The 500th milestone is still far away but I've got to get going with plans if I ever have a hope of reaching it. I may have to reach my 500th milestone by a combination of active and passive income. I don't think I'm entirely willing to devote time and energy to get a job that pays 500k per annum (and if stress doesn't get me, maybe impostor syndrome will). So here I am, taking stock of my income and expenses:
- My day job pays under 100k per year and this is all I consider to be my source of income at the moment.
- I have some shares outside of super and they are on a dividend re-investment plan. I also have no plans of selling these shares.
- I have a mortgage on a one-bedroom apartment that I bought in May this year, so I'm still clawing equity on it. I used the first home buyer super saver scheme to help me save and I really liked having the automatic deductions from my fortnightly pay (I would have spent the money otherwise).
- I spent alot of my cash on hand buying the apartment so I'm also still trying to pad out my savings again.
I don't have a partner, I have no dependents or pets, and I don't have traditional vices. I do have expensive hobbies. I travel all around the east coast of Australia alot. I also want to get a recreational pilot's license (my goal for the 30s).
Anyway, the only feasible passive income sources for my capabilities (that I can think of) is dividends and royalties if I ever decide to publish a fanfic adjacent piece of lore (fanfic is for another post).
Perhaps a 2-monthly automatic purchase of dividend focused exchange traded funds will be a start. I will put them all on a dividend re-investment plan while I'm in a gathering phase. I will report back at some point when I figure out how to automate the purchases. It needs to be automated or I will be tempted to spend the money.