And we’re off!
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Success! This month, we can begin to see our progress grow steadily. We’re only a few months into this – and into such measurements – but it’s exciting to see small but measurable results.
We’re slowly inching towards progress; the green line is marching ever upwards. (It represents our passive income potential, or how much we could potentially earn by living on our investments alone.) It has been buoyed by continual investment returns, but even our safer returns (2.5% interest on the checking account) are contributing.
The best part: our expenses are steadily decreasing. We’ve made a number of changes to our spending habits, such as switching to Google Fi. We lowered our insurance rates, eliminated Amazon Prime, then Netflix, and now watch just as many movies…courtesy of the local library (or, as I call it, “free redbox”).
In fact, we would have done even better on our income potential, but we had a few bumps in the road, including some unexpected (minor) medical expenses (which I flatten out over several months, so it’s less obvious here), and some business expenses from a small new side project (that, even in a worst-case scenario, should be cash neutral or better within the next few months). As a result, I’m very eager to see how the green line marches upwards over the next few months.
In all, we’ve had a great few months and, if we can maintain this progress, we’ll be moving towards our goals quickly — especially by cutting our expenses. Realistically, we can’t move expenses much more — my wife has been a champ — short of moving out of where we live, which won’t happen for a while. I’m frankly impressed with what we’ve been able to achieve thus far, and am more hopeful that we’ll see an income increase. I’m excited to see what the future holds!
What about you? Any updates? Suggestions? Are you tracking your own progress as well?