A New Passive Income
Yesterday we created a new passive income. Woot! Woot! The ball is really rolling now. I’m excited in this endeavor. This investment if everything go’s well will bring in $500 per month in extra income on our original $50,000 investment. Generating a 12% return, will bring in above and beyond the difference in monthly payments of our refinance. This investment itself will surpass our goal for the year to bring in $2000 passive income in 2017.
I guess I got to dream bigger, I thought the goal of quadrupling our passive income of last year (just over $500) was a big one. This investment will bring in $2500 during 2017, and will just be reinvested in some type of investment. Therefore increasing the snowball, the future sure does look bright! If only I can quadruple it every year.
My wife’s family is pretty successful with their various en devours and in the past I have said no to investing with them. Looking back I wish I had as it has worked out pretty well for them. After telling them about the site I was approached again and was reminded how cheap money is at the moment. Refinancing our mortgage and pulling out some equity ( like we did) can make a massive difference in your income.
I have read Robert Kiyosaki’s books (rich dad poor dad series) awhile back and was hardcore about being debt free. I didn’t believe in using other peoples money. But as I have been investing in dividends for awhile now, it makes sense if you invest with great dividend payers that have a track record of paying consecutively. Ie enbridge. While my bank charges me 2.5% on my mortgage Enbridge will pay me 4.9% on my investment.
While this private investment isn’t Enbridge it’s got a history of doing well. Its basically for family only so, I can’t get ya in haha.
Oh course there is risk involved that’s why we decided on a initial investment of 50k vs a higher amount. We both trust the people that are running the company, but we wanted to feel this out and see how it go’s. Currently our investment in locked up for 5 years, which should be fine. We will have to pay taxes on the income. Wah Wah…
I am hooked to increasing our income streams at the moment. We now have 5 different incomes
- My Working Income
- My Wife’s Working Income
- Ads/ Affliates (currently really minor)
- This Private Investment
So this investment should pay out every month, which will bring in $2500 this year, and our dividends currently will pay 2300+ yearly. This is a massive gain over last year, and just keeps going. We actually are meeting with our solar panel guys this Sunday to look over our roof and officially apply to hydro one for the microfit program! Its pretty exciting stuff. Again thanks everyone for keeping me motivated, your blogs inspire me to keep on keeping on! What do you think? 2 more incomes to get to the elusive 7 incomes the average millionaire has.