With another month in the books, I’m coasting through the summer and have managed to beat my $10,000 revenue goal yet again. Fall is closing in, I’m off to Podcast Movement very soon, and I’m hustling to add new clients. Let’s dive in and take a look at how my income and profits came together in July 2017.
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
Join Me at Podcast Movement in Anaheim!
I’m two weeks I’m headed to Anaheim for Podcast Movement for the second year in a row. I will be speaking at Josh Elledge’s Fame and Profit Lab the day before, which is sure to be both educational and a fun time. Advance tickets are $25, or they are $200 at the door. If you live in the greater Los Angeles area or Orange County, this is a great event at a bargain price when you buy a ticket in advance.
I’m also stepping up my participating by bringing Ignite to Podcast Movement, as I have done at FinCon for the last five years. We have a slate of nine amazing speakers lined up and I’m thrilled to be a part of it.
If you are interested in attending Podcast Movement in Anaheim this August, you can sign up with my code “EricRosenberg50” to get $50 off registration and an entry for a free podcasting mic from Blue Microphones. I use the Blue Yeti myself! If you have any interest in podcasting as a business, I highly recommend going. This will be my second year in attendance, and I imagine far from my last. I don’t get paid for referring anyone, but if you do sign up with my code I also get an entry for one of those free microphones. Learn more at Podcast Movement.
A Fresh Personal Profitability Podcast Format
With over a month under my belt with weekly podcasts, I’m starting to get into the groove of things. Be sure to subscribe in your favorite podcast app. I recently wrote a huge post sharing how to get started with podcasts, including some of my favorites, which include entrepreneurship, startups, news, science, and dance music. Check out my guide to gettings started with podcasts for free!
Project Updates
Writing – I came in shy of my $10,000 goal for writing in July, but made up for it with other hustles including advertising here at Personal Profitability and some other side hustles. I’ve had some nice client growth over the last month and look forward to growing my client base going into Podcast Movement this month and FinCon in October.
Speaking – I’m headed to Fame and Profit Lab in Anaheim to give a short talk in two weeks and have a lead for another local event coming soon. With the school year starting, I plan to reach out to high schools and universities from Santa Barbara to San Diego looking for paid opportunities to speak this fall and school year. I had a great interview with Grant Baldwin who gave me even more inspiration to boost my efforts in speaking.
KosherFish.co – Kosher Fish is now live on the web, the Android, and the new iOS. I don’t have many other big plans for Kosher Fish. I emailed a few Rabbis to get the word out and may do an SEO/publicity outreach campaign to get the word out further.
Money Mola – We have targeted a public beta launch date in seven weeks, 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!
Entrepreneurial Income Breakdown
And now, the results! 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!
REVENUE
Personal Profitability Income – Advertising
- Affiliate Marketing – $118
- Direct Ad Placements – $275
Freelance Income
- Writing Services – $9,346
- Website Support – $0 (this business closed at the end of April)
Side Hustles
- Product Sales – $0
- Flipping – $99
- Premium Plugins – $0
- Denver Flash Mob – $267
Gross Profit – $10,105
Two months in a row I’ve been very close to missing the goal, but I’ve pulled through. I had a full week of unexpected travel in July for a family medical emergency, which did hold back my writing hours a bit. August is off to a solid start and I’m trying to push through the rest of the summer lull online with the same $10,000+ months I’ve been enjoying since last fall.
EXPENSES (Does Not Include My Paychecks, Taxes, or Health Insurance)
- Advertising – $0
- Bank Charges and Payment Fees – $8 (some revenue reported net of fees)
- Business Licenses and Permits – $0
- Computer and Internet Expense – $127
- Meals & Entertainment – $0
- Money Mola Related Expenses – $30
- SG&A – $7
- Outsourced Labor – $421
- Postage & Shipping – $16
- Professional Services – $0
- Telecom Expense – $92
- Travel – $0
- Total Expenses – $800
Total Revenue $10,105 Total Expenses $800, Profit Before Tax $9,305
Check out my full history of income reports here.
Financial Planning & Analysis
I was chatting with my Dad a couple of weeks ago about my business and he suggested that it may be time to increase my revenue goal. I’ve had a couple of close months and missed my $10,000 goal one month out of the last ten, which is pretty darn good. I’ve wondered if I raised my goal if it would motivate me to work harder to achieve it, or if my results would be the same as today. While the year is just over half over, I’m already starting to think about my goals for 2018.
I have seen expenses creep up a bit over the last year, and it was nice to squash my spending back a bit this month to below $1,000 on the business. Looking back into the history of my business at my income summary page (linked above), I noticed that the first year I spent very, very little to grow the business. The more I spent over the next few years, the more my business grew. However, I’m at a point today where I need to look to limit expenses more as the writing side of my business matures.
Until next time, stay profitable.
Well done Eric! So awesome to see you do so well after leaving your job. The fear in our heads is greater than reality. Upside is unlimited baby!
Sam
It has been an amazing journey! Matching my old day job + side hustle combined was the big goal, and I’ve done it every month since October. It almost makes me wish I had left the old day job sooner!