It’s official. I’m hooked on investing and generating passive income. It is something I found incredibly rewarding since starting this blog back in May 2020. Of course, the goal is to also grow this blog as another passive income stream (thank you for following me on my journey!) Best of all, since I enjoy writing and keeping track of my investments, a lot of it doesn’t feel work. It’s definitely one of those hobby-first, work-second type of things for me.
Turns out I’m actually far closer to my next passive income goal of $1000 per month than I thought! Let’s get to the numbers:
| Income Source | Amount |
| Dividends | $596.51 |
| Cryptocurrency | $94.49 |
| Blog | $0.69 |
I am pleasantly surprised by just how much cryptocurrency activities contributed to my monthly income. Towards the end of summer and during the fall, I’ll be working to grow this part of the pie substantially. More on that in the coming months.
Another pleasant surprise is the fact that the blog is already generating revenue! Since launching the blog, it has already made $73.68. The majority of this came last summer as I was testing promoting the blog. Since then, I’ve mainly focused on content. Primarily, dividend income and net worth reports. I’ll be adding to my content lineup so I’m publishing more often with crypto updates and the new passive income report. Eventually, as I feel more confident in my ability to pick stocks, the Monthly Dividend Stock list will return. I actually already do keep a private Monthly Dividend Stock list, where I track my own thoughts privately.
The additional reports will ensure I’m meeting my minimum goal of 1 post per week, and further develop my writing habit. Since I will largely focus on reports for the next while, I don’t expect massive readership growth (though that’d be nice!). I do have a plan to grow readership, which I plan on implementing gradually as I get into the groove of blogging regularly.
One income source that I’m adding in the near future is rental income. I considered just using what I was charging for rent, but realized that would be inaccurate due to costs (such as interest and strata fees). I also realized that it was fully possible for my rental income to more than completely cover the mortgage and strata fees, leaving me with cash leftover. To help keep things simple, I will report rental income using the following formula:
Net Rental Income = Rental Income – (Property Tax + Condo Fee + Interest + Rental Management Fees)
I have some further plans on accessing this home equity to further build my income streams, but that likely won’t be put into action until 2021.
Note: There will be some slight variance due to differing exchange rates from the time different reports are written.
