Sunday, October 20, 2013

Introduction and Mission Statement

Hello, my name is Ty. I am starting this blog to document and share my project of ramping up my passive income to a level that will pay my mortgage. Achieving this goal will give me piece of mind and be a huge step toward financial freedom.  I plan to be very candid and open to questions and criticism during this adventure.

State of Affairs at the beginning:
Okay, here is the lay of the land. My monthly mortgage payment is roughly $1450. That is the magic number. I won't stop until I can make that payment every month using only income I generate outside of my day job. To start the project I have remnants from past passive income experiments.

Hubpages: I have some Hubpages articles that generated a whopping $8.20 for me last month, and that has been pretty typical. The total take on the Hubpages articles over the last three years or so has been a little more than $500. I think that is a pretty good return on investment for nothing more than a few hours of my time. I plan to keep this as an important part of my passive income portfolio and will develop it further.

Prosper: Another source I currently have is a lender account with a balance of $57.20. For those that don't know, Prosper is a peer to peer lending company where you loan money to or borrow money from other people. The loans are broken up between many different lenders which is supposed to lower the risk of default on your investments. I put $50 dollars into this account several years ago and loaned it to someone. It was repaid in full over three years and $7 was the profit. Not too great but every penny counts. This money had just been sitting in the account doing nothing for the last few years. I logged in and reinvested it tonight. We will see how it goes. I think in the future I will try out Lending Club after reading an account about it on Mr Money Moustache.

Immediate Goals:
My goals to get knocked out in the short term are to clean up my current hubpages and write one or two more. I also plan to open a Lending Club account and begin there with a small investment. And of course I need to research some more Passive Income streams.

September Summary and Starting Point:
The grand total for September was $8.20 coming entirely from Adsense income on my Hubpages articles.

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