Bozzlife: Passive Income Goals

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My dad is a hard working man. He always has been ever since I was a kid. He also knows the value of working smarter not harder when the situation allows it. I would guess many people would have a hard time finding the fine line between being lazy and making your money work for you.

I love the idea of passive income. It is one of the biggest things that drew me to Hive in the first place. The idea of letting my stake work for me is quite possibly my most favorite aspect of this place (next to the community of course...)

In case you haven't heard, there are some pretty big lottery jackpots kicking around in the United States right now. The Mega Millions jackpot is sitting at $850 Million and the Power Ball jackpot is at $730 Million. With all of that money on the table, many people are feeling a bit of "lotto fever".

It isn't uncommon when the jackpots get this high to hear people talking about what they would do if they won. In fact, I was having one such conversation just the other day.

At that time the jackpot was only at around $800 million dollars (isn't it funny how I say "only"...). Anyway, I was talking to my brother in law and I mentioned that if I won, I would probably take the lump sum (you can either take a lump sum or get smaller payments over time).

I figure after the government takes their share, I would probably be left with about 500 million dollars. That's just a rough guess of course but when you are dealing with hundreds of millions of dollars, is there really much difference between 500 million and 450 million?

Anyway, so I take the lump sum and I put it in some kind of investment account. Something that will maybe net me 10% interest. Shouldn't be too hard, how do you think many of the rich people stay rich? It is just us common folk that are stuck with the lousy 1% interest rates on our savings accounts.

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With that 500 million invested in a 10% interest account, I am now brining in 50 million a year in just interest. My thinking is, I would take 1 million to live off of and then I would start a foundation and give away the other 49 million to different causes, charities, etc.

My brother in law must have thought I was crazy because he said "you would give away 95% of your winnings?". That is where I had to correct him. My winnings were still safe and sound in that investment account. I was merely giving away the interest.

I live off far less than 1 million per year right now. If I couldn't do that in the future, I am doing something very wrong. Even if we purchased a couple of vacation homes and new vehicles and did some travelling, I still don't think we would be close to going over 1 million per year. That just isn't our lifestyle.

The conversation really reminded my how little people think about, understand, or even consider the idea of passive income. I think (at least in the US), that we are so used to being screwed by horrible savings rates, or not having an active roll in our retirement savings, that we fail to realize the power of passive income.

The reason for all of this

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I write this post about passive income because over the past weekend I reached a goal I had set for the early part of this year. If you go back and look at some of my recent posts, you will see that I challenged myself to acquire 2000 LBI tokens before the end of the month when the price goes up.

On Sunday I was able to pick up the final 50 tokens I needed to hit that 2000 mark. If you are not familiar with the @lbi-token project, I encourage you to do some research and check it out. It is a great long term investment to help generate some passive income for yourself.

The team has a proven track record with their previous project SPInvest and I have zero doubts they are going to make LBI something pretty fantastic too.

I am really excited to have a stake in this project and even more ecstatic that I get to mark one of the goals off of my list for the year.

Time to set some new ones!

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Sports Talk Social - @bozz.sports

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@eos.detroit Staff Writer/BOID Team Leader
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