Every month I publish an income report…why? Good question
With all the shiny objects out there it’s easy to spend WAY more than you’re earning. Luckily I realized this early on and I’ve kept detailed records of my expenses ever since. That being said, I know that there are certain expenses that are NECESSARY when running a business. As much as I don’t want to pay for them, I need to pay for my email autoresponder, website hosting, and video hosting every month. It’s just a part of doing business. There are other things that I buy as well, but I try my best to keep my expenses SIGNIFICANTLY LESS than my revenue. If I can do that then I’m ahead of the game.
On my show I ask my guests a lot of personal questions. One that frequently comes up is “How much do you make?”. I feel like I need to reveal my own income if I’m going to be asking others the same question. It only seems right.
There are a lot of online marketers out there who fake-it-till-they-make-it. In other words, they fudge their numbers and exaggerate their earnings in order to establish false authority in their niche. My goal is that by watching my income grow slowly over time you’ll realize that there is no get-rich-quick button.
Here’s my results for February, 2019
6,900 page views (-1,254 from January)
12,700 Youtube channel views (-2,365 from January)
54,800 Youtube minutes watched (-14,296 from January)
Email subscribers: 11,324 (+1,057 subscribers from January)
Launch prizes: $4,687 – This is my portion of the prizes we paid to affiliates to promote Vidyz
Coaching difference: $2,082 – Paid Brett for an overpayment in coaching
Facebook ads: $1,341.19 – I’ve been experimenting with FB ads on my JV promos, doing giveaways of IM products, and testing other niches
Virtual assistant: $800 – I have an assistant help with all my promotions, including copywriting, scheduling, and posting.
Retargeting service: $297 – We hired Kobi Topaz to do our retargeting for our Vidyz launch
Convert Kit: $179 – I’ve been using this as my autoresponder
Aweber: $130 – This is my backup autoresponder
Dropbox: $99 – I use this to host all my files
Zapier: $75 – An amazing tool for automating your business
ManyChat: $50 – A service that I use to build a Facebook messenger list
Internet: $50 – This is what I pay for my fiber Internet in Turkey
ZenDesk: $50 – Brett and I use this for our helpdesk for our launches
Schedule Once: $49 – This is what I use to schedule my coaching calls
Gusto: $45 – This is the company I use for my SCORP payroll
Docusign: $40 – This is what we use for contracts for coaching students
SSL Certificate for Mike From Maine: $39.99
Resell Rights Weekly: $19.95 – Reoccurring membership fee for the bonuses I add from my interviews and reviews
Wufoo: $19 – This is the form we use for coaching applications
Remove Duplicates software: $19 – I bought a software to remove duplicates Fromm my spreadsheets.
Audible: $15.77 – Business books to further my education
iCloud: $9.99 – I use this to store my documents online
Skype: $9.99 for premium – I do all my interviews with Skype and Ecamm call recorder on a Mac.
Vault Press: $5 – A quick and easy tool that I use to backup my website
Amazon S3: $4.32 – I use this to host images, bonuses, and videos
Total expenses: $10,117.20 (+$7,739.06 spent compared to January)
ArbiMate: $309.47 from interview with Cyril Gupta
Total revenue from interviews and reviews: $7,005.64 (-$607.90 from January)
Vidyz: $51,364.26 – My earnings from a launch I did with Brett Rutecky
Coaching: $12,350 – My earnings from our coaching program teaching affiliate marketing
IM Insider: $3,745.03 – My earnings from our monthly coaching program
Coaching difference: $467 – Brett sent to make payments even
Press Cable: $462 – Commissions from private webinar with Chris Munch and Jay Cruz we did in February 2018
Profit Canvas Unlimited: $112.07 – My commission from a private webinar Brett Rutecky and I did
Google Adsense: $68.68 – Earnings from Youtube and Adsense
Members Kit: $51.63 – My earnings from a launch I did with Brett Rutecky
Resell Rights Weekly: $41.91 – This is a website that has a ton of products that you can use as your own
Hijax: $33.46 – My earnings from a launch I did with Brett Rutecky
MyMailit: $22.33 – My earnings from our MyMailit launch in April, 2018
Review Wizard: $21.50 – My earnings from a launch Brett and I did in February, 2017
Autonars: $12.29 – My earnings from a launch I did with Brett Rutecky in June, 2017
Insta Funnel agency: $12.29 – My earnings from a webinar I did with Brett
Value Deliver: $9.75 – My earnings from a launch I did with Brett Rutecky
Social Robot JV commission: $8.34 – This my cut from a launch I did with Joshua Zamora in early 2015
Keyword Suggestions JV commission: $4.42 – This is my cut from a launch I did with Radu in September, 2015
Total from OTHER streams of income: $68,786.96 (+$49,625.02 from January)
Total Revenue: $75,792.60 (+$49,017.12 from January)
Total Profit: $65,675.40 (+$41,278.06 from January)
Here are the final stats for 2018:
Total Revenue: $458,713.52
Total Expenses: $65,873.96
Total Profit (before taxes):
My income pretty much stayed the same this year, only decreasing about $2,000 from 2017.
