Happy New Year! Welcome to my first income report of 2014 – and I’m really excited to share it with you. I just got back from an amazing vacation with my family and baby, and it was great to get away. All of our friends told us to take the baby on a trip before he was able to walk, and they were right – it was fun to just take him along with us everywhere!
Each month, I share what I’m doing to develop my multiple income streams. I try to share what’s working, and what’s not, so that you can learn from what I’m doing online and offline. I also share all of my earning, down to the penny. Starting this year, I’m also going to share my expenses for each month, so that you can get a real sense of how much I’m actually taking home.
At the end of the day, the “net” is really all that matters, so if I make $10k gross, but only make $1k net, is that as good as making $5k gross and taking home $4k? I think $4k is definitely better.
Finally, before we dive into it, I hope you take action from these reports. Don’t just take them at face value, but look at what is working and learn from my mistakes. Ask questions – I’m here to help!
I actually took a little detour from my original plan this month. I did share how I repurpose content from my life in my online business. I think this is the best way to really create content – take from life and show others online. It’s genuine, and it’s helpful. If you had to do something, chances are someone else will have to do it as well.
Where I failed was creating my goals post for 2014, and checking in on my goals post from 2013. I also failed at putting together my annual income report from last year. I’m working on both of these right now, and I’m making them my focus this month.
My detour was writing about operational excellence in my online business. In public companies (like where I work in my 9 to 5), there is a huge focus on operational excellence. So, shouldn’t there be a focus on this in small businesses and side hustles? YES. But it was something that I was lacking in, and so I made that my focus near the end of the year, and I wanted to share my progress with you on that front.
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.
- Dividends: $66.97
- Capital Gains: $41.66
- The College Investor
- Beat the Nine to Five
- Affiliate Advertising: $221
- Entrepreneurship Life
- Private Advertising: $1,030
- Affiliate Advertising: $67.46
- CPC Ads: $0
- Kids Ain’t Cheap
- Private Advertising: $1,952.50
- Amazon: $0
- Affiliate Advertising: $0
- Cult of Money
- Private Advertising: $761.25
- Affiliate Advertising: $44.10
- Before You Invest
- Private Advertising: $105
- Affiliate Advertising: $0
- Amazon Sales: $42.81
Gross Total: $7,264.64
Difference from Last Month: -$3,439.66
- Advertising: $137.34
- Hosting: $383.10
- PayPal Fees: $276.42
- Postage: $4.91
- Professional Fees: $56.25
- Software: $49
- Subscription Software: $344.86
- Subcontracted Services: $1,675.35
Total Expenses: $2,927.23
Total Income: $7,264.64
Total Expenses: $2,927.23
Net January Income: $4,337.41
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 hope you can see a big shift in my thinking so far this year. It’s a focus on net. As I look to escape my nine to five job, I need to boost my net income. Even the $4,337.41 net above isn’t truly net, because I will have to pay taxes on that. And if I’m going to depend on my income, it’s important to remember that. So, I may actually be taking home after taxes closer to $2,600 (remember, I live in California…not very business and tax friendly). That doesn’t cut it.
My goal is to push my gross income up towards $10,000, so my net income is around $7,000 to $8,000, and that way my after tax income is closer to what I need it to be.
Second, if you look at my income report, you’ll notice that my affiliate income increased across almost every property. I’m trying to make that a focus going forward, because I think there is value in promoting affiliate products that match your core audience. I’m only promoting products I believe in, and I think that’s where the value lies.
Finally, I put together a new free online course at The College Investor. I’m really proud of this short video course, and I’m using it for lead generation. It’s working pretty well right now, but I won’t know for sure until the end of the month. You’re welcome to check it out here: Free Video Investing Training.
What To Expect This Month
This month, I plan on catching up on my annual income report from last year, as well as highlighting my goals for this year. I think that having goal posts are important because it puts accountability on what you’re wanting to do for the year. I also have an updated tools I’m using now post coming down the pipeline, since many of the tools I’m using have evolved from when I first started blogging and building my business. I get so many questions about what I’m using, so I wanted to share an updated list.
Thanks for another great month! How was January for you?