Why I Need To Rebuild My Passive Income Portfolio
July 5
I'm not new to the concept of passive income. In fact, I first started to buildup my passive online portfolio almost ten years ago. I pride myself on learning things on my own. I started investing in the stock market and got myself VUL insurance. However, I lacked guidance and discipline when it comes to managing my finance and other resources. I wasn't fully prepared for an emergency. I was broke.
Hello dearest readers. This is sort of a confession. Well... not really. However, I am going to share with you something personal. An experience that, perhaps, the younger generations could learn and avoid the mistakes I made in the past. As they say,
"Wise men learn from their experience, but the WISER men learn from the experience of others." - unknown.
Looking Back.
If I remember it right, I started building my passive income stream around 2012. I was earning less than PHP 10,000 a month. Living in the province, and no vices (yes, I was sober since 2000 and I don't smoke), it was enough for me. It was also the year I got married.
I started by setting aside PHP500 a month. With the guidance of Bo Sanchez' Truly Rich Club, I learned which company to invest in, when to buy and when to sell. Note that I wasn't trading. I was investing for the long run. I started with merely PHP 5,000.00Every month, I would add PHP500 to my portfolio through Colfinancial.com.
When our first son came via c-section, in 2014, I had to withdraw more than half of my investment and earnings to help pay the hospital bills. I realized the importance of having adequate emergency funds then. I just left the remaining amount in Colfinancial. It still remains untouched. I earned some dividends though.
My First Big Mistake
In 2015, I quit my job. I was already earning almost PHP20,000 a month. Working in a family-owned corporation, I was no longer comfortable with the environment, especially with the other owners. I had no qualms with the CEO, but some of his siblings don't know their boundaries.
I already saved worth three months of our monthly expenses. I thought it was enough then. I was aiming to work online and as a freelancer. But I had a hard time getting a good online hustle.
I joined the only Filipino-owned insurance company. This company existed for over a hundred years and served the Filipinos even during and after the second world war. My purpose was three-fold. To learn how to sell, which is my biggest weakness, to learn more about financial management, and to invest in insurance.
My Second Big Mistake.
I got a VUL policy for myself. I was thinking, if I can sell some policies, I could pay for my own monthly dues from my commissions. That's where I failed. In selling. After a few months, I became inactive from the company.
During that time, I was already teaching part-time. I was able to get a couple of IT projects that augmented my income for a couple of years. But all my savings are just enough for my emergency funds.
In 2017, we had our second son, through c-section again. Good thing I was a bit prepared this time. But I had to start from zero again. I was more than worth it though.
My second mistake was, I got complacent.
Covid 19 Pandemic
In the next two years, I was able to save equivalent to about three to four months of our monthly expenses. Then the covid-19 struck. The summer break in 2020 was extended from two months to four. Since I was teaching only part-time, I had no source of income for four months. Once again, my emergency funds were depleted.
Thanks to Bitcoin Cash
I am grateful that I found Bitcoin Cash through Read.cash and noise.cash. My earnings here had helped me in my expenses for the past year. Moreover, in the past couple of months, I was able to start saving some of my earnings from these platforms.
However, these are active income sources. Meaning, if I don't post or interact in these platforms, I would earn nothing.
In the past few weeks, I have been pondering that I could not write forever! I need some passive income streams. I need to rebuild my passive-income portfolio!
Why? With passive income streams, I will be earning in my sleep. Some of the writers here are already doing that! And that's my goal
I already have two BCH wallets. One in coins.ph. This will be my wallet for my expenses. The other is in bitcoin.com. This is my savings wallet.
How will I start?
I will start by investing half of my savings to sBCH (smartBCH) and/or NFTs. As I have mentioned in my previous article, I need to do some more research on these two.
However, I need to start as soon as possible. I am now willing to risk part of my savings just to get my feet wet in sBCH and NFTs.
I'm not going on full crypto though. I want to diversify my income streams to fiat currency as well. I plan to rebuild my stock portfolio and VUL insurance as well.
Wish me luck...
Wait! I don't believe in luck! But I believe in prayers and I would be grateful for some suggestions.
Thanks for reading!
Tropical is a nice dex though I hope you bought some tokens before the ATH yesterday. BUT, watch out for the 4% fee in some of their farms. Cattos NFT too has low minting investment, i tried to mint some and more but no more money haha!