How To Reach Your Monthly Passive Income Goal Step by Step

Step 1: How much passive income do you want to make every month?

Really, how much?

Answer my question.

I’m waiting….

Got it yet?

Are you sure that’s the amount that you want?

Be sure.

Remember, passive income is money you make without working.

You could go on a vacation for 2 years and still make the money…

So how much do you want to make per month?

You must pick a number or I can’t help you get your goal.

Now, that you have your number, write down how much and by when, see below:

“I am making $_______/month in consistent passive income on or before _________.”

Step #2: Why did you pick your number?

Why do you want to make that much?

Write it down NOW.

“I want to make $_________/ month in consistent passive income because…”

Step 3: How would your life change if you made that much passive income every month?

Write it down NOW.

“When I’m making $______ / month in consistent passive income, my life will___________________”

Ok, if you have your number, and you wrote down why you want it and how your life would change, then let’s talk about how to make your goal next.

Step 4: Put at least 10% of Your Income Into a High Yield Savings Account

If you don’t already have one, open up a high yield savings account. At the time of this writing they were yielding about 1.5% – 1.75% APY (annual percentage yield).

Look online, google “high yield savings account” and you’ll find plenty to choose from.

Open it today.

Then, link your current checking account to this new high yield savings account so that you can transfer money between the two easily.

Then every month or every time you get paid, log into your savings account and transfer at least 10% of your income to this savings account.

I call this savings my financial freedom account (from the book Secrets of the Millionaire Mind by T Harv Eker).

Some people call it their immortality account (from the book How To Make One Hell of a Profit and Still Get to Heaven, by Dr. John DeMartini)

This account is where you will build the money you need for investing.

It also is the 1st passive income investment that you have, giving you interest income every month!

Interest is money that you make without spending any time. It’s your money working for you.

Congratulations, if you finished this step, you will now be making passive income on a monthly basis.

Now to increase your passive income, go on to the next step.

Step 5: Invest in Higher Yielding Investments (Be OK With Losing Money as you Learn)

Now that you have a savings account, while you are making your monthly deposits of at least 10% of your income, you have time to go and find higher yielding investments.

Examples would be dividend yielding stocks, businesses that run without you and rental property.

High Dividend Yielding Stocks

So, if you want to start and you don’t have a lot of money to start with, then you can open up a brokerage account and buy some dividend yielding stocks.

You can research Real Estate Investment Trusts, Utility Companies, Cell Phone companies, companies that pay dividends.

When you open a brokerage account, you can ask them to recommend dividend paying stocks or funds.

You can also just google “High Dividend Yielding Stocks”.

You can get a list of the top dividend paying stocks and start doing some research.

Find one or more that you like and buy their stock.

Be sure that the stock you decide to invest in pays more than your savings account.

Stocks are more risky than savings, as their value often changes everyday.

Sometimes stocks lose their value and don’t go back up, and sometimes they gain in value and don’t go back down, and sometimes they go up and down, or don’t change much at all.

In any case, you need to understand that since there is greater risk, if you want to invest in stocks, then invest in stocks that have a higher return than your savings account.

Savings is the safest investment.

When you add money to it, it grows in value.

You are paid interest every month.

It is easier than stock investing.

Business That You Own but Don’t Run

Say you buy a website that makes ad money.

You hire a manager to run it and take in the profits.

That would be a passive income investment.

Or you could buy a property and decide to airbnb.

You hire a manager to run the business.

This would also create passive income.

Buying generally requires more money than buying stocks.

However, it is a great way to make passive income, and to have more control over how you are making it.

With stocks, you really have no control over the company or how they run their business

Buy Rental Real Estate Property

Another way to make a higher yield on passive income is to buy property and have a manager rent it out for you.

You can buy multiple properties and have multiple renters at the same time.

Passive Income Example

1-6 Months

You open a high yield savings account and put in $300/month, since you make $3,000/month that’s 10%.

Then after 6 months, you have 6 x $300 = $1,800 in your account!

So you find a dividend yielding stock that pays 8%.

You leave $900 in your savings and are making $1.13/month in interest.

You invest $900 in the stock and start making $6/month in dividends.

TOTAL PASSIVE INCOME IS $7.13/month

7-12 Months

After 6 months, you have 6 x $300 = $1,800 more in your savings account!

So you find a dividend yielding stock that pays 11%.

You leave $1,200 in your savings and are making $1.5/month in interest.

