“I Want to Create Passive Income, But I Don’t Know Where to Start” — Part II

This is Part II of the Passive Income for Beginners series. Start by reading Part I here.

How to create passive income

When I quit my 9-to-5 job, I had no concept of passive income.

Like most people, I conceptualized money in terms of time: “they pay $25 per hour” or “she makes $60,000 per year.” When I quit my job, I figured I’d live on savings for a few years and then return to the workforce.
[Read more…]

“I Want to Create Passive Income, But I Don’t Know Where to Start” — Part I

Imagine this:

You hop on a flight to Brazil or Costa Rica or Thailand. You spend a month reveling in the sand and surf. You taste new foods. You discover new music. You spot wildlife you’ve never imagined.

You don’t check email the entire time. Heck, you don’t even post photos to Facebook. You’re radically offline — like it’s 1972.
[Read more…]

10 Lessons I’ve Learned as an Airbnb Host

This is Episode 4 of The Airbnb Series. Before you read this, check out Episodes 1, 2 and 3.

Use this link to get a $25 discount on your first Airbnb guest stay. (If you use it, I’ll also get $25, a win-win for us both.)

Airbnb Host Lessons Plus Airbnb Coupon for $25 Discount

Almost one year ago, I launched a “side hustle” as an Airbnb host.

Since then, I’ve pulled back the curtain to show the good, the bad and the ugly. This includes sharing detailed spreadsheets showing my precise earnings from this hustle.
[Read more…]

How I Earned an Extra $40,800 in Two Years Without Lifting a Finger

how to earn an extra $40,800 in two years

Despite the fact that I have the best roommates in the world, I’ll occasionally remark, “I’m tired of having roommates.”

And Will replies: “Are you $1,700 per month tired of it?”

I don’t need to respond. The answer is obvious. The minor inconveniences — sharing a refrigerator, waiting to use the washing machine — pale in comparison to the additional $20,400 per year that our roommates contribute to our mortgage. It’s a total no-brainer.

In the past two years of living with roommates, we’ve collected $40,800 — enough money to buy a rental house that provides a stream of income for the rest of our lives. (More on that below).

But before I get there, I want to clarify that this isn’t a post about living with roommates. It’s a post about an ever-important concept called Opportunity Cost, critical to anyone who wants to supercharge their wealth.

[Read more…]

Five People, One Income, and Self-Made Success

bootstrapping real estate investor
Myth: If you’re supporting 5 people on 1 income (and it’s not a high income), you’re screwed. You’ll never become a business owner or an investor. You’ll be lucky just to pay the bills.

Fact: Ladies and gentlemen, meet success story: Rental Randy.

In my last blog post, I re-emphasized that the best way for two-income couples to turbocharge their savings and investments is to live on one persons’ income, and save 100 percent of the others’. Live like you’re a one-income couple.

This led to a great follow-up question: What if you’re already a one-income family? Specifically, what if you’re a family of 4 or 5, living on one income? What then? (And what if you’re single — a “family of 1″ living on one income?)

[Read more…]

We Bought House #5. Here’s a Behind-the-Scenes Look — Including the Numbers.

Moderation is not my strong suit.

I don’t just eat one chocolate-chip cookie — I either eat zero, or I eat the whole batch. I don’t just travel for a weekend — I either stay at home, or I hit the road for weeks/months/years.

And apparently, I can’t just buy one or two houses. Afford Anything Tribe, I’d like to introduce you to House #5, which is Rental Unit #7 in my ever-growing passive income portfolio.

In this article, I’ll share the no-holds-barred, behind-the-scenes story:

  • How I found this house.
  • Why I choose this area.
  • The NUMBERS! Yes, you nosy people — all $$ will be revealed. :-)

But first … check out the pictures.
[Read more…]

Showdown! Keep Your Mortgage vs. Crush Your Mortgage -– Who Wins The Championship?

Should you pay off your mortgage or invest?

Ready to rumble?

There’s a fight brewing. Two contenders have climbed into the ring. Both are clawing for victory. Only one will survive.

It’s a showdown.

In one corner: Crush Your Mortgage, and his team of anti-debt advocates.

In the other corner: Keep Your Mortgage, and his cheering crowd of leveraged investors.

Who will take home the title?
[Read more…]