Let’s face it, our generation buys for the what if situation. We want to be prepared. We want to do it alone. We don’t want to borrow or be without so we plan and prepare for all situations…and it costs us money.
For us, we bought a larger home than we needed. Anyone looking at us would have thought we were buying for the future (aka married and most likely having kids). However, looking back, we often bought too far in the future and it cost us money in mortgage interest. Then life happens and it’s not always as we plan.
Children didn’t come as quickly as we had hoped and we found ourselves with a very large, very empty house that we were financing, heating, maintaining, and trying to fill with belongings. We loved our house and never considered selling it, but I do sometimes wonder if we would have been debt free sooner if we had not gotten ourselves into that situation. Fortunately, we had someone ask us if they could live with us room and board as rentals were hard to come by. Fortunately, it was a wonderful experience that lead us to open our home to more renters and in three short years we had earned $30,000.
Do you have a nice room you could airbnb? Do you live close to a college or university and have a spare room to rent out? Do you have empty space in your yard to store someone’s trailer for rent? Do you have a trailer your rarely use that you could rent out? One of the best passive income generators is using what you already own to make some extra money. Often you don’t need a rental property to make some extra dough-you just need to be creative? Close your eyes and think if you have any possibilities to create some passive income? Are you getting more in debt every day or closer to financial freedom? Every extra dollar to getting you onfire will take you closer to your dreams!!