What Passive Income means to you may mean something different to others. Darlene and myself want to have many streams of passive income built up for our Financial Freedom plans. Passive Income if you don’t know is Income that you make with out going to work or doing work to get paid. Yes, maybe you did work once to do it but then after you do it you could be making money off that constantly the rest of your life.
Health Insurance is a major expense for some people. It is an expense we teach our boys to factor in their Financial Freedom plans. Medicare Insurance doesn’t start till age 65 so if we quit working before than we will need to buy our own policies.
Have you heard about Coronavirus yet? If not, you must be living in a remote Forest without a cell phone. Let’s try to forget the last few months look forward to April. Business industry is being shut down more and more each day.
Emergencies funds is an important part of our Financial Freedom plans that we have. We want our Money working for us the best it can and still be able to get to some of it that we may need for Emergencies. Money hit under your mattress doesn’t earn anything or even can be worth less next year because of inflation.
March is over but upcoming months may not be any better. WOW, we are living in a wild time right now. I know our boys should remember this the rest of their lives. March again wasn’t a fun month if you have money in the Stock Market or in Digital Currency. As you know the Coronavirus is growing and it hurting people, businesses and our economy. For us we may not like seeing the stock market numbers but we know we are in for the long haul and we feel the stock market will come back sometime down the road and be even stronger than it was.
For our family Roth IRA’s and Roth 401K’s are currently our best option. We are a huge fan of them. It isn’t for everyone but we stress to our boys to start with Roth Retirement Accounts early to help them towards their Financial Freedom goals.
Most people probably would say they love and care for their family and friends. Myself I like to solve problems because I don’t like to see anyone suffer. Especially when it is my family or friends. It normally has felt good when I could help them out with loaning people money but then normally those feelings go away and new feelings of pain seem to set in.
Many people do not have enough money in their bank accounts to pay for a $1,000 car repair bill. I have worked with and talked with so many people that had less than $100 in their checking and savings account. Many had no retirement savings either. I have heard that one out of four people have no emergency savings fund.
Once debt free it is important to stay debt free. This is one of the lessons we teach our boys. It is easy to get back into debt if you let yourself once you are debt free. I know this from personal experience. I let myself do this several times until I got tired of the rollercoaster of debt and jumped off.
Let’s try to forget February and look forward to March. There is a lot of negative news right now that for sure is affecting the stock market. With the Now the Coronavirus situation. There is so much news about the Coronavirus everywhere.