We’ve all heard the saying that the average millionaire has seven streams of income. The seven income streams were always a little vague to me so I decided to look around on how to break these down. This gave me the idea to start tracking my own seven income streams and try to increase them over time.
My first goal is to get my income stream above my earned income. This doesn’t end my goal though as my take home pay includes insurance, 401k, etc., so this is just a stepping stone. I definitely want to continue raising these until I can pay my bills without using my earned income.
Although I love and believe in every product I talk about, I have to mention that some links on this page lead to affiliates which could result in compensation for me.
My Seven Streams of Income
Earned Income $2,713.19
Just my basic take-home paycheck, nothing exciting here.
Profit Income: $0
This is something I want to look into but I don’t really have anything to sell lol.
Interest Income: $0.11
This is why I invested in LendingClub. Basically I’m financing a lot of different loans and collecting the Interest in them. I just started though so I have nothing earned in September.
Dividend Income: $50.95
I don’t chase dividends so this number is usually pretty small. Maybe as time goes by I’ll look at some good dividend stocks to invest in. (This could also be payouts from a company you are part of.)
Rental Income: $1,450 minus $1070 for Mortgage and Association. $380 Net Profit
Of course this has appreciation (not included) as well which isn’t really a monthly income, but it’s worth noting.
Capital Gains: $1150.35
Investments just doing their thing. Not a bad month at all actually!
Royalties $0 Minus $15.42 for Monthly Expenses. -$15.42 Net Loss
Currently this is only from the site. Nothing earned in September, but it was my first month so hopefully that changes in the future! Hey who knows, maybe I’ll even write a book one day! If you are thinking of starting this journey, I recommend WordPress as my experience with them has been great!
Cash Back on some Amazon purchase I made (Grocery Items).
My earned income came in at $2713.19 while the rest of the streams made up $1565.18. Passive income came in at 37% of my total income. The biggest contributor to my passive income were capital gains.
If you would like to see more of a breakdown of where my money is, check out My Net Worth !
Are You Tracking Yours?
Comment on how it’s going, and ideas to grow them!