It’s been a year since my last side income update. Back in May 2022, I was making around $1,500 per month from my side hustles and it grew to $2,200 per month a year later in 2023. Let’s run through the update for 2024.
Rental Income
With the property market cooling down since 2023, we are lucky to be able to maintain the same rent as 2023. However we are expecting the rental income to drop in 2025 and beyond. For now, we are still getting $1300 per month per person in rental income.
Ecommerce
Unfortunately, our ecommerce business wasn’t not doing very well in 2024. We see more competitors coming into the space and are pushing the prices down. This greatly affected our sales and revenue. As a result, our ecommerce income had dropped significantly from $500 per month in 2023 back down to $200 per month this year. We just got onto the Tiktok marketplace this year and hopefully it can help to boost our sales volume.
Interest and
dividends from stocks, bonds and crypto
This portion of my side income thankfully did better in 2024. This is mostly due to a high interest rate environment we are in now as well as a crypto bull market. I have also added more money into bonds and crypto yield farms. On the average, I am getting around 4% interest rate for my fiat currency investment and about 8% from my crypto investment. All in all, I am getting around $700/month of interest/dividends from my stocks, bonds and crypto in 2024.
Grab hitch and
Blogging
Grab and blogging income is still pretty low at less than
$50/month. I am not driving to office for my new job and hence there are not much
opportunities for hitching. As for the blogging income, it had also dropped significantly
since I didn’t managed to blog regularly due to family and work commitment.
Hopefully with the new job, I can set aside more time to blog and share my
investment journey.
Total
In total, my 2024 side income comes up to $2200/month. This was the
same as last year despite a drop in my ecommerce income. Thankfully, my
investment income picked up the slack. This made me realized the importance of
having different income sources. You will never know when anyone of the income
sources will dry up.
This is the same consideration for my main work income. I
will never know if I will get retrenched or if I will quit my job again due to any
unforeseen circumstances. Hence it is important that I continue to build up my
side income and hopefully eventually reach an amount that can replace my main
income.
Thanks for following my journey. I hope my experiences inspire you to start or grow your own side hustles. Remember, consistency and perseverance are key and Happy Hustling!
Reviewed by Valuewarrior
on
October 27, 2024
Rating:
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