Disclaimer: I am not a financial adviser and this is not financial advice. I assume everyone already knows to save a 3 to 6 month emergency fund, max out tax-advantaged accounts like IRA’s, 401k’s, etc., and invest somewhere around 90% in a total stock market fund and the other 10% in a total bond market fund while dollar cost averaging for about 30 to 40 years.
This is a stupid game to incentivize me to earn more and save more, starting from almost zero. This is not an efficient way to deal with taxes or grow wealth.
Here’s the game. I’m going to attempt to use beer money sites, apps, or any other lazy ways of making money on the side to get $100 a month in dividends. I will not use any income from my regular job.
My beginning strategy will be to try to earn about $10 a day, give or take… about $50 a week, and buy a stock once a week that earns monthly dividends. I’m going to start out fairly aggressive and with somewhat speculative positions. I’m going to try to purchase stocks that have the potential for growth, but my main goal is dividends for income. I may adjust my strategy as the game continues, but I’m aiming for about a $0.005 monthly return for every $1 dollar I spend.
Today I opened up a brokerage account with Fidelity. I funded it with $100 I earned from beer money sites before I began tracking my beer money income.