Yesterday I published my July goals and life update, and I had set a target of $9,000 in side-hustle earnings. I exceeded that target by a wide margin.
July turned out to be another excellent month. I’m hopeful August will follow suit, though I’m cautious about whether that will happen.
In July I earned $12,942 in extra income before expenses. It’s remarkable considering that last July I earned only $1,425 in extra income. A single year made a huge difference. For a long time I assumed other freelancers who shared their income were just “lucky,” so reaching this level surprised me.
That said, this extra income reflects many hours of consistent work. I spend significant time every day on these projects. I’ve been building this for quite a while, including a year when I put in full-time hours and earned nothing. Remember that taxes take about one-third of this extra income.
Even with growing earnings, I still worry about the risks of moving to full-time self-employment. I fear the possibility that everything could change as soon as I make the leap. I’ll cover those concerns soon on my Diversified Finances blog.
There were expenses in July; I list them below. For readers who are new here: “Extra Income” refers to earnings from side hustles and does not include my salaried office job in the financial services industry. It also excludes income my partner makes, since his pay is commission-based and fluctuates monthly.
As I mention each month, this work is far from easy. It’s effectively a second full-time job on top of my regular job. Fortunately, I enjoy the work and our goals keep me driven. The plan to transition to self-employment is my biggest motivator. Read more on my Extra Income page.
If you have questions you’d like me to address in next month’s income update, please let me know.
This summary covers July and shows amounts before fees and expenses. July’s gross extra income was reduced by approximately $1,825 in expenses, including payments to a virtual assistant, payments to staff writers for my blog, work with FITnancials, PayPal fees, and similar costs. July’s total also includes a rent payment from my sister. After expenses and fees, I earned approximately $11,117. The figures reported reflect my personal earnings from services and do not include revenue from blogs I help manage.
Blog News
My blog is finally stable. If you experienced issues last month I apologize — many sites had problems around that time. The site appears reliable now.
My sister’s blog, FITnancials, continues to do well. If you haven’t subscribed, consider it: she recently earned her personal trainer certification and is preparing for her second semester of college. I’m proud of her progress.
My newest blog, Diversified Finances, is growing nicely. I currently post once a week there but plan to increase to twice weekly, because I have a lot to share about the transition to self-employment. If you’re interested in that journey, follow along on that site.
If you’re thinking about starting a blog, check out my step-by-step guide on how to start a blog and read my post on how to make money blogging — both remain helpful resources for beginners.
Staff Writing
Staff writing assignments have slowed recently, but I’d like to take on more. I enjoy writing and have many ideas for new posts.
Quick note: if you need a staff writer or content creator — whether ongoing posts or a single piece — I’m available. I can produce regular content, fill gaps in editorial schedules, or create pieces for promotions. My turnaround is quick and I’m reliable.
I’ve written about becoming a freelance writer before; if you’re curious about that path, see my post “So You Want to Be a Freelance Writer?” for more information.
Update on New Side Hustles – Blog Management and More
Blog management has been a strong contributor to recent income growth. I manage various aspects of multiple blogs, which helped increase my extra income over the past few months. These services make me very happy and bring me closer to my goal of full-time self-employment. I have capacity to help more website owners and would love to take on additional clients.
I’m still deciding whether to produce an ebook; that project is on hold because I have other priorities for now.
Interested in becoming a virtual assistant? I’ve shared information about what virtual assistants do and how to get started — those resources are useful if you want to explore that route.
I also added a “Hire Me” tab to highlight the freelance services I offer. Please reach out if you have questions about services or availability.
Affiliate Income – Plans to Improve
Affiliate earnings dropped last month. One reason may be that I have not included affiliate links in posts recently. I plan to change that selectively: I’ll only recommend products I truly find useful and believe in.
Extra Monthly Income in July (all after expenses)
- Staff writing – $700
- Blog (managing other bloggers’ websites, my blogs – direct advertising and AdSense) – $9,542
- Affiliate income – $550
- Virtual assistant tasks – $0
- Selling clothes – $0
- Miscellaneous (not related to blogging and online income) – $0
- Rent (we rent a room in our house to my sister) – $325
Comparisons and 2013 Extra Income Total (after expenses, before taxes)
- Total extra income for July: $11,117
- Income in June: $10,192
- Difference: +$925
- Total so far in 2013: $57,157