We have decided to look into some of the passive income heroes who have some genius ideas on earning passive income and tell you all about where they come from and how/why they got started in passive income! Let’s face it we could all use a little extra money for something in our lives.
This week’s featured passive income hero is Michelle, the founder and front-woman for Savings and Sangria. Michelle runs a blog that is focused on money management for “young-ish” women to make saving and investing more fun. She believes in taking a holistic, balanced approach to personal finance. Her blog calls it “Happy Money Management,” and it provides actionable recommendations to help “young-ish” women help pay off their debt and save money for the future without noticeable effect on their day-to-day lives.
Michelle has been featured on Popsugar and Yahoo News. She has been kind enough to answer some questions for us surrounding passive income and we couldn’t be more excited to read what she had to say!
Interview with Michelle-
How did you get started with earning money through passive income?
My dad was a stock broker and my parents owned a portfolio of rental properties, so I was exposed to the idea of passive income and investing early in life. I started earning passive income in the form of stock dividends at around 21. I got into rental properties just last year at 31. And I started blogging earlier this year as a new income stream that will hopefully provide passive income in the next few years.
What made you believe that you could be so successful with earning passive income?
I was inspired by watching success stories unfold first-hand! To expand on what made me think I could be successful in passive income:
Seeing my parents’ success in passive real estate income, first in long-term rental properties, then in vacation rentals, showed me that passive income is achievable. They taught me how to generate passive real estate income of my own. And for further inspiration, I follow a few fellow bloggers on their journeys to passive income success. Pat Flynn of SmartPassiveIncome.com has been particularly influential in making me believe I could create additional passive income streams. He broadened my horizons to the passive income opportunities of the digital age, and I highly recommend his Smart Passive Income Podcast to anyone looking to create passive income.
What did you do before you became so successful with earning passive income?
I’ve always been in real estate: property management, leasing, property tax. I still love it! In fact, one of my successful side-hustles is writing blog content for real estate agents!
What does a typical day or week look like for you? Are you spending a lot of time on the passive income areas/earnings or do those revenue streams just kind of run themselves?
My dividend income is entirely passive. I don’t even think about my stock investments more than once/year.
My rental properties are running themselves since I put in the work to qualify great tenants. I handle a maintenance issue or two for each property every year, but otherwise, I sit back and collect about $1,000 per month in rental income.
Much of my time now is spent blogging, building the systems and the community that I hope will become passive income in the next couple years. But for the first year, blogging can be like a full-time gig! There’s a lot to learn about the technology, affiliate income, building an audience, content marketing. It’s a whole new exciting world!
What are some memorable moments during your passive income journey?
Firsts are always a big deal. My first rent payment from my first tenant was huge!
And I distinctly remember earning my first affiliate income on Amazon.com. I was (am!) weirdly proud of that $0.16.
What is your advice to someone who wishes to be successful in the passive income game?
You have to take the leap. Most people think about it and plan for it, but never actually do it. So do it! Get started and see where it goes.
Oh, and I would also advise that nothing comes without work. Even passive income requires an upfront investment of time or money or both. So expect to pay some dues before reaping the passive income benefits.
We hope you’re able to take some of this advice and use it in your own personal endeavors. There are plenty more useful tips on Michelle’s blog Savings and Sangria. If you’re interested in learning more about her and her blog I’ve included a few useful links from her homepage. Also be sure to follow her on social media to stay up to date with all of her brand new content!
We will be adding to this series soon and profiling other passive income heroes. If you know someone that has been successful in turning their side hustles into their main source of income, we’d love to hear from you. Please drop us a line at firstname.lastname@example.org.
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