10 powerful money affirmations that will have you drowning in dough

money affirmations

Does the law of attraction work for money? Probably not on its own. But paired with a clever financial freedom plan, money affirmations might just bring a laser like focus to your money ‘A game’ and put a rocket under your finances. So let’s test them out.

money affirmations

Some vouch for the power of money affirmations. They say they are a necessary tool if you want help to bring money into your life. Affirmations are a means to reinforce the laws of attraction, if you believe the universe will manifest for you that which your mind is focussed on.

In practice, money affirmations are positive statements that you repeat to yourself, about money, usually in the morning when you wake up and before bedtime.

The aim of affirming positive statements about money is to make you feel like more of it is already flowing through your life!

Whatever you believe, a little positive thinking about money never hurt anyone. So let’s start where money affirmations are designed to work – your money mindset.

Be a money mindset ninja

money affirmations

Your money mindset is important if you’re serious about becoming financially free. Why? Your money mindset dictates how you feel about money, what money means to you and your relationship with it. To have a positive money mindset means there’s no anxiety about not having money or road blocks to you making more of it.

If on the other hand, if your money mindset is one of scarcity one then money could bring up negative emotions in you because money represents fear and anxiety.

The concept goes, having a healthy money mindset will help you attract more money into your life and keep it because it has positive rather than negative associations for you. You get to become financially free much faster than if your money mindset was unhealthy!

Now let’s look at money affirmations.

What is a money affirmation?

A money affirmation is repeating a positive statement about money to yourself that’s based in truth.

For example; “I am becoming more and more financially free every day”.

This type of money affirmation aims to help you develop the right money mindset by helping to build your self-confidence around money, which in turn helps you attract money into your life.

Money affirmations are said to get their power from repetition, which is thought to be key when it comes to manifesting things in our lives. This includes money! The more you repeat the money affirmation, the faster that money affirmation will be written on your subconscious mind which will result in attracting money or anything else for that matter, into your life.

Do affirmations help?

Firstly, there are opposing schools of thought about how much help money affirmations are. Researchers seem split down the middle. Some research about using affirmations has found that they help because they release your mental resistance – in this case, to money.

Other’s are more skeptical.

Whatever your personal belief, we at the LLP are 100 per cent convinced of this:

As you think, so you are.

When can money affirmations help you?

Here are some situtations when money affirmations may be helpful for you:

  • If you feel like money is something that’s hard for you to attract or come by.
  • If money seems scarce or you feel a resentment towards people with more money than you money affirmations may help you change your negative money mindset.
  • If you have a hard time charging for your services or chasing money that’s owed you
  • If money is something that you worry about all the time.

How long do affirmations take to work?

Don’t expect money affirmations to manifest you fat stacks of cash overnight! Some people say it takes 21 days for money affirmations to take effect – so repeat your money affirmation every day until you notice a difference in the way you think about money and feel around money. Pay attention to what you say about money in everyday conversations and what goes through you mind when the topic turns to money.

Money affirmations can be very powerful, but they won’t do anything if you don’t do anything with them! We’re of the view that you get the best out of them if they’re supported with some real money action! Affirm and execute peeps!

Here’s where to start with your financial freedom action plan.

How to attract wealth with money affirmations

Here’s how to use the power of words and positive thinking to increase your own money vibe.

Express for success

When repeating money affirmations, you’re aiming you keep your statements positive and emotional. This is so that you can connect emotionally with what you’re verbalising.

For example, instead of saying “I hate money” say “I am a money magnet.”

It’s also effective if you speak to yourself in the present and not in the future tense. For example, say “I attract money” instead of “I will attract money.” The thinking is, you’re already in the shoes of someone that money comes easily to. You can more easily identify with and be that person.

Repeat your money affirmations in a quiet area with few distractions, where you feel comfortable and safe. Repeat your money affirmation to yourself rather than out loud.

How to release money roadblocks

If money affirmations don’t seem like they are working, try repeating money affirmations in a new way! If you feel stuck, ask yourself “What am I resisting right now?” and repeat an affirmation about releasing resistance towards money instead of focusing on attracting money into your life.

You may just be suffering from what is referred to as a money roadblock.

…money road blocks are the beliefs, habits and stories that stop you from receiving money in the most natural way possible.

Denis Duffield-Thomas, Author of Chillpreneur

In business, money blocks determine things like:

  • the prices you set,
  • your ability to charge people appropriately for your services.
  • How comfortable you feel chasing money that’s owed to you or
  • dealing with unreasonable refund requests.

What are your limiting money beliefs?

You can use money affirmations to release blocks around money. Try saying “I release all my money resistance”, and when you feel ready try adding a money affirmation on top of it such as “I am open to receiving abundance in every area of my life!”

Stay consistent with your daily ritual. Repeat your money affirmations for 21 days straight – this is the amount of time that psychologists agree upon.

Keep repeating money affirmations until you notice a difference in how you feel about money. If money is something with significant negative connotations for you, this could take more like three months.

Now its the list you’ve all been waiting for. It’s time to find those skin-tingling money affirmation to assuage any feelings of anxiety, release those money roadblocks and turn your negative money thoughts into a millionaire money mindset!

It’s time to be a money magnet

Here are 10 powerful money affirmations to bring more money into your life.

1. Money is abundant – I can always make more of it.
2. I am financially free.
3. I deserve to be wealthy.
4. Money is a wonderful thing that comes into my life easily and effortlessly.
5. I welcome money abundance in my life.
6. I am worthy of a wealthy life.
7. I am receiving money easily and effortlessly now.
8. Everything I need to make money is within me.
9. Money is the source of joy, comfort and security.
10. I release all money roadblocks and negative energy about money.

