothing. Lazy Man makes an excellent point as well, every bit counts.
Are those numbers post-tax? When you are making $250 net in rental income, and it would almost double without your 9-5 job, it gets me psyched about retiring. :)
Keep going!
I look at it as you grew your passive income nearly 10%, not that bad in about 4 months. It may only seem like $30, but how excited would you be if suddenly some $30 utility (for me it’s my cell phone) called you up and said you’d never have to pay them again? You’d be psyched, right? I’d be very excited by this.
That is pretty nice Frugal!
“I’ve gotten quite a few emails as to which stocks I hold and recommend. As I have said before, I do not recommend stocks or funds as I am not an adviser.”
That is just too bad, you could totally be a great trader man, my contests will support your cause! haha.