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Hit a financial milestone for me personally.
This was the first month where my “passive” income exceeded my monthly expenses.
Here is a list of each expense for transparency:
This was the first month where my “passive” income exceeded my monthly expenses.
Here is a list of each expense for transparency:
1. PITI (principal interest taxes & insurance) - $1886
this is my payment each month to the bank for the mortgage on my duplex which I owner occupy
this is my payment each month to the bank for the mortgage on my duplex which I owner occupy
Side note: Would be $1700 if that refinance went through 
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🤦🏽♂️" title="Mann schlägt sich die Hand vors Gesicht (mittlerer Hautton)" aria-label="Emoji: Mann schlägt sich die Hand vors Gesicht (mittlerer Hautton)">
Additional housing related expenses:
WiFi - $65
Water - $60 (I pay for both sides)
Electricity - $200 (only for my sidehttps://abs.twimg.com/emoji/v2/... draggable="false" alt="😳" title="Errötetes Gesicht" aria-label="Emoji: Errötetes Gesicht"> I know it’s crazy... but live in Houston so that’s what I budget for)
Lawn care - $60 (biweekly grass cutting)
WiFi - $65
Water - $60 (I pay for both sides)
Electricity - $200 (only for my side
Lawn care - $60 (biweekly grass cutting)
Gas - $60
2003 Hyundai Santa Fe, mostly just go to look at real estate and to the grocery store so usually less than this actually
2003 Hyundai Santa Fe, mostly just go to look at real estate and to the grocery store so usually less than this actually
Groceries - $200
I still live like I’m in college so I eat pasta & rice EVERY single day, I grew up on this so it’s not that bad
I still live like I’m in college so I eat pasta & rice EVERY single day, I grew up on this so it’s not that bad
Phone - $105
unlimited plan with Verizon that also includes a wireless jet pack so that I can use my laptop wherever I’m at
unlimited plan with Verizon that also includes a wireless jet pack so that I can use my laptop wherever I’m at
Auto Insurance - $175
This includes about $50 for my Hyundai Santa Fe Allstate milewise program (pay per mile) as well as $125 for my 2015 BMW 5 series that is for Turo (unlimited miles)
This includes about $50 for my Hyundai Santa Fe Allstate milewise program (pay per mile) as well as $125 for my 2015 BMW 5 series that is for Turo (unlimited miles)
Car Payment - $367
This is for the car I bought just for the purposes of renting on Turo
Only a month in so still too early to see if this was a terrible idea or not
I am trying not to finance anything that isn’t producing cashflow FWIW
This is for the car I bought just for the purposes of renting on Turo
Only a month in so still too early to see if this was a terrible idea or not
I am trying not to finance anything that isn’t producing cashflow FWIW
Student loans - $300
$24k in student loans for a petroleum engineering degree from the Univ of Tulsa
Job secured after graduating so have no problem with this
Blended at about 4.5% rate planning to take the full 10 years slotted to pay off
$24k in student loans for a petroleum engineering degree from the Univ of Tulsa
Job secured after graduating so have no problem with this
Blended at about 4.5% rate planning to take the full 10 years slotted to pay off
Now for my “passive” income
I rent out the other side of my duplex
as well as have roommates in each the empty rooms on my side (might as well put them to usehttps://abs.twimg.com/emoji/v2/... draggable="false" alt="🤷🏽♂️" title="Achselzuckender Mann (mittlerer Hautton)" aria-label="Emoji: Achselzuckender Mann (mittlerer Hautton)">)
This one is pretty passive maybe spend 2 hours a month on this
I rent out the other side of my duplex
as well as have roommates in each the empty rooms on my side (might as well put them to use
This one is pretty passive maybe spend 2 hours a month on this
Side note: I don’t have any kids so that makes the roommate thing a whole lot more feasible
Is it comfortable with roommates? Not really
Is it comfortable with passive income not exceeding monthly expenses? Also no
Is it comfortable with roommates? Not really
Is it comfortable with passive income not exceeding monthly expenses? Also no
I’m 24, no reason I can’t suck it up until my passive income is >>> monthly expenses
Income from
other side of duplex: $1475
Roommate 1: $575
Roommate 2: $500
One of the rooms is furnished because I had it on Airbnb initially.. turns out Airbnb isn’t as profitable when you live in the hoodhttps://abs.twimg.com/emoji/v2/... draggable="false" alt="😂" title="Gesicht mit Freudentränen" aria-label="Emoji: Gesicht mit Freudentränen"> so I went for the long term option
other side of duplex: $1475
Roommate 1: $575
Roommate 2: $500
One of the rooms is furnished because I had it on Airbnb initially.. turns out Airbnb isn’t as profitable when you live in the hood
Turo income: $1543 (April)
This one is semi-passive because I opted in to drop off the car at the airport 15 mins away for a $55 fee
Spend about 10 hrs a month between dropping off, picking up, taking photos, cleaning etc
This one is semi-passive because I opted in to drop off the car at the airport 15 mins away for a $55 fee
Spend about 10 hrs a month between dropping off, picking up, taking photos, cleaning etc
I could turn it almost completely passive by saying pick up only then just having a lockbox outside my house
Still looking into an effective way to put this on autopilot
Still looking into an effective way to put this on autopilot
Total “passive” income: $4113
Total expenses: $3478
Which means income from
- engineering W2 position
- realtor income
- developer income
can go directly to savings/investments
Total expenses: $3478
Which means income from
- engineering W2 position
- realtor income
- developer income
can go directly to savings/investments
I should note that the first thing I did was minimize expenses
however there comes a time where they can’t go any lower and I needed to focus on increasing income
however there comes a time where they can’t go any lower and I needed to focus on increasing income
