Financial Freedom Report – April 2020

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Here is April report on my path to financial freedom. You can see more about financial freedom through that link, but suffice to say, I wanted to document exactly my progress towards achieving it.

Side Hustle Big Events

  • Closed on another single family home rental property (bringing the total to 2)
  • Started work on a newly formed business (contract consulting work)
  • Launched this website

Real Estate Hustle

Rental Properties (2)

  • Gross Revenue = $1095
  • Expenses = $1226.66 (An additional $500 on the 2nd property for repairs escrow)
  • Net Revenue = $-131.66

Health Business

  • Gross Revenue
  • Expenses
  • Net Revenue = $1164.78

Online Side Hustles

  • Gross Revenue = $0
  • Expenses = $538.51
  • Net Revenue = -$538.51

Consulting Business

  •  Gross Revenue = $0
  • Expenses = $300
  • Net Revenue = -$300

Total for April 2020 = +$194.61

First, a little bit of explanation here.  While the net revenue after expenses was low, I’m only counting revenue that actually hits my bank account.  For example, for the rental property, I was paid for the 1st month of rental on the 2nd property, but that money remains in escrow with my property management company until the following month.  And….I don’t pay the principal and insurance on that property until 1 June.

Goal of side hustle = $7300/month passive income (outside of regular income) through our rental properties.  $10,000 in active income from other side hustles.

So we were in the positive

Goals for next month:

  • Collect revenue for 1st month of 2nd property
  • Collect on invoice for consulting business
  • Generate 1st revenue from online sites

What do you think?  How about your side hustles?