Home > Tag Archives: passive income

Tag Archives: passive income

How to Make “Mailbox Money”

ways to make mailbox money

We all know that making money is one of the keys to financial success. While there are tons of ways to earn income, I think my favorite way is through “mailbox money.” One of my favorite things about being an optometrist is learning oddball things from my patients, and this term came onto my radar a few weeks ago from one of my more colorful clients who had recently retired after selling his business. As he is only in his mid 50’s, I asked if he had another career on the horizon when he told me that he as pretty content to collect his mailbox money from various rental properties acquired over the years.  Sounds like a great plan if you ask me! Mailbox money is income that arrives either in your physical or virtual mailbox, in a somewhat fixed frequency with a minimum of management, basically the definition of passive income. Passive income is the holy grail for those of us seeking financial independence and/or early retirement. Since few have access to royalties or trust funds set up by someone else in our names, that means earning our own mailbox money. Luckily, there are several ways to cash in. ...

Read More »

Could You Survive Financially If You Lost a Job?

Some recent posts from Cash Rebel and Reach Financial Independence have really gotten me thinking about how much money we should be keeping in emergency savings and how fast we could go into survival mode if we had a sudden loss of income. Now that we have paid off all of our debt other than mortgages, I’m curious to see if we could get by on passive income alone. After all, isn’t that the ultimate goal of financial independence? Ultimate Goals Our ultimate goal would be to make enough passive income, mostly from rentals, to pay our necessary expenses. Anything we earned from salary or other endeavors would go into investments or retirement. While the timeline fluctuates based on the mood of the day, I think it’s reasonable to say we will have our mortgages paid off within the next 10 years. At that point, we can get by on very little. Because I sadistically like to look at worst case scenarios, what if we were suddenly faced with no salary income? Could we make it without resorting to panhandling?

Read More »