I'm seriously diggin' my new part-time lifestyle.
As many of you know, I quit my job last month and I couldn't be happier with my decision. I snagged a sweet part-time gig after a brief stint of unemployment. And I have spent the rest of my time doing things like watching The Blues Brothers on the treadmill in the middle of the day. Because I can.
I'm well aware working part-time will not last forever, so I'm embracing this time to recharge, take care of my body, and fully prepare myself for what adventures lie ahead.
I had a rare twinge of regret recently when I realized my savings have plummeted to zero percent over the past two months. That's a tough pill to swallow after having saved between 40-50% of my earnings for the past several months.
I felt a sense of panic come over me and I started scouring the internet for potential side hustle ideas. There are unlimited ways to earn extra income and there has to be several that I'm well suited for, right?
Passive Income For the Win
My attitude quickly changed when I noticed Kinder Morgan (KMI) had quietly slipped me a $25 dividend in the middle of last month. That's $25 I earned while sleeping late, taking two-hour lunches, hitting up happy hours, and chilling with my cat. Nice!
In fact, I've earned $283.63 in various dividends over the past two months in 100% passive income. $283.63 is certainly not enough income to cover my expenses, but it's a fantastic reminder of the importance of making your money work for you.
$283.63 is the equivalent of over 14 hours of work at $20 per hour.
Which way would you prefer to earn $283.63?
Earning $283.63 of passive income feels so much sweeter than from hustling for long hours, driving overnight, and attempting to reconcile an artist's money on 2-3 hours of sleep.
Paying Myself First
Several months ago, I slashed my expenses and saved aggressively in order to purchase several quality stocks. Now I'm being rewarded for my discipline.
Where did I begin? The S&P 500 Dividend Aristocrats. These are U.S. companies that have increased their dividend payouts for the past 25 consecutive years. Rather than timing the market, I've purchased stocks from quality companies. These are purchases I plan to keep for the long haul.
Even though I haven't accumulated much, I'm already seeing the dividends trickle in. Making progress on passive income is similar to losing weight. Even the smallest amount of headway can feel incredibly motivating.
Not going to lie, I definitely poured myself a celebratory porch drink when I received my first $7 dividend from Johnson & Johnson (JNJ).
I can't wait to purchase new assets once I have regular income again. But until then, I'll enjoy my part-time lifestyle while my dividend portfolio does the heavy lifting.
Readers: What have you done to ensure your money is working full-time for you? Have you been successful in generating passive streams of income?