For all of those who are faithfully following my progress on this site, you know reporting my income is a tradition at Passive Income to Retire. My goal is to have enough income to more than replace my income from my day job. I want to make sure that I can sustain a steady income before I do something crazy like retire at the age of 27, so I am building up my income now to see if I can maintain it for a while before pulling the plug on the traditional job. My goal is to build up a stream of steady income that I can sustain by working less than my day job.
For those who don’t know just yet, I was able to add another site to my arsenal (in addition to the ones I have been building up in my “free” time). It was my first real purchase and I am glad to have purchased such a strong site. It adds a lot of depth to my online portfolio. It increases my future potential for me (and my business partner). I didn’t earn anything from it this month, but considering that I only owned it for 4-5 days in January, that’s nothing to worry about. I am also planning a post or two on purchasing a blog, so if this is something that interests you, be sure to check back in the coming weeks for that post.
January 2012 Online Income
20’s Finances Advertising: $2375
Passive Income to Retire Advertising: $0
Third Site Advertising: $0
Co-Owned Blog #1 Income: $530
Co-Owned Blog #2 Income: $0
Staff Writing: $40
Affiliate Sales: $0
Online Freelancing Efforts: $165
Total Income: $3,152.53
Again, while it is not all passive income, it is additional income that will go towards developing more passive income in the future. Since I don’t need the money right now, I am going to be investing into areas that will help build more income in the future (like I did to purchase my most recent site). I figured once I can build up enough income, I can pay others to run certain aspects of blogging and still keep a large profit for myself. Because I want to increase my presence on the web, I have hired my first staff writer. He is a great author that is also doing some freelance work for me. This means that I now have expenses to take away from my net income, but shouldn’t be a problem because I have drastically increased my earning potential. Hiring out some of the day-to-day tasks will help me keep my time commitment to less than 3 days each week. Once I establish myself online, I plan to expand to real estate and then put money into dividend investments.
January was a solid month, but I still expect to see a huge increase in income once a couple of my sites get recognized by google with a page rank and when the income starts coming in from my new site. As you can see above, there are lots of areas with zeros. I like the idea of diversifying my efforts so that if one site has a bad month, hopefully the others will pick up the slack. I plan to work on affiliate income in the future as well – since this is significantly lacking. I should also point out that this is not my net income – the figures above represent my gross income. I am starting to have some fees, but they have been about 15% so far (with the exception of my recent site purchase). Next month, I plan on posting my expenses as well, so that you can see my net income, before taxes.
Only time will tell if my income will continue to expand, so be sure to come back to check my status next month. You can also read my opinion on passive income / blogging every Monday and Thursday. To make it easier, why not subscribe to receive email updates when new material is posted.
The following carnivals featured Passive Income to Retire in the past two weeks:
Yakezie Carnival at The Amateur Financier
Carnival of Financial Camaraderie at My University Money
Totally Money at Canadian Personal Finance
Canadian Finance Carnival at Canadian Finance Blog
Carnival of Financial Planning at The Amateur Finacier
Carnival of Retirement at Retire by 40
Yakezie Carnival at Little House in the Valley
Carnival of Financial Camaraderie at Financial Success for Young Adults
Festival of Frugality at Squirrelers
Carnival of Financial Planning at Credit Cards Canada
Carnival of Retirement at 20’s Finances