Lately I’ve been thinking a ton about passive income. A lot of you e-mailed me after my Tuesday post about my extra $3,700 in income for the month of October. A lot of you also asked at what point would I make this a full-time job.
I’m also thinking about this because my friend and I were talking last night and she said that she sees herself working until she’s 90 years old because of the field she’s in and she doesn’t see herself saving enough.
I am really not sure at what point I would even start thinking about it. I would like to have passive income as well just to be safe.
TeacHer Finance had an interesting post as well titled Follow Up: If Your Goal is Early Retirement, You Have the Wrong Goal. This post has REALLY gotten me to think about what my long-term plan is.
I’m trying to gather ideas for a future post, so if you leave a comment below, I will probably include it in my future post.
Let me know:
- What you do for passive income now.
- What you would do for passive income. Maybe it’s a rental house, dividends, owning a business with other people running it, etc.
- What are your retirement plans?
- Do your retirement plans include staying where you are now? Maybe moving abroad?
- How much in passive income or extra income you are striving for.
Related: 12 Passive Income Ideas That Will Let You Enjoy Life More
Let me know all thoughts that you have!
Lance @ Money Life and More says
I wouldn’t consider a blog passive income but these are all questions I have too. We have bigger goals to concentrate on in the next couple years like paying off my girlfriend’s student loans but after that I imagine independence might be our next financial goal.
MakingSenseofCents says
I definitely wouldn't say a blog is passive either. It's far from passive!
My recent post Passive Income and my iPad Mini GIVEAWAY!
Anne @ Unique Gifter says
My dream is to have 500K in the bank… to be passive income. I have had a few ideas, but never really got them off of the ground. The main one is a figure skating off-ice DVD… but my fat backside has been out of shape for a few years now and not been back in shape enough to make the DVD! *sigh* I swear, one day…!
MakingSenseofCents says
$500K would definitely be nice 🙂
Living Debt Free Rocks! says
We're looking at owning a couple of rental properties in the near future for passive income. As for retirement plans, we are striving to reduce our work hours gradually over the next ten years but still want to be working in our respective career fields or on other projects that we've been pushing off. We're nearing our late thirties but we have elderly parents who are requiring more of our time and attention. This is why we choose to remain self-employed.
MakingSenseofCents says
I would still want to do something, just not sure what.
The Baby Is Fine! says
one thing I'm interested in is what exactly you mean by "staff writing," since that's where a lot of your passive income comes from. how do you get those gigs? I'd love to hear more about how this works – where are you writing, who pays you, how reliable is it (like have you ever had a problem getting paid on time)….I'm super jealous of all your extra income and I want to copy you! hehehe 🙂
and as for your question…to be honest, retirement seems so far off, it's hard to even fathom just yet! we have a 401K and a regular savings account, but that's as far as we've gotten so far!
My recent post In Da Club
MakingSenseofCents says
Staff writing is the writing that I do on other personal finance blogs. One of the blogs is http://www.mymultipleincomes.com.
It's been pretty reliable for me. I haven't not been paid or anything. Email me if you have any other questions!
alice says
What a fun giveaway! I would love to win an ipad mini to use during my boring lunch breaks at work. 🙂
I'm not really doing anything for passive income right now. I work a couple of freelance job but I would like to be able to do something from home for passive income so it doesn't take anymore time away from my family.
I plan to be able to retire at around 65 or so (of course sooner would be best but I'm being realistic). That doesn't mean that I'll want to work full time until full retirement, but I still will need to work to pay things off and get my two little ones through college. We plan to retire where we currently live (and it's expensive).
Right now I would LOVE to make $2,000 in passive income, but to start I would settle for $500! 🙂 Seriously! I was working two jobs for a while but it wasn't bringing in enough money to justify my time away from the family. I'm so jealous of your $3,700 extra a month!!!
MakingSenseofCents says
Thanks! Passive income of $500 would be wonderful!
Elle sees says
I do blog things I occasionally get money for
Carla says
I make extra income from sewing & photo shoots. No goal really, we always have ‘enough’ and I’m quite happy with that. 🙂
I’d love to win the iPad mini, we’re an Apple family! 🙂
MakingSenseofCents says
That's great! I would love to one day to actually be good at photography.
