Passive Income Update – October 2013 + MORE Oct 16th

Third-quarter profit for Bank of America Corp., the second-largest U.S. bank, surged as it saw increases from investments and interest charged on loans.
THE RESULTS: Net income jumped to $2.5 billion in the July-September period, up from $340 million a year earlier. On a per-share basis, earnings were 20 cents beating the 19 cents expected by financial analysts.
Third-quarter revenue slipped to $22.2 billion from $22.5 billion, coming in close to the analysts’ forecast of $22 billion.
HOW IT HAPPENED: Bank of America said it had strong growth in lending, along with improved quality of outstanding loans and high deposit balances. The amount set aside for potential losses on loans dropped sharply to $296 million from $1.8 billion a year earlier.
Charlotte, N.C.-based Bank of America has been slimming down and cutting jobs since CEO Brian Moynihan took over in early 2010. The strategy is meant to make the bank easier to manage and to reduce riskier businesses. The bank cut expenses in the third quarter by about $1 billion from a year earlier, to $16…

The reason I post this monthly update is both to keep myself accountable but also have a more public discussion about my plans and how I can become financially independent as quickly as possible.
With both sides of the US government acting like complete fools these days, more than ever I feel like being financially independent is critical, don’t you? So here is how I went about this whole process:
For example, if my base salary is currently 100K, my objective is to make 100K of passive income on an annual basis. This could be done through a variety of methods which I will be exploring of course. A few people tried to figure out how much capital I have by looking at the USDP size. The main issue is that the USDP is only part of my dividend income. I also get income from my ETF holdings, etc.
My primary objective remains to generate 100K in passive income on an annual basis as soon as possible, ideally from a few different sources.
October Updates
-The latest update of the USDP will be published tomorrow so stay tuned…here is last month’s update
-I also discussed the idea of running out of money at retirement
How Much Do I Really Need?
I am aiming for an income of 100K or so, before taxes as a first goal…

Ottawa has yet to ratify long-promised deal intended to provide new layer of legal shielding for companies operating between the two countries

This GIC rate is offered by Outlook Financial and was updated on 2013-09-16. Click on the link above to get more details or apply online.

Egyptian telecom investors tells website that he regrets considering Canadian investment, says ‘unacceptable’ to waste foreign investors’ time, money