Money affirmations can be a great tool to help you achieve financial freedom, but they aren’t the only tool you need. If money affirmations don’t seem like something that’s working for you, try another money technique such as creating an inventory of your limiting money beliefs or reading up on how to have healthy financial boundaries.

And don’t forget, affirm and execute.

May you attract money in your sleep for the rest of your rich life!

Til next time – have fun, be happy, do good!

6 new and legitimate ways to make money online with PayPal for doing nothing

make money online PayPal

Psst…. Want to know how to make $187 free PayPal cash in the next month sitting on your couch doing nothing? If you’ve Googled ‘make money online PayPal’ and found this post, then get ready for some legit passive and free money to come your way.

We at the LLP love free money, especially if its passive income. And the thing about multiple little streams of passive income is that it all adds up to your financial freedom. So we’ve gone hunting the internet for the best ways to make real money online doing absolutely nothing. You just have to sign up to a few apps and download a browser or two. Real legit cash for barely lifting a finger peeps. Not kidding.

Legitimate and free ways to make money online PayPal

We’ve run dozens of ‘rewards” apps through their paces and have come out the other end with 6 legit opportunities that are definitely worth a few clicks of your mouse.

Our research sifted painfully through loads of dodgy casino and gambling apps and apps that pay peanuts for hours of your time – that’s not passive income!

We’ve weeded out the ‘best of the best’ passive earning opportunities that actually pay you a steady amount sweet, sweet cash.

Summing up, these are the apps that DON’T require you to spend extra money to get rewarded. You just have to do what you’re already doing. So you’re definitely net better off at the end of the month getting onto this little gravy train side hustle.

It’s free money because you’re earning it just by doing what you do in real life each day. The money is passive because you’re not required to trade your time for the money you earn. It’s also interesting, because it sheds light on the value you bring to companies around the world as an internet consumer. No harm monetising that now, is there?

What do you need to do to make $187 in the next month, online?

The beauty of our research is that we’ve targeted apps that only require things you will likely already have or reward activities you’ll already be doing. We don’t want to you spend extra money on stuff you don’t already buy or need. Here’s all you need to get $187 bucks for free:

  • an internet connection,
  • the ability to do your normal weekly shop online (lets face it, since 2020 we’re all online shopping converts)
  • a few healthy habits each day, and
  • at least one friend or family member.

If you’re fortunate enough to be a US resident, then booyah – all of these offers are available to you. Get ready to get paid my US financial freedom seeker friends.

Not in the US? It’s still worthwhile checking out which ones you can get access to.

Our favourite passive income earner

Honeygain is our favourite of these online money making apps because we know how much we pay for internet services (eye roll). We love the share economy and it’s genuinely awesome to get a little coin back for our unused bandwith each month.

If we’ve made you moolah with this great content piece about how to get some free money please share the love and sign up to Honeygain with our link right here.

Here’s our top 5 new and legit ways to make money online straight to your PayPal account:

  1. Share your internet bandwidth with Honeygain
  2. Get cashback for your weekly shop on Rakuten
  3. Buy online to earn free Dosh
  4. Shop, play and watch for cash with Inbox Dollars
  5. Free moolah for your healthy habits on Achievement app
  6. Get paid for data you give away with SavvyConnect

The great thing is, earnings from these 6 passive income ‘no brainers’ are validated by thousands of Trustpilot reviews. If you don’t believe us, you can just look it up.

How much can you earn in your first month?

To calculate what you can earn in your first month, we’ve made some realistic assumptions about your everyday habits.

All you need to do is:

  1. sign up to each service,
  2. refer one person (your other half or one friend),
  3. buy more than $400 worth of goods online in a month (covering a lot of items and brands, from everyday groceries to one-off buys) and
  4. take one survey a week (which most of us do anyway without getting paid for it).

Here’s our analysis of what you get.

AppSign up bonusRewardsSurveysReferrals (1 person)Totals
Honeygain$5$37NILFixed $5 + Recurring 10% = $8.7$50.70
Inbox dollars$5$0$10$4$19
Honeygain rewards based on 5 devices, 10GB daily, Content delivery for 12 hours a day; Rakuten rewards on a $300 shop per month, Dosh rewards on a $100 shop per month

The passive income, free money winners

1. Share your internet with Honeygain

Honeygain pays your to share your excess internet bandwidth in the background. The app uses your network not the storage device but it’s still probably only useful for folks on unlimited home internet plans. If that’s you, read on.

There is a great calculator on the Honeygain website that shows what you could earn with both the Default Network Sharing service and the Content Delivery service. The Default Network Sharing pays your per kilowatt of excess shared capacity. The Content Delivery service pays you for the number of hours your device is connected to the internet with Honeygain active. Both run together to compound your earnings.

HoneyGain is programmed to never use more than 10% of your bandwidth at any given time so theoretically shouldn’t slow anything down while you are surfing the net.

It’s only available on desktop devices for Mac users but there is an Android app for mobile.

You receive 6 credits for each hour your device is connected to the Honeygain servers. You earn more with more devices connected to different ISP addresses. Your payouts are either USD in PayPal or Bitcoin.

We received a $5 sign up bonus when we joined Honeygain. In addition, Honeygain offers a further $5 for each referral plus a recurring payment equal to 10% of that person’s Honeygain earnings. So share the love if you dig this article and use our link to get your moolah!

Honeygain pays you for your extra bandwidth

2. Get cashback for your weekly shop on Rakuten

Rakuten is possibly the greatest shopping rewards program online. It’s the best one we found anyway. Rakuten has partnered with some of the biggest brands on the planet like Nike, Macy’s Walmart, Target, Nordstrom, and Priceline. They offer cashback rewards for shopping that you would do anyway, through their app. Rewards can range from as little as 1% all the way up to 10% depending on the brand offer.

