Driving For Dividends

I have some exciting news! It’s been a while since I started a new project. New projects are great because it helps to spice things up. Dividend Growth Investing is a great long-term strategy, but even hardcore fans of this strategy will admit that it’s pretty boring at times. A new strategy brings energy and motivation – almost like you have at the start of a new year. If I’m able to stick to this new found motivation, it will make a lasting impact on my progress. However, I’ll be the first to admit that I don’t have the best track record with keeping New Years resolutions. But, this is no time for negativity. This is a time for action. So let’s get at it! I’ve decided to call this project: Driving For Dividends. Here’s how it works.

Driving for Dividends

The concept is simple recently. I will simply drive for Uber and Lyft and will use the income to contribute to my dividend portfolio! You might recall that back in April 2021, I announced that I started a new side hustle. Specifically, I indicated that I would drive for Uber and Lyft and use the proceeds to payoff my car.

Well, as fortune would have it, I also decided to buy a beach condo. Part of the deal with the bank was that I would payoff my car in order to be in line with their debt-to-income ratio calculation. So now, my car is fully paid off. In all honesty, I haven’t been driving for the past few months. You can call it laziness or just being busy at work. In any case, as of December 1, 2021, I’ve decided to make some new changes in my life. One of those decisions included having a renewed focus on building wealth. To do that, I have to get control of my spending and get back to the basics . So, if you read between the lines, that means I have to get back to living on a budget!

So far so good! I have a couple of accountability partners to help me slowly get back into doing rideshare. I’m excited but I acknowledge it won’t be easy.

Weekly Dividend Posts

One of the benefits of the Driving for Dividends project is that I intend to update my progress on a weekly basis! That’s because I get paid on a weekly basis! This is great because generally, I’ve been updating the blog only once a month to report my monthly dividend income. Posting more regularly gives me something to talk about beyond just the monthly posts.

In addition to just reporting how much income I received from doing rideshare, I also plan on tracking the information on a weekly basis. I won’t promise to always have an increase amount from week-to-week. That’s in large part because I am sometimes very busy at my full-time job and I may not be able to drive as often. But, the goal is to drive at least a little bit every week and use the proceeds to purchase more shares. I may keep a little bit for taxes, but I’ll make that decision later.

Finally, because I get paid on a Monday and Tuesday respectively, I may wait until Wednesday to make my weekly post. Either that or I will just wait until the weekend when have more time to report on what I earned the previous week. I’m still deciding, but whichever one I pick, I’ll try to keep it consistent. So, to make sure I have something to report, I have to actually drive for dividends!

Conclusion

I’m excited! It feels good to be excited about a new project as life can sometimes be routine and mundane. Granted, it’s just driving for Uber and Lyft and I have to grind it out. But, knowing that the proceeds will be used to buy more shares which will pay me more dividends will make it all worth it in the end. I’m also hoping that the more money I make driving for dividends, the more incentive I will have to drive even more.

What do you think of this new project? Let me know your thoughts by commenting below.