I came in below my $50 dollar a week goal again, but I’ll still be able to make a stock purchase. The reason I missed my target this time was quite different from previous weeks. And while the dopamine rush still hits when I get paid with dividends throughout the month, I can feel the hedonic adaptation setting in.
I have continued researching ways to earn income online in my spare time and though I have become comfortable grinding away on the survey and task sites, I have always suspected there were other opportunities. This confluence of factors has led me to take a longer view in my approach to earning $100 dollars a month in passive income as well as reassess how best to achieve my goals.
With the time I spent this past week thinking, researching, and attempting to implement a few new ideas in place of surveys and small tasks, I have set myself up to earn at least 3 months worth of beer money income according to my goals. I did this with a variation on churning. I will likely get more in depth with churning later, but I felt it was worthwhile to explain why I did not reach my $50 dollar goal this week. I have not received any income from churning yet either and so instead I would like to lay out how I earned the bulk of my income with another new idea this past week: stock trading.
I have come across a very small strategy that works for me, but like all strategies, I expect it won’t last forever. It’s not risky, but then there’s not much reward. And even with this strategy, the trading opportunities are few and far between and don’t pay much, so the work is in setting up a system to capture these opportunities and take advantage of them. But once it’s set up I believe it’s possible to make a couple hundred extra a month if the opportunities are there.
I tested this theory out last week and so far have earned about $30 dollars because I just so happened to get lucky on the timing. It’s a volatile time in the market, but because of that I have another tool in my arsenal to earn online income.
I intend to learn more, but I think it’s important to figure out your own risk tolerance and find out what strategies work best for you. For instance, I am no options trader. But I do know that my overarching strategy – dividends (and of course an S&P 500 ETF for retirement) – works best for me.