In Budget Roundups, Money

July 2020: Income Budget Roundup

THE INCOME = $7307.44

Note: All the graphics you will see below, and charts, were made with TheBudgetingTool.com.

https://www.thebudgetingtool.com

All net proceeds go to charity! (Always and forever.)

This month for June, it was World Wildlife Foundation. For August it will be a new charity.

Day Job: $0

For now, not working or making any money at my day job.

Side Income: $6738.22

General July Musings for Side Income

Again, sort of letting things slide. I think this COVID fatigue is getting to me, so I haven’t been as excited about making more money this month. Near to the end however, I sort of picked up a bit more steam, so I did make about $500 more than last month.

That said, I’ve also decided on a couple of life things namely:

  • Selling this condo, buying a home – TBD, this is a 3-year project
  • Homeschooling Little Bun this year – This will mean setting a schedule and following the provincial rules because I refuse to send him back (already, summer day camps are reporting spikes in cases, so why the hell would school be any different?)

This month’s income, I do have a Canadian investing 101 course coming up this week that I am pretty excited about, that will cover:

  • Introduction to Investing
  • Overview of Canadian banks and financial institutions
  • Basic Investing Strategies
  • Costs to Investing to look out for and comparisons
  • Mutual funds and Exchange Traded Funds
  • RRSP Overview & withdrawals
  • TFSA Overview & withdrawals
  • Comparing RRSP vs TFSA
  • RRSP Contribution scenarios
  • Asset Allocation Strategies
  • Rebalancing a portfolio overview
  • Overviews of banks + mutual funds

So that will be a one-off income stream I suspect, as it’s quite a lot of work to schedule and coordinate people into set times. I will likely not be offering the course again, or at least, not in the near future.


I will however, get myself motivated again to start writing that book on starting a business / side incomes I have been meaning to do. This one is far more involved (just like my Start a Blog Like a Boss book), as there is SO MUCH I need to cover in terms of starting a small business / side income. SO. MUCH.

I will get started though, and maybe finish it this month or next.

Story of my Side Incomes

These are my main income streams for my side hustles (i.e anything that isn’t my day job).

I have been working for a while since 2013 (even earlier) to try and get this to be a more stable, solid replacement for my living expenses so I will never have to sell my investments again to live.

I lived through a horrific, scary no-working time in 2009-2010 when I was stressed AF and had to slowly sell my plunging red investments just to live.

I vowed at that point in time, to never do that to myself again, and started building up side hustles.

What’s “side income” to me?

So ANY income is considered a side hustle. No matter how little.

I may not necessarily take out all of the money when I make it (e.g. Lending or Dividends get reinvested back in), but I count everything. Also, any income that was otherwise extra including stuff I’ve won, gift cards, I include all of that as income even if it is “one-off”…

Why so many?

The average millionaire has 7 income streams, and currently I have 12 going on at any given moment – 11 side incomes and 1 main one.

My major sort of steady income streams are:

  1. Blog (Advertising)
  2. Blog (Affiliate)
  3. Career & Money Coaching
  4. Blog (Books)
  5. Dividends
  6. Bank Interest
  7. Lending
  8. Resale

The the 5 rest of them are one-offs, or just things I do every few months or so, like bank promotions where I may get a few hundred dollars every 3 months signing up for things. It’s not huge amounts of money, but it adds up to $600-ish a year.

All of this income can disappear

Honestly, I try not to rely on this. One month, people are buying or using your affiliate link, and another month, crickets. The key is just to try and get everything up at once, working hard to make them all viable sources of income so that when one lessens, another can pick up.

1 and 2 Blog: $3169.06

Advertising: $2131.71

Affiliate: $1037.35

Someone is still trying to sabotage my ad revenue

I am still getting ad policy violations that my blog had sexual nudity and pornographic issues, and when I checked the pages, there was nothing. AGAIN. I lose that income when they don’t show the page and I am very annoyed.

Bye bye horrible Ad Network!

I got a measly $28.41 USD payout coming my way for August for this ad network that I started in MAY. May, June, July, and I earned $28.41 USD? Bye bye.

How do I make money off the blog?

http://www.monumetric.com/referral.php?refid=2025

I am mainly with Monumetric, an ad network and they give a pretty decent rate of pay, on par or better than other networks but you need to have 10K views to join. My referral link for them is here.

3 Money & Career Coaching: $809.65

You can read some of the great feedback I got here, and see my rates, and some of my success stories are all listed here.

I took a few calls this month but I haven’t been pushing this or talking about it at all. I offer it. If people are interested, why not? If they’re not, that’s cool too.