Impressively, Rakuten has recently introduced a browser extension on Chrome which makes using them super easy. You just shop online as you usually do through the Chrome browser and up pops the cash back percentage for every participating retailer as you Google stuff. The browser automatically applies coupon codes as you shop, so there is no need to manually enter anything at checkout.

It’s a super smooth rewards experience that pays actual dollars back to you for things you would buy anyway.

Rakuten pays a $10 welcome bonus for your first $25 spend. They also have the most generous referral program on our list – you get a crazy $30 per person referral and your friend gets $30 too.

3. Buy online to get free Dosh

Dosh is another shopping app that we thing is worth your while. They have a great $5 bonus when you sign up and offer up to 10% cashback on purchases for shopping, dining and travel. Dosh has partnered with the likes of Starbucks, H& M, Macy’s and Walgreens. There’s every chance you can use to to buy things you normally would anyway. The rewards are only for shopping with a credit or debit card and you need to link these to the app.

You also get a totally dope $10 each time someone you refer links their credit or debit card to Dosh. You can cash out rewards when you reach $25 and get that cash straight to your PayPal account. If you’re account is inactive for 12 months you’ll a $5 fee.

4. Shop, play and watch for cash with Inbox Dollars

Inbox Dollars rewards you for access to your online behaviour and by shopping with certain brands. They are partnered with big names like Netflix, Walmart and Target so it’s generally pretty easy to find ways to earn in the app. Inbox Dollars claims to have paid out $80 million in rewards paid out since 2000.

The app pays you to do certain ‘tasks’. There are 13 ways to earn rewards from shopping and reading emails, to playing games and watching videos. You get coupon cash rewards for groceries as well as cashback offers on top for every coupon redeemed. That’s a double money whammy.

Tasks generally pay $2 or less on average and surveys typically pay from 50 cents to $5.. You also get a $5 sign up bonus and 30% of equivalent earnings for anyone that signs up with the through your referral link as a recurring bonus.

Once again, to the dismay of our global readers, Inbox Dollars is limited to the US.

You can redeem your points for cash once you reach $30 via PayPal.

5. Get paid for data you give away free with SavvyConnect

SavvyConnect pays guaranteed monthly incentives up to $15 ($5 per device) for US residents They collect your internet usage data for behavioural research.

The payout criterion of one member per device means you need three people in the household to be active and connected to the app. You also need to meet the 7 days device usage per month per device minimum, something we expect is easy for most households. But if you can meet these criteria then that’s literally all you have to do to get $15 per month.

You can also boost earnings with referrals and request payment once you’ve reached $1 in referrals although unlike the others on this list, while PayPal appears to be coming currently payments are by check through the mail.

6. Free moolah for your heath habits on Achievement

Achievement app is compatible with both iOS and Android (US residents only) and pays you to understand your health habits like walking, running cycling, logging food, weighing yourself, meditating, and sleep tracking.

All you have to do is connect up other popular mostly health related apps to Achievement and you can earn points. Achievement collects data from these other apps so once you have linked everything you just go about your normal health regime. Or you can use the app as a motivator to be more active.

Points are slow to accumulate and this is the lowest earning app on our list, but it’s also the healthiest so we thought we’d include it. It’s a little bit of passive income that you earn for staying fit and healthy. Walking 20,000 steps a day earns you about $20 a year on the app, but it’s not the only point earning activity. If you’re really into fitness, health and meditation we think the app is worth it.

You can redeem your points for cash when you hit 10,000 points, which is worth $10USD. Money is paid to your PayPal account within 7 Days of redemption.

The real money with Achievement is made participating in ‘Achievement studies’ where you data contributes to ongoing research about specific issues. These Advanced Health surveys can pay between $60 and $200 per survey in addition to daily points.

Make money on Airbnb without owning property – $6,400 in one month with this apartment

Make money on Airbnb with no property

You might think all of the stories going around about people making money on Airbnb with no property are just a bunch of marketing BS. But we can say hand on heart that you can make money on Airbnb with no property. And you can do it without any prior experience, if you know what you’re looking for and what steps to take.

We know this, because we have made good money on Airbnb with three rental properties – none of which we owned personally.

In this post we’ll show you the first Airbnb property that we rented and then listed on Airbnb. We’ll explain what sort of property we looked for and how we turned that property into a great side hustle income, with zero previous experience. The only caveat is, you need to know what to look for and how to set it all up if you want to succeed. But don’t worry, if this kind of Airbnb side hustle is for you then we’ve got you covered.

We’ll also dive into the costs, gross income and net profit so that you can get a feel for how the numbers really work.

We’ll assume in this post that you know how the basic business model works that enables you to list other peoples property on Airbnb and make money, If you don’t know but want to, check out this post here before reading on.

What kind of property will make money on Airbnb?

Our zero property Airbnb side hustle started in the capital city of Brisbane, Australia.

After we decided we wanted to make money on Airbnb with this strategy, we started by working out what kind of property we were looking for and where in Brisbane.

To understand this, we had to learn about what factors make a successful Airbnb listing and then research those factors.

If you want to learn more about the exact formula for identifying great potential Airbnb properties we highly recommend this course that steps out everything you need to know in a formulaic approach that you can replicate across multiple locations and property types.

Where to research and what to look for

The first thing you need to do is get an idea of where Airbnbs are already running successfully in your area.

The free way to do this research is on Airbnb itself but it will be time consuming and a bit complex. Here is how we’d go about kicking things off:

  1. Location search – Do a map search of different locations in your areas to see where existing properties are concentrated.
  2. Property search – Then drill down into those locations to find out what type of properties are listed there – is it apartments or houses? How many bedrooms, bathrooms? Take notes about the condition of the properties and amenities.
  3. Calendar search – then for each of the properties in that location open the listing on Airbnb as though you were going to book it. Use the web browser as it has better functionality. Look at the how full the listing calendar is for that month and the three months after. You need to see good upcoming bookings in the calendar.

