Welcome to my October 2016 Quarterly Income Report.
I plan on publishing this every quarter. Why am I doing this?
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.
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.
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.
How the passive income impacted my life this quarter:
I gave up several shifts and even gave one up to go on a short vacation. That’s typically a double whammy because you’re giving up money and spending even more. However, knowing I had a little extra income coming in really allowed me to enjoy my time with my family. I still fight the mental notion of “losing money” when giving up a shift, but the more I do it, the more comfortable I get with it.
The Blog – The newest source of side income. Okay so it’s not completely passive, in fact it’s more active at this stage. However, it’s following the typical path of any good passive income source – hard work up front, benefits later.
I started opening up the page to relevant partners I’d feel comfortable recommending. I was able to start my Newsletter (subscribe if you haven’t already!). It’s been a great way to get some exclusive content out and give away some great free resources. What an awesome start to my blogging journey! To start your own blogging journey, check out my post How to Start a Blog.
Rental Property – My rental properties are finally what I’d consider stabilized. There was a period of rehab and getting good tenants, and now it’s become a lot more passive. Sure I get the occasional call from a property manager asking me to agree to a repair or purchase, but that’s about it.
Crowdfunding – Most of my deals have exited. I’m still getting some interest payments from a couple deals, but it’s a small amount. Some of them have an equity payout when the properties are sold, so I’m waiting for that to happen.
Network Marketing – My wife and I run a growing direct sales business on the side. We had never tried one of these before but decided to jump in to see how we’d like it. It’s been a fun ride and the opportunity has been amazing. Plus it’s nice that the income from it is now mostly passive and is substantial enough to make an impact.
Donating – It wasn’t necessarily easy but my wife and I made our biggest donation to date to a very worthy cause. Obviously I know that donating is so important for so many reasons, but we found that if we aren’t super intentional about it, we won’t do it.
That money will disappear somewhere else unfortunately.
Continue improving the blog to make it of better value to readers. I have a good number of interesting physicians lined up for my True Doctor Stories. I’ll continue to send out newsletters on a weekly basis.
Aggressively save for another property purchase in the 1st or 2nd quarter of 2017.
Near the end of the year, I’ll make a contribution into my 401k.