Once reach passive income?? What now?

A hypothetical question or reality for some. What happens or what will you do once you reach a passive income state? Do you buy more property or asset classes thus reducing your passive or just live off your current passive?

Thought I would see what comments come from the above.

Cheers,

Matt

 

Lay on the couch all day. Then life will be good.

 

Why not buy more positive cashflow property to further increase your passive income?

 

Buy a second hand camper-van and go on the missing persons list ..

 

I guess the question would really depend on how much you need in passive income to live off. If the amount of income passively generated isn't enough then you would need to purchase more. If it is well then you can go camping...

 

Different people need different amounts. Once the desired income is reached, some will just keep on keeping on, striving for more & more, others retire, and do whatever they want. Then you have those who sit in the middle.

 

it also depends on the ago when reaches this stage. lots of things happening in life, kids, home, portfolio.... never a dull time

would love to do full time travel, and some charity work, and helping others ( no financial benefits)

 

Depends. Are you investing primarily for the money? Or because you like doing projects? In the last 2 years I have enjoyed doing a major reno. I am also wrapping up a build which I didn't love doing. But that has only made me want to build but do better next time. I can't see myself not doing a project even if I might not need the cash.

 

Does it change your approach? For example, are you more risk-averse to protect your nestegg? Do you only dabble with "excess money" and leave your minimum income producing wealth alone?

If I were financially independent right now, I would be doing more volunteering at school, and each school holidays doing awesome stuff with the kids. I'd look at projects I can work on when I choose to during the school term. I'd try and convince my wife to take a year off work and travel around Australia, and maybe overseas. She actually thrives on her day job - I doubt she would give it up, maybe just drop back to 3 days/week)... but theoretically, she could really work from anywhere, already does 2 days/week from home.

I wouldn't stop "working", but I would be working on what I want, when I want.

Cheers,
Inertia

 

Become a mortgage broker

 

Or watch Housewives of Beverly Hills, housewives of Melb, housewives of Orange County... and then life will be good

 

you forgot Married at First sight.. lol

 

If you've reached your goal for passive income you haven't reviewed your goals or put in stretch targets - ideal income generated by IPs = $n + 1

 

of course, Tracey smashed Dean, never saw that coming.... hehe

 

Pass Go. Reincarnate. Go around again.

 

Fulltime travel with 1 month stints back home in Oz every 3 months (to recharge, stock up on supplies, deal with banks etc).

 

I have reached my passive income goal many times. What happen is that you set a new higher goal and keep making more money and you let your spending increase.

 

It doesn't change my approach and I don't protect anything. I do what it takes to get to the next project.. provided the next project stacks up. So far my (unintentional) business model has been to create nice family homes in an area that doesn't have a lot of nice family homes... then rent them out at a discount to needy families.

That sounds great! I would love to travel around Australia. I actually seen most of the coast of Australia but that was years ago and I would love to see it all again. Having seen most of the coast of Australia I can highly recommend the "travel around Australia" option.

 

Travel around Australia sounds great. What are the best places to go to?

Matt

 

All of them from what I hear

A former work colleague has done 2 "big laps" - each slightly different and taking a year off each time, with a year work in between. His stories are amazing, and it is just simple stuff like the kids learning how to play with sticks and rocks again, his 6yo son asking for an axe for his birthday (and getting one! His job was to organise the firewood each day), and basically just taking each day as it comes and not rushing anywhere.

Cheers,
Inertia.