This is really something you’d want to spreadsheet out. If you do this research you’ll start to understand what suburbs are good and what types of properties are getting good bookings in those locations.

The much easier way to go about this due diligence step is to just use the premier Airbnb data source and service – AirDNA. They’ve done all the data analysing for you and just give you the results.

For a small monthly subscription (ours was about $40 I think), which you can cancel at any time, AirDNA will give you access to critical listing performance data you need to make money on Airbnb without owning property:

  • occupancy rates per location
  • booked nights per month
  • booked prices
  • Property types per location
  • actual earnings of potential competitor properties in that location

This data is presented in nice tables with maps and graphics – all easily digestible. And will make it easy and quick to work out where to look for property and what type of property you need to find.

The rental property we found

We decided on Brisbane City as the best location for our first Airbnb rental arbitrage property. We also worked out from the AirDNA data that there were very few 3 bedroom properties listed, so we targeted that under supplied part of the market.

In our CBD location, all of the properties were apartments rather than houses. Because we were looking for a large 3 bed apartment, we also wanted it to be at least partly furnished. This would reduce our set up costs to list it on Airbnb. The rental needed to include good quality beds, a sofa, dining table and chairs, a TV and TV unit at a minimum. We also knew, from the training we had done, that a large property needed two bathrooms to appeal to different combinations of guests. Our ‘wish list’:

  • 3 bedrooms
  • 2 bathrooms
  • furnished
  • CBD location
  • a wow factor, to beat the competition for bookings

So with this wish list we started to search online and attend rental inspections to identify suitable property.

Now lets take a look at the property we found, and ended up renting with the owners permission to list on Airbnb:

The apartment was a 2 bed 1 study apartment with two bathrooms. The study was key to our strategy because it allowed us to list the property on Airbnb as a three bedroom apartment, which meant a higher nightly price and more revenue.

All of the furniture you see in the photos came with the rental and was owned by the landlord, with the exception of the single bed we set up in the study. The kitchen items, decor and linen was supplied by us.

This apartment was located on the 72 floor of Brisbane’s highest residential building with towering views of the city skyline and sweeping panorama out to the ocean. This, and the fact that the building was new, made up our wow factor – the reason guests would chose our listing over the competition.

How much can you pay in rent and still make money?

We knew from our research on AirDNA the gross revenue that we could expect from renting similar a 3 bed 2 bath property in Brisbane City. AirDNA shows you the average occupancy level (nights per month) and nightly booked price for a particular area and a particular type of property. You can validate this by viewing the real earnings of your competitors, also using AirDNA.

We then estimated, from the training material we had, what our costs might average out at per month to run the Airbnb listing, in addition to rent. These costs covered things like power, water, internet, laundry, snacks, insurance and any small maintenance issues that we might need to fix.

From these figures, we were able to calculate the most we could afford to pay in rent and still make a good profit each month. That maximum rent was $1000 per week, which was right on market for a furnished 3 bed, 2 bath new build property in Brisbane City. This is another critical reason to use AirDNA and to get access to all of the templates available through the BNB formula course if you’re serious about turning this Airbnb strategy into a full time income or business.

Our Airbnb costs, gross income and net profit revealed

This is the first time we’ve revealed the numbers from the inside on one of our Airbnb listings where we didn’t own the property. We’re sharing it because we hope it benefits you if you’re thinking about making money on Airbnb without any property of your own and trying to understand the cash flow proposition and business risk.

ItemMonthly Expenses
Laundry & cleans$1120
Key service$50
Total Expenses$5,927
Airbnb Gross Revenue (after fees)$10,583
Other revenue (after fees)$1,735
Total Gross Revenue$12,318
Net Profit$6,391
Expenses in Australian Dollars

So what does these figures mean?

Here’s three valuable take home points from the actual monthly figures we’ve shared today that will help you to succeed:

1.You need to be confident your revenue from bookings will more than cover your monthly costs.

In our case, these monthly expenses of $5927 were fairly typical. No expenses for maintenance were incurred that month but you’d want to factor a maintenance cost in. You also need to factor in expenses to run this type of Airbnb business. These include insurance, your own internet costs and computer costs, and any other administrative expenses you might have.

The way you develop this confidence? Look at the data you can get on AirDNA and do your sums. Our advice is don’t sign a rental agreement on any property to list it on Airbnb before you do your homework.

2. There are peak and off peak seasons with most areas. You need to stay right on top of monthly pricing to make a profit like this.

Know when your season peak price nights are and charge accordingly. This month was so profitable because we knew a peak event occurred in the city during the month. The nightly booked price for apartments with a spectacular view of the city skyline on one particular night was $2000. Imagine if you missed that and just charged the normal rate?

You can find nightly advertised prices and forecast future nightly prices (based on booking demand) in AirDNA.

There are also pricing services that you can use to make sure you take advantage of changes in demand for accommodation in your market. One such service is PriceLabs.

3. Occupancy rates matter to your success. Which means the quality of property you pick to list on Airbnb is critical.

You can find average occupancy rate data in AirDNA. You need to hone in on the rates that apply to your particular type of property. One bedroom places will book differently to 3 bedroom places. The quality of property your rent and wow factor will influence your booking rate.

But once you know the average occupancy rate for your area and have found a quality property with wow factor, just focus on the top earning properties in that area and either copy what they do (in terms of styling, listing, added value), or do it better. If you follow this advice, you will almost certainly beat the average occupancy rate you find on AirDNA. We routinely beat the average occupancy rate by 10% to 20% with this property, and some months were 96% booked.

The final word – in God we trust, all others bring data

Making money from Airbnb without owning property is a fantastic side hustle. It’s entirely doable with no experience. It’s fun and it doesn’t take long to start making a good secondary income stream. With a couple of properties like this you could literally quit your job and make a different life for yourself and a better lifestyle.