Unless someone contacts me, I don’t really market myself for this. I do however, find all of this really energizing when I can dig into someone’s finances and help give direction. I feed off their energy of being excited about it, and it gives me a real high to set them on the right path.

4 Books & Products: $688.61

I’ve written 6 books under my Like A Boss umbrella, and I need to start on that 7th book on how to build side income businesses. I am working on it this month. PROMISE.

Books sold well this month again. Amazing.

I hope it keeps going. I sell them on Amazon as well.

YouTube Channel Focus

I think only once my closet is up, will I be able to focus on my YouTube channel. I do not really want to do personal finance videos in a boring way. I have an idea of how to marry the two, but I need to get my closet back, my clothes / life organized, and a free, clean second bedroom to record everything in that isn’t stuffed to the gills with my clothes.

Save. Spend. Splurge. Products sold, include:

https://www.thebudgetingtool.com

(All net proceeds from The Wealth Building Tool go to charity)

5. Bank Interest = $193.42

Aside from losing that 0.74% extra interest on my money, I am now at 2% for my cash. I have been paying taxes, paying bills for my business, and spending like crazy for the past 2 months, so my bank interest earnings have dropped.

6. Bank Promotions = $120

BMO will pay out at the end of August in $300 for the chequing account, and this $120 is purely from the bank paying me for referrals I made.

7. Cashback = $0

I don’t spend as much as I used to any more, so I don’t really have cashback credits on my cards any longer. When you spend $5K – $6K a month, cashback is constant, but when you drop down to $3K to under $1K like I am at, cashbacks go to nil.

Rakuten also only pays out every few months or so, and I have about $80 coming my way:

Money is money. I also use credit cards to get cashback, and my main card is the Rogers World Elite Mastercard with 3% cashback on forex (foreign exchange) purchases and 1.5% cashback on everything else.

8. Dividends: $1194.96

Back up to $1000 again. I am sticking with what I have, and slowly cutting losers from my portfolio once I see a bit of capital gain, and reinvesting that money elsewhere.

This is my original mini dividend project details and my dividend short list of stocks I was looking at to buy for Canada and the U.S.

Here are my goals for dividends for 2020. My last dividend update from May 2020 is here, and this is how I calculate dividend income.

Also I am all about the DRIP*! I always reinvest back my dividends into buying more stocks and shares.

*Dividend Reinvestment Program.

I use discount brokerage Questrade for all my RRSP, TFSA, Margin and RESP accounts:

9. Resale = $510.14

Slower this month, but not $0. I sell on eBay, Poshmark, and in consignment shops.


10. Lending = $569.22

I am currently doing private lending via a website called Lending Loop:

I have temporarily stopped investing into more small business loans and started taking the cash out instead to invest. So really, I am still investing the money and not spending it, but redirecting it into snapping up individual stocks at a lower price instead.

11. Surveys = $10

It’s not big money, but $20 is $20. That paid for some of my nailpolish this month. More on that later under the Expenses post tomorrow.

How I make money off Swagbucks

I signed up for their email notifications, so they send me emails like: Earn 100 swagbucks in 20 minutes! and I fill those in.

I also occasionally find survey sites I like, like Peanut Labs (connected to Swagbucks) and I see what’s there because their payouts are pretty good for the time spent.

  • Swagbucks: Use my referral link to get 300 Swagbucks but only once you earn another 300 Swagbucks doing surveys etc within the first month. You need only 750 swagbucks to redeem it for $10 from Paypal.

12. Other = $42.38

I got a really strange rebate / credit on my credit card that says “COVID-19 Relief”. So… $42.38 in my pocket. I don’t pay credit card interest at all, but I did have a SNAFU earlier where I did have to pay credit card interest because stupid LBC digital LOST MY VERY TIMELY PAYMENT TO MY CREDIT CARD. I never, ever miss payments, and I always pay 3-5 business days before it is due to be sure it gets there in time.

It took me 6 weeks to resolve it, and by that time, my Visa charged me some serious interest (about $70 worth) which I had to force LBC Digital to reimburse me for as they made the mistakes in the first place. I guess this is related to that? No idea. Good thing I don’t care about my credit score at the moment.

INCOME GOALS FOR THE NEXT MONTH

Only $4057.52 left to go to hit $50K total side income

I am already $11K over what I earned in 2019, which is mind boggling to me. Who? WHO IS OVER that amount!? It is kind of crazy to think about how far I have come last year and this year in terms of income.

My real stretch goal is $75K because that’s what I need to earn in side income to hit my overall total income goal of $150K.