C The Writer says
Honestly, I'll be lucky if I get $40 in passive income this month.
I wish I knew how to do it…I guess I'm not smart enough. : (
My recent post I never thought I'd see the day.
MakingSenseofCents says
Oh you are smart! It just takes a little bit to build it up.
Debbie Lewis says
This would be great for me to use. I have other Apple Products and I love them
Sara K {SaigeWisdom} says
because I started working for the provincial gov't at an early age I'll likely be able to retire with a full pension – at that point I don't plan on stopping working all together but I think I'll find something part-time that I enjoy, hopefully be a landlord on an income property or 2 and TRAVEL with my hubby & kids. I too have been REALLY thinking about that statement of early retirement being the wrong goal. I work 3/4 time so I have an extra couple days to be home with my young kids and I don't plan on ending that arrangement ever (even when the kids are in school full-time) because as much as I love what I do (child protection) it doesn't feed my soul like "creating" does. When the kids are older and don't need me as much I hope to pursue a financial endeavour that brings me extra happiness (and if all goes according to plan… extra money as well). xo
My recent post { celebrate YOUR story } gadanke!
MakingSenseofCents says
That's awesome about the pension. And yes, I've been thinking about that statement a lot as well. It really made me think and I haven't been able to stop thinking about it.
MakingSenseofCents says
That's exactly what we're doing. We want all debt gone!
MakingSenseofCents says
Wow that's AWESOME about the value of your house! I'm so jealous.
Erica says
Right now my passive income is my blog. It varies how much money a month i generate from it, but all the money is starting to go into a savings account that I've recently decided to start using. Since the majority of my debt is paid off I want to get myself stable before I start putting extra money towards my mortgage. I'd like to build up an emergency fund first.
Also, I'm starting to get into photography, doing little things here and there and only charging a few dollars, basically to cover the cost to drive to locations and then the DVD of photos for the client. It would be awesome if I could generate some decent money from photography.
I haven't really started thinking about retirement. the only money being put aside is from my pension which is thru work. the money comes right off my pay, so I don't even think about it.
as for my plans to where I will be or want to be when i retire. I'm not sure, haven't thought that far ahead.
Jason Clayton says
Great job on your side income. Right now my only passive income is some money in preferred stocks that provides me consistent income on the base investment. My blog is making some money, but not very much and I don't consider it passive.
My recent post Why are some People Successful and others Not?
swishina says
We have rental income since we weren't able to sell our house when we moved. It pays a bit more than the mortgage, so we save the extra for any repairs we may need. At least we're building equity.
I also get passive income from articles I've written for Yahoo Contributor Network (https://contributor.yahoo.com/) I's not much because I haven't written anything in a long time, but it's completely passive and I can't complain about that.
Jennifer Lynn @ Broke-Ass Mommy says
Eventually I’d like to build up passive income streams through rental property, stock dividends and prior writing projects. The aim right now is to lay a good financial foundation conducive to these goals. Your side income is so inspirational, I’m totally jealous!
Debbie Fitcher says
I would like to win because I can't afford to buy an iPad right now.
Budget & the Beach says
That's a lot of questions I have no idea the answer to. 🙂 I would be like you I think in that I would try to keep working at what I was doing, and just enjoying that extra income. I can't tell you how 3000 ish would REALLY help me right now each month!
My recent post Link Love 11/9/12-Happy 100th Post!
Erika says
I would love to win so that my whole family could use the IPAD mini! I could also really use the money for Christmas! Tight budget this year:(
plantingourpennies says
Late to the party here, sorry!
We have a rental duplex that provides us with some passive income currently. We've also considered buying a business that would eventually be managed by someone else (while we keep profits!).
Ultimate passive income goal is probably $4-5K/month. That would more than cover our expenses, including if we quit our jobs and needed to pay for health insurance, etc.
swishina says
I'd love to use the ipad mini while up with my new baby in the night.
Thomas Murphy says
I want to win so I can give this to my GF for x-mas
DNN says
Too bad for me that I didn’t know who you were back then, nor your blog. Perhaps you’ll consider doing something like this in the future? 🙂