In Budget Roundups, Money

November 2020: Income Budget Roundup

THE INCOME = $8002.15

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.)

Day Job: $0

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

Side Income: $8002.15

General November Musings for Side Income

A few bucks more this month than the last, squeaking over $8K. I am going to be pulling back a lot on this side income stuff, and I have actually packed up my resale things and dropped them off at consignment shops because I cannot do this any more without it taking up my time.

I was musing the other day to my partner that I wasn’t sure how I was going to do everything I am doing now and work full-time, and he told me: Something has to give.

So.. he’s right. I don’t want to give up reading, blogging and upcycling with Little Bun (this is really becoming fun with him), so it will have to be mindless scrolling on Instagram that goes, and spacing out things like outfit photos or Youtube videos.

I also have to start saying “No” to these interviews, podcasts and coaching and other things that are coming up. I also need time for myself, alone, and quiet for a mental break.

I will take it as it goes. I’m glad I don’t rely on any of this income to live, that’s a real peace of mind and freedom right there.

Story of my Side Incomes

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

Every dollar counts. 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 liveI 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: $1373.17

Advertising: $2063.06

Affiliate: $1506.09

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: $524.88

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 also launched my Canadian Investing 101 Course which makes up 100% of what you see there as revenue. If you’re interested, it’s $100 for the course, and you get 15 minutes as a one-on-one call with me after the presentation.

4 Books & Products: $545.69

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 sell them on Amazon as well.

Save. Spend. Splurge. Products sold, include:

https://www.thebudgetingtool.com

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

5. Bank Interest = $182.15

Money is money. Doesn’t cover much, this amount, but it helps stave off some of the bills at least.

6. Bank Promotions = $0

I signed up for the CIBC account and I have all the documents, I set up the pre-authorized debits (PAD), and we will see in 11 months how it goes to close it and get the payout.

7. Cashback = $392.57

I don’t spend as much as I used to any more, but I did spend more money last month, so it racked up money for me. Rakuten also only pays out every few months or so:

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: $121.47

I sold off a big chunk of investments to capitalize on the capital gains (that was a mouthful), so my dividends have dropped down to about $12K or so now.

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 = $2025.12

All my items are in consignment shops now because I don’t have time for this with a job coming up, but I do shop a lot on:

 

10. Lending = $381.1

I have over $800 in cash waiting to be lent out, and two loans were written off this month for $75 and $50. This is the price of doing business, and at the end of the year I’ll do a recap of what was written off, how much I lost, and actual returns, but that will take some time as I have thousands of entries to sort and go through to do this properly.

11. Surveys = $210

I did a LOT of surveys this month. Basically powered through them like a beast, while I was doing other things, I’d take them, as I was on the phone a lot this month with the bank and credit card company.

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 = $50.00

I won a gift card!!! To Starbucks. 🙂 When I will use it, I do not know, but I will just keep it until… whenever. Or I can let my family use it by giving them my scanned code.

INCOME GOALS FOR THE NEXT MONTH

Last month I wanted to make $6K this month

I made $8K. And next month I will definitely make $3000, so I will hit my goal of $150K easily.

It’s inevitable, so it’s kind of boring if you know what I mean — if I know it is possible, it’s no longer a challenge, but I am happy I hit this goal and things are going well.

To recap my 2 income goals were:

  1. $50K side income – Yes, I made almost $72K in side income thus far
  2. $150K total income – Yes, I am at around $147K, $3K for December will be a cinch

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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