Income Report – August, 2016

As I start ramping Wallet Squirrel back up, I’m reminded that no matter what I do. There are some passive income strategies that keep earning me money. So dear passive income. Thank you.

August-2016,-Dividend-Monthly-Income-Report-Infographic

Let’s talk Double Cash Back Credit Card

During a recent Entrepreneur Meet and Greet in Denver (yes, I go to these). It was pointed by a fellow entrepreneur who read my blog (eek, people read this) that we should clarify good and bad ways to use a credit card.

See, I pay off my entire credit card debt daily, since I paid mine off in 2015. So I treat my credit card like cash. I know that I am going to HAVE to pay it all off the next day so anything that I’m willing to pay cash for, I use credit. Mainly just for the 2% cash back.

It was pointed out though, that some people may not know this difference and could continue their spiral of debt. I’m obviously not condoning this. Only use a credit card if you have good credit card habits. It’s easy to say you’re getting 2% back with a credit card, but things still cost 98%.

Moral of the story. It’s hard to say my 2% Cash Back Credit Card is a sort of passive income. Especially if I’m using it to buy wants like Colorado Rockies Tickets. However, a majority of the time I use my Cash Back Credit Card on purchases I’m going to make anyways, so I consider it passive income.

Monthly Goals (I HATE monthly goals)

I have a bad habit of not liking being told what to do. Once I write something down, I’m telling myself to do something and sometimes that’s a bit much. Especially when the guilt of failing a to-do list is a lot worse than actually accomplishing something. Maybe I’ll rename this “Some things Andrew, could maybe do in the future, if he wants”. Catchy right?

  1. Write 2 posts this month on how to earn additional income. That’s what this site is about and let’s get down to the roots.
  2. Comment on 70 blogs. I came to this number because I have 70 blogs on my “To Read” list. Let me know if you want to be on this list.

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12 replies
  1. DivHut
    DivHut says:

    Earning $60 passively is nice especially when it comes from various sources. I don’t really read much about the P2P lending as I used to about two years ago. I wonder if less people are utilizing this form of earning a passive income stream. Keep up the good work and don’t ignore those solid dividend stocks. They can do well for you over time. Thanks for sharing.

    Reply
    • Wallet Squirrel
      Wallet Squirrel says:

      You know the P2P lending is still giving me a good return. However I until you get to $2,500 you can’t do the automatic re-investing so it takes a little time. I’m currently making about a 14% return on my dividends and P2P lending so it’s not to bad.

      Reply
  2. Investment Hunting
    Investment Hunting says:

    Looking good WS. I fully endorse using credit cards for every purchase you can. I’m not saying go buy stuff, I’m saying pay all necessary bills on a credit card. I’ve never calculated how many points my wife and I get every year but I know it’s a lot. We never buy Christmas presents for our friends and family. we just cash in some points for gift cards . Love the inforgraphic BTW. Are you using Canvas or some other tool to create these?

    Reply
    • Wallet Squirrel
      Wallet Squirrel says:

      I’m definitely a fan of credit cards, but wisely of course. That is a REALLY cool idea about using your points to buy gift cards for the family. I’m sure you wrote a post on that, I’ll have to look it up.

      I’m using Adobe Illustrator, so I can make whatever I want. I’m trained as a graphic designer. It’s a bit a work, but it helps carve out a niche in the busy Personal Finance world.

      #WorthIt

      Reply
    • Wallet Squirrel
      Wallet Squirrel says:

      Yea, not a fan of it only being available in a couple of states. Overall I’ve enjoyed it, but can’t wait till I can auto-invest in loans that match a certain criteria. Otherwise picking out loans is a little time consuming. Sorry about PA.

      Reply
    • Wallet Squirrel
      Wallet Squirrel says:

      That does pretty much suck. Maybe they’ll change. I was relieved when they finally overturned the Amazon Affiliate rule in Colorado. I need to revamp my Affiliate Site to take Amazon Affiliates. I’m really curious to see how that will help! =)

      Reply
  3. Matt | MyAppIncome
    Matt | MyAppIncome says:

    While I agree with the sentiment that spending on a credit card to get cashback isn’t saving, I think you’re right. If it’s stuff you’d buy anyway why not.
    I try to get credit cards with long 0% on purchases, then put the money I’d normally pay off the debt with to good use. When the 0% ends, transfer to another one. A bit more hassle, but I’ve earned a decent amount over the years.

    Reply
    • Wallet Squirrel
      Wallet Squirrel says:

      Now that is a Credit Card hack. Definitely a little more work playing credit card shuffle, but if you’re really to put in the work, I’m sure the rewards are nice. I may have to try that sometime. =)

      Reply
  4. Mike H.
    Mike H. says:

    Update on a previous conversation we had: Robinhood now supports ACATS out (but still not in). That means that you can build a portfolio one stock at a time, and once it reaches critical mass (like 100 shares for covered calls), transfer to another brokerage. Sorry Firstrade, I’m signing up for Robinhood tonight.

    Reply

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