Passive Income POA

Corie and Joe’s Passive Income Plan of Attack

1. Increase Ability to Save

Goal: Save $27k a year (roth $12k, house hack $15k)

  1. Increase ability to earn money from active income
  2. Save and maintain cash reserve in Joint Checking Account equal to 6 months monthly expenses and 1 year of annual fees: $20,000
    • Total cash reserve number: $20,000
      • $3,000 / month + $2,000 yearly fees
  3. Balance accounts once a month
    • Pay ourselves first: Move 10% of income into Joint Savings + anything over $20k
      • 2022: Stocks (joint brokerage account
      • 2023: House hack
  4. Delay gratification
  5. Live below our means
  6. Stay out of debt

2. Roth

Goal: Max out on a yearly basis $12,000

  1. US and international index funds

3. Real Estate

Goal: 6 doors paid off by 2030 (currently at 2)

  1. Phase 1: Increase Income and Save
    • Get approved for FHA (house hack)
      • C3X strategy
      • Two payments a month
  2. Phase 2: Buy Paid Off Duplexes (peace of mind)
    • $5,000 / month paid off cash flow
  3. Phase 3: Back to Offense