Just when I thought the winter weather was going to have a cooling effect on my multiple income streams, then November came along and proved me wrong. Airbnb produced $0 in October, then picked up again in November netting us $566. Overall, it was a solid month for us getting $1,291 in all my side hustles. It really shows you that if you put a little elbow grease into it, then you can really provide alternative means to make income besides your primary income source.
This past month I was reading to my son the parable of the talents. The short parable goes like this:
- A king hands out:
- 5 talents to person #1 – based on his abilities
- 2 talents to person #2 – based on his abilities
- 1 talent to person #3 – based on his abilities
- King goes away
- Person #1 doubles his talents
- Person #2 doubles his talents
- Person #3 buries his talents in the ground
- King returns and ask for an account
- King praises person #1 and #2 and tells them they are a good and faithful servant
- King scolds person #3, takes his 1 talent, and gives it to person #1
Even though it was a school lesson for my son, I really got a lot out it personally. I've been going through a lot of “drama” at work. The whole time the Lord has been speaking to me about being faithful. Faithful with what he has put me in charge of. I know regardless of my circumstances that I just need to continue to 1) be open and honest, 2) continue to exhibit moral judgement, 3) work hard with the abilities I have, and 4) be faithful with what I've been given. It has been a refreshing reminder!
Speaking of being faithful with what I've been given…here is a breakdown of where we now sit with our mortgage payoff.
Mortgage Pay Off Countdown
Balance: $22,327
Paid last month: $3,489
Extra Money That Was Applied: $2,181
Goal of Pay Off Date: August 2018 – (new estimate: June 2018)
Here is a breakdown of my passive income streams from this past month and how we are doing it:
2017 Goals
- Pension – [2017 Goal $1308] [made $1199 in 2017] – didn't lift a finger this past month to cash in on my previous employer's pension and collected $109. Sweet!
- Blog Income – [2017 Goal – $7500] – [made $6,335 in 2017] – income has been consistently above $600 per month! I'm thinking I'm going to be a little short of my $7500 goal, but it'll be close.
- AirBnB – [original 2017 Goal $2500 (completed in July) – new 2017 goal $7500] – [made $4,585 in 2017] – overall this income stream has completely surprised me! Every dollar has been a blessing, and $4,585 is a huge blessing!
- Sell Stuff – [2017 Goal $2500] – [made $54 in 2017] – I've been thinking a lot about starting to sell some of my silver coins and converting these stagnant assets income generating assets. Possibly I'm looking to split 50% of these sales towards the mortgage and 50% towards my Schwab monthly income fund.
- Peer-to-Peer Lending – [2017 Goal $25] – [made $29.02 in 2017] – LendingClub continues to disappoint me with having a negative return on our investment, and I've had four loan defaults. Ugh! I can't wait to get out of this investment and move onto investing in dividend stocks! However, I'm pleased that I've exceeded my goal of $29.02 for the year.
- YouTube Channel – [2017 Goal $25] – [made $175 in 2017] – earned $21.12. So far this year I've produced, 10 Ways to Save Money on Your Electric Bill, DirecTV Review and How to Get Discounts, How to prepare for a Greater Depression, Passive Income Streams Require Continual Work, and Unused appliances that are using energy (and I didn't even know it!). I'm really suprised at the little amount of work I've put into it and how much I've made!
- Schwab Monthly Income Fund – [2017 Goal $10] – [made $8.99 in 2017] – consistently making just under $1 per month on this small dividend income fund that is basically on autopilot. Not bad for the chicken eggs sales I had in 2015 & 2016. If you haven't checked out the Schwab income fund, then read my review! Pretty cool investment option for consistent income.
I'm really pleased with how we are ending the year, and how we've generated over $12,000 by doing side hustles. I write about it not to brag, but to show that anyone can use these techniques. You just need to be resourceful with the abilities you've been given.
This is my report of how I'm making side income and using that to pay off my mortgage. I'd be interested to hear what side hustles you've got, and what you are doing with your extra cash! Leave a comment below!
Charlie and his wife use the 2 Checking Account System to manage their finances – check it out for free.
Check out Robert G. Allen's book, Multiple Streams of Income, that Charlie recommends. Allen researched hundreds of income-producing opportunities and narrowed them down to ten surefire moneymakers anyone can profit from.
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