March 2018 Income Report
Welcome back to my third monthly income report!
I'm a big fan of personal finance blogs and gurus sharing the nitty gritty of their financial situation. A lot of people are very hush hush when it comes to this aspect of their lives.
However, I feel that if you want to have credibility as a financial mind then you need to be very open and transparent. Otherwise, how could your advice be taken seriously?
That's my one big beef with Dave Ramsey. I'm not saying he's not credible by any means, he certainly is. But what I'm saying is that Dave never really gives full disclosure on a lot of aspects regarding his personal financial situation.
In particular he always says "I invest in real estate," but never goes into much detail beyond that. He also says he invest in four mutual funds, but is never willing to share which ones.
He also never reveals how much money he makes and from what sources.
I think it's pretty clear that Dave Ramsey makes a lot of money and most of it is from his personal brand. I think his personal brand could be enhanced even further if he was
just a little more transparent about his investments, income, and sources of income. Again, despite everything I just said I am a Dave Ramsey fan and think he teaches some wonderful
principles. With that being said, it's important to form your own thoughtful opinions and not just blindly follow others' opinions.
Enough of that, without further a due, take a look at how I did in March!
If you have been following my last two reports you will remember I was patiently awaiting for March to arrive since most of my investments pay a quarterly dividend.
Last month, in February, I reported dividend income of $99.94.
March represents and increase of $449.42 over last months dividend income for a total of $549.36.
I love watching this line item grow over time. My long term goal is to achieve over $100,000 of annual dividend income. In true 10X fashion I'm on pace to crush that number in the long-term but I'm still going to hold on to that number until it's actually accomplished.
I'm particularly excited to bring you more information on the storage reits you see in my report, too. I'll be starting a hypothetical "storage fund" where I invest my own money into storage stocks and track the performance over time.
I expect that exercise to be a lot of fun and to provide a lot of valuable information.
Same old same old this month in real estate. Fortunately there were no repairs to speak of and my renters always pay on time.
This is another area that will significantly increase for me when me and my fiance move out of the unit we are living in.
I also plan to acquire many properties in the future, but frankly my self storage income and blog income are a higher priority for me at this point.
Another month passed where I haven't visted the machine. I promise it exists, guys! I'll definitely be visiting the machine next month to see how things went.
Despite the sad face, I will make this happen. It will take time, but mark my words it will happen.
Expenses were a little higher than average for March, but I was still able to earn income after expenses of $697.55.
I have a lot of high hopes for this line item in 2018. I'm on pace to have my best year yet and the summers are always busier.
Plus, I have another 12 storage units I will be adding to my fleet this summer on top of another exciting project I'm working on.
In the month of March, I brought home $1,255.80 of passive income. Not bad, but I'm really looking to increase this number. I think if I can consistently get to $5,000 of monthly passive
income then I would be comfortable enough to leave my job. I'm not sure that I will at that number, but I would certainly be getting close.
My plans to grow this number in 2018 include continuing to invest in my storage business. I also dollar cost average into my equity positions, but so far in 2018 I have actually paused those contributions.
Reason being, I have a wedding coming up in August! I don't want to have to liquidate equity positions to pay for the wedding so I have been stock piling cash in order to pay
for as much as I can out of pocket. One thing I do know is that I really want to get into the
wedding business now!
I really appreciate you guys taking the time to read my blog and learn new things. What are you doing this month to grow your passive income streams? Leave comments below to get a discussion going!