Apart from your monthly salary, what are your other sources of income?How much dependent are you on your monthly salary?
Title says it all (EDIT) - almost all answers are of married guys. Marriage does bring partnership & more clarity or at least the need for evaluation in terms of financial resource management. Would love to see some unmarried people's perspective as well.
My wife and I have structured things that we can (just barely) pay all the big debts and other commitments on the lower monthly salary (hers at present but hasn't always been.) No other sources of income to speak of.
We make sure we can still get by and pay for our home(bought) and living expenses if one of us lose our job for a long time. Still building capital.
Did you guys think about creating other passive sources of income? Any strategies in consideration at present?
There’s no such thing as a “passive” source of income. Anyone who says there is is trying to sell you something.
When young(20s), I was very dependent on the monthly salary and was hardly able to save money. As I grew older(30+) salary increased and I'm able to save for down payment on a home. Besides home and 401k, stocks is my main nest egg.
How much of your money is in stocks? What trading platform do you recommend?
Rental properties
Cash flow: Rental properties Dividends Vested RSUs Capital: Real estate appreciation Stock and mutual funds Still rely a lot on salary to finance our Lifestyle and kids’ expenses. If we both lose our jobs, we can survive but probably have to sell some of the rental properties/stocks to cover our mortgage and living expenses. Lifestyle will need to change for less as well.
Option trading, lower risk, potential for higher return, but note lower risk does not mean no risk, trade at your own comfort level
At this point of I lost my job we would be in deep Doo Doo. We have rental and investment income but are pretty highly levered. We would probably have to sell our rental property but could get by for a long time of we did. We could probably retire somewhere cheap at this point but with things rolling so well no desire to.
2nd job — contract work. Been doing this for 4 years, and it’s been great $$ but I am totally burned out. It especially sucks when a crisis occurs at either job, or both jobs simultaneously.
Network. It helps to have friends at other companies and a very specific niche.
Stocks?