But you can’t just jump in and expect immediate success without knowing what you’re doing and without looking at the data. There is a bit to it, some stuff to learn. It’s all entirely do-able though. We can vouch for that.

The two tools we used and that were critical to our success we have shared with you today -:


BNB formula.

We can’t recommend these highly enough. They do cost some money. But it’s one of the best investments we’ve made in ourselves because of the money we made.

If you’re interested in reading more about making money on Airbnb check out our other great posts:

Til next time have fun, be happy and do good freedom seekers!

And please give us a like or share if this post gave you value you couldn’t find elsewhere on the internet!

How to make passive income from property, double your money & pocket a 15% annual return

make passive income from property

If I said you could make an extra $9360 a year passive income from property with just $60,000 invested, would that get you to read this post?

It should, because you can.

And I know you can because we did. As first time property investors. We also doubled our initial investment while doing it.

In this post we’ll share how we created an a cool passive income stream and 15% annual return from our first investment property using just $60,000 of our own money. We’ll also share how we doubled that initial investment in just 12 months and reveal just how much our $60,000 initial investment will make us all up.

The wealth building potential of dual income property

This is the second article in our property investing series on the wealth building potential of dual income property.

To get the background you need for this post to make sense, check out our first post in the series which covers what a dual income property is. The second post explains how to buy the right dual income property.

For now, we’re going to assume that you’ve had a read through the series and already know why dual income property can be a great property investment strategy for financial freedom. We’re also going to assume you know what sort of dual income property we recommend investing in. As a quick recap, here is a photo of our dual income property taken from when we bought it in 2012. The property is a triplex, which means it is made up of three apartments on the one title.

make passive income from property

Why not all property investments are equal

Step 1 – buy the right dual income property

This is where it all starts with manufacturing capital gains making passive income with property – you need start out buying the right property. So what are you looking for exactly?

We started with by apply what we learned from Robert Kiyosaki’s Rich Dad education – An asset is something that puts money in your pocket.

A lot of property investors don’t realise this and so are actually buying liabilities when they invest in property. Liabilities take money out of your pocket. This is also where a lot of people fail at property investing – they buy, then find out they don’t have the cashflow to hold the property and have to sell. Sometimes for a loss.

So we knew we were looking for a property that could produce enough income to cover its holding costs and put a little money in our pocket. If you’re read part 1 in our dual income property series, you’ll know to end up with money in your pocket each month you need a rental yield of around 10%.

That knowledge led us to to start looking at dual income property because of the multiple rental income streams.

How to make passive income from property using a dual income property strategy

As we were looking at dual income property we found that most were advertised with a gross rental yield of around 6%, which was not enough to put money in our pocket after holding costs. So we had to improvise. We needed to find a way to increase the rent of any property we invested in, for as little outlay as possible. Here’s what we started looking for:

  1. A dual income property with apartments or units that are rented at below market rates. This means becoming familiar with the rent prices for similar types of properties in the local area.
  2. Apartments that were tenanted with upcoming lease end dates if possible. We’ll reveal the reason for this later.
  3. A structurally sound building with cosmetic renovation potential.

Our triplex investment

Our triplex has two x 2 bedrooms apartments and one x 1 bedroom apartment. At the time we purchased it, two of the units were rented with one approaching its lease end date in 3 months. The third had just come out of a rental lease and was vacant. The rents were:

  • Unit 2 – 2 bedroom 1 bath 1 car – $190/week
  • Unit 3 – 1 bedroom 1 bath 1 car – $160/w
  • Unit 1 – 2 bedroom 1 bath 1 car – vacant but was rented for $190/w

Total rent – $540 per week.

So we went onto the local property rental app and researched exactly what similar properties (but more up to date) were renting for.

We found that similar 2 bed 1 bath 1 car walk up apartments were renting for $240 per week.

1 bed 1 bath 1 car apartments ranged from $180 – $210 per week.

Based on this, we knew that if all of the apartments were modernised we could achieve a weekly rent of at least $690 per week. $150 per week better than what the current owner was getting. We also knew that vacancy rates in the area were tight, hovering at around 1%. Given anything below 3% means that rental demand is higher than supply, we were confident of being able to raise rents further in the near future.

So, Box 1 and 2 ticked and high fives all round…

The triplex we ended up buying was also structurally sound with PLENTY of renovation potential. The brick footings, walls and timber framing was all as solid as a rock but each of the units were like time capsules back to the 1970s.

Box 3 – ticked also..

Here are some photos and yes, this is really what the units looked like in 2012!

Step 2 – use other peoples money

We had a promising property on our hands so the next step was to make sure that we invested in the asset in a way that would allow us to pull off our passive income and capital gains plans.

The property was listed for sale at $438,000. We had roughly $140,000 in the bank and knew we needed some of that money to renovate. We also wanted some of our savings to stretch to a deposit on a home to live in.

We needed to make our cash go as far as we could. So we offered $400,000 and applied for a bank loan on that basis, with a 90% loan to value ratio (LVR). This meant we were required to put in $40,000 plus the buying costs of around $14,000 (thanks to stamp duty – or property taxes for non-Aussies).

Our offer was accepted so we invested $54,000 of our own money into the initial purchase. This left us with cash of around $40,000 to renovate and a $45,000 deposit on a home.

Step 4 – vacate and renovate one apartment at a time

The lease arrangements on a dual income property are critical when you’re buying. Existing leases provide proof of rental income for the bank, which is good for your loan application. But the timing of leases is especially important if you know you’re going to renovate the apartments. This is because renovations take time and you still need to cashflow the property (make your loan payments) while you do those renovations.

