In Budget Roundups, Money

June 2020: Income Budget Roundup

THE INCOME = $6277.34

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 Black Lives Matter Canada. For July it will be a new charity.

Day Job: $0

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

Side Income: $6277.34

General June Musings for Side Income

I wasn’t really pushing myself this month. To be frank with you, I have been demotivated and listless to date. I have also been turning down things or not starting things that people are asking for (e.g. Investing 101 courses), because … motivation.

Maybe July will be better. I am trying not to over-hustle, you know?

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?”

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.

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: $3507.23

Advertising: $2247.80

Affiliate: $1259.43

Someone is trying to sabotage my ad revenue

For advertising this month, I am happy because I almost made $500 on one of my ad networks:

Actually, I did hit the $500 mark and went over, but then some of the revenue got pulled back (?) for some reason.

I got a few ad policy violations that my blog had sexual nudity and pornographic issues, and when I checked the pages, there was nothing. Someone is falsely trying to sabotage the revenue/income by reporting my pages as being in violation.

It’s frustrating. But.. you know.

I am still working on balancing the ads – so the more people that come, the less I need

I get that ads are horrible. I get it.

So I am trying to find a balance between the networks, so it isn’t overwhelming. I have been cutting back on the revenue and it is easier for me to do that if the readership goes up because then I can cut back on even more ads being displayed, and then I can have the same amount of revenue coming in.

I am cutting an ad network I was trying out

I was trying out a new ad network back from March or April, and I am very unhappy with them. I am cutting them from the loop once I hit the $20 payout. Sayonara.

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. My referral link for them is here.

What do I use to manage my blogging / social media?

I am only active on 3 main platforms because I cannot handle more than that alone:

The ONLY thing I pay for in terms of social media management, aside from webhosting fees etc, is $15 a month for Tailwind Plus – a social media manager. This service has saved my life for social media management and without it, I couldn’t do my day job, my personal life, my blogging life AND social media life / postings. If you use my referral link, you can try out one month of Tailwind Plus for free.

3 Money & Career Coaching: $466.71

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 to be honest, I wasn’t pushing it. I again, have been in a sort of … de-motivated, blue-ish mood and that means that I sort of hide in my shell.

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.

4 Books & Products: $699.94

I’ve written 6 books under my Like A Boss umbrella, and I have a 7th in the works but again…. I haven’t been motivated to do the book. I need to sleep first, get out of this sleep deprivation rut, and then I need to feel energized and have a fire lit under me to start.

I did a lot in May. I may have burned myself out in May.

Books sold well this month

I hope it keeps going.

My Instagram @saverspender is finally gaining traction!

I hit 10,000 followers at the start of May, but then I hit 15,000 followers at the end of June:

This is truly gratifying. I have been working extremely hard trying to get it off the ground and a solid platform.

I am also (another project), starting up a YouTube channel so that my blog readers who aren’t on Instagram, aren’t left out of the loop either with videos and things I post on the fly.

Again. More projects. No motivation. I have to make a plan and think of how I want to structure it, read up on it, etc. YouTube is a whole new world for me especially as an Anonymous person.

Save. Spend. Splurge. Products sold, include:

https://www.thebudgetingtool.com

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

5. Bank Interest = $265.67

Tangerine 2.74% has stopped, I am over at EQ now

July 1st, I had a note, and I shifted my money out from Tangerine at 2.74% over to EQ Bank paying 2%.

I am “losing” 0.74% but *shrug*. I am still going to just let the money grow there. Better than 0.01%

6. Bank Promotions = $0

Again, waiting for the BMO promotion to pay out $300 by end of August. I should see something by then, and then I am done with Bank promotions for the year.

7. Cashback = $21

I got credit card cashback from spending because I spent a lot more this month. I mean, I really SPENT MONEY this month versus what I have been doing since March.

For shopping online, I also got a payout that is done every quarter.


Rakuten also only pays out every few months or so, so I expect to see about $40 coming my way soon. I can’t even believe it took me this long to trust/believe in this sites, but I use:

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: $516.63

Dividends were very under for June. But that makes sense because overall, it is almost $15K for the year, but some months will be $2000 and others, $500.

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 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 = $864.22

I am selling items off from my wardrobe (I need to get rid of 25% of what I own, if not more) using Poshmark and things I thrifted before, and are slowly trying to move:

10. Lending = $482.79

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 buy individual stocks for dividend yield.

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 = $20

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 = $0

No other “strange” income coming in that was one-off…. not that I get much of this really.

Passive vs Active Income

This is how it breaks down, and my goal is Truly Passive should be 50% of my Income, for up to $18K a year for me to feel secure.

INCOME GOALS FOR THE NEXT MONTH

Only $36K left to go to hit $150K total income

$36K left to go means I need to pull in $6000 a month by end of December.

That means $36K assuming no day job or contract pops up unexpectedly, will mean a $74K side income for this year, not $50K.

I had set it as $50K because I like a challenge but not one where I feel dejected I missed my goal… I want to at least hit it!!

Am I going to get another contract this year?

Unlikely.

I am not going to be able to work again this year at my day job, so I am truly relying on side income to hit my income goals (but also not relying on it because I don’t need much to live on).

If all goes well, $150K total income, $74K of that would be my side income (whoa, around 50%), and then we will see.

I hate getting too excited about fictional numbers though, let’s see what July brings. June was already lower than May’s income.

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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