September 2018 Income Report
September was a good month for our side hustles. We generated income from 3 sources, eBay, the quarterly kids consignment sale and the online rebate apps this month.
The income break down is as follows:
- eBay: $393.64
- Kids Consignment Sale: $793.00
- On-line / Affiliate / Rebates: 382.69
Total Income for September: $1569.33
The current Micro-Lending Goal is to fund between 8-12 micro-loans each month ($25 per loan), which works out to $200-$300/month. We anticipate being able to make more than this amount each month from our various income sources going forward and are hopeful that we can continue to increase the number of loans we make as we re-evaluate our income each quarter.
Residual Income Account
With $1500+ in income and a lending goal of $300, we have quite a large surplus this month. So, rather than just dump all the funds into the micro-lending savings
account waiting to fund future loans, we’ve decided to move a majority of the excess funds into what we’re calling a “Residual Income Account”. The residual income account will invest in stable, monthly income generating investments with the goal of eventually generating enough passive income to cover the monthly micro-loan goal entirely.
The Residual Income Account currently has a balance of just over $6500.00 (because we’ve been stealthily adding to it for a few months 😉 ) and has generated income in both August and September as follows:
- July: $0.00
- August: $10.35
- September: $19.98
Based on the current growth path, the Residual Income Account will fund it’s first micro-loan in October and will generate enough income each month to fund 1x loan per month moving forward. This is very exciting as it makes funding more and more micro-loans self-fulfilling.
One other thing we’ve been thinking about is a “Long Term Lending Goal” – For anyone who’s read Jim Collins: “Good to Great” or “Built to Last”, you know he talks about having a BHAG.
That’s a: BIG HAIRY AUDACIOUS GOAL!
What if that goal for Restart Giving were to loan $1 Million!!! That seems pretty big, hairy and audacious to us! But for now how about some goals to finish off 2018?
We are approaching $1000 total dollars lent via kiva.org and 50 total loans. With that in mind we’ve decided to reach to end 2018 with the goal of:
2018 Year End Goals
- 150 Total Loans Funded in 2018
- $3750 in Total Funds Loaned
We still have 3 months left in 2018 – plenty of time to reach that goal, so let’s see where this takes us!