The rental agreements in place across our triplex were ideal as we could renovate Unit 1 immediately and still have the rent from Units 2 and 3 ($350 per week) to help pay the $360,000 mortgage we had just taken on. The lease on Unit 2 was due to expire within 6 weeks of us owning the property, which meant we could renovate the two 2 bedroom units back to back.

Multiple rental income streams provide one of the biggest benefits of investing in dual income property – income diversity. This helps you manage investment asset risk overtime.

The rent we were getting was not enough to cover all of the property’s holding costs, so make sure you budget some holding costs out of your own pocket over the period of the renovation. You should also factor in a reasonable time to advertise and rent out the newly renovated apartment. We allowed 10 weeks for in total for two back to back unit renovations and listing of both. This was a short and ambitious timeframe, but the builder was fine working with us to this schedule.

Our Triplex renovation

We started the renovation of Unit 1 immediately after the property settled. We had negotiated access to the empty unit during the purchase period to get builders quotes and signed a contract with the builder who was available and reasonably priced.

The most critical part of the renovation piece? Not to over capitalise.

We could have gone nuts with the renovations on these apartments given they were straight out of the 80s. But we didn’t. The target market research that we did was critical here. Our target tenant was a new renter or young couple, looking for affordable but modern accommodation. We’d also looked at what similar rental properties were offering to achieve the target rent we wanted for each unit.

What we didn’t spend our money on was just as important as what we did.

We didn’t install aircons, dishwashers, new built in wardrobes, high end fittings or a high end kitchen. We went for a functional but affordable kitchen and a paint and repair on existing wardrobes. We spent most of our renovation budget on a solid, long lasting bathroom and on bringing up a ‘hero piece’ in each of the units that would get renters to rent the place. In this case, it was the polished timber floors that we found under the disgusting 40 year old carpet…

Here are some before and after shots for your viewing pleasure 🙂

Bathroom before and after

The one bedroom unit before and after…

One of the 2 bedroom units before and after

The renovations cost $20,000 per unit with around half of that being spent on gutting and installing new bathrooms. We also moved some walls in the 1 bed unit to improve the design by providing a more open living dining space and access to the bathroom from the living instead of through the bedroom.

Step 5 – re-list each apartment with new photos and higher rent

The renovations of units 1 and 2 were completed within 8 weeks. We then had the real estate agent take new photos and re-list the properties. They took around 3 weeks to rent. As we expected, the market had moved a little since we put the triplex under contract. We rented both units out for $245/week. We were able to increase the rent further to $255 per week within 12 months.

The one bedroom unit was not renovated until the lease ended – which was around 10 month later. We achieved a rent of $220 per week for that unit.

Our $9360 a year passive income stream

By renovating each apartment our total rental income went from $540/w to $720 per week. So within 3 months we had created a $180 per week passive income stream from the renovation. Annualised, we made an extra $9360 passive income from property with this strategy. Thats an annual Return on Investment of 15.6%.

If you consider the upgrades we did have use life of 15 years for the kitchen and probably 20 for the bathroom that’s a payoff of $140,000 on a $60,000 investment over that period.

And that’s only half the story.

How we doubled our initial investment

The other equally important aim for this, our first asset investment, was to be able to leverage it into other assets. That’s why we chose a dual income property. It helps with future loan servicing requirements of banks because of the cashflow. Value creation strategies like renovating can also increase the value of the property allowing you to take out equity for future investments.

After renting the property out for 12 months we had it revalued by the bank. The valuation came in at $520,000, which meant we had created $120,000 in equity from the renovations. In addition to the extra passive income we had doubled our initial investment of $60,000.

Our total capital gains and passive income profit on the $60,000 we spent? Somewhere in the vicinity of $200,000.

The final word – passive income takes work (at the start)

As is true of all passive income, this investment took work. It took time and research to find the right property and plan the right kind of renovation.

It also took financial literary – particularly in how to invest in good real estate assets. We got that literacy through a Rich Dad education and you can too – it literally costs just a buck to start!

It took sweat equity – we did all of the painting and installed the blinds and some of the fittings ourselves, spending holiday leave from our wage-earning jobs hard at work

It took risk too. But as we’ve explained, we calculated and took steps to manage that risk.

To us, the pay off for all of that hard work has been and continues to be worth it. You see, the story doesn’t end here and neither does our profit. In part 3 of this series we’re going to explain how we were able to double down on the capital gains from this one property.

For now, I hope you got value from this post where we step out, in a way that you can replicate, just how we made $9360 extra passive income from property within 3 months and turned $60,000 into a $200,000 profit.

Til next time have fun, be happy and do good!

Oh, and by the way we did get that home with our $45k 🙂 More about that later… please give us a like if you want more content like this!

A wealthy mindset: How we 10x-ed our net-worth by thinking differently about wealth


If you want financial freedom stop spending all of your time at work.

I know, it sounds backwards right! Different to everything you learned from your parents and at school.

Well if you’re stuck in a 9 to 5 grind and want out, maybe it’s time to think differently?

Here’s a story about how we 10xed our net worth by learning to think differently about wealth. In this post we’ll share what we learned and what we did with that knowledge. There’s no catch dear readers. Once you read this, you’ll discover that you can do it too.

Living the Aussie dream

I started my money making life in my early 20s in a respectable job as a wage earner with a university education. Sound familiar?

As expected, I quickly worked my way up the ladder to an executive position and then fought tooth and nail to win a coveted diplomatic posting to one of Australia’s Embassies overseas.

When I won that posting, I’d worked for 4 years and amassed a measly $7000 in savings. Granted I was young and just starting out with basic household goods to buy. But it wasn’t a good showing for 7,800 hours of work. My wealth had grown by less than one dollar for each of those hours I’ll never get back.


But, about to embark on a well paid overseas gig, I then took that $7000 to a free financial planning session paid by the government and they helped me invest it in managed funds. They took their fees of course. Before I got on the plane I signed up to a stock market newsletter and bought a couple of stocks on the Aussie exchange. I had an inkling I needed to invest, but that was all I new to do at the time.

