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Posts Tagged ‘passive income project’

Passive Income – Part Deux!

April 16, 2013 1 comment

Passive Income – Part Deux!

INVISIBLE!
INVISIBLE!

Continuing my blogging catch-up (while sitting backstage at Performance Works on Granville Island during a cue-to-cue for Beggar’s Opera)! Late last August, I decided to undertake a consistently-blogged-about passive income project to help me focus my time toward high up-front effort activities which pay off passively over time (see: here), instead of the usual hours-for-pay model (aka: my minimum wage job). In order to do so, I followed Steve Pavlina’s suggestion and made this declaration:

INVISIBLE!
INVISIBLE!

I will successfully build a new stream of passive income by December 1st, 2012, that generates at least 80$ per month on average, and endures for a minimum of five years, and I will do this in a way that inspires hope and gives value to people anywhere in the world.

INVISIBLE!
INVISIBLE!

563568_508289692551634_957395844_nNot long after I put this desire out in the world – in October, I believe – a family member came to me with a chance to reduce my rent through offering up a quarter of my place to hold product inventory, so that, while this passive income stream will not last for five years, for at least the last couple of months I have been exceeding my passive income financial goal. I find that, surprisingly and delightfully often, if I announce an intention for some goal, my friends/family/acquaintances/coworkers often very soon come to me with opportunities to help achieve what I am aspiring towards. While I am not a believer in the specific ‘Law of Intention’ philosophy, I put great stock into the idea of ‘ask and it will be given to you; seek and you will find, knock and the door will be opened to you.’ While there may be an aspect of asking God for help in this, it isn’t about tapping into some mystical force; instead, it is about believing in the good and kind nature of the people I know, about believing in the spirit of community. I am grateful for all your help.

Faith, Fraud & Minimum Wage

(Photo credit: Wikipedia)

This project does continue in the background, as the storage situation is very temporary. Ultimately, my end goal is to feel financially secure due to my passive income. This may mean that 60% of my daily expenses are covered, as an example. I admittedly don’t expect to achieve this until I am in my 50’s at the earliest.

I have not, probably to my own detriment, been actively pursuing more creative passive income streams. Instead, I have been overfilling my life with minimum wage workshifts, rehearsals, and administrative preparation for fringe festivals this summer. I really should try to take a week off sometime and spend it exclusively on important schemes… but I doubt that will happen voluntarily if opportunities for definite money (workshifts) exist. I do worry for my financial future once my current cheap living situation evaporates in the near future.

One thing I have been doing is researching dividend stocks as a much more potent place to earn, essentially, a slightly more risky but more lucrative form of interest. Certainly a few steps above my 1.2% free savings account. Not that I can make investments at the moment, but I am excited for the opportunity to do so in the future! I am amazed at how excited I am at the idea of making one-time choices to, say, put 100$ away into stocks, in order to have that 100$ earn 5$ a year, every year, for the rest of my life. I really like the idea of one-time sacrifices which lead to continued, constant, secure boosts through the future.

So perhaps it’s time to make a new goal! How about this:

INVISIBLE!
INVISIBLE!

By November 1st, 2013, my passive income streams will equal at least 120$ per month on average, as a mix of interest and creative enterprises, and I will do so in a way that inspires hope and gives value to people anywhere in the world.

INVISIBLE!
INVISIBLE!

Seems ambitious yet possible. And then I’ll keep raising the bar higher as time goes on.

INVISIBLE!
INVISIBLE!

Keep calm and carry on,
Andrew Wade

Six Secular Reasons to Tithe

August 22, 2012 4 comments

Six Secular Reasons to Tithe

For me, tithing consists of setting aside 1/10th of what I earn, to be given away for the benefit of others. While I am a Christian, the benefits of accepting a tithing mindset and habit are huge for anyone – regardless of spirituality – who chooses to take on this challenge.