And I’m very proud of this considering this was probably the BUSIEST year of my life.
My wife and I had our first child…a little baby girl 🙂
We had her in August, so I had to plan my whole year around NOT being super busy in August and September so I could 100% commit myself to helping out with our little newborn.
What happened in 2018?
A lot of this year has been a blur for me. Unfortunately I wasn’t able to do proper income report write-ups for most of the year, and I regret that as this has been a type of “journal” for me as I’ve built my business. I won’t go as far as to say this has been a “lost year”, but I definitely learn better from my mistakes and success when I document them in these reports.
Luckily I still have my calendar and Apple photos to look back on, so let’s look at what happened in my business…and life…in 2018.
January: This year we rang in the New Year with my inlaws. Yes, the days of going out to crowded bars for New Year’s eve are long over…and good riddance as they were always over-priced and crowded 🙂
As for the rest of the month we stayed low-key. As many of you probably know, in those first few months of pregnancy you need to be a bit careful, so we hung out close to our house and took lots of walks.
And for my business, I was able to make $23,413.23, which was a solid way to start the year.
February: This month we launched a product called Hijax that lets people put videos over the top of web pages. It was one of our lowest launches, only doing about $40k in sales. However I was still able to make about $7k in profit from it, which is still worth it.
While business was going on as usual my wife and I were going to the doctor’s for regular checkups, and I found out I was having a daughter.
For a month with a product launch earnings were a bit low, but I will came out with $25,722.38.
March: This was a good month for affiliate marketing and coaching. I made almost $20k from interviews and reviews, plus I was able to add another $13k from coaching.
I had some time to make one of my favorite meals…a dutch baby 🙂
It was a strong month with earnings of $29,849.05.
April: This was my best earning month EVER. My partner Brett Rutecky and I launched a cloud-based version of an email autoresponder called MyMailit. We did $350,000 in sales in three days. Of course, I didn’t get to keep all of that, but I kept about $86k for myself.
After the launch was over we took a trip to Cappadocia, Turkey with some friends of ours. We didn’t take one of their famous balloon rides, but we had a nice view from our hotel.
I ended up making a total of $103,119.10.
June: This month we opened up our monthly IM Insider coaching program for the first time. This added a nice $3k to $4k in residual income every month. Which was nice for almost the entire month I was in Bodrum, Turkey for a friend’s wedding and vacation.
I was best-man at my friend’s wedding, so I was super-concentrated on writing my speech and doing it right. My wife made fun of me for practicing so much (yes I even practiced while on the toilet) but in the end I got a lot of compliments and I was featured at the beginning of my friend’s wedding video. If you’re curious you can watch it here:
My wife and I rented an Airbnb for the month, and for the last week our inlaws came to stay with us as well. I was still able to run my business simply by doing my review videos every morning after breakfast before going to the beach.
Even with this being a bit of a hectic month I was able to make $21,759.79.
July: It was back to business again and time to make some money before August when my daughter was to be born. We launched a product called Million Dollar Shortcut, which didn’t do amazingly well. I was however able to make up for it by making $15k from coaching.
