Hey there Profiteers! September is almost over, but the books just closed on August. Let's take a look at how I did compared to my $10,000 goal for the month and how things are shaping up for the rest of the year.
Why in the world do you share your income publicly?
When I started this website back in 2008, I had just left a job working as a bank manager. I learned a ton about misunderstood parts of banking and personal finance that I decided it was time to share what I had learned. I was the guy who decided if your mortgage was approved, after all, something most people never see firsthand.
I read other personal finance blogs as I worked to pay off my car loan (which I did in half of the five year term), pay off my student loans (two years and six days after graduation), and conquer other financial challenges. I realized reading those other sites that I had a unique perspective thanks to my background, and to build trust with you, I am completely transparent on how I deal with my own finances.
Since the beginning of 2012, I have shared my online earnings from my side hustles as they grew and turned into my full-time job. While it is now my primary income, I continue to share every month to show you what is possible if you put your mind to it. Side hustle income has changed my life, and I like to show you how in these monthly updates. Prior to 2012, I shared my net worth monthly and you can see how my online income started coming together.
If it’s your first time stopping in, you can see a history of my online income reports here going back to February 2012 when I brought in $739 online. I did a whole lot better this month, but you’ll have to keep reading to find out exactly how much better and how I did it!
Most popular posts for new readers:
- Complete Beginner Guide to Budgeting
- Complete Beginner Guide to Credit
- Complete Beginner Guide to the Stock Market
- Complete Beginner Guide to Freelancing
- Complete Beginner Guide to Travel Hacking
- 137 Side Hustle Ideas
Podcast Movement and FinCon!
Podcast Movement was a huge success, and Ignite Podcast Movement was a particularly awesome highlight for me, the host. We had ten great talks and an enthusiastic crowd. Watch my five minute Ignite Podcast Movement talk below:
I already have my ticket for Podcast Movement 2018 in Philadelphia, but I have a lot to do before next summer. Next stop on the conference circuit for me is the highlight of my business year, FinCon. I'll be bringing back Ignite FinCon for another amazing edition. We have some wonderful submissions so far, and I'm excited for an awesome Ignite.
What an amazing an inspirational panel. Pat Flynn, John Lee Dumas, and Amy Porterfield are amazing online and even better in person. Constant knowledge bombs! I'm honored to be in the same online content industry as this crew. #pm17 #podcasting #podcastmovement #conference #inspiration #entrepreneurship #entrepreneurlife #livingthedream
FinCon is a lot bigger for me than my few minutes on the stage, however. FinCon is what led me to discover freelance writing as a plausible career path and was instrumental in reaching a six-figure income online. I'll have a great time at ancillary event CardCon as well as some fun parties and events, but I make the most money in the hallway and freelancer marketplace. That's where I connect with new clients, reconnect with existing ones, and build up a new client base for better income. Last year the month of FinCon was my first five figure month. I'm looking forward to keeping the tradition going with revenue growth this year!
Meet me at FinCon!
This year FinCon is offering a special opportunity for non-bloggers to come join the fun for one day of the conference. If you are in a short distance to Dallas, I highly encourage you to join me at FinCon for Your Money Live on October 27th. The fun takes place at the Sheraton Dallas from 1pm-6pm. Meet me and other finance bloggers and podcasters at this unique, first ever event. Tickets are just $39.
After the keynote session including David Bach, Farnoosh Toorabi, and rapper Dee-1, join me at Ignite FinCon for a series of fun, 5-minute talks starting at 7:30pm.
More Podcast Awesomeness
After the new format, you may have thought I was done tinkering with the Personal Profitability Podcast, but you would have thought wrong. I am doing more to make the podcast even more useful for listeners (and readers like you). I met a new podcast editor at Podcast Movement and she started with episode 72. I listened to her work before queuing it up and it sounds great.
I'm also playing with the “formula” of the show a bit to ensure it reaches maximum awesome. Don't forget you can submit questions via the Ask Eric page to get your question answered in an upcoming show!
Writing – The Summer slow period extended into August for me, but September has taken off like fire! I squeaked past my $10,000 goal this month. I've had a few projects come and go, a project in the pipeline, and my regular client articles. I'm looking to add at least 2-3 new regular clients at FinCon this year.
Speaking – I spoke twice at Podcast Movement. First was Ignite, mentioned above, and second was Josh Elledge's Fame & Profit Lab where I gave a 15 minute talk on how podcasting fits into my business, which is not podcasting. It was a great session and I plan to post it on the blog sometime soon.
Money Mola – We have targeted a public beta launch date in October, which puts us live just before FinCon! I'm so excited to open the doors of Money Mola to the public. After two years of work, we're almost live! Check out the website to learn more.
— Jim Wang (@WalletHacks) September 25, 2017
Entrepreneurial Income Breakdown
I know you really want to see the nitty gritty financial results. Read on! If you are a new visitor, check out my entire history of income reports going back to 2012 here. That page recently got a big overhaul, so long time readers may enjoy stopping in as well!
Personal Profitability Income – Advertising
- Affiliate Marketing – $9
- Direct Ad Placements – $0
- Writing Services – $9,675
- Website Support – $500 (just doing a few projects here and there)
- Product Sales – $0
- Flipping – $17
- Premium Plugins – $0
- Denver Flash Mob – $0
Gross Profit – $10,201
I came through and hit my $10,000 per month revenue goal again thanks to special projects including one website design I'm doing for a friend of a friend and some one-time writing projects. Freelancing is a fickle way to work. While it always seems to add up for me, getting to my goal is not always simple or straightforward and it is never easy.
EXPENSES (Does Not Include My Paychecks, Taxes, or Health Insurance)
- Advertising – $0
- Bank Charges and Payment Fees – $180
- Business Licenses and Permits – $0
- Computer and Internet Expense – $274
- Conference Fees – $209
- Meals & Entertainment – $103
- Money Mola Related Expenses – $30
- SG&A – $0
- Outsourced Labor – $435
- Postage & Shipping – $0
- Professional Services – $0
- Telecom Expense – $162
- Travel – $550
- Total Expenses – $1,945
Total Revenue $10,201 Total Expenses $1,945, Profit Before Tax $8,256
Check out my full history of income reports here.
Financial Planning & Analysis
I've only made my revenue goal recently due to projects. I love one-time projects, but you can't count on the for recurring revenue because of the nature of projects. I get assignments from some clients from time-to-time, but others send me work on a consistent, predictable basis. That consistent, predictable work is what I'm aiming for to raise my income stability.
I love the ability to earn more some months by working extra hard, but I don't want to have that at the expense of a solid base load of income I know I will have to cover the bills. But while I can always improve, I am not complaining. Next month I'll hit my 12th month of income over $10,000 per month. In the world of freelance writing, that is not all that common, but it is always sweet.
Until next time, stay profitable.