For the next three years I was living my dream – a diplomat in China earning Aussie dollars, spending Chinese Yuan with a large whack of my living costs paid by the government. All in return for being on call 24/7 as the frontline of Australian sovereign border to North China and North Korea.

It was a great experience and one of the highlights of my employed life.

The gravy was, at the end of that three year posting I came back to Oz with $160k in the bank. I felt rich! It turns out you can save a lot of your Aussie income when your living costs are in Chinese Yuan. And one of the stocks I bought took off to boot. Booyah!

Incidentally, I returned to Oz with $160k in my pocket right after the GFC. This was just as the 7% interest I was earning on bank savings began its free-fall to the 1% savings rates of today. A tangent, but a related one.

Back to the story….

With $160k behind me, I thought I’d take a leap of faith and change careers. So I went back to uni and re-trained in environmental science because, folks, that was all I knew to do… $15k in student loans later I had a Masters in front of my name. I didn’t think this way at the time, but all that degree did was put me in debt and prime me for another job as a respectable wage earner.

That new job came along and whaddayaknow I was suddenly a renewable energy expert kicking off a new career working the same old 9 to 5 grind.

When sh*t got real

3 years into that ‘new career’ the government I worked for was subject to its largest cut backs in history. 14,000 people lost their income earning jobs.

I was a contractor at the time. My head was at the front of that queue for the chopping block. As the main breadwinner – sh*t had gotten very real for me.

What to do, what to do? I had some cash in the bank but faced the looming prospect of unemployment. How did I get into this position?

I’d done everything I’d been told to do – I gotten good grades, a higher degree, a respectable job. I had parents who were wage earners and an unspoken understanding that this was also the path cut out for me. I’d worked hard and saved studiously. And yet, I was facing zero income and little hope of local reemployment due to cut backs

I remember I was angry and confused. Over the months I spent dodging and weaving to keep my job what crystallised in my mind from the anger in my gut was this – I didn’t want to be reliant on someone else for my financial security ever again.

Fast forward to 2020 and you hear the same familiar shattering of reality for tonnes of people across the globe.

But at that pivotal moment in my life, I realised I needed to DO different to GET different.

‘If you always do what you’ve always done, you’ll always get what you’ve always got.’

– Henry Ford

And so began my unconventional financial education. I say unconventional because it wasn’t about finance per se. Also, it was the first education I’d had that was not from a school or university. It was all about a subject I’d had zero personal experience with and one they don’t teach in class.

How the rich make money.

Lessons from a Rich Dad (how to build a wealthy mindset)

One of the first financial educators that came into view for me was Robert Kiyosaki. Kiyosaki is a well known financial educator and successful investor and entrepreneur. I can’t quite remember how I stumbled across him but looking back now I’m super bloody grateful I did.

Kiyosaki’s Rich Dad lessons opened my world and blew my mind. The Rich Dad teachings were just different to everything I’d learned and utterly challenged everything (I thought) I knew about money and wealth.

I knew if I could learn to think differently in the Rich Dad way, I could ‘do different to get different’. So I focussed on reading everything I could from the Rich Dad education suite and attended Rich Dad webinars.

Multiple books and online events later I’d distilled down to six the take away lessons that resonated with me. These six lessons taught me to think differently about money.

Here are the lessons I learned, and what we did with them.

Lesson #1 – Become financially literate and learn the rules of money.

There are a bunch of rules that govern wealth creation and that are not taught in school. Who knew right?

Some of them are revealed below and many of them Kiyosaki talks about in his books and online webinars.

If you want to make money you need to learn the rules of the wealth game and become financially literate. Not the finance degree kind of learning. The wealth building kind of learning. You need to learn about where to focus your time and effort, what to invest in, and how to keep the money you make.

What we did.

We put aside some of our surplus income each week to invest in our financial education. Not learning from schools. Learning from successful and wealthy people. In my spare time I read books, attended webinars and took courses. I focussed on everything the Rich Dad lessons had to say about money.

If you want to become more financially literate and learn the rules of money – start here with a Rich Dad webinar like we did. If you read on you’ll see how learning the Rich Dad lessons and rules of money – and then applying them – has paid off for us. We now have a life we couldn’t imagine when our Rich Dad journey started.

Lesson #2 – Savers are losers.

In school we’re all taught to get a job, save up, get a mortgage and pay it down with 100% interest over its life.

Kiyosaki teaches that this system is obsolete. Why would you save money when they’re printing more of it?

Savers have been losers since 1971 when fiat currency was de-pegged from the gold standard and government’s started printing as much money as they needed to keep economies out of trouble. Just check out the money printing that’s been going on.

how to build wealth
US dollar money printing

People are still walking around scratching their heads 13 years after the GFC about why the stock market keeps going up and up and in Australia, the US and the UK house prices are hitting record levels. It’s not the price of these assets going up in isolation. It’s their relative value in fiat currency. If you’re saving your money in fiat currency, you are going backwards at a rate of knots. If you’re trading from asset to asset in the same market, you’re less impacted.

What we did.

In 2011 we took the $160k in savings we’d had in the bank for two years and decided to invest most of it. We have only ever kept an emergency buffer as cash in the bank since learning the plummeting value of fiat currency. Cash is trash peeps.

Lesson #3 – The rich don’t work for money. They have money work for them (by investing it).

Woaah, what? Takes a minute to wrap your head around, but news flash here – truly rich people don’t have jobs. They don’t work as employees of other people. They’re investors or entrepreneurs or business owners. They certainly don’t trade their time, in units, directly for money. So having a job was never going to make me rich or even financially comfortable. I was always just going to be trading my time for money. No way Jose.

What we did.

