It's the last day of 2019 so my present to you is 7 I mean 6 ways to increase your monthly income by $100
To make $100 more per month, you need to invest $1,200,000 in a saving account, I recommend you don't do this! Obviously hit up you loans with high interest rates, then pick your favorite poison
In 2020 I will be focusing on:
First paying my car loan for a guaranteed return of 5.9%, and for every $20,339 witch is a little less than my balance I'll free up $100. Well not exactly, that not how trem loans usually work. The money is only free if/when you full pay the loan, but you should be able to do the maths on you situation.
Second increasing my dividend portfolio in small measured steps. I'm not sure what rate the increase will be, but I want to cap it, I have been hovering around 3-5% weekly increase for deposits and will try to maintain that for the year of 2020.
Third all extra cash will be put in to Peerstreet, mostly 30 day notes.
Fourth hopeful buy a house
Anyway here are the details on how much would be needed to get an extra $100 monthly, and why I estimate my returns would be after taxes.
The tax rates above are for me my income in my state, you may/will be different
PS, if you wondering why the pay off car loan is a negative investment, it because it's a liability not an asset. Another thing about paying off a loan verses say an investment, the loan is for a small period of time while the investment could yield for generations to come. Your great grand kids might be yielding the benefit of a dividend stock you buy, but will they care about you BMW?
To make $100 more per month, you need to invest $1,200,000 in a saving account, I recommend you don't do this! Obviously hit up you loans with high interest rates, then pick your favorite poison
In 2020 I will be focusing on:
First paying my car loan for a guaranteed return of 5.9%, and for every $20,339 witch is a little less than my balance I'll free up $100. Well not exactly, that not how trem loans usually work. The money is only free if/when you full pay the loan, but you should be able to do the maths on you situation.
Second increasing my dividend portfolio in small measured steps. I'm not sure what rate the increase will be, but I want to cap it, I have been hovering around 3-5% weekly increase for deposits and will try to maintain that for the year of 2020.
Third all extra cash will be put in to Peerstreet, mostly 30 day notes.
Fourth hopeful buy a house
Anyway here are the details on how much would be needed to get an extra $100 monthly, and why I estimate my returns would be after taxes.
The tax rates above are for me my income in my state, you may/will be different
PS, if you wondering why the pay off car loan is a negative investment, it because it's a liability not an asset. Another thing about paying off a loan verses say an investment, the loan is for a small period of time while the investment could yield for generations to come. Your great grand kids might be yielding the benefit of a dividend stock you buy, but will they care about you BMW?
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