Back in 2016, I shared my monthly side income reports with my email subscribers. I’d recently returned to online business after walking away for six months. I was pursuing several side income ideas while taking care of my new baby and preschooler.
Then in August of 2016. I published my last side income report.
This move was greeted with mixed reactions. My income reports were among my most popular emails. And I totally get it – I also enjoy reading income reports. In fact, I admire those who openly share what’s going on in their business.
So why did I stop? Below are the reasons I shared back in 2016. These reasons still stand true today.
Also, it’s worth noting that immediately after stopping my side income reports I saw a drop in my income. Quite a significant one!
I believe we get what we focus on. As I switched my attention from money to living my best life. My happiness increased while my income dropped.
I mention this because if money is your main focus right now then I encourage you to track your earnings – either publicly or privately. It really does help you earn more. Plus sharing income reports is a huge benefit to other people starting out.
With that said, here’s why I stopped sharing my income reports…
Knowing What Matters to You
I believe we live our best lives when we know what’s important to us and shape our lives accordingly.
In 2016, I started contemplating what matters most to me.
Money was no longer my main driver. This was partly because I’d reached my side income goal of $4K a month. For which I was – and still am – extremely grateful. But this wasn’t the real reason. My motivation for stopping went much deeper than that.
It’s simply that money had become a distraction. I found myself making decisions based on the numbers and not on what was meaningful.
Now don’t get me wrong. I know the value of money. In fact, I’ve written a series of books about how to make money from home. We all need to pay the bills,
But when I made a list of what matters most to me. Money didn’t make it into the top ten.
My family, helping others, reading, writing, learning, growing. These are the things I cared most about.
I was at a new place in my life. It was time for me to stop fixating on the bottom line and start doing more of what I cared about.
My August 2016 Income Report
Having said all of that, I did go ahead and publish my August income report. I didn’t want to stop without warning. I also reported my totals for the whole of 2016. So that you can see how things had evolved over time.
Today, I’m going to share them again here.
In August 2016, I spent 10-15 hours a week on my side income projects. This was a little higher than usual as I was getting ready to publish my second book.
Okay, here are the numbers…
Income in August
Airbnb Income: $2,454
Kindle Book Sales: $454
Freelance Writing: $1,100
Affiliate Income: $63
TOTAL INCOME: $4,071
Expenses in August
Tools (Subscriptions, Books, Training): $78
PayPal Fees: $3
Airbnb Cleaning: $110
Book Expenses: $278 (editing and some promotions)
Subcontracting: $60 (I subcontracted some of my writing this month)
TOTAL EXPENSES: $529
NET INCOME: $3,542
Side Income in 2016
The table below shows my side income from January through end August 2016.
The fluctuations were mostly due to Airbnb income. Some months we accepted one big reservation and other months we had no Airbnb income at all. At that time, we aimed to rent out our entire home a maximum of once a month. We went on vacation or visited with relatives when we had guests in our house.
The remainder of my side income was split between freelance writing and book royalties.
My Income Goals for 2016 and Beyond
I no longer have a specific income goal. I’m tired of chasing the numbers. I have a minimum I need to earn and as long as I’m meeting that minimum I focus on other big goals.
My aim is to build up passive income streams while doing work I love (reading, research, writing, and teaching).
I’m pleased to report that my book income has since doubled (and is now climbing every month). My affiliate income has increased ten-fold.
I still explore different work-at-home options. And I’ll continue to share what works and what doesn’t work with you. But you can also expect to see a focus on designing a good life. One that brings joy and meaning.
What do you think? Are you focusing just on the money and not enough on other areas of your life?
If you’d like to earn money from home doing what you love. Download the free Passion Challenge workbook below and get started today.