Driving For Dividends – January 2022 – Week 3

By | January 26, 2022
Rideshare income

Another week has gone by. You know what that means. It’s time for another Driving for Dividends income report. Driving for Dividends is my new project where I drive for both Uber and Lyft and then use the income I make to buy dividend stocks. It’s pretty straight forward. It also helps to have a specific purpose for that money. Instead of buying groceries, or wasting it on Starbucks coffee or alcohol, I chose to invest the income. As you will see below, I also chose to save 30% of the income towards my taxes for 2023. I am really trying to do a better job of managing finances in 2022. It’s going to take some time, but I’m confident I can do better. But, enough stalling. Let’s dive in and see how much rideshare income I earned during the 3rd week of January.

Driving For Dividends – Income

During the third week of January, I earned $143.20 in rideshare income broken down as follows:

JANUARYUBERLYFTWeekly
Total
TAXESAMOUNT
INVESTED
Week 1$34.73$82.11$116.84$35.05$81.79
Week 2$16.75$139.69$156.44$46.93$109.51
Week 3$0.00$143.20$143.20$42.96$100.24
Week 4$0.00$0.00$0.00$0.00$0.00
Week 5$0.00$0.00$0.00$0.00$0.00
GRAND TOTAL$51.48$365.00$416.48$124.94$291.54

Although I earned $143.20 in income, only $100.24 was invested in my dividend portfolio. That’s because I set aside 30% of the weekly income into a separate account for my taxes. I think that’s just good financial practice and that’s what I’m trying to do for 2022.

The investable income was slightly less than it was last week. However, the overall income in January, so far, has exceeded all the income I earned in December. I call that progress.

Annual Rideshare Income

Here is a graphical representation of my rideshare income earned in January in relation to the rideshare income earned in previous months.

I still have one more week of income to report. Hint, it’s going to be small, but that’s ok. Every bit counts.

CONCLUSION

Slowly but surely I am making progress. This is not the easiest side hustle to do. On the one hand, it’s not stressful. On the other, I sometimes struggle finding the motivation to drive consistently. I also noticed that it’s very difficult for me to drive when work is super busy. In any case, I plan on taking it one week at a time and reporting my progress along the way.

What did you think of this post? Let me know your thoughts by commenting below.

2 thoughts on “Driving For Dividends – January 2022 – Week 3

    1. Dividend Portfolio Post author

      Thanks for the encouragement Lanny. That’s the plan.

      Reply

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