Word up TTG readers! December is upon us and its the start of my first monthly report on how my multiple streams of income is coming. I hope to not only provide myself with a little extra motivation and accountability, but also to motivate some of our readers in being open with how I'm making extra money.
Last month I said I had a goal of starting five different income streams. Here is an update on how I'm working my side hustles:
- Pension – my monthly cashed in pension is continuing to produce and direct deposit a nice $109/month. Money is providing a nice consistent stream of income.
- Peer-to-peer lending – started my initial investment in lendingclub.com with a quick $150 to get my feet wet. It has really been extremely easy to setup and get started. I've been primarily investing in B, C, D, and E notes, which is in the 8-20% interest rate range. I'm look for loans that have a debt to income ratio of <20% and ideally in the 15% range to reduce my risk. Lending club says I'm scheduled to make $2.65/month, so lets say for November I've made about a dollar. :)
- Egg sales – this month, over the last 15 days, I was able to bank $30 in egg sales. I was really surprised how well the chickens produced coming into the fall. We've been getting a consistent 12-15 eggs/day from our backyard chickens. Going into next month I'm hoping for a good $45 from my chicken sales, but it might not be that good, because I generally give away a lot of eggs around Christmas. The plan is to take my extra egg sales and reinvest that in peer-to-peer lending.
- Online marketing – sales have been pretty steady at $200-$400. This past month I was able to bank $218 with only about 5 hours of work in the month of November. Not bad, but I'd like to keep increasing this slowly.
- Special Project – so Aaron and I have got a good start on our new special project on TTG. We are in the building phase of generating the content, and haven't made any moo la yet, but I want to make sure I track this as another income stream. More to be announced soon on TTG as to what this special project is and hopefully this can start another stream of income.
Well this is a start to my month over month progress in charting out my multiple streams of incomes. Total in November I was able to generate $358 of passive income. I'm also open to ideas on how to make another stream of income, and would be willing to try some other ideas. Submit a comment below for side hustle ideas. I may just use your idea in December!