I ended up making $29,988.17.
August: My daughter was born 🙂
This was one of the happiest (and most stressful) times of my life. I purposefully planned ahead to not have a lot of work to do during this time. I gave myself permission to take some time off as I knew that there would be a lot of baby-work to do.
Surprisingly I was still able to make $26,153.85.
September: The baby-business continued on. Plus, my mom came to visit for a couple weeks to meet her new granddaughter. Plus, after my mom left, my wife and I took our daughter for her first road trip to a place called Selimiye, Turkey.
I continued taking a lot of time off and didn’t do nearly as many promos as I normally do. However Brett and I did a big webinar promo for Jvzoo member and that made enough to keep me going.
I made a total of $22,841.33.
It was another month of having a visitor as my dad came to visit in the middle of October for a week. Plus on top of that I went to Dublin for a marketing even the day after my dad left.
The Dublin event was fun as always. It’s nice to be able to hang out with the people that you’re doing business with. Plus we always have a few drinks and share business ideas.
I ended up making $23,634.48.
November: This was a strong month both for affiliate commissions and coaching. I made $14k from affiliate promos along with $21k from coaching. We mostly hung around our neighborhood this month and enjoyed the warm Fall weather.
I was able to make a total of $41,274.44 which was my second highest of the year.
December: This is traditionally a slow month as people wind down and celebrate the holiday season. We launched a software called Members Kit at the beginning of the month and then I took off the last couple weeks to relax with my family.
I ended up making $22,855.41.
What WERE my goals for 2018?
1. Be easily making $30,000 per month by December, 2018 ACHIEVED
While I didn’t make $30,000 every single month, I was able to make an average of over $32,000 per month for the year.
2. Build my email list to 20,000 active subscribers NOT ACHIEVED
I cleaned the sh*t out of my email list at the end of 2018. I hadn’t done it in a long time and I deleted about 10,000 subscribers who weren’t opening emails.
3. Help at least 20 students launch their first software ACHIEVED
We continued our coaching program and helped students with their first launches.
4. Launch at least 5 products ACHIEVED
We launched multiple softwares and a recurring membership site.
5. Read or listen to 2 business books per month NOT ACHIEVED
I have this goal every year, and I’m yet to achieve it. This year I will.
6. Get my weight down to 175 lbs (currently 184.5 lbs) and my body fat to 20% (currently 21.6%) NOT ACHIEVED
I did lose a couple pounds to end up at around 182 lbs in January, but I’d like to be closer to 175 lbs.
7. Read or listen to 2 fiction books per month NOT ACHIEVED
I read a few of them, but no where near 2 per month
8. Relax ACHIEVED
I went on a bunch trips, rented a beach house for a month, enjoyed time with my newborn daughter, and even took off the end of the year.
So what ARE my goals for 2019?
1. Have a total net worth of $1,000,000
I would be at $1,000,000 by now, but unfortunately the two properties I own in Turkey have decreased in value by about $250,000 since I bought them due to the currency losing value. I only need to save $130k more to get into the “One Million Dollar Net Worth” club 🙂
2. Have an investment portfolio over $500,000
I’ve been investing heavily into index funds through Vanguard. I should be able to have a $500k portfolio by the end of the year if I keep consistently investing.
3. Launch at least 5 products
We have plans to launch multiple product, so this one should be achievable
4. Build my email list to 15,000 active subscribers
I’m currently at around 10,000 subscribers, so if I achieve this it would mean a big increase in income.
5. Read or listen to 2 business books per month
I have this goal every year, and I’m yet to achieve it. This year I will.
2018 was a big year for me both in business and for my family. One thing that really stands out though is that I was able to balance my personal and business life much better this year than in the past.
I’m writing this income report at the beginning of April, 2019, so we’re about a quarter of the way through the year, but I truly miss doing these income reports and I’ll do my best to be more consistent.
Thank you so much for reading this, following my journey, watching my interviews and reviews, and of course, purchasing products through my affiliate link. I couldn’t do this without you!
Have a great 2019!