Our Passive Income Report - December 2020

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:
Business School Podcast by Sharran Srivatsaa - very tactical, encouraging, and empowering
For Men Only by Shaunti Feldhahn - understanding how women think
Dirt Rich by Mark Podolsky - attaining financial freedom through property investment
Doesn’t Hurt to Ask by Trey Gowdy - learn how to communicate better by asking the right questions

~~~
December 2020 Passive Income Summary:
Gross Income: $47,000
Total Expenses: $35,000
Net Profit: About $12,600
~~~
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
Not much going on here

E-commerce
$1,400 Loss
This business will be discontinued in March 2021 if it doesn’t recover soon

Short Term Rental (STR) Mastermind
$4,560 Profit
2,800 on the waiting list for March 2021
Join here: https://www.wealthwithoutwallstreet.com/strmastermind
~~~