$69,420 a year in passive income is enough

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$69,420 a year in passive income is enough
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But I can fill the hole inside me with mindless consumerism! Yes capitalist Daddy, please sell me on the social aspect of another commodified hobby!

With that passive income you just have to look at a few things:

  • make a budget of your current costs over the last two years, compared to your rent/groceries, etc.
  • how long do you expect to make this passive income? Passive income can be highly variable. Budget only about 50-75% as many passive streams tend to decrease over time.
  • rank your income streams by stability, then budget from your most important to your least important.
  • are you taking advantage of tax advantaged savings accounts, and are you making sure you’ve set aside taxes for your passive income?
  • it might make sense to incorporate your passive stream so you can defer taxes on your income, and harvest losses for more favourable withdrawals. Incorporating isn’t free, so there are always tradeoffs.

Jokes on you, you are enough and worthy of love 😎

Why would you buy a weighted blanket when you could simply remove a load bearing wall and create the ultimate weighted blanket?