My target retirement age is 60, just over seven years out. When I reach retirement, I would like $10,000/month in Passive Income streams.
As it stands currently, I have the following in place.
- Rental Property
I own a rental house in Texas, which I own in an LLC with my brother. My profit from this property is currently $500/month. As rental prices tend to increase upon renewals, this will grow to $1,000/month in the next seven years. - Rental Property
I own a rental house in Oregon, which I own in an LLC with my wife. The current profit from this property is $500/month. As rental prices tend to increase upon renewals, this will grow to $1,000/month in the next 7 years. - Dividend-paying account
This is a brokerage account I am building out myself with high-yield dividend-paying stocks. The annual dividend payout is just north of $200/year. A far cry from $1,000/month. This is an ongoing project; the proceeds to grow this come from the Texas rental house. https://us.etrade.com - Micro Real Estate Investing
I'm working with Groundfloor, which allows investors to invest in short-term loans for flipping projects. The loans last 18 to 36 months. When a loan is paid, you are paid your principal plus whatever interest is due based on your principal payment. The system automatically invests money into hundreds of loans, with an investment amount of $1- $10 per loan. My current passive income off this is about $20/month. The interest paid to me is being reinvested into the program so that it grows from all sources. I am auto-investing $100/month into Groundfloor and my $20/month accrual. This will grow at an exponential rate over time. This is an ongoing project; the proceeds to grow this come from the Texas rental house.
I'm also working on several other projects that have yet to take off. These include several Print-On-Demand stores, this blog, and an upcoming Etsy store for Financially Grounded Youth, where I will teach personal finance to children in grades K-12.
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