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Hello! If you’re new here I made a five year financial plan a little while ago now and this is my monthly check in. My big goal for the next five years is to have multiple streams of income.
This whole plan is based on the idea that the average millionaire has seven different income streams.
Now that I’m writing this down I realize I haven’t confirmed that. Let me google it. A quick google search is giving me no stats or research confirming it. I may have based my entire five year plan on something that isn’t true.
How do you benefit from these monthly check ins?
For me, these monthly checks are great because they hold me accountable. But how do you benefit?
I hope this monthly check ins will help you by showing a realistic picture of what it takes to reach a large, long term goal. As well as showing you some of the hacks I use to stay focused and on track.
What happened the past month?
August has been interesting. First of all at my day job my hours got cut to part-time. Which means my income dropped as well.
Despite knowing this was coming for quite some time I haven’t found a new job yet nor did I get another part-time job. Even though getting another job would be an easy way to boost my income and have another source of income coming in.
Another factor in not getting a second job right now is summer going by too fast. I wanted to take some time to enjoy the last bit of summer and I glad I did. It’s September third and it feels like fall here. Our daytime high went from low thirties to mid-teens. Summer is over.
Did I hit my goals this month?
As far as hitting my goals go it’s a defiant no. I didn’t do well for this month. I hit exactly zero of my smaller goals. And only worked a little on some of my longer term goals.
Despite all of this I ended this month with three different sources of income. It sounds better then it is so let me break it down.
My main source of income making up 97.41% is my paycheck from my day job. This while making up the biggest percentage of my income is down from last month.
It didn’t drop as much as I was expecting it too as I was able to pick up some extra shifts. But still, this number is trending downwards. And that worries me.
My second source of income making up 2.51% is my siblings paying me back. We went on a holiday together in July and I ended up paying for most of the groceries and gas.
Everyone owed me money at the end of the holiday. And surprising enough that was the last person paying me back. Everyone paid me back in under a month.
My third source of income making up .07% is bank interest. It doesn’t seem like a real income stream to me. But I put in YNAB as income and that where I pulling these numbers from. Anyways at least I made a few extra dollars here.
Quick side note here: I do have some money invested within my retirement accounts. Those investments are making me money. That money isn’t included on here as it varies from month to month. And I don’t know how to show it accurately to you guys. The best I came up with is including it annually so you don’t get as much variation.
What did I do wrong this past month?
I slacked off in August. I work less than usual. Soak up the last rays of summer. In general, nothing got done when it came to my goals. I was unfocused so when I did work I didn’t accomplish as much as I wanted too.
I did set up a todo list so I knew what I should be accomplishing. The problem I had with the todo list is I would pick tasks based on whether it was something I felt like doing. This meant some boring but still important task never got done.
How will I improve for next month?
Writing this post and reflecting on what went wrong last month makes me realize some things. First of all, a todo list isn’t enough for me. I need some sort of schedule that would also show which tasks are most important.
In between writing this post and editing this post I made up a pretty cool schedule for September. It shows exactly what needs to get done by what date. I even colour coded it in order of importance.
The second thing I realize is consistency matters. Things go smoother if you do it every day and built it into your routine. I have been slipping on the little things like getting up early enough to work on things before my day job.
Not letting my phone distract me when I’m trying to accomplish something. Letting myself fall into these bad habits is making everything harder.
And on a more personal note, I need to start eating healthier and exercising more. I notice if I’m healthier I’m happier and more productive. The last month I sorta gave up when it came to being healthy. I ate what I want and as much as I wanted. And I only worked out a couple of times the entire month.
It came back to bite me. I started feeling like crap both mentally and physically. And at some point, I started to spend afternoons laying in bed binge-watching Netflix.
How can you apply this to your goals
I got three things you can apply to your own goals today. First up know what needs to be done. It hard to accomplish anything if you don’t have a clear plan on what needs to be done.
Take some time and make a plan for the next month. That way when you’re ready to work you know what needs to be done.
The second thing would be to do something every day. You don’t need to spend hours working on your goal every day. But doing something no matter how little it is will help.
It might be researching something while standing in line. Whatever it is try to do one thing every day that will bring you closer to your goals.
The third and final thing is to take care of yourself. I know online it easy to fall into a hustle harder mindset. And there something to be said for working hard.
But no matter what you need to take care of yourself. Make sure you are getting enough sleep, eating healthy and exercise. You want to stay healthy both mentally and physically.
You don’t get what you don’t ask for so today I’m asking you to share my August 2018 Monthly Income Streams Report post by pinning the image below. Thanks!