Applicable in 2019, 2020, and beyond, Passive Income, Aggressive Retirement is the gift that keeps on giving. I had no idea how dire our future retirement looked as millenials, but I'm glad I got my wake up call! document.getElementById("af-footer-1925292122").className = "af-footer af-quirksMode"; Just a moment while we sign you in to your Goodreads account. We have a pretty high NW that will throw off significant dividends/interest without taking into account RMDs. 3. "Smart, sassy, approachable, readable, and IT MAKES TOTAL SENSE!" while searching for retirement books on Amazon. Some people do that and are very good at it, but it becomes a job unto itself to continually find under performing, undervalued, properties and bring them up to market performance. In reality, how often are people successful at saving that amount? This post may contain affiliate links. She shares five main ways to build passive income – royalties, portfolio income, coin-operated machines, ads and e-commerce, and rental income. Time will tell, but best of luck to you regardless. I bought Rachel’s first book Money Honey about a year ago thanks to a friend’s recommendation and LOVED it. Btw, when’s your interview coming out? Your First Passive Income Stream, Ch 25: Limiting Beliefs are for the Birds, Acknowledgments, Recommended Reading, About the Author. if (document.compatMode && document.compatMode == 'BackCompat') { Please read my disclosure statement for more info. 3. Other books are “fine”, offering a few good tips here and there. Yes, I know there are other forms of side hustles – like ESI websites – ha. She then spends several pages talking about how this idea is outdated, broken, and nearly impossible these days. if (document.getElementById("af-form-1925292122")) { Business cards which look ... Financial Ratios help us get a quick idea about the health of a company. Richards also has a book called Money Honey: A Simple 7-Step Guide for Getting Your Financial $hit Together. Regardless of your WHY, passive income could be your HOW. My career has included so much travel (including living 6 years in Australia and then splitting my time between Europe and the U.S. ever since) and hours/effort that I simply haven’t had enough spare time in one place long enough to develop a rental properties portfolio. Let’s re-cap the problems of the Nest Egg Theory: In the end, I don’t discount that accumulating $2 million requires a lot of effort. Even if you hire a management company you need to be able to understand the business well and manage them well or you will still have significant risk of loss. at any age, not just when you are “older” like your parents. Now I feel like I was a complete slacker in my 20’s. This book is amazing for people looking to change the way we think about retirement AND implement the steps to do it! The author lays it out for the reader in an easily digestible way. But it can be done safely when done well. I think you can call it whatever you want! I’m sure it’s a book I’ll return to through the years. "Passive Income, Aggressive Retirement: The Secret to Freedom, Flexibility, and Financial Independence" gives hope to those of us who feel like we're living paycheck to paycheck. I was already learning new info by Chapter 1, including how to reframe my perspective on the traditional way of Retirement in the US. I will no doubt have a ‘side hustle’ when I retire. Thanks for saving me the time of responding and contributing all the things I wanted to state, but doing it in a much better way than I ever could have conveyed. I had no idea what kind of potential passive income held until reading this book. At age 27, former financial advisor Rachel Richards quit her job and retired. No, side hustles can refer to a wide variety of money-making activities. There’s really very little about retirement, planning for it, etc. Thanks for the effort. Of course, the biggest word in that previous sentence is “if” – perhaps having the property as collateral lowers borrowing costs? this is why i try to cover a lot of options on ESI Money — some will work for some people, others will work for other people. Passive income is real and attainable for everyone, even you. And she really stresses how passive income DOES take work up front. I thought this book was great. I don’t know of any other normal investments that can use leverage as safely as real estate can. I’ll evaluate them all, sharing what I think of each category overall as well as detailing which ideas I like best and why. She now lives off $15,000 per month in passive income. While I enjoyed Passive Income, Aggressive Retirement on the whole, part of me did feel as though there wasn’t a ton that was truly fresh. Also, as a long time reader and one who has significant rental real estate, I wanted to thank Apex for writing yet another extremely concise response… probably one of the best I’ve seen on any blog. Each option takes a little time or money in the beginning to get started but will get more passive over time. By now the book was getting very interesting to me. When I research ‘average long term real estate returns’ online, I get a range of answers around 10%. Every once in a while, I hit the jackpot. In fact, according to the Government Accountability Office, around 29% of households age 55 and older have neither retirement savings nor a pension. And, the effort for rental properties is surely higher, unless you pay for outside management, which reduces the yields. Facts are facts. It is almost completely worthless IMO.). Of course, this whole plan would be different if our true goal had been early retirement. Rachel is not only an excellent writer and teacher, but also an inspiring example of how to do what she has done. That presumes you already have a huge asset base that you want to borrow against for a different investment purpose. As I had stated, it is not for most. You can argue that some stocks may be undervalued but that is a tug of war with millions of other market participants and you have no way to make the market recognize what you think is missed value. The author tells how you can make something out of nothing (well, not *nothing* if you consider time and energy to be *something*), which means that anyone with a little grit and desire can build an income stream that isn't tied to a 9-to-5 gig. **Adulting is hard, I own the ebook version, but checked out the audio version from the library. This is one of them. by Rachel Richards and my mind is blown. I initially read it because I was interested in reading more about the F.I.R.E. Regardless of your WHY, passive income could be your HOW. Giveaway: Passive Income, Aggressive Retirement. Most people will screw this up. These comments are not meant to say, “ooh look at me and how well we did.” It is to demonstrate that working longer, retiring later with careful planning, discipline, and some luck can allow you to retire to a lifestyle that does not need to be further supplemented with additional sources but also means we don’t truly enjoy financial freedom until later in life. For savvy investors and people with a decent business sense I think it is hard to beat. A 2016 study showed that the mean retirement account savings of people in the 56-61 age bracket was only $163,577. For each category Rachel lists multiple examples and goes into great detail on how to implement each one. 1. Buying stocks on margin can never duplicate the safety of a well managed cash flowing leveraged real estate portfolio.