PIMD – Income Report July 2017

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Hope you’ve enjoyed following along with the income reports up until this point. As you’ll find out down below, I’m close to the promised land! I plan on being a little forthcoming with some actual numbers as I cross that threshold, but I plan on sharing future income reports only with newsletter subscribers. Here’s your chance to join below if you haven’t already. Enjoy the post!



 


Welcome to my July 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 through July 2017 (Q2 2017).
The monthly average was 81.38% of my expenses covered. I’m getting close to my goal and I can start to see the light at the end of the tunnel!
My goal is complete Financial Independence from my medical career which means I could stop practicing medicine and all my expenses would be covered by outside ventures, all of which are passive to some degree.
 

How the passive income impacted my life this quarter:

I’ve intentionally dropped 15% (down from 10% last quarter) of my normal clinical hours this quarter by giving up cases and shifts to do other things. Those other activities included:

  • Extending a trip out of the country with my wife
  • Going to Disneyland with my daughter
  • Flying to Las Vegas to surprise a friend for his birthday

Some Details:

The Blog – I’ve seen some amazing growth with the blog over the last few months. I’ve been fortunate that several of my articles have been picked up and highlighted on some amazing sites. Thank you everyone! I also can’t thank my sponsors enough who have stuck me with through all the transition earlier this year. I’ve brought on a few new sponsors and have seen some gains with some really successful affiliate relationships. As a result, I’ve seen my blog revenue increase nearly 50% over the last quarter.

Network Marketing – Like I mentioned last quarter, I wasn’t quite sure about this business initially, but we’ve seen it grow a significant amount over the last two years. Maybe we’re lucky but we’ve found it to be different than our original preconceptions. The income has been great as well and it’s given us a good deal of flexibility with our careers.

Rental Property – We’re at a good place right now with our rental properties. Good tenants are in place and (knock on wood), it’s somewhat on cruise control. We did switch up our management recently with the apartment building because we found someone who comes highly recommended who will actually charge us less & save us a good deal in the long run. I hope we made the right move but only time will tell. Otherwise, this feels like truly passive income investments at this point.

Real Estate Company –  I still plan on dedicating 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…

Crowdfunding – Still invested in a good number of my favorite crowdfunding sites. I’m still getting some interest payments from a couple long-term deals, but it’s a smaller amount than I’d like. My goal is to invest in a few more deals by the end of the year and am constantly researching sites like RealtyShares, EquityMultiple, & PeerStreet.

Peer to Peer Lending – Noticed the -.04%? Yeah, I technically lost money this quarter as I have a few lates that are late in payments. Don’t I’ll be investing any more in this for a while.

Charity – My wife and I still 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.

Updates on Plans for last Quarter:
  • Continue improving the blog. – I’m always trying to provide good, useful content and fixing bugs as they arise.
  • Looking to refinance one of our rental properties  – Still in the works.
  • Continue slowly scaling back on medicine to gain time for life experiences. – Dropped another 5%, doesn’t seem like much on paper, but it felt great.
Plans for the Next Quarter:
  • Continue to work on posts that provide great resources for physicians looking to diversify their incomes.
  • Enjoy my role as a moderator of the Facebook Group, Physician Side Gigs. It’s an opportunity to discuss a lot of the topics on the blog and more, as the title suggests, in a more interactive and real-time way. If you’re a physician and looking for ideas, support, etc., come join the fun!
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?
If you enjoy these income reports, join our newsletter and you’ll get these reports and more every quarter.



13 COMMENTS

  1. Congratulations! You’re so close to meeting your number! I’m new to the PF blogging sphere, so I always enjoy coming posts like this seeing how other people are doing financially and especially from a monetization standpoint. From the looks of it, it sounds like affiliate marketing is the way to go. 50% growth over 1 quarter is astounding.

  2. Congrats! but am I missing something? Essentially you are making money the conventional way. Real State, Rentals… maybe some blogs. I mean, nothing new. This is the way you should have done from Residency.

    • I wish I had known about this stuff in residency. Some of these things were not a possibility in residency due to capital requirements (rental properties) and accreditation issues (some crowdfunding, angel investing). So I could only start some of these after being out for a few years in practice. I wish I had learned about them earlier and hence this is part of the mission of this site.

      When I talk to most physicians, so few are doing anything to set themselves up financially. That’s why you’ve seen so many physician financial blogs pop up. Some things seem so obvious but if you’re not exposed to them, you may never know what opportunities you’re missing. Thanks!

      • I agree that your information is quit helpful for most and myself. I think most believe wealth is based how much one works, rather than what that individual does with the money made.
        I think your information is helpful.

  3. Kudos on your progress. However, my recommendation is to follow successful online blogger, Pat Flynn of smartpassiveincome.com How?
    Be completely transparent. Your income report can be the biggest and most attractive thing about your blog. However without real actual numbers, it’s not very compelling. Show past performance from last year and compare it to this year. And for physicians (high income earners) the most important is to show a change in network. Passive income is critical to financial independence for sure but networth is a reflection of your financial security and success as well.

    • Hi Joe, you’re absolutely right. I should and want to be more transparent. There is some slight hesitation for whatever reason, perhaps because I’m still practicing. In any case, in an effort to move towards more transparency and not leave it wide open, I’ll be moving the actual details of the income report behind doors for newsletter subscribers. Hope that makes it more compelling for those who actually want that info. Thanks for the comment.

    • It’s otherwise known as multi-level marketing. It’s a business model that relies on distributors selling the product and/or recruiting others to do the same. You’ve probably heard of the big ones like Mary Kay or Avon. Now they seem to sell anything you can think of through this form of business.

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