Alright the first month begins! And I finally have some passive income starting! Yeah, barely, it’s very minimal right now. I have one tool I am currently using, a couple tools that I am currently setting up, and as soon I have confidence and trust in them/have begun using them successfully, I will report straight back to you guys. So here we go let’s dig in.
I may try and make a table/spreadsheet that I can include to make things easier to see and understand when I have several streams going. For now It doesn’t really make sense.
Right now I have $2650 total to invest. I have taken out enough for my first semester of school and books, plus some for spending and the beginnings of second semester of school, and a small emergency fund.
The first tool I am using is Tangerine. it will mostly act as my “staging ground” for my investments, it is now where I deposit cheques and get direct deposits. I will do a full tool review of all its features and my rating of it with respect to return, liquidity, and safety. As for now I’ll keep it pretty simple as I have a normal savings account with a modest return.
Summary of passive investments:
Tangerine Savings account
Total invested : $2650
Annual return : 0.8%
Annual return $21.2
Monthly passive income : $1.75
Yay. That’s great…
In all seriousness a savings account with this kind of interest isn’t going to cut it. This will be the account that any non-invested money goes into, until invested. It is very liquid and can act as my emergency fund. I will try and keep it between $250 and $1000 as less than $250 is pretty small for an emergency fund, and over a thousand the money is basically going to waste.
To put this in perspective, to achieve my goals of $2060, i would need to to have $3’090’000 in my account. Not gonna do that by 30 with my lifestyle, unless I win the lottery, and I don’t really want to count on that happening. So I need to improve my rate of return significantly, and I hope that these upcoming tools will get me closer to where I want to be. However, $1.75/month is better passive income than I’ve had before, and it all adds up, literally every cent counts.
Hopefully I can report some better stats to you next month.