Two and a half years ago, I created an article called Creating Alternative Income Milestones, and I’m happy to say that I’ve made it to level 1 already! I’m about one year ahead of where I thought that I would be in my progress!
In the article Creating Alternative Income Milestone, I mentioned that I wanted to speed up the alternative Income Money stream, but I didn’t have any plans or really any ideas how to accomplish this feat without working another full-time job and saving the money like a fiend! Well a lot has changed in two short years! While my levels and goals are still the same, instead of taking thirty years to develop the money stream of dividends and other investment that would total $25,000, I now want to accomplish this feat in less than 10 years.
Obviously, developing a yearly money stream in 10 years is a far cry from when I thought it would take about thirty years… so what has changed?
Instead of sticking strictly to dividends from stocks and interest from bonds, I’m planning on trying to develop an additional money stream from a few choice rental estate investment properties. I believe that if I could buy 2 or 3 multifamily units and collect the cash flow from those units, I could beat the thirty years that it would take for me to get to level 5 by just investing in dividends and bonds!
Just as a reference point, below is my Alternative Income (Passive Income) Milestones:
While I’m a long way from $25,000 or more in passive (alternative) income, at least I feel it’s a doable option now that I have more detailed plans!