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 August! Did you have a good August?
The big financial update for us is that we have sold our rental property for $495,000. We’ve had a good run since we purchased the rental property in 2015 for $305,000. We’ve enjoyed consistent monthly income, tax benefits, and home value appreciation. This last year has confirmed that we aren’t cut out for being landlords. We got lucky that the hot real estate market allowed us to quickly sell at a good price. Real estate prices are likely going to rise over time, but I don’t think we will regret our decision to sell. It’s been a good financial experiment and we are ready to move on.
Moving forward, we’d rather invest the time and energy towards simpler investments such as index funds. I’d also much rather spend my free time with my family instead of dealing with handymen and plumbers and tenant issues. While we will be getting hit with a huge tax bill, it will be offset by an inflated sale price due to the housing boom and hot real estate market.
Here’s our monthly summary of side income that we have generated in the previous month of August.
Cash Back
On 8.10, I received a $39 statement credit on my Chase Sapphire Reserve credit card. This was for their Peloton membership credit benefit, covering membership dues up to $120 until the end of the year. On 8.16, my wife received a $10 statement credit on her AMEX Gold credit card. This card offers a $10 dining credit every month on select restaurants such as Cheesecake Factory or Shake Shack.
On 8.23, I received a $14 statement credit on my Chase Freedom Unlimited credit card from Chase Offers. This was 5% cash back on purchases made at Petsmart.
Rental Income
On 8.5, we received a net profit of $600 from our rental property. This was a pro rated rent amount due to the move out of our tenants and the sale of our rental property.
Survey Income
On 8.2, I received a $20 check from E-Rewards Medical for completing a survey.
On 8.3, I received a $5 Amazon gift card from The Vision Council for completing a survey.
On 8.10, I received $30 worth of Amazon gift card from MNOW for completing surveys.
On 8.12, I received $20 worth of Amazon gift card from MNOW for completing surveys.
On 8.17, I received a $100 Amazon gift card from M-Panels for completing a survey.
On 8.17, I received a $20 Amazon gift card from Evolve Medical for completing a survey.
On 8.23, I received another $20 Amazon gift card from Evolve Medical for completing a survey.
On 8.28, I received a $10 check from E-Rewards Medical for completing a survey.
On 8.28, I received a $35 check from E-Rewards Medical for completing a survey.
On 8.31, I received $30 worth of Amazon gift card from MNOW for completing surveys.
On 8.31, I received a $50 check from My Impact Network for completing surveys.
Website Income
On 8.10, I received A $76 PayPal payment from ROI High for website income. Thank you for your support.
Miscellaneous Income
On 8.21, I received a $3 Amazon gift card from MyPoints. This company offers points for clicking on advertisements through emails, offers a shopping portal as well as completing random surveys.
On 8.27, I received a $15 statement credit on my Chase checking account as a wire fee reversal. After receiving a wire transfer, our account was hit with a wire transfer fee of $15. I called Chase and nicely asked a rep if they could reverse the fee. Since we are long term customers with Chase Bank, the rep was kind enough to reverse the fee.
On 8.26, we received a $251,763.52 wire transfer from the sale of our rental property. This profit amount is after all closing costs, fees, some tax withholding and rental property mortgage payoff.
Monthly Totals:
We earned $63 from cash back income
We earned $600 from rental income
We earned $340 for completing online surveys
We earned $18 from miscellaneous income
We earned $251,763.52 from the sale of our rental property
All of this totals $252,784.52 from our side hustles for the month of August ! This amount by far is the biggest side hustle income we’ve ever had, thanks mostly to good luck with timing the real estate market. This amount officially pushes our cash and investment balance to over $1 million. We will be working to slowly invest our new funds by dollar cost averaging into the stock market. Keep hustling my friends.
No comments:
Post a Comment
Comments? Questions?