Imagine a FIREhose of cash, a flowing river of money streaming forever in whatever direction you aim it. Mighty rivers emerge from the humblest of springs, and my FIREhose of cash started with a $3,000 investment into an E*Trade account in September of 2012. Today there is roughly $347,000 in that account, and in 2017 that account will generate over $8,000 of purely passive income, in the form of dividends paid by the companies in which I invested.
My goal is the ever-elusive Financial Independence, and I am an enthusiastic (albeit older) member of the Financial Independence Retire Early (FIRE) club. Since opening that initial account, I have made a few other investments, and I am continuing to invest and build up the income streams from those accounts.
Passive income means freedom. It means you are no longer chained to a desk, or imprisoned in a cloth-covered cubicle. It means economic security. It means you have choices that you didn’t have before. Passive income means you have time AND money.
The good news is that passive income is no longer the domain of the idle rich. ANYONE (including you, my eager reader) can immediately begin building a stream of passive income. All it takes is a bit of money, a dash of hope, and a plan of action.
I took this leap of faith five years ago (in 2012), and this year my total passive income from all of my FIREhose accounts (including the E*Trade account mentioned above) will exceed $28,000 by the end of 2017. This income is SOLELY from dividends and interest earned from my passive income investments. I did NOTHING other than research and buy stocks and mutual funds (and more recently, rental properties), slowly building up my positions over the last five years.
Trust me, folks. If I can do it, you can do it. Five years ago I had nothing, yet today I have a sustainable FIREhose of cash, which will only grow larger as I approach FIRE.
I have started to tell my story with the first post in this blog. I will continue with new posts, and I will update the status of my Cash FIREhoses in each new post. Along the way I hope to provide analysis, commentary, and insights into the wonderful world of passive income investing. I hope you find my blog enjoyable and informative. Thank you for reading!