With the new year in full swing, I have great news to share with you guys! This will really start my new year on the right foot. I just figured out that my passive income now covers all of my housing expenses and I still have a little left over.
I recently posted about how great last year was. I did a lot of traveling and my net worth grew by $78k.
I was working and planning my 2018 goals, which I will post soon, and I realize something fantastic. My passive income finally surpasses my home expenses!!
Let’s take a look at the numbers.
Passive Incomes
Protected 2018 Dividend Income: $4,607.98
Projected 2018 Rental Income: $8,400.00
Total Projected 2018 Passive Income: $13,007.98
Monthly Average: $1,084.00
Home Expenses
Mortgage (Principal, Interest, and Escrow): $685.12
Homeowner Association (HOA): $326
Total Monthly Home expense: $1,011.12
I am left with $72.88 after paying my home expenses!
As an added bonus… Not only does my passive income covers my home expenses, it also covers my electric bill!! My electric bill averaged $54.09 a month for last year. This is outstanding and a massive check on the financial freedom checklist.
My next big ticket item to check off the list will be my food expenses. I would need to average between $300-$400 extra a month to consider this checked off the financial freedom checklist. This means that I would need to get my projected dividend income between $8k and $9k. I should hopefully accomplish this in the next two years at the rate that I am going.
Knowing this information is an amazing feeling! I am very happy and grateful to be in the position that I am today.
By following me down below, I can teach you HOW to obtain this type of passive income and eventually become financially free!
Let me know in the comment below how much does your passive income cover your home expenses or any other expense?
Thanks for reading, and don’t forget to follow me for more great investment ideas.
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Congratulations on achieving that milestone.
Thanks Andrew! I’m super excited about this!
Congrats mate! Not an easy achievement.
Thanks dividend geek! it took years of sacrifice but I am very happy of how far I have come. thanks for reading and commenting!
Congrats, nice milestone! Is your passive income outside of real estate in pre-tax accounts like a 401k or after tax?
Palmetto, thanks! That’s a great question. The dividend income I mentioned in this article are all in a taxable account, so I do pay taxes on the dividend I receive. Thanks for the question and reading!