Sorry I haven’t been updating my site lately. I have had many tests in my classes recently and I have been working on them before I work on this blog. Sorry but I have to have priorities. I’ll probably stop posting around the end of this month too because finals are right around the corner and I will need to study like crazy for those.
Ouch, this isn’t nearly as good as I would like it to be. I need to find some more income sources. I didn’t even earn 1% return on my money for the month and this accounts for me working at my job too. Currently I am brainstorming new ideas to make money. Also I am trying to invest more of my money, but it is hard since the economy is doing poorly, my options are limited.
Sources of Income:
I did increase my income a lot from last month although I still don’t earn very much at all. I picked up a few extra hours at work which helped increase my earnings a little. Also I put some money into gold. I bought on a dip and was planning on letting it go back over $1,000 before I sold. Unfortunately yesterday it dropped some more and I lost about $50 per oz. I had bought 3. When the market dropped what do u think I did? Sold? Wrong, I bought some more. Today it is already up 2% and I made around $60 on my new purchase. The market hasn’t even closed yet so I am not including today’s markup as gold can be pretty volatile. I felt like it was a pretty good investment so when it dropped, I didn’t run away, I bought more. This is the most basic tip for investing: Buy low, sell high.
Prosper has still been doing well for me. Still no defaults, I am keeping my fingers crossed that everyone I have lent to will continue to pay up. I am almost earning a $1 a day on my $2,000 investment. I am a little skeptical to add more to the account because the economy is weak and if anyone I am lending to loses their job, they could have a hard time finding more work and paying me back.
Roth IRA: $8,628
I figured it would be a good idea for me to start tracking my accounts as well that way when I look back I can tell where I made my money, not just how much I made for the month. I figure more data can’t hurt. Maybe next month I will also track what percentages each month changed. If I am really ambitious, I could even start a spreadsheet that way it easily crunches the numbers for me.
If anyone has any decent income ideas for me to try out. I would be glad to hear them. Over the summer I should have sufficient free time to try new things out. This is only a month away and I would like to figure what I am doing soon(besides the 40hrs a week). So I will keep on brainstorming and get back to you.