Note: My definition of tithing includes using this 10% of earnings for non-reciprocal gifts, donations to charities, help for friends and strangers in need… whatever you feel is appropriate, which may include giving to religious institutions, but doesn’t need to.

Hunky-dory? Great. Onto the reasons:

Tithe Tenth Mormon

(Credit: More Good Foundation)

(1) Good Deeds

Let’s get the obvious one off the bat. By giving money to worthy causes and actions, you help make the world a better place than it was yesterday, and that is huge. Whether you’re helping education and health by deworming the world (http://www.dewormtheworld.org/), giving to a local shelter, or encouraging mentorship (http://www.bigbrothersbigsisters.ca), you’re making an impact.

(2) Budgeting

While the actual 10% figure isn’t too important, taking on this challenge requires taking note of your income and figuring out just what it is you’re actually earning. Also, it’s unlikely you’ll give exactly 10% of what you’re earning each month, or some opportunities might come up that require you to give a little more, so some numbers may carry over into the next month. Spreadsheets may be scary to some, but I personally find it a lot of fun (yes, fun) seeing one adjustment affect my next year’s worth of numbers. A skill well worth learning in case the public school system didn’t help you in this regard.

"Have you seen this man? He is Ant Hill H...

(Credit: Wikipedia)

(3) A Way to Forgive Thieves

If you’re like me, there is nothing that gets in your craw, that rankles you, that makes you downright peeved and pissed off so much as having something be stolen. The worst part of it all is that feeling of powerlessness, which can often devolve into a fear for one’s own security. It’s not hard to go from having a possession be stolen to adopting a mindset of distrust toward anyone you don’t know (or perhaps even toward people you do know). Which, as I’ve discussed before, is not a good way to live. But with a set tithing plan in place, I’m able to stick a mental trick on myself and choose to let the object that was stolen instead be a gift. If they’re resorting to pilfery, they probably need it more than I.

With this method, I then take the replacement cost off my tithing amount, so I’m not even short any money in my budget. It still sucks to have stuff get stolen, but I am now able to consider it a gift, forgive, replace, and move on, without my finances taking a hit.

Cover of "Pay it Forward"

Cover of Pay it Forward

(4) Karma / Pay It Forward

Alright, perhaps not an entirely non-spiritual reason, but plenty of people believe in a worldview where doing a good deed will come back around in the end. I don’t necessarily believe this concept, but I have respect for people who do.

(5) Encourages a Positive Perception of Money

It’s too easy in our society to become obsessed with the goal of obtaining money for security, or even hoarding money for money’s sake. Intentionally giving away money each month instead reminds us that money is just a tool to help us pursue other goals – not a goal in and of itself. Doing so also reminds us of what we hold to be more important in life. Don’t get me wrong – money is a fantastic tool, but that’s all it is.

(6) Encourages a Generous Mindset
Giving encourages more giving – a positive reinforcement loop that creates more generous individuals. Before I started tithing, I would often spend time debating the pros and cons of any behaviour or action before (possibly) making a decision. Since I’ve begun tithing, however, I find I am far more likely to freely offer aid to someone in need, without hesitation. It’s a far more fulfilling way to live.

I also find I am far more willing to accept and ask for aid from others, now that I know just how good it feels to be a giver. Generous minds build communities, neighbourhoods, friendships. Optimism. Happiness.

I encourage you to at least give tithing a trial for a few months, and open your eyes to all the opportunities to give and support the people around you, and around the world.

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Passive Income Update:

As previously stated, I am on a plan to produce a monthly passive income of 80$ per month by the 1st of December. I have decided that I will let this goal include any passive income stream I create in that span, rather than have it need to come all from one source.

GOAL: 80$ per month.

PROGRESS: 7.16$ more in passive income per month due to moving cash from a low-earnings savings account to a higher earnings situation.

STILL TO GO: 72.84$ per month.

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Thanks for reading.

Cheers,
Andrew Wade