About 20 percent of their total income comes from two rental properties they own in Atlanta. The couple each owned a home there before moving to California in 2015. Initially planning to return to Atlanta, they leased the properties to long-term tenants.
“It helped fund my life as a student for several years,” says Dr. Vanegas, 37, a psychologist.
Dr. Vanegas adds another revenue stream by co-developing an online course with a colleague, the BIPOC Survival Guide to Graduate School. She also earns income by livestreaming vicarious trauma workshops and leading with intention and inclusiveness. Mr. Velasquez, 37, has a full-time job in corporate finance.
“Our goal for that income is to provide our family with financial flexibility,” said Dr. Vanegas, owner Health & Inclusiona consulting firm in Santa Barbara, California that helps organizations create an inclusive culture through assessment, evaluation and professional development.
That work will also supplement her retirement savings. “I do have a small 401(k), but having spent most of my life in college and having a PhD, I feel behind,” she said.
Dr. Vanegas said she was a little embarrassed about that extra money at first, especially when family and friends called it “passive income,” implying she didn’t have to do any work to earn it.
“Specifically thinking like a Latina, it’s ingrained in our stories to have to work really hard to get ahead,” she said. “Somehow passive income doesn’t count as hard work, but that couldn’t be further from the truth.”
Dr. For example, Vanegas said it takes about 10 hours to develop an hour-long online workshop. And being a landlord is labour-intensive. Finding a long-term renter isn’t always easy, and if something breaks, it must be repaired or replaced immediately, even though she and her husband live more than 2,000 miles from the property.