When will I achieve full financial independence? When my monthly revenues from all non-work activities exceed my monthly costs. If this happens, I will be able to stop working while maintaining my current standard of living. How much money do I need each month? I will reveal this in detail in the next part of this cycle, in which I will discuss the topic of creating a personal financial statement and calculating your own net worth.

Financial freedom

Financial freedom

If you read my guest blog entry Rational Saving, you already know that my family’s fixed monthly costs are PLN 11,546 . If we exclude from this loan the installment of which is currently PLN 5,215 (and which I intend to pay back before 50), the fixed costs will be PLN 6,331. Taking into account irregular costs, I would feel safe if my family’s passive income was PLN 10,000 / month.

How to get so much money without working (read: get regular income without having to work – that is, exchanging your time for money)? The best way is to win at Lotto, but somehow it happens that I’ve never had a set of “sure” numbers. However, I know how much I have to win roughly  A minimum win in the Lotto in the amount of PLN 2 million, working on a 7% deposit per year, after taking into account the Belka tax, would give me about PLN 9,700 of interest per month. But unfortunately this account does not take into account inflation and the gradual decline in the purchasing power of money over time.

From what else could I get passive income

From what else could I get passive income

Besides interest on bank deposits? Once upon a time I wrote a book about “Windows 95”  I wrote the book for about three months. And she earned royalties for me (author’s salary) for over two years. I remember it was very nice to know that without doing any additional work, I can count on a generous transfer from the publisher once a quarter. At that time, it was really big money for me (because books sold well).

For me, another source of such income is the proceeds from renting an apartment. It could also be dividends, investment income, bonuses granted by banks, eg “cash back” or reimbursement of a part of costs incurred in payment with payment cards, as well as income from Internet activities (e.g. earning on advertising, partner programs, etc.) .

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