Hi everyone! As many of you know, one the CMF household’s major financial goals is to achieve financial independence. One of the ways we hope to achieve this is by developing multiple streams of income, particularly passive income. We want to become financially independent so that we can live where and how we want to live, and not be tied to an employer. We want to be able to decide our own work priorities and goals! I mean, it sounds awfully nice, doesn’t it?
I am doing these updates every month to make sure that we keep ourselves accountable for our progress in this regard. It is extra motivation to know that you are sharing your goals and progress with the world!
Here we go! Here’s what we brought in for passive income and side hustles in March 2014:
Interest/dividends (retirement, brokerage, and savings accts):
Inside retirement accounts: $1208.48
Outside retirement accounts: $436.45
Overall interest/dividends/capital gains: $1644.93
Property #1: $135.64
Property #2: -$180.01 (Yes, this is negative; the sad truth is that our former home is in an area of the country where real estate was hit hard in the recession, and when we moved to a different state in 2012 we could not sell it. We have a great tenant, but we lose $180.01 per month on that property after we pay the mortgage and the property manager. The plan is to attempt to sell this property again in summer 2014).
Overall rental properties: -$44.37
Blog/writing income: $25
Other income this month was all money received from selling household items on Ebay. I cleaned out my closet and got rid of some things. There are a few things that didn’t sell on the first go-round, so we’ll see how they do on round 2 in April!
Total Passive/Side Hustle Income for March 2014: $1731.46
February 2014: $448.22
January 2014: $891.82
December 2013: $9010.86
November 2013: $1084.86
October 2013: $610.25
So right now as you can see, our monthly passive income/side hustle earnings have been all over the place largely because right now our investments are the largest source of passive/side hustle income for us (since we don’t have a whole lot of control over which of our holdings pay out dividends when). March was a particularly good month for the dividends because a lot of companies pay out quarterly dividends. We LOVE dividend income, but we are hoping to see more consistency in our passive/side income in the future as we build our other income streams like the blog and hopefully are able to sell the rental property that is losing money for us.
I am also working hard right now to become an affiliate with some other advertisers so that hopefully I can begin to earn some affiliate income as well. It would be really cool to have several different ways to earn money blogging/writing. 🙂
What do you think? How did you do on your side hustles in March?
Photo credit: 401(K) 2012