A week and a half ago, Tom and I achieved one of the goals we had set our hearts on ever since we started to seriously discuss marriage. (Don’t get too excited…I’m not pregnant yet!)
Tom and I are now officially landlords! Having rental income is one of the ways we had always hoped to achieve income that is (for the most part) passive. To be sure, there is a lot of work that goes into preparing a property to be rented (painting, installing carpets, putting up curtains, etc…), finding a good tenant (advertising, creating an application, performing a background and credit check), and with the upkeep of the rental property (for instance, the washing machine ALREADY needs fixing). But I’m defining passive income as a source of money that is not obtained by trading hours of your life for an hourly wage. Even though we don’t get to sit back and do absolutely nothing for our rental income, it sure beats having to report to a work place for a set number of hours each week in return for a paycheck. Ideally one day we will be able to say goodbye to the 9-to-5 work schedule altogether.
Rental income was part of our master plan as we began to look at homes several months before marriage. We wanted to buy a multi-family home so that someone else could pay our mortgage.
Becoming landlords is a blessing to us for two reasons:
- The additional income will help us put more money away for retirement, and will make it easier for us to retire in our 30s or 40s.
- Once we do retire from our day jobs, we will still be able to rely on rental income each month, God willing.
At the end of the day, having someone with whom to share dreams like this energizes me and motivates me daily to make them happen. Yesterday the Northeast got pummeled with snow, and the hubster and I got to have a snow day at home together.
Thinking about how much I would like to spend every Tuesday afternoon with Tom, walking around a park, going to a museum, or even doing something mundane like grocery shopping, lights the fire in my belly to make daily decisions that will bring us closer to this ambitious goal! That means taking a few minutes to pack a lunch in the morning instead of doing the easy thing and buying an overpriced lunch at work. It means reminding myself that I already have 20 or so scarves in my closet and that I don’t need to buy that one that is just oh so cute and (slightly) different than any of the ones that I already own. There really is something to that old cliche about life’s successes being more meaningful when you have someone to share it with.