My First Passive Income Diary: June 2024

Why I'm Starting This Passive Income Diary

I've always dreamt of a life where I'm not tied to a 9-to-5 job, where I can wake up and decide how I want to spend my day. 

The idea of financial freedom is what drives me. And I believe that passive income is the key to achieving it. 

What is Passive Income? 

For those who are new to the concept, passive income is income generated with minimal effort. 

It's like having your money work for you while you're sleeping. 

Unlike active income, which requires ongoing work, passive income is typically set up once and then generates revenue continuously. 

My Journey Towards Financial Independence

I've been on a journey towards financial independence for a few years now ever since COVID started. 

The Great Layoffs of 2022/23 further reinforced the need to have more than one source of income which is why I am pushing hard to grow my passive income source.

And while it hasn't been without its challenges, I've learned a lot along the way. 

Why I'm Starting This Passive Income Diary

There are a few reasons for this: 

1. Accountability: By sharing my progress publicly, I'm holding myself accountable. It's easier to stay motivated when you know people are watching. 
2. Inspiration: I hope to inspire others to pursue their own financial goals. If I can do it, so can you.
3. Learning: Sharing my experiences can help me learn from others. I'm always open to feedback and suggestions. 
4. Community: Building a community of like-minded individuals can be a great source of support and motivation. 

My Passive Income Sources

For now, my main passive income sources are: 

1. Singapore Savings Bonds (SSBs)
• These are Singapore government-backed bonds that offer a guaranteed interest rate. 
• Fully backed by the Singapore Government. You can always get your investment amount back in full with no capital loss.
• Invest for up to 10 years with interest that increases over time. The longer you save, the higher your return.
• You can choose to exit your investment in any given month, with no penalties. There is no need to decide on a specific investment period at the start.
• Click here to know more: https://www.mas.gov.sg/bonds-and-bills/singapore-savings-bonds
2. Endowus Income Fund
• Endowus is an evidence-based robo advisor with competitive fees and prices in Singapore.
• It allows you to invest all three sources of wealth - CPF, SRS and cash. It is the first and only robo-advisor in Singapore to allow you to invest your CPF monies.
• Their portfolios utilise funds from global fund managers, such as PIMCO and Dimensional, with real, long-term proven track records.
• Personally I invested in the Endowus Income Portfolios where I receive monthly payouts from the funds.
• Click here if you are keen to sign up: https://endowus.com/invite?code=QFMWH

My June 2024 Passive Income

In June 2024, I received the following passive income: 

1. Singapore Savings Bonds (SSBs): S$558.20
2. Endowus Income Fund: S$12.95

Total Passive Income: S$571.15

What's Next? 

I'm excited to see where this journey takes me. 

I plan to continue exploring new passive income opportunities and sharing my progress with you. 

Stay tune for more updates!

By the way, if you are looking for an insurance advisor, I can refer to you the list of insurance advisors that I work with. 

These insurance advisors are people whom I personally have used their service before. 

Feel free to contact me if you want me to refer them to you. 

You can contact me via telegram at https://t.me/Justbeingernest