In the interest of rounding out a late start to 2016, I am going to post my online income report from the previous month here.
The plan is to post these reports on a monthly basis, both to keep myself honest, and hopefully to provide some measure of encouragement to others who might just be starting out on the side hustle path.
So without further ado, here are my income sources for the month of May:
- Upwork/ Online Freelance: $50,243.52
- Fiverr: $2,250
- Stock Dividends: $173.66
- Cash Interest: $70.63
Total income received in the month of April: $52,737.81
Well that’s been my biggest month ever.
Assuming I was to annualize out this amount, it would equate to a $632,853/ yr job.
Not bad for work that I don’t have to commute for and I don’t have to sit under fluorescent lights either.
Now don’t get me wrong. This wasn’t passive income. This was highly active income. About as active as it gets.
I worked my butt off this month and had many sleepless nights delivering work for multiple clients.
But it was like I could do no wrong, I closed a number of projects. I had some new projects come my way, and I had the 2 largest projects of my life come due this month.
Still, I could not have faintly imagined that when I quit my job only 7 months earlier, that I would be essentially making more in a month than I did in 5-6 months at a job I hated.
I truly worried if I’d be able to cover all my new responsibilities, and only half a year later, I can say the answer is a definitive yes.
In terms of the other income, Fiverr did great this month. Had some big orders with some repeat clients which always helps.
Anyway, here’s the YTD income report:
One of my goals is to reach $250,000 in purely online, virtual income. That’s a pretty lofty goal since I’ve never really earned close to this working in a corporate job. With this month’s $52,737.81 income, that puts me at $114,693.09, or 45.8% towards my goal, ahead of schedule since we’re exactly 1/3rd the way through 2016.
While I’m certainly pleased with the progress I’ve made so far this year, I am a bit concerned that almost all my money is coming from active vs passive income sources. One of my other goals will be for my passive income sources to equal a greater share of my income over time.
I’ll update my monthly income report to reflect this income.