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The Wealth Without Wall Street Podcast

By Russ Morgan CFP® & Joey Muré

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Our Passive Income Report - December 2020

• 32 min

#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: https://sharran.com/podcast/ (Business School Podcast by Sharran Srivatsaa) - very tactical, encouraging, and empowering https://shaunti.com/tb-books/for-men-only/ (For Men Only by Shaunti Feldhahn) - understanding how women think https://www.thelandgeek.com/dirt-rich/ (Dirt Rich by Mark Podolsky) - attaining financial freedom through property investment https://www.amazon.com/Doesnt-Hurt-Ask-Questions-Communicate/dp/0593138910 (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 https://www.thelandgeek.com/ (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 (https://www.wealthwithoutwallstreet.com/strmastermind)

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