Sunday, November 1, 2020

Side hustles October 2020

The great thing about doing side hustles to generate extra income is that you can hustle on your own terms.  The more hard work, time, and creative effort you put in, the more extra money you can make.  You can hustle as little or as much as you want, whenever you want.  It’s your extra money, and you can choose how you want to spend it.  Instead of focusing on what ideas don’t apply to you, try focusing on different side hustle ideas that you can implement to work for your situation. 

Once a month (usually on the 1st), I like to post a short summary of our personal and financial situation for the previous month.  While I don’t often post articles, I am committed to documenting all of my side hustle income.  Here I’ll share some of what’s been going on with our lives and our side hustles.  

Welcome to November! Did you have a good October?  The big scare of our month was that there have been some big fires in Southern California.  At one point, our home was less than 5 miles from the evacuation zone and we were packed up and ready to go.  This has led to some very bad air quality with smoke and haze in the air.  Usually our kids love going outside to play – but they’ve been stuck indoors for the last few weeks.  
Due to the pandemic, trick or treating has been cancelled this year.  Our son was really bummed about that.  We got him a Captain America costume so he could still dress up and pretend to be a super hero.  A friend gave me a strawberry costume for our daughter to wear – but she wasn’t too excited about it.    
With interest rates continuing to drop, we finally decided to refinance to better rates!  We have refinanced our home mortgage from 3.125% to a 2.375% 15-year fixed.  Even though our home mortgage has been extended from 10 to 15 years, we have the flexibility to make more payments to reduce the length of our loan.      

We have also refinanced our rental property mortgage from 4.00% to a 2.99% 30-year fixed.  Rental properties usually have higher interest rates than primary residence rates so were excited to find that we could save over 1.00% in interest.  This refinance will improve our monthly rental income by about $190! 

Here’s our monthly summary of side income that we have generated in the previous month of October.

Cash Back 
On 10.21, I received a $1.27 statement credit on my SimplyCash AMEX business card.

Rental Income
On 10.5, we received a net profit of $550 from our rental property. 

Survey Income
On 10.6, I received a $20 Amazon gift card from MNOW for completing a medical survey.  
On 10.21, I received a $30 check from My Impact Network for completing a medical survey.
On 10.26, I received a $15 check from E-Rewards Medical for completing a medical survey.

Work Income
On 10.30 I received a direct deposit of $489.49 for picking up extra hours of work with my employer.  They needed extra coverage and I was happy to take it.  

Sales Income
On 10.10, I received a net profit of $216.97 (after shipping expenses) for selling an old TAG Heuer watch online via the Reddit subreddit WatchExchange.
On 10.13, I received a net profit of $111.70 for selling an old Apple Watch online via WatchExchange.
On 10.15, my wife received $15 cash for selling some old Halloween costumes on Facebook Marketplace.
We are slowly organizing our home by donating or selling used items.

Monthly Totals:
I earned $1.27 from cash back income
We earned $550 from rental income
I earned $65 for completing online surveys
I earned $489.49 for extra employment income 
We earned $343.67 from selling used items online 

All of this totals $1,449.43 from our side hustles for the month of October!  Refinancing our home and rental property mortgages will save us several hundred dollars each month and increase our cash flow.  We will still be able to pay off our home relatively quickly.  The extra cash flow will be used towards some home remodeling projects as well as investments towards financial freedom.  The recently stock market volatility has allowed us to pick up more shares for less money.  Keep hustling! 

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