Hey there Profiteers! Welcome to my June 2018 income report, where I break down every dollar I earn through my online freelance writing business and other hustles. I just barely made it past the finish line of my five-figure monthly income goal, but I made it over $10k for the 6th month in a row! Let's dive in and take a look in this monthly income report.
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 am still jet-lagged from an eight-day, cross-country trip! My journey started with three nights in Chicago for a cousin's wedding. I always love visiting Chicago, and a
little ton of rain didn't cramp my style. I made it to Hamilton (finally!), an architecture boat tour, Michigan Ave, and the family wedding events.
From there, I was off to Philadelphia for Podcast Movement. It was my first time in Pennsylvania out of an airport, making it my 36th state (40 including airport only visits). I always love putting a new pin in the map!
I organized and spoke at Ignite Podcast Movement, and I'm so excited to get the videos posted! Up next, Ignite FinCon in Orlando in September! Here's an update on some side hustle businesses I'm focused on right now:
Mastermind Hunt – Mastermind Hunt is scheduled to go live in August and launch at FinCon 2018 in September! Join the email list there to get notified when we go live so you can create or join your own mastermind group! Check out this article on how masterminds can help your income and business goals.
Community Sharer – Community Sharer is so close to launch that I'm using it myself! That is a huge milestone. The India based developer team is ironing out a few final bugs and getting the last minimum viable product (MVP) features in place to flip the on switch for the public.
CUT! – Sometimes you have to recognize when something isn't working. Last month, I pulled the plug on two projects to focus better on what is working. Sometimes you have to wake up and take your own advice! I put Swivel Money on an indefinite hiatus and ended my fun podcast with friend Whitney Hansen. It was fun, but the numbers and dollars were not there.
Side Hustle and Online Income Report
Welcome to my 78th monthly income report. You can view a summary of every income report back to 2012 here. I'm six for six so far this year hitting my $10,000+ per month revenue goal, though only three for six on my new goal of $10,000+ in monthly pre-tax profits. On average, I am ahead of $10k per month in net profits.
JUNE 2018 RESULTS
Personal Profitability Income – Advertising
- Affiliate Marketing – $0
- Click advertising – $0
- Direct Ad Placements – $0
Freelance Income and Services
- Consulting / Coaching – $100
- Speaking fees – $0
- Writing Services – $10,030
- Product Sales – $0
- Flipping – $0
- Premium Plugins – $0
Gross Profit – $10,130
EXPENSES (Does Not Include My Paychecks, Taxes, or Health Insurance)
- Advertising and Promotion – $7
- Bank Charges and Payment Fees – $15
- Business Licenses and Permits – $0
- Computer and Internet Expense – $357
- Continuing Education – $0
- Conference Fees – $0
- Dues and Subscriptions – $0
- Meals & Entertainment – $0
- SG&A – $0
- Outsourced Labor – $1,598
- Partnerships – $149
- Postage & Shipping – $0
- Professional Services – $0
- Telecom Expense – $120
- Travel – $30
- Total Expenses – $2,276
Total Revenue $10,030 Total Expenses $2,276, Profit Before Tax $7,754
One issue any freelance will run into eventually is an inability to scale past a certain point. I feel like I'm not far off from that point, which for my writing business I estimate to cap around $20,000 per month. That has me focused more on projects that do scale. Mastermind Hunt and Community Sharer would not have happened without my freelance business success, and I'm excited to press forward with those exciting projects to take my business and income to the next level.
— Eric Rosenberg @ #PM18 (@EricProfits) July 24, 2018
Financial Planning and Analysis
The number one word I'm focused on in my businesses right now is scale. While I'm delighted with my current five-figure monthly income, I would love to add a zero. Maybe even add a zero and multiply by two! We'll see what the future brings as these new projects come to life.
Until next time, stay profitable.