Shownotes
#174: How’s your 2020? We saw a lot of challenges in the year that was, but there were also great opportunities for those who are willing to act. Yearends are usually a time for reflection and looking back on the things we learned. Today, our hosts will share their Passive Income Report as they have been doing in the previous months. This practice has been part of Russ’s vision board. It’s always good to look at what’s been working and what’s not, and coming up with strategies to do better in 2021.
Aside from their different business ventures, Russ and Joey are also firm believers that the best use of money is investing in yourself. Check out what they’ve been listening to and reading about in the resources section.
Resources:
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December 2020 Passive Income Summary:
Gross Income: $47,000
Total Expenses: $35,000
Net Profit: About $12,600
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Breakdown of Passive Income Sources:
Land Business
- $3,325.92 Income | $495 a month increase Vs.November
- This business is being managed in partnership with The Land Geek: Mark Podolsky
- Know the ebb and flow of running this business
Short Term Rental Property
- $28,000 Income | $27,900 Expenses - just barely breakeven
- December and January are usually low seasons - not much travel happens
- You have to strengthen your marketing strategy - don’t rely on Airbnb alone to bring in customers
Ethereum Miners
- $4,355 Income | $1,588 Monthly Expenses | $2,767 Profit up almost $1,000 Vs. November
- Strategy is to sell the coins earned every month to cover the expenses and invest the excess funds in other businesses
- Current Ethereum Coin Value - $761 per coin
Long Term Rental Business
E-commerce
- $1,400 Loss
- This business will be discontinued in March 2021 if it doesn’t recover soon
Short Term Rental (STR) Mastermind
