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Hi Dinks,
May was remarkable for its consistency with the rest of the year. There weren’t a lot of drastic changes, just a lot of grinding out extra money and keeping the show on the road.
I’ll just highlight some of the positives, then share where I have some room for improvement.
The Positives
A) Tornado. A friend from Facebook turned me onto Tornado (formerly Nvestr), which has a learn and earn program. I’m liking it so far because the platform is super easy to use and has provided about 40 bucks worth of sign up incentives. Unlike a lot of people, I don’t mind doing sign ups for $40 or $50 bucks. Tornado has also done a good job from a user acquisition and onboarding standpoint. Their interface is slick and well designed, and I’ve been having fun with their platform.
B) DimeFi. I also took advantage of an “invest $20 and get $20” offer from DimeFi. DimeFi is an up and coming cryptocurrency brokerage. I have the $40 in their USD coin which is yielding 6%.
C) I-Bonds. I bought about $650 worth of I-bonds. For those who don’t know, I-bonds are the Federal governments inflation protection bond product. They’re paying 9.6%, which is way better than the rate on my checking account. The only trouble with the bonds is they basically preserve your capital, that’s it. They don’t grow your wealth. In any event, it’s better having bonds than watching ten cents on the dollar disappear due to inflation.
D) Selling My Personal Data. Selling my data is working. I’ve been able to get modest amounts of cash from Earn App and Packetstream.
Some Room For Improvement
A major challenge is I’ve been running a budget deficit, which hasn’t helped. The major issues are childcare costs and housing – that’s been running me consistently into the red for the last year or so – and my credit card debt is the result. This kills me because I’m frankly a bit ashamed of it. I’ve been actively building wealth for over a decade and know better. Also, my employer has been flaky about paying me. So, I’m frankly a bit bummed about my wealth building this month.
Here is my net worth for May.
Note, these figures were calculated before the market downturn at the end of this month, so the stock numbers are a bit inflated.
If you want to read more about mechanics of wealth building, consider these:
Our Top Ways To Make Extra Money
Better Models for Building Wealth
List of Microincome and Microsavings Apps
Wealth Building Is A Team Sport
Streams of Income Of The Wealthy
James Hendrickson
James Hendrickson is an internet entrepreneur, blogging junky, hunter and personal finance geek. When he’s not lurking in coffee shops in Portland, Oregon, you’ll find him in the Pacific Northwest’s great outdoors. James has a masters degree in Sociology from the University of Maryland at College Park and a Bachelors degree on Sociology from Earlham College. He loves individual stocks, bonds and precious metals.
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