I earn a wage. My wife earns a wage. My other passive income investments, hustles, and schemes also earn money every month. I like to think of my extra income has being earned by a small army of henchmen who work tirelessly and solely for my own benefit.
This is not only a helpful way to think about putting your money to work for you, but it is also very satisfying.
Naming these poor schlubs is also great fun.
I will give you some examples free of charge; The Right Reverend Archibald Pennywick, Leonard the Magnificent, a guy I call ‘The Last Full Measure’, MeatTank, and of course Lil’ Stevie…
You get the picture.
Call them your FIRE Brigade or the Crew from Fire Station #72. Feel free to spread your creative wings here.
The Point is they work you you 24/7. They never take Holidays off and they never complain about their jobs.
Their only goal is make money for you.
Here is how it works,
In America in this day and age, I calculate the average annual wage’s of a working stiff like this;
Federal Minimum Wage is $7.25/hour. Most employers nowadays like to set your hours at just under 35 hours a week so they don’t have to provide benefits. So;
34 hours X $7.25/hour = $246.50 pay every week, minus 25% for various taxes nets you $185 per week X 52 weeks a year because my guys don’t take vacations = $9,613.50
So for all the streams of passive income you have coming in, calculate how many ‘henchmen’ you have.
Partial henchmen simply need to be assigned certain shortcoming to explain away why they are not earning enough. I.E. dividends only coming in at $3,000 per year, Well I guess Lumpy the House Elf has a gambling issue and shouldn’t be considered entirely reliable.
Now I’ll show you my gang of henchmen;
With my Dividend portfolio, I bring in over $8,000 annually. Add to that the money I make in interest on bonds and cash (>$1,000) plus about $600 every year on Credit Card rewards programs and that gives you about $ 9,600.00. The equivalent of one extra worker. May I introduce to you my Faithful Manservant Hecubus.
Next we have the real workhorses of my team, Guilfoyle and Dinesh. If The Cottage rents out all year the annual income will be in the neighborhood of $20,000. That’s enough for not one, but two henchmen. These two work hard and are subject to some risk.
As opposed to the sit back and collect dividends that Hecubus does, Dinesh and Guilfoyle have to spend some time out of each month scheduling guests and juggling cleanings. Not to mention some light repair work and a never-ending upkeep. Thank the Gods for these two, well worth their keep.
Our Business Deal with a long time friends nets about $452/month with little to no work involved. The risk was all on the front end in providing financing. This foray into venture capital only amounts to 1/2 of a henchmen so I refer to this helper as Lil Sebastian. He works very diligently but is held back by his diminutive size.
Going through life alone is hard.
Marrying the right person is probably the SINGLE BIGGEST FINANCIAL DECISION you will make. Choosing the right spouse can multiple your income and half your expenses.
But why stop at just the two of you?
At this point I have a whole gang working toward the greater good. I am hoping someday to have a whole village. I would love to have my children raised by a whole village just like that old saying goes.
Who do you have working for you?
If you want to introduce us to your gang, remember to tell us the names, sources of income, and pertinent traits to your loyal henchmen. Pictures always help.
Just message me on Twitter @othala_fehu or leave a comment below, if I get some good responses I will devote a whole post to ‘Henchmen WorldWide Inc.’