Mey here on a lovely Thursday, blogging about Money Is My Friend
…inspired by the book Money Is My Friend
…this book was recommended to me by one of my financially free friends Scott…
…I really enjoyed it and had a life changing moment occur when I read the part on passive income…
…when I read the book I was already making dividends with some of my stocks, and was reinvesting them using DRIP…
…and then I read in the book that if you want to be free you have to live off of your passive income…
…that means that you PAY YOURSELF YOUR PASSIVE INCOME every month…
…he had a story in the book where he had a savings account, and it made about $2.00 the first month…
…and he took the money and bought a movie ticket with it and enjoyed a movie…
…the point?
…we need to take our passive income and use it as we earn it, and it doesn’t matter how small it might be…
…this allows our passive income stream to grow and eventually replace our working income…
…if we never take out the dividends and live off of them we will never be free…
…it prevents us from falling into the trap of just saving and saving and working and working our whole lives and keeps us on track for our real goal, which is to make our own money with our own money…
…so right then I started paying myself 90% of my dividends (for all my income, including my passive income, I always pay myself 10% first and put it into my financial freedom account)…
…it’s amazing how just reading that one section in the book changed my life…
…suddenly making passive income streams became A LOT MORE FUN!!!
…and as I’m writing this I’m realizing that I have money in my savings account that is earning interest and I have to pay myself 90% of my interest…
…SCORE!
…so I encourage you to start this key passive income habit, which is start paying yourself your passive income every month…
…you’re going to get a lot more motivated to find ways to earn more and and you’re going to enjoy your money so much more!
What about you?
Do you make passive income in the form of interest, dividends, royalties, etc?
Do you pay yourself your passive income?
Tell us in the comments below!
Thanks for sharing Meylysa. Love that you do a scope a day.
Thanks for watching my scope and I hope it gave you some value regarding passive income =)
great concept mey and i will have to check that book out. People see money as a bad thing when it is a good thing
Thanks Sheena! It’s a good book, money is our friend!