Fall is here, which is one of the busiest seasons for me as an online entrepreneur. After a recent trip to Dallas for FinCon, I came back and got sick for nearly two weeks. I'm finally getting caught back up, which means updating the books and checking in with my income and expenses for October. Let's dive in and see where the dollars landed in October.
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
On Baby Watch
I'm still getting caught up from a week off for FinCon followed by a week and a half running on half steam or less, and at the same time I'm getting ready for Baby #2 to join the family. I always have a few irons in the fire, but I'm not adding too much right now. Instead, I'm trying to get ahead and work through my to-do list. Before you know it, I'll be a father of two little girls!
The due date is less than a month away, and I know as a work-from-home Dad that I'll be pulled into helping with both little ones – Daughter #1 just turned 2 in October – on a regular basis in the beginning, the same time our baby will be waking us up all night. No big travel, speaking, or conference plans for the time being, though I'm itching for a good Europe trip!
Writing – I'm at 12 out of 13 months in a row over $10,000, and it feels great! Last month I was thinking about my goals for 2018, and I'm toying with a few ideas in my head. I'm considering changing from a $10,000 revenue goal each month to a $10,000 profit goal each month in 2018, or lifting my goal to $11,000 or $12,000 for a monthly average. Some months are better and some are worse, but my performance has been consistent enough that I'd rather use a monthly average goal than an every month goal for next year. I met some great potential clients at FinCon, and I'm excited to see where my income goes from here!
Speaking – Speaking is on pause until we welcome baby #2 and things calm down.
Money Mola – We were all set to launch at the start of October, but then our ACH provider Dwolla told us we were too high risk and could not use their platform to transfer money for our users. We found a new provider, but launch is delayed yet again. Hoping to be live within a few months with our new provider. Everything is under way!
Entrepreneurial Income Breakdown
And now [drumroll please], it's time for the income and expense results! This is a result of my side hustle turned full-time self-employment online. If you are a new visitor, check out my entire history of income reports going back to 2012 here.
Personal Profitability Income – Advertising
- Affiliate Marketing – $9
- Direct Ad Placements – $325
- Writing Services – $11,193
- Website Support – $0 (just doing a few projects here and there)
- Product Sales – $0
- Flipping – $9
- Premium Plugins – $0
- Denver Flash Mob – $0
Gross Profit – $11,536
Last year I had my record $16,000 month in October, and this month was quite a bit below that. However, things are still going quite well and one-time projects change quite a bit from one year to the next, so I'm not being too hard on myself about the lower result. I'm still ahead of my $10,000 monthly goal by more than 10%, and I'm on track to hit a $10,000 monthly average, $120,000 in revenue for the year, sometime this month. That means everything I make in December is gravy on top of my goal. You won't hear me complain!
EXPENSES (Does Not Include My Paychecks, Taxes, or Health Insurance)
- Advertising and Promotion – $20
- Bank Charges and Payment Fees – $33
- Business Licenses and Permits – $0
- Computer and Internet Expense – $386
- Conference Fees – $189
- Meals & Entertainment – $94
- Money Mola Related Expenses – $30
- SG&A – $0
- Outsourced Labor – $540
- Postage & Shipping – $3
- Professional Services – $0
- Telecom Expense – $123
- Travel – $909
- Total Expenses – $1,965
Total Revenue $11,536 Total Expenses $1,965, Profit Before Tax $9,571
Check out my full history of income reports here.
Financial Planning & Analysis
With the year end in view, I'm starting to look at overall performance this year to get a better grasp on what's working well, what's costing me the most and giving the least value, and where I want to grow. My income year-to-date is 95.9% from freelance writing, so while it was a side hustle turned full-time, freelance writing is effectively my job. The remaining 4.1% of my income isn't pocket change, but I am heavily reliant on freelance writing as an income source.
I find freelance finance writing to be fun and profitable, and I'm apparently pretty good at is as I was a 2017 Plutus Awards finalist for Freelancer of the Year (the Plutus Awards are the big financial blogging awards presented every year at FinCon). However, I want to diversify my income a bit, get more income from non-freelance sources, and grow what I earn at Personal Profitability.
I have effectively cut-off my direct advertising and sponsored posts at Personal Profitability, but I recently added advertising on the podcast. This means I am more or less only making money on Personal Profitability through affiliates, which is not a major income source by any means. To grow income on this site, I have two plans. First, a continued long-term project of traffic growth. This includes a blog content audit to increase my traffic from Google and a concerted effort to grow traffic from social media, which is my virtual assistant's primary focus. Second, I'm excited to share a new program where you can work with me to grow your side hustle income.
Coming soon, expect an announcement on a new group mastermind coaching program for Profiteers like you. The program is exclusively for people with a lust for online business, some existing momentum, and no credit card debt. I'm modeling it after masterminds I've been a part of since the first FinCon in 2011. I attribute much of my success to being a part of a mastermind, and I want to personally bring this model to a limited number of Personal Profitability readers and listeners. There will only be seven available slots, so stay tuned for information on how to apply. Join the email list to guarantee you don't miss the announcement.
Until next time, stay profitable.