At the end of each month I provide a recap on all the income I earned from dividends (brokerage account only), blogging, side hustling, and working at my good ol’ 9-5 as a data analyst.
Related: July 2017 Income Update
The reason I share my raw monthly income is because I have always found it beneficial (and inspiring) to actually see the real numbers behind a bloggers financial journey. I love talking about ideas on how to earn more money, but I think it’s helpful to show a behind-the-scenes look at how I’m actually earning money.
Here’s what my income looked like in August along with the previous three months. All of these numbers are post-tax.
|Monthly Income Streams|
|Ally Bank Interest||$3.46||$2.56||$2.07||$3.94|
Here’s my August income broken down by type:
This month was one for the record books. I earned the most money I have ever earned in a single month before. Here’s a breakdown of my earnings:
Passive Income: I received dividend payments from CVS Pharmacy as well as a new REIT in my portfolio OHI (Omega Healthcare Investors). As I mentioned last month, I’m really warming up to REIT investing because it gives me exposure to the real estate market without actually going out and buying physical property. I like the idea of clicking a button online and owning a piece of real estate instead of dealing with a rental property. With that said, I’m not opposed to owning rental properties but at this point in my life I’m not dipping my toes in that water yet.
I also earned $644.74 from the blog this month from a combination of advertisements on the site as well as affiliate links mainly from Personal Capital. This is by far the biggest earnings month ever for this blog. Traffic has increased every single month this year and it’s slowly leading to more and more money being generated on the blog, which is awesome to see. As a side note, I consider the blog ‘passive income’ because even if I didn’t earn a dime from it I would still keep it up and running.
In total, passive income accounted for 14% of my total income this month.
Side Hustle Income: This month was weak in terms of side hustle income. I only tutored one student this month in statistics and I didn’t pursue any others. Between transitioning jobs and moving into an apartment (and realizing that if there isn’t food in the refrigerator I’m the one who has to go to the grocery), I had less free time in the evenings than usual. Hopefully next month this category ramps back up.
Something I am considering is reaching out to the local high schools in my area and attempting to set up evening statistics tutoring groups for students. The main benefit here is that I could help more than one student at once and potentially earn more money, but this would be a considerable time commitment compared to just tutoring students online. If this is something I pursue I’ll be sure to blog about it 🙂
9-5 Income: Lastly, my 9-5 income was also the highest it has ever been this month due to switching to a higher-paying job. I’m still not eligible to contribute to my new 401(k) plan until October 1st, but I already have it set up to deduct $650 from every two-week paycheck I receive. I am investing all of my 401(k) contributions in a fund that tracks the S&P 500, which has an expense ratio of .6%. This expense ratio is way higher than I would like but it’s far less than all the other options I had. The default 401(k) plan has an insane 1.6% expense ratio, which most people have no idea they’re even paying.
As a disclaimer, I’m not an investing professional and you shouldn’t take my personal investing strategy as advice. Always invest in ways that make you comfortable!
My 9-5 income will be pretty consistent for the next 6 – 12 months. The two areas where it will vary from month to month will be in passive income and side hustle income. My goal is obviously to continue to grow the blog and to find new ways to earn some side hustle income.
At this point, I can already see a wealth snowball beginning to roll downhill faster and faster each month. The combination of increased dividends, increased salary, and increased blog income are all pushing my net worth higher at a faster rate than ever before.
For those of you who have been following along with my journey, thank you for all the encouragement, support, and positive feedback. It’s fun to be able to document my unique financial journey, but being able to share and discuss it with others makes it so much more enjoyable.
That’s all for this month, thanks for reading 🙂
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