It is time again for my Monthly Progress Review, and I’m excited because this is my third record month in a row..thanks mostly to rental properties.
In each progress review I will list a summary of all dividends I received, the rental income I received, and any purchases I made from that particular month.
This monthly report covers August 2017. I hope you enjoy these posts and that we can learn how to grow our passive income streams and build real long-term wealth together!
General Thoughts on This Month: August was another record month for me, and the snowball is finally rolling, albeit still not fast enough yet (unfortunately) to reach my passive income goal for the year (agh!). But hey, that is ok. I had real estate expenses of over $230, but I still was able to increase my YoY growth for this month by 28.2%. That is very encouraging!
Read More to see how I earned $843.45 this month in passive income,
Dividends ReceivedDividends were somewhat helpful with four stocks paying out:
*All dividends are always reinvested.
As you can see, I actually had $125 carpet repair cost in my Colorado Home and a $115 smoke detector repair cost in my Missouri home. So despite over $230 in repairs, I still had positive rental cash flow of $680.50. I hope that this is an indicator that my risk is starting to decrease, as I can now cover repairs more easily and still be in the ‘positive’, but who knows! We’ll see, but I am feeling good.
In summary, with dividends and rental cash flow combined, Total Passive Income Received: $843.45
No purchases this month, or for the foreseeable future unfortunately. I’m in debt big time (again, yes again, thanks to rental property #4). I plan to pay down debt for about 3 months or so and then look to add to my wife’s ROTH IRA as quickly as I can.
Thoughts on This Month
This was a great month for Passive Income. Compared to last year’s August total in 2016 of $658, my YoY growth for this month was 28.2%.
With the addition of this month’s income to my Progress Tab I now have earned $5,557 in total this year in passive income. A lot….but also not a lot., compared to where I need to be. That is cool to think though that now my one ROTH IRA can be completely funded by passive income if I wanted. Nice!
When compared to my goal, however, yikes! I am now over $3,000 behind the pace I need to be at in order to meet my primary Passive Income Goal. See a detailed graph of the progress and gap, here.
As I said last month, I still believe I WILL catch up, and will meet my goal. These last 4 months of reports from September to December will be very interesting. I think I’ve stopped the bleeding in terms of falling more behind…now I just need to catch up! I anticipate huge months in SEP and DEC, where I can make up some ground. So we’ll see what happens!
I’ll close with the following quote: “Whoever loves money never has enough; whoever loves wealth is never satisfied with their income. This too is meaningless.”
What a great warning. Thanks for reading, and I always appreciate any comments,
Passive Income Dude