Hey there Profiteers! Happy Spring! I hope wherever you are in the country you are staying warm and dry. There has been a whirlwind of bad weather, which keeps many people cooped up at home. And when you are stuck at home, it is prime time for side hustles! Here's how my income broke down in February, and a sneak peek of new projects I'm working on to keep the profitability train driving forward.
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 own financial dreams, and I believe that being open and transparent with my successes and failures can help you learn to build your own income streams.
Starting in 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 posts to see a breakdown every month starting when I made $739 online in January 2012 to my first $10,000+ month in October 2016 to my current six-figure income I earn from the comfort of my own 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, podcast, videos, and other goodies.
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
It has been a busy (good busy) month for Personal Profitability. While also busy with my two little ones, I've been pushing forward on some new projects and continuing work on existing ones.
First, Money Mola, which I've been working on for quite some time, is now Swivel Money. I think the new name is a huge improvement, and we have a scaled-back plan ready to launch much sooner as we keep running into snags with our ACH abilities. We are working on the rebrand right now, as you can see if you click that link.
Next, my Community Sharer project is continuing to move forward slowly but surely. For this project, I'm paying a small developer team in India for a fixed number of hours per week. We are getting close to having something that really works for the public!
Last but certainly not least, Mastermind Hunt! This project is moving forward quickly with a planned soft launch this summer and big launch in September! I'm working with two teammates on this one, and I'm really excited about its potential. If you want to learn more about masterminds, form a mastermind, or join a mastermind, head over now to join the waitlist for early access.
Side Hustle and Online Income Report
Now your favorite part… my February 2018 income report! This is an operating profit and loss statement, sometimes called a P&L, for my business. I take out my own paycheck and taxes to keep things simple, as well as my family's health insurance which is paid for by the business. As always, you can view every monthly income report back to January 2012 here.
FEBRUARY 2018 RESULTS
Personal Profitability Income – Advertising
- Affiliate Marketing – $359
- Click advertising – $0
- Direct Ad Placements – $0
- Writing Services – $9,691
- Website Support – $0 (a few projects here and there)
- Product Sales – $24
- Flipping – $0
- Premium Plugins – $0
Gross Profit – $10,076
EXPENSES (Does Not Include My Paychecks, Taxes, or Health Insurance)
- Advertising and Promotion – $7
- Bank Charges and Payment Fees – $2
- Business Licenses and Permits – $0
- Computer and Internet Expense – $485
- Continuing Education – $0
- Conference Fees – $0
- Dues and Subscriptions – $0
- Meals & Entertainment – $41
- Money Mola Related Expenses – $31
- SG&A – $235
- Outsourced Labor – $842
- Postage & Shipping – $0
- Professional Services – $0
- Telecom Expense – $83
- Travel – $0
- Total Expenses – $1,726
Total Revenue $10,076 Total Expenses $1,726, Profit Before Tax $8,350
I did end the month above my old $10,000 revenue goal but missed the $10,000 profit mark. I just barely made it past $10,000, which was a little close for comfort. But February is a short month, so maybe I get a little leeway for that?
Financial Planning and Analysis
I enjoyed the bump in affiliate income this month, and hope to see improvements to that area in the future. Without affiliate income this month, I would have been below $10,000. But one of the keys to this success is website traffic, something I have struggled with since moving from the old Narrow Bridge Finance domain name to personalprofitability.com.
I have spent a little time messing around with website files and other behind the scenes issues that could help fix up the site's Google rankings. We will see if it works over the coming months. If it does, I'll have a lot more time to focus here versus hunting down new freelance clients. Time will tell!
Until next time, stay profitable.