Happy Sunday. In my last post, I indicated that I started a new project entitled Driving For Dividends. The idea is simple. I use the income I get driving for Uber and Lyft to buy dividend stocks. Brilliant! I also indicated that I will be updating the blog on a weekly basis to report that income. So, this is the first of such reports.
There are numerous benefits to this project. Not only will I make more money, but by driving more, I will be spending less money! This is super important because I tend to spend a lot of money going out at night. Also, since I plan on having a dry month in January, driving for dividends will give me something to fill the gap. Finally, because I had to liquidate most of my portfolio earlier this year, it’s important that I rebuild it as fast as possible. In other words, this project is a win-win overall.
So, without adieu, let’s see how much income I earned during the first 3 weeks of December.
Driving For Dividends – Income
During the first 3 weeks of December, I earned $74.83 in income broken down as follows:
$74.83 is not bad. As you can see, I haven’t been driving a lot. But, that is going to change, especially for the month of January. I am currently on vacation during Christmas week. So don’t expect any huge increase in the numbers during my next report. That $74.83 was transferred to my brokerage account at M1 Finance and was used to purchase additional shares in my portfolio! As the saying goes, every little bit helps.
Annual Rideshare Income
Here is a graphical representation of my rideshare income earned in December in relation to the rideshare income earned in previous months.
As you can see, I am just getting started. But I’m excited to report on my side hustle income on a weekly and monthly basis.
Conclusion
There you have it. This was my first driving for dividends report. As this was the first, I may change the way the report looks in the future, but for now this works.
In the coming weeks and months, I plan on keeping track and comparing how much money I earned from rideshare on a monthly basis. I’m hoping that that the frequent updates to my blog will become a habit, but only time will tell. Thanks as always for stopping by.
What did you think of this report? Let me know your thoughts by commenting below.
Good luck on your project!
Thanks Michael. I can’t wait to see how it turns out.
All the best on your new project! I will be following your progress and may even start my own ‘Driving for Dividends’ project. Be safe out there and Happy New Year!
Thanks for the well-wishes Allie and definitely good luck to you if you decide to start your own project. I’m glad that I inspired you in that regard.