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We made it to our 70s, so congratulations to us. However, we still have much life left, so we need income.
Our top priority is protecting our capital at this age. However, we can use bond interest to invest in higher-yielding securities.
We should also attempt to build generational wealth by investing in Series "I" Bonds for the grandkids.
Finally, we need an active income component to our lives, or we will succumb to inflation. We can walk dogs,...
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US Treasuries are a safe haven for institutional and retail investors. You can use them in many different scenarios to ensure your money continues to grow. Treasury Bills are the shortest bonds that the US Government offers. They come in durations of 4, 8, 13, 17, 26, and 52 weeks. T-Bills compete directly with high-yield savings accounts and certificates of deposit for your investing dollars. What makes T-Bills stand out against other short-duration...
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Are you ready to retire? Are you convinced you can be a better person if you don't have to commute to work every day? The first step to retiring early is determining how much it costs to run your household fully. Once you have this number, you are well on your way to changing your destiny. Now, it's time to replace your employment income with passive income. This part may take a few years, but each successive year becomes more enjoyable. We can replace...
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Once you turn 60, you can access your taxable 401K and Roth IRA. But what the heck are you going to do with this large sum of money? Most people have analysis paralysis and run to a financial advisor. However, you are not an idiot. You saved the money; therefore, you can learn how to grow the money. The absolutely worse thing you can do is take the money out and buy a boat or car. Anything short of that is moving in the right direction. We can use...
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We should be winding down in our 50s-less work with more cash flow. Does this sound impossible? If you have your money working harder than you, you can achieve success without much effort. But this takes passive income. Of course, we want to utilize closed-end bond funds to receive a high income and replace our paychecks. But we also want to buy Series "I" Bonds for our kids. These bond nest eggs will ensure our kids earn passive income in their 30s...
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Would you buy a $25 gift card for $20? The magic would be when you redeem it for $25. What if you could receive dividends before you redeemed the gift card at a profit? That's the magic of preferred shares. The typical par value of a preferred share is $25. You can find them at great prices like $18, $19, and $20. Once you purchase them below par, you will start to receive dividends. Once the company decides to call the preferred share, it will pay...
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Can you save $10,000 in a high-yield savings account (HYSA)? It is no easy task, but I believe in you. The first step is understanding why saving money is vital to our future. We cannot pause our lives with every emergency that arises. Next, we must understand that our emergency fund should not be used frequently or randomly. In fact, we should aim never to use these funds. Finally, we must create additional income streams to increase our savings...
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Living below your means gets a lousy repetition. People believe this means you can't buy Starbucks, eat out, or go on vacation. LBYM simply means you live a couple of notches below your income level. If you earn $6,000/month, you try to live on $4,000. We call the extra money cash flow, and it is the heart of your household. We use the additional income to save and invest. Saving and investing have different purposes, but all lead to the same results....
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Are you a prolific writer? Do you love to self-publish an ungodly amount of books? Good, because I am the same. After visiting two bookstores this week, I had an epiphany. Bookstores have too many types of material to bring people together. Yes, there were lots of people inside these stores, but they were all on individual missions-it was like a carnival. What if the books were of the same type? If I opened "Financial Freedom Bookstores," everyone...
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Times are rough, and the future only holds more pain. What can the average American do about inflation? When all else fails, it's time to return to the basics. We need to track and document every penny that comes into our household. There are only two ways to become wealthy-reduce expenses and increase income. As you create more cash flow, you must invest in dividend-paying stocks. Dividends are the key to living your best life. The more you invest,...
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I released my first book in January 2021. My goal was to put 1,000 high-content books on Amazon over five years. After 2.5 years, I have 930 books. My goal has shifted to content marketing to push the sale of these books. I will always continue to keep releasing books, as they are the best advertising for your old books. But I also use my blog, Medium, and LinkedIn to funnel people to my paperbacks. Writing is my long-term passive income plan, along...
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Becoming wealthy isn't about accumulating enough money to secure our freedom. It's a journey we must travel through the three stages of wealth. Debt is the first stage where most of us start our journey. Our goal is to control our urge to spend by budgeting and finding happiness outside of money. Saving is the next stage. Here, we focus on protecting what we built through growing an emergency fund and a large savings account. Investing is the last...
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I love income investing; it has changed my life in ways I am still discovering. I divide income investing into six different types.
Today, I want to talk about my favorite type of income investing: closed-end funds.
CEFs can provide a consistent monthly income that can slowly replace your employment paycheck.
It is difficult for most people to invest for income instead of trying to get rich. However, CEFs may be your ticket to freedom. Good Luck!...
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Going into the office has lost the luster it once demanded. Today, we stay in overly long meetings, lack training resources, and watch our fellow employees play on their phones all day. Remote work can be a dream come true for top performers. I envision that most remote workers will soon work in a freelance-style consulting capacity. It is becoming increasingly expensive to maintain a large number of lazy employees. Do you have what it takes to be...
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Rental income is a vital part of our passive income portfolio. Rents tend to go up faster than inflation, and hard assets are great to own in this inflationary environment. But, most people cannot afford to own a home, let alone owning two. So, how do we earn rental income without owning rental properties? There are tons of ways to create rental income. Afterall, we are living in the sharing economy. The main problem is people's unwillingness to...
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Do you live in a major metropolis? Are you attempting to live the American dream there? How's that working out for you? With a slight mindset shift, you can actually live the American dream. No, not in Los Angeles or New York City, but in Bixoli, Mississippi. By retiring to a small city, you can live entirely on passive income. This means that no one controls your time. You can also forego the additional luxuries required in a big city, such as ultra-nice...
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Do you fear you could lose your job during the next recession? Having only one source of income can be pretty risky. Whether you lose your job or not, you'll need to create another revenue stream. Why not start an online business? An online business has the potential to reach a massive worldwide audience. The more people you serve, the wealthier you become. However, building an online presence takes time to compound and grow. Do you have the grit...
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I tried the standard way of getting rich for 20 years. I climbed the corporate ladder, bought used cars, and ate almost exclusively at home. This method still left me and my wife $77,000 in debt. However, once I discovered income investing, my fortunes turned for the better almost instantly. You see, I earn money all day, every day. I receive dividends, which are gifts from heaven. It's the definition of "free money." Income investing allows me to...
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We all want to teach our children healthy money habits. Even better, we want them to grow up and be able to give, save, and invest. There are two main methods in the media: staying debt-free and becoming a capitalist. They each have their time to shine in someone's life. I tried the debt-free way of life and could never get ahead financially. It wasn't until I became a capitalist that I enjoyed having extra resources. You can't run a household without...
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90 to 95% of the workforce uses the "broke" money system. This cycle entails working, wanting, buying, and owning. The other 5-10% use the "investor" money cycle that entails budgeting, saving, investing, and spending. The key before between the two is cash flow. The "broke" use cash flow to buy liabilities, while "investors" use cash flow to purchase income-producing assets. And guess what? Income-producing assets (like dividends) produce more income...
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