Hello! If you’re new here this is my monthly check in with my five year financial plan. My big goal for the next five years is to build multiple income streams.
This idea was based on the premise that the average millionaire has a least seven income streams. I’m not sure if that true or not but it sounds legit so I’m going with it.
How do you benefit from these monthly check-ins?
The benefits for me of having a monthly public check are fairly obvious. It keeps me accountable. And I have something I can look back on to track my progress.
Why should you care about how my plans are working out? Well, my hope is that by sharing my monthly check-ins I can show a clearer picture of what it takes to reach long-term goals. As well as sharing some of the tips and tricks I’m learning along the way.
What happened the past month?
Not much changed in my daily life this past month. I’m still only working part time at my day job. Which I have been enjoying lately.
I do like the people I work with and now that I have a new manager the whole culture has really improved. One of the reasons I had for leaving would be my previous manager but she has moved into another role and I no longer have to deal with her.
The biggest change I made in the past month is to be nicer to myself. I’m trying to set attainable goals and take breaks from working.
I don’t have quite as much time as I used to when it comes to working on this blog. Though a funny thing happen since I have less time I’ve gotten better at prioritizing.
I felt good this past month. I’m getting enough sleep. And I’ve started some other smaller projects on the side, things are happening.
One last thing that happen this month, I finally finished dealing with my car stuff. Last May I bought a new car and there a lot of stuff that goes with that. Anyway past month I sold my old car. And I got my insurance refund from the mistake that was made when transferring my insurance.
Did I hit my goals this month?
I going to say yes even though I missed on the main one. This past month I’ve been more intentional about working towards my goals.
Now I didn’t actually build another income stream that making me money. But I do have a plan for my first income stream I’m building outside of my day job and it will be passive so that sweet. Everything with that should be up and running by Christmas.
There are also the goals I mention in this post which were more about saving and managing my money well. Those goals I hit this month.
This happened due to the fact I finally sold my old car and received my insurance refund. I now have a small emergency fund. And I’m prepared for next year taxes and insurance.
Plus I managed to put some money into my car fund as well as my vacation fund. I felt rich this past month. In part due to having multiple income streams so let take a look at that shall we.
My biggest income stream from the past month clocking in at a whopping 37.64% is selling my car. I knew this would be a big one this month and it feels good to finally sell it. However, this income stream is not sustainable.
My next income stream coming in at 35.62% is my paycheck from my day job. Which isn’t as high as usual due to me selling my car.
My third income stream coming in at 22.23% is an insurance refund. I’m happy that I finally got my money back and the mistake figured out. Of course, this income stream also isn’t sustainable.
My next income stream coming in at 3.45% in government cheques. Currently, my income is low enough to get rebates from the government. And while I like the fact that the government is paying me I would like my income to get to a place where they think I don’t need it.
My fifth income stream coming in at 1.02% is my expense claim from work. I work at a different location for a day last month. And I got compensated for my travel. This was the first time it ever happens so I don’t think this will ever happen again.
And finally, my last income stream is my bank interest that comes in at a .047%. This is one of the few that are sustainable. I just don’t see it earning me that much.
Quick side note: I do have some money in investments accounts I’m only going to include them yearly as they vary from month to month. And hopefully in doing things this way it represents a more accurate view of what I’m actually making.
What did I do wrong this past month?
I brought in a lot of money last month from a lot of different places and it feels good to have done that. The biggest thing wrong with it all is nothing is sustainable.
Out the six income streams, I brought I can only count on two of them for next month. My paycheck and bank interest.
The biggest mistake I made this past month was not actually building an income stream I could rely on. I did work on planning and building some things to make it easier to build income streams. But nothing is built that actually making me money right now.
How will I improve next month?
I think I need to stop worrying so much about niceties and get down to the bare bones of my goals. Whenever I look at making money outside of my job I start thinking how long will this last and could I make it passively. And then nothing can meet all my high expectations so I build nothing.
I need to focus on things can make money this month. And forget about the other things. I would like to start making money outside of my day job. It wouldn’t have to be loads of money just something that brings in something on a regular basis.
How can you apply this to your goals?
I only have one big takeaway for this month. Focus on what you want right now and make it happen.
For me right now I would like to be making more money. And the other things I want are just niceties at this point. Sure passive income sounds great but it a lot of work or a lot of money.
So I’m trying to put work into one stream but it not paying off yet. And as far as sustainably goes. I do want to have income streams I can count on. It might be a little unrealistic to think every income stream I build has to last for the next five years.
So take some time figure out what you actually want. Strip away all the niceties that would be cool to have and focus on the bare bones of what you want.
Now in the next month go do that bare bones thing that will bring you closer to your goals. And don’t worry about the niceties until you bare bones goals are accomplished.
You don’t get what you don’t ask for so today I’m asking for you to share my September 2018 Monthly Income Streams Report by pinning the image below. Thanks!