Path 2 Passive
Passive Income, Financial Freedom and Homesteading
“A 31 year old dad trying to achieve financial independance through generating 10 passive incomes in 10 years with A homestead feel to it”
About me
I am 31, live in Townsville, North Queensland. I married my high school sweetheart and we have a little 13 month old boy Cohen. We live on 3.5acres of land 15 minutes outside of the city centre.
How it started
For years now, I have always been interested in passive incomes. I have been investing in stocks for over 12 years now, but lets face it, that can be quite boring. I have tried and tested every passive income idea under the sun, trying to “get rich quick” without having to lift a finger. Ahh the Aussie dream. But I always hit road blocks. Too much effort, not enough return, not my thing etc.
So when I turned thirty it hit me (with a little bit of liquid courage), I don’t need 1 passive income I need 10. But that sounded extremely daughting, to come up with 10 ideas was too much. To get them all going in 1 year, impossible !! Where to start ?
So I come up with an idea !! How about over the next 10 years, I will create 10 passive income streams, that generate atleast $50/ week of income each, this would then give me $500/week or $26k/year of passive income by the age of 40.
Now the plan is to dedicate 1 whole year to a passive income idea that only had to generate $50, Now that seemed plausible. As my old man would say “chip away” was my method to victory.
After the 10 years is up, I can review my passive incomes then either scale some up, start another 10, or even pass the incomes on to the next generation as a valuable learning tool to them.
So this is the journey of the path to passive. Feel free to follow along.
Income Streams
| Stream # | Stream title | Average Weekly Income |
| One | Horse Agistment | $60 |
| Two (in progress) | Egg Farming | $20 |
Income Stream in progress, but not worrying to much about them.
- Blog/ Website
- Stock Portfolio
What is passive income?
Passive income refers to earnings derived from ventures in which a person is not actively involved. This can include rental income, dividends, or earnings from a business where one is not actively managing day-to-day operations.
What are your passive income stream ideas?
Common passive income streams include affiliate marketing, stock dividends, and creating digital products like eBooks or online courses. Each option has its own risks and rewards, I will explore 10 options over 10 years and give a passive score on each one.
Is passive income truly passive?
While passive income can provide earnings with minimal effort, it often requires initial work and ongoing management. For instance, rental properties need maintenance, and online businesses require marketing. Understanding the level of involvement needed is crucial for success in passive income ventures.
How long does it take to see results from passive income?
The time it takes to see results from passive income varies widely based on the chosen method and individual effort. Some may see returns immedietly, while others might take years to establish a reliable income stream. Patience, research, and consistent effort are essential for long-term success.