We set financial goals around not having jobs. We made financial plans that were reverse engineered with the single outcome of escaping the rat race.

When my friends were busy climbing the corporate ladder to VP and Managing Director positions, I was busy trying to get my ass out of a job.

We decided not to chase promotions at work because the higher up you go the more of your life they want from you. I had multiple friends over this period pushing me toward career ‘promotions’; so called ‘higher paying jobs’. It was clear that they thought I should have been doing better. Several bosses asked me why I hadn’t ‘taken the next step’. I remember smiling and mumbling something incoherent on these occasions. Explaining what I was actually up to seemed an impossibility. Where to even start?

Instead of the path expected of me, I found a wage earning position that paid well but that also had flexible working hour arrangements (accrued time). I spent my accrued work hours becoming more financially literate and investing every last effort and dollar into building my assets column – outside of work.

Lesson # 4 – An asset is something that puts money in your pocket. You home is not necessarily an asset.

This is an underpinning of the Rich Dad financial education – knowing the difference between an asset and a liability. The rich buy assets, the poor buy liabilities. Assets put money in your pocket and liabilities take money out of your pocket. Rich Dad financial education is practical because Kiyosaki talks about what kind of assets to buy and how he went about accumulating them from a time when he was stone cold broke-ass like many of us have been.

What we did.

We started to invest in assets. We didn’t even have a home mortgage at the time – we were renting – but we bought our first investment property instead of a home. Because of the Rich Dad lessons about assets and liabilities, we knew what to look for. We looked exclusively for an investment property that would put money in our pocket. A property that would produce an income in rent and capital growth. We bought a run down dual income property – three apartments on one title with three independent income streams.

Lesson #5 – The rich use the income from the their assets to live and reinvest the surplus into into more leveraged assets

The Rich spend time building up their asset column and then use the income their assets produce to buy what they want. The poor stay poor buying liabilities like big homes, cars, holidays and gadgets that they can’t afford – to look rich.

The rich buy assets using other people’s money (good debt) and manage risk. The poor take personal debt (bad debt) to buy liabilities or are fearful of taking on debt at all.

What we did.

We started to use good debt strategies with our investing. The multi-family property we bought was leveraged at 90% so that we could make our own money go further. We kept as much as our own cash as we could to renovate the three apartments and increase the rental income.

By renovating our first investment property we had created some equity so we used that to buy another investment property leveraged at 90%.

We managed the cashflow from our wage earning jobs and our investments carefully – something Kiyosaki also teaches. And we always kept a buffer in case things went wrong.

The next step we took was to invest in our financial education again. We learned how to supercharge the rental income from our 4 investment properties. If you want to learn more about how we did this, you’ll find the details here.

Lesson #5, about using good debt and not getting into bad debt, was as much about what we didn’t do as what we did.

When our peers were dropping $700k on homes to live in and taking on massive personal mortgages, we didn’t. Instead, we paid $40k with a $360k bank loan for a modest little cottage right by the beach. It was a house we knew we could one day turn into asset that put money in our pocket. We invested our surplus income and sweat equity into renovating the cottage, mostly DIY.

As we watched our friends and peers buy new $50k cars with finance straight off the showroom floor, we didn’t do that either. We bought both our cars as either demo or second hand models no more than 2 years old and paid cash for them.

When maxing out your credit cards on retail therapy and expensive nights out was the norm, we didn’t buy stuff we didn’t really need. Instead, we used our rewards credit card to get maximum value from our home offset account (reducing our interest payments and getting cashback). We paid the credit card in full every month and rolled it into a mortgage package so the bank waived the annual credit card fee. This credit card strategy uses smart structuring and is a total home loan interest killer. It’s something a lot of folks can do, but simply overlook.

Lesson #6 – Taxes are your single largest expense. The rich don’t pay taxes – the educated upper middle class pay all the taxes.

Kiyosaki teaches that high paid employees pay the most taxes. Just look up income tax rates around the global versus company tax. The worst place to be if you want to keep the money you earn is an employed professional.

Corporations pay less tax than individuals as an incentive from government to create tax paying jobs. Investors pay the least taxes.

The lesson we took away? If you want to keep your money, earn it as an investor or in a corporation. Far out brussel sprout. I couldn’t believe I’d been a tax mule all these years and so ignorant about it…

What we did.

We structured our investments in trusts and companies. We focussed on moving our income streams from the highly taxed employee basket, to the low tax corporation basket. Eventually we’ll move more and more of our income into the investor basket.

We currently earn and then spend and then get taxed for 75% of our income.

Before our Rich Dad education we earned, got taxed and then spent for 100% of our income.

Changing the way we earned income has reduced our personal cost of living by thousands per year due to favourable company tax rules. Our net worth has also benefited by $130k to $170k by using the rules of money we learned from our Rich Dad education.

The final word – our wealthy mindset results

Building a wealth mindset and applying the Rich Dad concepts that we learned in the Robert Kiyosaki webinars has set us financially free. I’m happy to report that I’m no longer an employee. 🙂 I’m free to do what I want each day – which is play with our beautiful Vizslas, set up our new home, start our homesteading project and write this blog.

We’ve also just bought that new home with cash – all part of the financial freedom plan.

Our net worth is over 10 times what it was when we started applying the Rich Dad rules of money.

We live off the income generated by our assets via tax efficient company structures.

Any surplus income we have we look to reinvest in other income earning assets.

We work as we chose to, because we’ve got new goals in life. Mostly, we enjoy life and our time is our own.

None of this required epic mastery of anything special. We just learned to think differently, build a wealthy mindset and do what the rich did.

Thanks to Mr Kiyosaki and his Rich Dad.

Til next post – have fun, be happy, do good!

And if this post got you thinking about your financial future maybe get yourself to a Rich Dad webinar and please – share the love!

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