The month of August has come and gone fast and the kids are back in school, which is a big relief to a lot of stay at home parents! Can I get an AMEN!?!
Focus continues to be on paying off the mortgage and racing to become debt free by August 2018. In a way, I view it like a race to retirement as we continue to shovel money towards financial freedom. With all the stuff that has been happening at my job situation, I feel like the race to debt freedom will become even more of a reality. Long story short, by the time this article publishes I'll have put in my two week notice. It was a hard decision for my family and I, speaking from only having 2 jobs in my 17 year IT career. I don't like change, but with change comes opportunity.
Related to our mortgage payoff I've got a few plans to use our extra income from my new job to go straight towards paying off the mortgage. In addition, I'll be getting a signing bonus and paid out for my vacation, which the majority will go towards the mortgage and some to replenish our checking account. It sure feels refreshing to have a focus on knocking out our last debt! It feels like we have a laser light focus on what we are trying to accomplish and both Mrs. Thrifty and I are completely on board!
In other news, I've been working on a getting into the AirBnB market, and renting out housing to guests! We've already got guests lined up for late September, but I won't blog about it until after we have our first visitors and how we are making money on this venture. I have to say I'm super excited about this opportunity and really think it is going to pay huge dividends! More will come on that, so look for something to be posted late September or early October!
Now here is a recap of our mortgage status and our passive income streams status.
Mortgage Pay Off Countdown
Paid last month (July 1): $1908
Extra Money That Was Applied: $599
Goal of Pay Off Date: August 2018
- Pension – [2016 Goal – $1308 – made $763 thus far] – the pension continues to feed our private school fund at a consistent rate with no required action. Private schooling was fully funded by August 1st and we were able to prepay tuition with our Amazon credit card and get 1% cash and get the 3% discount. Another great example of why it pays to save up prior to a bill coming! It saved our family 4%.
- Peer-to-Peer Lending – [2016 Goal make $100 – made $19.23 thus far] – I've essentially paused my LendingClub.com contribution (egg sales distributions). However, with the interest I've made in this account (without making any new contributions) I have $28 in available cash to reinvest. Regardless of the risk involved with LendingClub (I wrote about a few months ago), I'm going to continue to roll the dice and reinvest gains.
- Egg Sales – [2016 Goal – $360 – made $112 thus far] – gotta be honest here…my motivation to taking care of the chickens and selling the eggs for gains has been waning. It is weird how some passive income streams have peaks and valleys in motivation. I'm gonna try and focus on income streams that are making me money, and grow them. Not the less secure income streams.
- Blog Income – [2016 Goal – $6000 – made $4955 thus far] – made $619 last month that has now bumped me up to almost $5000 for the year and we have five months still left! The blog income has continued to be strong and will be my continued focus as we head into the end of the year. Aug to Dec the focus will be to save the blog income towards 2017-2018 private schooling to again get the pre-paid discount.
- Two Checking Account System – [2016 Goal – $500 – made $263.00 thus far] – our launch of the two checking account system for the past two months have been very successful. We didn't have any sign ups last month, but we are continuing to stay focused on this income stream.
- Schwab Monthly Income Fund – [2016 Goal – invest $1200 and make $100] – contributions to this fund have halted for the last few months, because we are focused on paying off our house. I forsee this will be a lot of the same for the coming months as wee continue to keep focused on paying down debt.
- Amazon's MTurk – [2016 Goal – make $500 – made $30 thus far] – I haven't had any time to work on MTurk in the last month. I'm not sure if I'll put any effort into this low paying venture.
- AirBnB – [no goals yet or income] – more to come on this at the end of September!
With the job change, how consistent my primary incomes streams have been, and my new AirBnB income stream, I've gotta say I'm sure excited and optimistic about the months ahead. I really think the new job and AirBnB is going to put our mortgage payoff into overdrive! I hope we can beat our goal of Aug 2018! As extra motivation, some of our friends and us have agreed to celebrate with some type of cruise or Caribbean. This should provided extra motivation to getting to the finish line early!