My Monthly Income Stream Report – February 2014

Feb Income Report

February was a busy busy month for me, both online and offline, and I totally skipped out on creating content here at Beat the Nine to Five.  However, I made some key changes that will hopefully free up my time to allow me to focus better on creating content versus doing other stuff.

Beyond the craziness, February was also a great month for my business – even better than January.  I’m excited to share with you the good and the bad from this month, and what I’m doing to better myself, my business, and my family.

 

Important Happenings

I had a few key learnings this month that I wanted to share.  Like I mentioned earlier, this was a month of craziness, and it led to being fully overwhelmed by mid-month.  This was due to a crazy work schedule and a lot of things going on in my online business as well.

The only free time I was having was in my car – when I was also listening to Chris Ducker talk about his new book Virtual Freedom.  Anyway, listening to him, in combination with everything that was going on, really led me to realize that if I want this to be a viable business, I need to stop focusing on so many things that I don’t need to do.  I’ve always been keen on outsourcing, but I learned last year that I wasn’t improving the operational excellence of my business while outsourcing.

So, I made a focus on changing that.  I actually hired a new virtual assistant that will be much more like an assistant instead of simply a social media manager.  Already, it has taken a huge load off my shoulders, but this week has been a recovery week from the overwhelm before I can really start to move forward.  With my new assistant, we are really getting into a groove, and she is really helping me drive my business forward, instead of just doing silly tasks that can be automated.

Second, I was offered a promotion at work – for a really terrible job that paid a lot of money.  Last year, I saw this coming, so I asked you guys if you should accept a promotion if it’s not your dream job?  Well, now let me give you a little breakdown of this job, and what I did.  This job would have increased my salary by 30%, but at the same time it would have:

  • Required a 90 mile commute through the mountains everyday, which would take about 1 hour and 20 minutes each direction in good weather (and that’s with no snow, rain, or wind).
  • It would be long hours on top of the commute
  • After commuting costs are taken into consideration, it’s really only about a 18% raise
  • It would really suck

On top of that, I have a young son who I would really want to see grow up.  I have so much fun at home with him, I would hate to be so far away and not being able to make it to things easily.

So, in the end, I turned down the money and the job.  What are they going to do?  Fire me?  Ha – I got offered the job because supposedly I’m a top performer, so I still have plenty of job security in my current role.  Do you agree with me?

I’d rather spend my time building my online business and focus on getting out of the 9 to 5 anyway!

 

Income and Expense Report

Alright, onto the multiple income stream report!  By now, you should know how this works, but I like to break down my multiple income streams into categories so you can see how I make my income.  You can read more about my investing income stream here.

I don’t include my salary or my wife’s, although I do consider those part of my multiple income steam strategy.  Remember, this is about building income streams beyond your 9 to 5.

Income Breakdown

  • Investments
    • Dividends: $936.96
    • Capital Gains: -$19.36 (Read about this here)
  • Other
    • Writing: $568

Gross Total: $8,990.38

Difference from Last Month: +$1,725.74

Expense Breakdown

  • Advertising: $417.33 (Facebook Ads)
  • Commissions Paid: $13.00
  • Hosting: $7.49
  • PayPal Fees: $169.78
  • Professional Fees: $495.42 (FinCon14)
  • Subscription Software:
  • Subcontracted Services: $915.14

Total Expenses: $2,434.02 

Difference from Last Month: -$493.21

Total Income: $8,990.38
Total Expenses: $2,434.02

Net February Income: $6,556.36

Difference from January: +$2,218.95

Remember, you can find all of my income reports here, but last year I didn’t break down gross vs. net income like I am this year.

 

What I Learned

I learned a couple of key lessons this month.  First, focus on what really matters.  This was a hard lesson that I learned in several ways.  First, in my business, I realized that I was spending a lot of time on tasks that I should be delegating or automating, and not enough time on things that only I can do.  But, I also learned it takes the right person to help you delegate to and automate with.  I think I have that now, but that is something that I’m continuing to focus on.

Second, I learned that I need to focus on what really matters more at work.  I essentially took the “promotion” offer as a big fuck you.  Basically, I worked really hard to be offered a piece of crap job.  Yes, the money’s great, but there is so much more than that.  I’ve given a lot of time and effort into my job, have been considered a top performer, already make good money, and this is what I get?

Thinking back – one of the big reasons why I started side hustling was because I had a bad boss.  I tell my story in How a Bad Boss, Boredom, and a School Crush Led Me To Entrepreneurship.  Now, I am much better equipped to handle my work situation – so this is what I’ve decided.  I’m focusing on my side business and my family, and not this job that doesn’t truly value me.  So, will I be leaving early to take Skype calls?  Yes.  Will I feel shame in answering emails on my phone during the day?  Nope.  I’m focusing on what matters.

Finally, you may have noticed that I started writing again.  I’m not writing much, but a valuable proposition came along and I couldn’t pass it down.  You will see writing income the next couple of months, and I hope to do more if the right opportunities come along.

 

What To Expect This Month

This month, I finally plan on tackling that goal post I was talking about last month.  I also want to share with you some other insights I learned from this month of overwhelm.  Hopefully, you will start to see some changes here as well.  I’m changing up a few things, and have them penciled out, but whether I have the time to implement them will be another story.

Thanks for another great month!  How was February for you?

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Comments

  1. I would definitely turn down the job. Good choice. I retired at 33, so I never really placed a lot of weight on advancing in my career. My financial plan to retire early wasn’t affected by large salary increases late in my career, after all. And when you factor in increased taxes and added expenses like commuting costs like you did, most people would be surprised at how little a “huge raise” really is.

    Good job on doing the right thing for you and your family. Seeing your kid grow up is invaluable and certainly not worth missing for the extra 18% you could have earned. And your attitude is exactly right – what’s the worst they can do, fire you? You’re making plenty online to get by if you get canned, and you can always get a job somewhere else. I have a feeling you are an ambitious, hard worker and would have zero problem finding a job somewhere else.

  2. Great month! I would have totally made the same decision. More money but less time to focus on what you really want to do is no bueno. February was actually a pretty good month for me as well. So far this year is looking pretty good!

  3. Congrats on your promotion and your results! Smart move too; let go what can be done later for what needs to be done now.

  4. Thanks for sharing your experience and happenings about your life and your income last month.

    One I can say is by no means; don’t grasp a work that isn’t your dream if there is something bothering you. At the end of the day, you will feel sorry why you graded the promotion of the work offered to you. No matter how big the salary is, mull over your feelings and how it will help you PERSONALLY.

    I have shared this comment in the content syndication and social bookmarking and networking website for Internet marketers – kingged.com where this post was found.

  5. Great passive income. Thank you for sharing your finance journey with us. Looking forward to see your upcoming progress.

  6. Wow, I love that with all that income and many sites, your hosting bill only comes to $7.49/mo. Impressive!!!

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