Building Passive Income In The UK:
An Interview with Jennifer Kempson
Welcome to this interview series focusing on UK-based passive income builders. We are now on my fifth interview of the series. I’ve heard from people using familiar ways of making passive income and people using methods I’d never considered before.
I hope you find this series enlightening and encouraging, opening your eyes to the multitude of ways you can reach your financial goals. Talking to passive income entrepreneurs has definitely inspired me.
Today, we’re talking to Jennifer Kempson.
Please introduce yourself
My name is Jennifer Kempson, and I created Mamafurfur.com blog and youtube channel, where my passion is helping others create financial & time freedom using smarter money strategies.
I help them through smarter savings, smarter spending and smarter lifestyle tips whether that is helping set up passive incomes through investments or even a little side hustle project to bring in extra income.
What Does Passive Income Mean To You?
I love passive income and believe everyone should have at least one or two in their money strategy at home. It means the ultimate in generating money without having to sacrifice your only true asset - your time. Passive income is very easy to start to create once you realise you don't need to work to create money.
What passive income sources do you have?
Currently I have an investment ISA portfolio, returning between 8-12% YoY growth without me doing anything, plus I run my blog/youtube channel for profits and then an Etsy store with downloadable printables based on my money and saving strategies for people to use.
How does your passive income compare to your active income and your expenses?
Right now I make more money from my passive incomes actually as I work full time in a day job and cannot dedicate as much of my time to my active incomes outside of work, but you never know what the world will open up down the line for me.
What is your long term goal with passive income?
Total financial freedom for myself to choose to work, or not and decide exactly how I use each of my days with my family and home. I also have big plans for really making a difference in the UK with money mindsets.
What are your most passive and most active income sources?
Most passive - my investment portfolio that is being left alone for many years and I simply add to it each month.
My most active - you would have to say then my full time job but outside of that my blog and youtube channel for needing time outside of work from me and planning.
What is your favourite passive income source and why?
Investments hands down - that is where the autopilot aspect really comes into it's own when you are confident that you will see a return without you having to worry about anything. Love it.
Which passive income source has been the most challenging to build? And did you expect this when you started building it?
That would be creating my Etsy store as that requires time to manage, help customers and create new products. However now I have created products that sell, roughly 30 mins every month is all I need to keep it ticking over.
Do you think your passive income sources will provide consistent income over the long term?
Yes absolutely that is the beauty of investments - let other companies use your money and return you some of the profits. Companies will also be there if you use a index linked fund to invest in - so it's a no brainer.
What passive income sources would you like to have in the future? Do you see any areas of growth?
Continue to grow my investments, and I also have plans to write a few books down the line to have another source of passive income.
Do you plan to pass on these income streams to your beneficiaries?
Hopefully my legacy will continue for my family absolutely.
Has passive income-building changed how you save, spend and invest? If so, how?
Yes, at least 20% of our household income goes straight to building our passive income portfolios or as much as we can without life suffering. Before, I didn't realise you could create passive income without a business behind it, so it really is wonderful and we make sure we invest each month right at the start of the month.
What are the main advantages and disadvantages to being UK-based when building passive income?
Ultimately when you look after your household without needing a job working for someone else, you are then opening up your life to live it exactly how you want without fear and risk. In the UK, we are exactly in the perfect conditions to make sure we achieve financial freedom - so no excuses.
What advice would you give to someone looking to build passive income in the UK?
Do it! Do it before you wish you had started years ago - start by looking into investments and side business ideas, and then let yourself control your profits and increase rather than someone else like an employer.
Thank you for the interview. Would you like to add anything else?
Thanks for this opportunity to answer these great questions. I truly believe everyone should have some form of passive income in their money strategy, as it will absolutely grow with the power of time and compound interest. Make a goal to be financially secure and watch the world make it happen.
And finally, where can people find you?
You can also catch me at the UK Money Blogger awards in November 2018 where my blog and channel is up for Best Personal Finance Blog and Best Money Vlog.
Jennifer makes some great points. If you are living in the UK, financial freedom is very achievable, so make a plan and make it happen. Investments are a great source of passive income because they’re always on, in the background, on autopilot no matter what you’re doing. As long as you use the right long term strategy, you can use other companies’ profits to your own advantage. And as always, notice the pattern with passive income builders, multiple streams of income, that's the real key to financial security.
What do you think of Jennifer’s passive income story? If you liked this discussion, smash that like button and leave your comments down below.