You invest another $300 in your 8% dividend yielding stock (so total is $1,200) and start making $8/month in dividends.

You invest $1,200 in a stock that yields 11%, and start making $11/month in dividends.

TOTAL PASSIVE INCOME IS $20.50/month

2nd Year

You got a raise and can now put aside $350/mo, so after the 2nd year, you have an additional 12 x $350 = $4,200

You leave $1,950 in your savings (interest rate now 1.75%) and make $2.8/mo.

You add $750 in your 8% stock (so total is $1,950) and make $13/mo in dividends.

You add $750 in the 11% stock (so total is $1,950) and make $17.88/mo in dividends.

You invest the remainder $1,950 in a new crypto currency that goes bust, losing your money.

TOTAL PASSIVE INCOME IS $33.68/month

3rd Year

You got another raise, paid off your line of credit and start a part time business, so now you put aside $550/mo, so after the 3nd year, you have an additional 12 x $550 = $6,600

You leave $4,150 in your savings (interest rate now 2.25%) and make $7.78/mo.

You add $2,200 in your 8% stock (so total is $4,150) & make $27.67/mo.

You add $2,200 in the 11% stock (so total is $4,150) and make $38.04/mo.

TOTAL PASSIVE INCOME IS $73.49/month

4th Year

You got another raise, paid off all your debts and your part time business is improving, so now you put aside $850/mo, so after the 4th year, you have an additional 12 x $850 = $10,200

You have $4,150 in your savings (interest rate still 2.25%) and make $7.78/mo.

You have $4,150 in your 8% stock (market value $3,500) & make $27.67/mo.

You have $4,150 in the 11% stock (market value $5,200) and make $38.04/mo.

You use the $10,200 as down payment to buy a $50,000 1 bdrm condo and have a mgr Airbnb it and make $500/mo after mortgage and costs..

TOTAL PASSIVE INCOME IS $573.49/month

Summary

Do you want to have your passive income goal become reality?

Then follow the steps here in order:

#1 Set Your Passive Income Goal

#2 Write down Why You Want It

#3 Write down How Your Life Will Change

#4 Put 10% of Income in High Yield Savings Account

#5 Invest in higher yielding investments (be ok with losing money as you learn)

Follow them and you will see, your life will change in just a few years.

I’m living proof.

I have been using these strategies for 7 years and they have consistently made our family thousands every year.

We are completely debt free & we have passive income that is growing.

I left my bank job (last day was Dec 23 2016), and now I:

– Coach others on how to become financially free and invest

– bought our first condo in 2017 and we are currently in escrow for our first investment property

– Am a full time mommy

– Travel on longer vacations (5 weeks in 2017, including our first 7 cruise)

Trust me, I know what I’m talking about.

However, if you are saying in your head right now “WAIT!!! I NEED SUPPORT!!! HELP ME!!!”, then, I have some options for you:

OPTION 1: Finance Freedom Mastermind ($5,000.00)

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OPTION 3: Finance Freedom Training Live ($97/month until the end of July)

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Weekly 40 minute video sessions sent to your e-mail

Weekly actions steps to keep you on track to your passive income goal

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Go to http://FinanceFreedomMastermind.com/live now, enter your e-mail, and get started.

Free Gift

You’ve been great, and now I’m going to give you a gift!

Maybe my story really hit you, and you’re wondering, can I do what Mey did for her family?

YES YOU DEFINITELY CAN! Here is my FREE GIVE FOR YOU =)

I have a free Map to Freedom, with lists of articles about topics like high dividend yielding Real Estate Investment Trusts, Money Affirmations, Real Estate Investing Examples…and many more

Visit http://YesFinanciallyFree.com/Map and find the information that you need.

About Mey Duldulao

Back in 2011 I had over $30,000 in credit card and line of credit debt, was living paycheck to paycheck and was stressed out over my lack of success in my financial life.

In April of 2016, I became debt free and had a monthly passive income stream. I quit my job on December 23, 2016, and started doing my dream work of mentoring others on what I did to create the freedom to quit my job.

In 2017 we bought our first condo in Waikiki, and we went on 5 weeks of vacation (including a 7 day cruise to the Mexican Riviera)!!!

I spend most of my time doing what I dreamed of for years, spending my days with my son Jordan and my husband Jomel, enjoying motherhood and being a wife. I also enjoy researching Financial Freedom and sharing what I learn with my clients and on my blog.

If you want to learn more about how I can help take back control of your money and your time, then CLICK HERE, watch the free video and get started!