Episode 114
Multiple Streams of Passive Income
Rachel Richards left the 9-5 working world at the ripe old age of 27. How? By leveraging her understanding of finances and passive income.
She wrote her first book, Money Honey, in 2017 and it was a huge success. Suddenly people had a book about finances that wasn't mind-numbingly boring and dry as dust! At the same time, she and her husband began investing in the real estate market, purchasing their first duplex. The resulting rental income, along with royalties from her book, provided them with an income allowing Rachel to quit her job and retire, the bottom line being that once your passive income exceeds your expenses, you no longer need to earn more money to live on.
Of course, that doesn't mean Rachel has stopped working! She is a dynamo, always looking for the next project. Her second book, Passive Income, Aggressive Retirement, is also a bestseller and they now own more than 40 rental properties.
Check out Passive Income, Aggressive Retirement here
Rachel gives some recommendations for getting ready to retire:
- Pay off all high interest debts
- Ensure you have an emergency fund of at least 3-6 months' worth of living expenses
- Invest money where it will grow
When all these steps are in place, THEN it's time to start looking at passive income.
Timestamp 17:06 - Find your passion - Rachel offers some questions to help you sort this out.
You can find out more about Rachel through any of the following links:
Website: https://www.moneyhoneyrachel.com
IG: https://www.instagram.com/moneyhoneyrachel/
Facebook: https://www.facebook.com/MoneyHoneyRachel/
And if you go to her website you can get her bonus Passive Income Starter Kit
