Passive Income

They say a typical millionaire has around 7 sources of income. This is my attempt at generating passive income from 7 different sources. I am presently at 5 sources of passive income and will be trying to add 2 more. Thanks to Passive Canadian Income for the inspiration.

2019: $1,099.68
Dividends (Taxable) --- $503.45
Dividends (IRA) --- $121.09
Vitality --- $0.00
Side Hustles --- $388.30
Options Income --- $59.96
Google Adsense --- $26.88

2018: $3,217.12
Dividends (Taxable) --- $1,276.02
Dividends (IRA) --- $284.82
Vitality --- $148.20
Side Hustles --- $1,455.28
Options Income --- $52.80
Google Adsense --- $0.00

Side hustles
Side hustles are my primary source of passive income. I generate side hustles income through credit card (cash back), Swagbucks, TopCashBack and Raise. This is not really a passive income as I need to put in additional effort to generate the cash flow.

Dividends (Taxable)
Dividends are another source of passive income. Since, I invest in indexed ETFs this income is truly passive. In the long run I would like dividend income to be a major part of my passive income stream.

Dividends (IRA)
I opened my IRA in 2018 and as such it is a late entrant to my passive income stream. I categorize these dividends as a separate income stream as I would have access to it at 59.5. I don’t have any plans for evolving this income stream yet.

Vitality
Please check out vitality. I get points for my gym visits (each point comes out to be $0.01). I think of it as a side hustle which generates money and keeps me fit. Tracking it as a separate source of income keeps me motivated to maximize and thus ensuring I exercise regularly.

Options Income
One advantage of holding long positions is writing covered calls. It’s a relatively new strategy that I have adopted to increase the yield of my holdings.