PIMD – Income Report April 2017

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Welcome to my April 2017 Quarterly Income Report.

I plan on publishing this every quarter. Why am I doing this?

  1. Helps me keep track of my progress. It really helps to see the numbers and charts to understand how I’m doing over time. I can also see the impact of any new ventures I take on.
  2. Show it’s possible. I want everyone to know that it’s possible as a busy professional to develop multiple passive income streams. Real numbers are used to create this report.
  3. Motivation & Accountability. If I publish this and I know people are looking at it, it makes me want to keep going. It’s been shown that you’re much more likely to attain your goals if you have other people keeping you accountable.

So how did I come up with all the numbers since I’m using percentages?

  • Expenses – I literally went through my last year of statements and itemized it into categories. Then I divided them by 12 to come up with a monthly amount per category. It’s actually pretty crazy when you look at it on paper. I have to figure out a way to reduce some of this. However, it is what it is right now and my goal is to be able to cover all of my expenses with my side passive income streams.
  • My Progress – Simply added up the quarter’s total income from passive income streams and divided it by three to get a monthly average.
  • Sources of Passive Income – The second chart below shows the contribution of each venture to the total amount of passive income I received this quarter.
Here is the graph of my progress for April 2017 (Q1 2017).

The monthly average was 52.76% of my expenses covered. Continuing the upward trend. Notice that I’m now calling my goal Financial Independence because I’d like to emphasize that the goal is complete financial independence from my medical career to cover my expenses.
 

How the passive income impacted my life this quarter:

I’ve intentionally worked 10% less in medicine this quarter by giving up cases and shifts to do other things. Those other activities included:

  • Taking a short road trip with my wife
  • On a Saturday when I should’ve worked, instead took my daughter to dance class and spent time with the family walking around the local farmers market
  • Celebrated some friends’ birthdays over dinner & drinks

Some Details:

Network Marketing – I have to admit, I wasn’t completely sure when my wife and I first started this business, but we’ve seen it grown a significant amount over the last two years. It’s now starting to surpass her income and who knows, could shortly surpass mine. We actually enjoy it and it’s something we do together as a couple.

The Blog – Thank you for being patient while I re-jiggered the blog. My amazing sponsors have been patient with me as well and I can’t thank them enough.

Real Estate Company – Many readers have written asking to clarify what this is. I’m still planning to set up a post dedicated to this, but in short, I have a real estate license and I have other agents doing transactions in association with that license and they pay me a small fee from of each transaction they perform. More details to come…

Rental Property – The income from one of my rental properties was a little less this quarter as we had to renovate a bit as we had some tenant turnover. The new rent we’ve been getting as a result of the renovation will pay itself off in time but in the short term, the bottom line took a hit.

Crowdfunding – Most of my deals have exited however I did invest a small amount in a new one. I’m still getting some interest payments from a couple long-term deals, but it’s a small amount. I’m still waiting for an equity payment from a deal that has stalled. The property needs to be sold in order for there to be return of capital and I hope that happens soon.

Charity – My wife and I continue to commit a set amount of our earnings to give back. We feel we’re fortunate to be in this position and this is our way of showing gratitude. Our income overall has actually gone up with the increase in passive income as of late and therefore so has our giving.

My Plans for this Next Quarter:
  • Continue improving the blog. You’ve seen some changes and I hope to continue to make better changes and consistently post.
  • Looking to refinance one of our rental properties and perhaps look to buy another property late Q2 or early Q3.
  • Continue slowly scaling back on medicine to gain time for life experiences.
I hope as you’re following along, you’re taking action yourself. Are you seeing gains in your passive income? How is it impacting your life today?

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