Throughout 2020, and into 2021 I have begun making great strides towards the goal I set for myself of making $1,000 per month in passive income by January of 2023, and as this year goes on I hope to get even closer to that goal as I try to work my way towards financial independence.
How I’m making passive income
So how do I make passive income this month? What did I do to generate it, and how sustainable is it?
Starting this month, as a way to hold myself accountable, and possibly inspire others reading this I am going to start keeping track of passive income, how I make it, and any new ideas I’m trying. So starting from the most money I have made passively to the least, here is how much I have made in January 2021:
Ethereum Mining
$75.56
This is the first month I have started this particular stream of passive income generation. For a full breakdown of how and why I started this experiment into cryptocurrency check out this article. So far results have been good, and I definitely see this as a continued form of passive income as I move forward into 2021.
Dividends
$3.16
This is the means of passive income that everyone is familiar with. Dividend stock/ETF investing isn’t a large part of my portfolio, as I focus more on long-term growth versus constant dividends. With that said, I do currently hold 30 shares of VDY, a high dividend focussed ETF that pays out monthly.
This month they are distributing $0.10545 per share.
While these dividend payouts are essentially nothing, just seeing even the little bit of money trickle into my Questrade account every month gives me happiness. Whether the stock market is good or bad, and the rest is going up or down. the small amount it generates makes it a lot easier to ride out. I may up the amount of VDY I hold over the coming years, but for now, this small amount is all I hold.
That’s it!
As of now, that’s it. It isn’t a lot of passive income but it’s a start, which is necessary. Moving into 2021 there are a lot of projects I have on the go and a lot of experiments into passive income that I am going to start. While my goal is to make $1,000 per month by January 2023, I hope that by starting now and diversifying I will be able to make good headway this year. So stay tuned, and I’ll let you know how everything goes!
