Hey there Profiteers! Welcome to my August 2018 online income report! I've been doing this since 2012, and this site turns 10 years old next month. That is both humbling and mind-boggling to me! Today we are keeping the tradition alive with a dive into my August 2018 income.
What's the deal with these income reports?
Money is a big taboo for many people, which means we rarely talk about things like our savings, investments, and how much we earn from side hustles and projects. One of my biggest goals at this site is to help you reach your financial dreams, and I believe that being open and transparent with my successes – and failures – can help you learn to build your own side hustle and full-time income streams.
Since 2012, I have reported my online and side hustle income on this website every single month! Check out my online income tracker and click through to the monthly updates to see a breakdown every month from $739 online in January 2012 to my first $10,000+ month in October 2016 to my current six-figure income, which I earn from the comfort of my home office. Only eight years of hard work and I was an overnight success! But using what I learned the hard way, I hope to help you do the same far faster.
This blog started as a little side hustle project back in 2008, and it completely changed my life! Thanks to my online business that started right here, I now make more money than ever before, work fewer hours, have full control over my schedule, and love my entrepreneur lifestyle. If that sounds like something you would enjoy, follow along with my income reports each month, along with my free Personal Profitability Bootcamp, subscribe for free to the podcast in your favorite podcasting app, subscribe (and click the bell) to catch weekly videos on YouTube, and grab some other goodies along the way.
In-depth guides 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
Update from Profitability HQ
I'm writing this with my bags packed for FinCon18! FinCon is my favorite conference and an annual event that I credit with much of my online success. FinCon taught me how to turn my blogging hobby into a business and build the connections to turn it into a six-figure online income. This year, I'm speaking about masterminds, running Ignite FinCon, helping out at CardCon, and working to ladder-up my freelance business. Oh yeah, and I'm the official main stage DJ. Brushing that dirt off my shoulder…
Just read a mind-blowing stat – 43% of American households spend more than they earn each year
— Eric Rosenberg (@EricProfits) September 19, 2018
Freelancing – The “good busy” trend from last month stretched into August and September. The 3rd week of September alone I did about $7,200 in revenue. That's more than I used to make in a month at my old day job! I've been feeling a little strain keeping up, so I'm looking at my client list looking for opportunities to drop lower paying projects and replace them with better payers. The freelancer marketplace at FinCon is key for me each year, and FinCon 2018 is already on track to be both fun and fruitful for my business.
Mastermind Hunt – Mastermind Hunt is live and open! If you want to join a mastermind group to build your business, sign up today! We don't have a ton of activity just yet, but expect a flurry of new members when we launch at FinCon this week. I can't understate how hard we've worked to get here and how pivotal this may become for my online income. If it goes according to plan, I may not be a forever freelancer.
Community Sharer – I've been so busy with #1 and #2 that I don't have much to report here. I'm using the live version for some of my own social media postings today. If you want to automate your online community or freelance article sharing, check it out!
Side Hustle and Online Income Report
Welcome to my 80th monthly income report! You can view every income report back to 2012 here. I'm eight for eight so far this year hitting my $10,000+ per month revenue goal. I surived the summer lull without a month under $10k! If this trend stays up, I'll have my first full calendar year of $10,000+ months.
August 2018 RESULTS
Personal Profitability Income – Advertising
- Affiliate Marketing – $109
- Click advertising – $0
- Direct Ad Placements – $0
Freelance Income and Services
- Consulting / Coaching – $100
- Live events – $75 (final payment from a bigger total charge)
- Website support – $120
- Writing Services – $12,837
- Product Sales – $0
- Flipping – $0
- Premium Plugins – $0
Gross Profit – $13,241
EXPENSES (Does Not Include My Paychecks, Taxes, or Health Insurance)
- Advertising and Promotion – $57
- Bank Charges and Payment Fees – $104
- Business Licenses and Permits – $0
- Computer and Internet Expense – $348
- Conference Fees – $0
- Dues and Subscriptions – $0
- Meals & Entertainment – $7
- SG&A – $0
- Outsourced Labor – $1,694
- Partnerships – $0
- Postage & Shipping – $17
- Professional Services – $0
- Telecom Expense – $162
- Travel – $923
- Total Expenses – $3,312
Total Revenue $13,241, Total Expenses $3,312, Profit Before Tax $9,929
Financial Planning and Analysis
This month was a home run for income, but expense creep kept me below $10,000 in profits. It takes money to make money, so investing to some extent is important. If I could go back in time, I would have put a lot more into my online businesses earlier on to reach faster success. But now that I'm here, it is important to keep up the right balance between spending and keeping my dollars to make sure I get the best overall results.
Until next time, stay profitable.