That means I have 5 more months to make $29,057.52 or about $5811.50 a month in income. Can I make it? I don’t know.

Slim, slim chance of a contract this year

I doubt I am going to get a contract this year. They’re sort of asking people to come into the office and that’s my hard “No” because (A) I don’t need to really work to make my bills and (B) I am not putting myself or my family in danger for money.

I also am stressed however, as my partner wants to move and buy a home, and we had a small fight where I burst out and said:

I HAVE NO MONEY!!!!

He looked at me incredulously, because in his mind, my $500K+ investments is “money” that can be liquidated to be used to pay for a home in the interim, while we wait for the condo to be sold and to recoup that money.

To me, that’s not even an option to consider that I can liquidate my investments. We clearly have very different money views, and mine is more Scroogette and I’d say practical because I don’t want to also incur taxes from selling and liquidating my money!!!! WTF!!!!!

At any rate, this all means I need to come up with $300K in cash between now and the time before we start buying our home, so that I do not touch a SINGLE PENNY in my investments to do so.

Am loathe to sell anything. I am broke in my mind. I have no cash. Zip.

My Side Income Growth over the Years:

Side Income Growth has been steady since I have been focusing on it.

I started tracking it seriously in 2013, and it is incredible for me to look back and realize I am on track to make more money this year, than when I started 14 years ago at my first job out of school.

I made $65K then, and this year I am determined to hit $75K.

Year to Date:

 

  • Made: $121,374.10
  • Spent: $18,203.76
  • Saved: $103,070.35

So far, looking good. Even with this month being a crazy spend month of $3K, or 3X what I would normally spend in a barebones month, and I am still kissing the 85% save rate for the year.

MORE NOTES ON WHAT I USE

If you are interested, my money is parked here:

  • Tangerine: Use my Orange key { 32726976S1 } for free money (You get $50 once you deposit $250; and I get $50 too).
  • EQ Bank: Now at 2% … (I refuse to bank with LBC Digital and any of their related banks forever and ever. Read all about it here.)

…credit card extra rewards cashback savings here:

..and invested here:

…and I list my things for sale here:

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Sherry of Save. Spend. Splurge.

Am my own Sugar Daddy. Am a millionaire at 36 after getting out of $60K of student debt in 18 months, a little over a decade earlier, using TheBudgetingTool.com. I have worked 50% of my career (taking 1-2 year breaks), and quadrupled my income within 2 years of graduating, going from $65K to $260K with an average lifetime savings rate of 50%. I have 11 side incomes that are on track in 2020 to make me $50K - $75K. I could retire today if I wanted, but love my work-life balance as a freelancing consultant in STEM (Science, Technology, Engineering, Math). I am all about balance - between time and money, and also enjoying my money. I also post daily on Instagram @saverspender.

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Posted on January 24, 2018

Previous PostI hate 90% of my wardrobe and have nothing to wear. Help!
Next PostJuly 2020: Expenses Budget Roundup

4 Comments

  1. Financial Orchid

    What’s wrong with selling condo, rent for a year n house hunt during renting? There are tons of rental deals popping up all over major cities right now as ppl disappear to suburbs. Tons. I just saw on Craigslist last night . Sweet deals, sick views, huge patio, all at discount market prices in prime city districts.

    Reply
    1. Sherry of Save. Spend. Splurge.

      I can guarantee you we won’t do this. I do not want to move to a temporary home and then move again especially knowing he cannot sleep unless it is DEAD QUIET and we are never going to find a place that is quiet enough for him versus our apartment. This is not something I want to do and I will just save $300K in cash to cover my half instead.

      Reply
  2. Maria

    I assume you will need to pay tax on this income, correct?

    Reply
    1. Sherry of Save. Spend. Splurge.

      This is after taxes, I pre-pay all my taxes on my income in Quebec as I am a freelancer.

      Reply

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In a nutshell…

Save. Spend. Splurge.
[ wealth. style. minimalism. ]

——

MOST DEBT: cleared $60K in 18 months

MONEY: Hit $1M personal net worth At 36

NEW GOAL: $1M in invested assets

FAVOURITE DAY: payday

HATES: being late & lazy people

SOCIAL: Instagram @saverspender

DRINKS: homemade matcha lattes

SLEEPS: on a 100% cotton U.S.-made futon

WRITES: Books (also available on Amazon).

BEAUTY: swears by Paula’s Choice

——

…but you can read more about me , browse my index of posts, or get in touch with me, talk to me directly on Instagram, and of course, ask me anything here.

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