How to Earn an Extra $1,129.22 This Month
There are a lot of folks that visit Washington, D.C. in April to see the famous cherry blossoms. The same goes for touring New England when the leaves start to change in the fall.
But one season that seems ignored despite being every bit as beautiful — is the wildflower season in my adopted home of Texas.
I look forward to it each year. The past winter was cold and wet here in Austin, which was the perfect recipe for wildflowers come spring — especially bluebonnets. (Bluebonnets are actually the state flower. The myth is that it’s illegal to pick them.) And with the warming April weather, the flowers were simply stunning this past year. In some places the highways are just a ribbon of grey surrounded by an ocean of blue flowers.
It really made the drive into the office each morning a nice treat. But as much as I think the flowers are nice, when I head to the office each morning these days, I’m uncovering a different sort of treat — dividends.
And just like Texas bluebonnet season, I think that most investors serially underrate how nice they are.
That’s why I want to share an update with you about my unique income strategy. It should provide a couple of income ideas, but I hope more than anything that it’s something you’ll pass along to show more investors the light of income investing.
For those unaware, I’m the Chief Strategist of The Daily Paycheck. My goal is simple: Using funds from my $200,000 real-money portfolio (yes, I invest alongside subscribers using real cash), I’m building a portfolio that delivers a check for every day of the month.
Imagine if you had a goose that laid a golden egg every day — that’s what I’m trying to recreate. Think of how secure you’d feel with having a check every day of the week. It sounds dreamy, but I promise you — it’s closer than you realize.
In October, for example, I’m on pace to rake in $1,129.22 thanks to 22 different payments. That comes out to an average payment of $51 a pop.
I started The Daily Paycheck in December 2009. So far, the results have been phenomenal.
In addition to this month’s $1,129.22 in dividends, I earned $1,030.42 in September and $1,096.91 in August.
In the months ahead, I plan to put the rest of the portfolio to work… I still have a nice little nest egg of cash. I expect my checks to grow accordingly.
[If you’d like to learn more about my Daily Paycheck strategy, you can read my free course on the topic by clicking this link.]
But what if you don’t have the luxury of a $200,000 portfolio… or even $100,000? Wouldn’t the income from a smaller portfolio be too small to amount to anything?
That’s where the second feature of my strategy can be a godsend.
Once you’re getting your daily paycheck, you can do what you want with it — pay bills, go out to eat, buy a new pair of shoes. But if you’re wanting to grow your small checks into big checks, the smartest thing you can do is reinvest your dividends.
This is what I do with my real-money portfolio. So instead of getting my $1,129.22 this month in cash, I’m actually getting it in the form of more shares. Of course, these shares are then paid future dividends, increasing future payments, and so on.
Action to Take –> When you don’t have much cash to invest, the effect of compounding is one of the most profitable strategies you can use to boost your income.
One tip to make your paychecks grow even faster — litter your portfolio with monthly payers and reinvest. The more frequent payments mean your dividends compound on a monthly basis instead quarterly, boosting your income that much quicker.