Passive monthly income - Out of the rat race? - Posted by Scott

Posted by Scott on June 19, 2001 at 23:37:54:

Hi Steven. Thank you very much for sharing the story of your success. I have read many of your previous messages and I can see you are very experienced and you enjoy helping other people.

Although I am new to this site, I agree that it is great and I’m excited to be a new member and to be able to participate in the excellent discussions and to meet many new successful people.

I am working very hard on exiting the rat race and I will let you know as soon as it happens!

Thanks again.

Sincerely,

Scott

Passive monthly income - Out of the rat race? - Posted by Scott

Posted by Scott on June 19, 2001 at 20:53:11:

Just curious… who here has gotten out of the rat race because of their passive monthly income? I’d love to hear some success stories.

Thanks,

Scott

Re: Passive monthly income - Out of the rat race? - Posted by DanT

Posted by DanT on June 20, 2001 at 05:44:22:

Scott,
Well, I am not sure if I qualify for your request. I think the “rat race” idea is a bit over blown. The issue is are you happy doing what you are doing. As in SteveS great story on down the board, it all takes work and effort. And even when you hit a goal, you develope more.
I say all this because I still work a job and rehab houses, and choose to do so. I have been investing successfully for 16 years and had a dismal failure 18 or so years ago. I started with high debt, divorce bills, new marriage bills, new child bills, but managed to have good (not great) credit. We had a local bank that was stuck with 70+ repossesions so with good credit and a submitted plan you could buy with no money down and they would finance certain repairs. I had a hard time coming up with the $150 application fee.
Today I buy and rehab a house or two a year. I am primarily a landlord although I sell one once in awhile. I teach at a vocational high school, and I own a repair business. Being a confirmed work-a-holic and liking to do a variety of things instead of just one, this all suits me well. And I am very happy as is my family and that is what matters. DanT

Re: Passive monthly income - Out of the rat race? - Posted by SteveS(CPA)

Posted by SteveS(CPA) on June 19, 2001 at 22:58:15:

Scott,

I hate the word passive income cause it sounds like the money isn’t doing anything. And my money is very active. But I know what you mean. And yes I’ve been happily living on a passive (active) income for 3 years now.

And I started with NO money and shaky credit. The advice the more experienced people on this board are giving is very very valuable. Don’t be fooled or deluded into believing that just because it’s free its not worth something. Most of the advice that is given on these boards are not only first rate, but also coming from top people.

Where else but in the U.S. can you talk to more than a half dozen (or more) millionaires and rapidly rising successful people; ask a question and get advice that will help you become as wealthy as you want to become. This is a great country and this is a great website. The only thing standing in your way of becoming as successful as you want to become is YOU.

I hope to hear the news of your departure from the rat race soon. good luck and best wishes.

Steven

Re: Passive monthly income - Out of the rat race? - Posted by Rose

Posted by Rose on June 19, 2001 at 21:06:59:

You must be playing cashflow 101 game. How far are you getting out of the race? Sorry, no success story yet.