May 2019

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Income Information

Grocery Delivery (Instacart & Shipt) - $2,493.78
Secret Shopper (Market Forces & Reality Based Group) - $86.00
New Bank Account Bonus - $300.00
Total Side Hustle Income for May 2019 - $2,879.78

The Commentary

What a blow out of a month. $2,893.78 is massive in the amount of side hustle income since I started. There is a lot of reasons for this which I will break down below, but it’s also important to note that May had 5 weeks of deposits instead of the usual 4 weeks of deposits. When I am reporting Side Hustle Income, I am reporting the income when they are deposited not necessarily when they are earned. This just makes it easier and avoids trying to breaking down a deposit between two months. The other reason for a big month is because I was trying to hustle a lot in the weeks leading to my week off in Miami which I only made $63.11 of side hustle income for that week. Once I was able to do almost double my goal, I just kept doing it.

The Break Down


Grocery Delivery - $2,493.78

As you can see, I pretty much exclusively did grocery delivery during the month of May. As I reported in April, I pretty much make really good money doing Grocery Delivery. Just to show you the magnitude of how I got to $2,493.78, I did about 117 deliveries during the month covered by this earning. I never really thought I’d find time to do more than 60 a month and here I am doing 117. As I write this, I am guessing I will beat that in June, but that’s because we’re in summer school and I am not teaching full-time right now (although it’s still busy, so we will see how much I actually do).

What brings the income so high? It’s all about the tips. Although the delivery services that I use do pay a fee for shopping a customer’s order, the tips is what makes the amount for May so high.

Secret Shopper - $86.00

This income came from 1 shop. 1 really good shop. I was able to get a free oil change during the month which I was reimbursed my oil change fee and like $10 - 12 for doing the shop. So a majority of this income is a reimbursement of the cost of an oil change, but remember, I would have had to pay for the oil change anyways. To have someone else pay for it is awesome. I saved nearly $80 from my car maintenance account because someone else paid it.

Just to set expectation, it is rare that you get an oil change shop. I really think they must have posted it a few minutes after I looked in the app. So I don’t expect this in the future, but it was awesome.

New Bank Account Bonus - $300.00

This one here is not a sustainable side hustle because of all the restrictions banks put in place, however, I thought it was a good one to include just to understand where you can grab opportunities when you see them. Now, I have received these before, actually in the last year, I have received over $400 in new account bonuses (prior to 2019, but within the last year). I am very deliberate regarding these bonuses because they do come with lots of strings attached. However, if you are able to man the mine field of terms and conditions, it could be the easiest money you can get.

This $300 bonus was for Bank of America. I’ve usually seen $200 or $250, but $300 was quite large. This offer required me to deposit $4,000 in direct deposits within 60 days of the opening of the account. The deposit does not include transfers via ATM, online or teller, or transfers from a bank or brokerage account. Basically if you have earned income and you have your employer deposit funds into this account, you’re good as long as you meet the $4,000.

I opened the account in April and after a couple of paychecks, I had my $4,000. I received my $300 about middle of May. I was planning on actually using this account as my new checking account since I was going to close my bank account that I have in Kansas (where I was before I moved). The only reason that I didn’t keep this account was the fact that when I initiate an ACH transfer, Bank of America wants to charge me $3 per charge (I know that it would be free if I have my external bank initiate the transfer rather than Bank of America, but I didn’t want to make a mistake and pay bank fees.no.no.no). On May 29th, I closed the account. The account was opened for about 45 days before being cancelled on May 29th.

If Bank of America offers a new bonus, I won’t be able to take advantage of it for at least 6 months, sometimes a year. This is why it is not sustainable. When doing things like this, you have to understand the terms and conditions, otherwise it will cost you. One of my other $200 bonuses requires that the account stays open for at least 1 full year. So that is currently where I have all my side hustle income going to in order to make that checking not pay any fees and keep it open for a year. We will see what happens when we get to that year mark and if there is another bank offer at another bank…

So what am I doing with this $300? I set up an investment account that invests this money at 65% total market index fund, 25% real estate index fund, and 10% bond fund. When I first started going for some of these bonuses, I made it a point that it was going to be extra money and I wasn’t going to spend it and instead invest it (for how long…who knows, its just nice that I’m using someone else’s money to make money).


The Wrap Up

For 2019, the amount of Side Hustle Income comes to $9,391.53. If you told me I could get to $10,000 of Side Hustle Income for a year, I’d thought you’d be crazy, but here we are, just a month away from $10,000. If I keep it up, I will have nearly $20,000 of Side Hustle Income for an entire year. We are now in the summer months where I have more time to side hustle, so can I break $25,000 before the end of the year…

If this is the first time you’re reading one of these reports, you should know that generally speaking, none of this income goes to everyday expenses of running my household. I saw that with a small grain of salt because a portion does go to pay credit cards and sometimes expenses go on the credit cards and so theoretically some of this income does goes towards everyday expenses, but its a little complicated even for me to digest.

A majority of this income goes towards getting a new car. For more information on how I plan to pay for that new car, see my Pay in Cash Car Challenge blog here.

That is it for May 2019. Over $9,000 of side hustle income for the year and over $2,800 for the month. That is basically a home mortgage payment and more…as a side hustle. Remember though, $2,800 isn’t what I take home. Since I am an independent contractor, the companies I hustle for do not take out Social Security, Medicare, or Income Taxes. This means about 25 - 35% of this amount could be considered tax payments to Uncle Sam. That’s over $840 in taxes and $1,960 for personal expenses. I’m personally saving my taxes in a separate savings account so that I don’t get a big surprise next tax season. If you are side hustling or thinking of doing so, you will want to think about taxes from day 1.

If you have any questions, shoot me an e-mail at hello@financialgrit.com or leave a comment below.