Grand Rounds: The Benefits Of Passive Income.
For an audio version of this post, please click on the speaker icon (top left).
Welcome to this session of grand rounds, a collection of posts I have discovered in the blogosphere and have found of interest and hope you do too.
This offering of Grand Rounds looks at articles from around the web that deal with the wonderful concept of Passive Income.
I have written a lot about passive income and how it truly is my favorite type of money.
Well that’s great Xrayvsn.
I now know that passive income > active income.
So how do I get those elusive passive income streams going and get my “mailbox money?”
Well Looking For Zebras has got you covered in, “How To Turn Active Income Into Passive Income.”
Trading time for money has essentially been the underlying premise behind why most of us slave away at a 9 to 5 job.
However there is a faction of people that are discovering that removing time from the equation and just getting the money part is the true secret for happiness.
Passive income is the holy grail behind designing a life on your terms.
Four Pillar Freedom has apparently seen the light and pens, “Why Owning Assets is Better than Having Job Experience.”
I am a huge proponent of passive income.
Because of passive income I am in the final stages of completing my perpetual money printing machine that will one day let me exit the field of medicine and not look back.
As physicians many of us are afforded some great opportunities, particularly when it comes to our own medical practice.
Getting in on the ground floor of my medical office building and reaping in the proceeds from the sale in 2019 truly jump started my path to wealth (I estimate it shaved off 3 or 4 years off my original schedule).
Physician On FIRE gives another wonderful case example of a physician taking advantage of opportunities and striking while the iron is hot in, “The Lucrative Side Hustles Of A 7-Figure Urologist.”
What is truly amazing was this physician capitalized on opportunities while in residency!
Not to pile on against dollars earned actively but when the shoe fits it is hard not to.
Active dollars are indeed my least favorite type of money earned.
Even though 85% of my household income came from active income, I get the most satisfaction watching that 15% passive income come in.
[By the way that 15% passive income is already close to the goal I set for my retirement income.]
Passive Income MD shares another article of why passive income is the income to strive for in, “Not All Income Is Created Equal.”
Want a real life example of how passive income is the way to go in terms of potential tax savings?
Physician on FIRE has one reader share actual numbers achieved with his passive income streams and, more importantly, shares the actual tax implications from these streams and compares it to his tax bracket for his active income.
Check it out in, “How Low Is Your Passive Income Tax Rate? The Taxes On Passive Income Streams.”
I would like to welcome the newest sponsor to my website, Pattern.
Insurance is complicated.
Pattern simplifies disability and life insurance for busy doctors so they feel confident they have the right policy and that their income is protected.
Physicians don’t have time to sort through a bunch of insurance quotes to find the best own-occupation policy.
Don’t waste time stressing over insurance shopping, let our unbiased agents find the best coverage for you at the best price.
Hope you enjoyed the reading material.
Have a great rest of the week.
If you are in search of financial help, please consider enlisting the service of any of the sponsors of this blog who I feel are part of the “good guys and gals of finance.”
Even a steadfast DIY’er can sometimes gain benefit from the occasional professional input.
NOTE: The website XRAYVSN contains affiliate links and thus receives compensation whenever a purchase through these links is made (at no further cost to you). As an Amazon Associate I earn from qualifying purchases. Although these proceeds help keep this site going they do not have any bearing on the reviews of any products I endorse which are from my own honest experiences. Thank you- XRAYVSN