Hello one and all! I haven’t done an online income report in a while. My apologies. Between relaunching the podcast, travel, events and reworking some things behind the scenes, it totally slipped my mind.
I’m about to make it up to you though – BIG TIME.
Before getting into the July 2018 income report, let me first explain why I do this. You know, just in case you’re visiting for the first time.
Why I Do Online Income Reports
Many years ago, I started following the income reports of several finance bloggers. I wanted to learn how they were actually making their money. I also wanted to see what was possible.
For example, I remember reading Michelle Schroeder-Gardner’s reports back when she was making $6,000 a month. Now she’s making over $100,000 per month.
Seeing her growth and the growth of many others has been super inspirational for me. Because here’s a tip – you must see income reports from a place of abundance. If these people, who know I have the honor of actually knowing in real life, could do it, then I can totally do it too.
(Extra tip: Learn from people who are doing what you want to do. I’ve invested a lot of money in courses and mentorship from a lot of the people I admired. I know that’s been a big reason for my success.)
The second reason I do online income reports is to show YOU what’s possible and provide as much transparency as I can. There’s a lot of bullshit out there about how much money people claim to make online. For example, they’ll tell you revenue but they won’t tell you profits. There Is literally almost zero point to all of this if you’re not making a profit.
I break it down totally – revenue, expenses, profits and taxes – so that you see what this actually takes. That being said, don’t get scared about expenses and taxes. As you’ll see, it’s just a part of the game.
And finally, I do online income reports because what you pay attention to expands. As Grant Cardone says, money is like a jealous lover. You need to pay attention to it or it will elude you.
So, without further ado, my July 2018 Online Income was…
Say it with me now…
First, this is my first $20K month.
Second, this is about $10,000 more than I made in June.
Third, this is more money than I used to make at my last job IN A YEAR.
Now let’s talk expenses. I hired a new business manager, invested in three courses, invested in getting help with Facebook Ads and hired an attorney all at the same time, so my expenses are higher than ever. In fact, you’ll see the contractors are my highest expense followed by training and legal.
Expenses: $11, 384
Overall, we still came out ahead with a profit of $15,289. That’s over a five-figure profit margin which is what I’ve been working toward! Most of that money went to either taxes or savings – because quite frankly, even though I’m spending more money enjoying my life, it also doesn’t take a whole lot to keep me happy. I don’t think I could spend $15K outside of my business even if I tried.
As long as I’m fed, have a roof over my head, can buy candles and can take care of my body I’m pretty much good to go haha.
What worked in July
Here’s a little secret about July. I actually didn’t grind that hard. In fact, I spent two weeks barely working because I had my annual doctors appointments and decided to take a break after putting in the work to relaunch the podcast. I actually worked less than ever and made more money than ever. How the hell does that work out? Let me explain.
- Asking for more help. I hired a new business manager who goes out and seeks spokesperson work for me. She’s already paid for her startup costs and it’s only been a month. That’s right, she gets brands deals for me instead of me having to work to get it myself. I also handed off more work to my virtual assistant, hired someone to help with Facebook ads and hired an attorney to protect what I’ve built. I also gave my PR people more control so they can pitch the media on my behalf and have already seen some great results! Having all these people take care of things for me gives me time to do activities that lead to money.
- I quit freelance writing. I’ve been freelance writing for almost ten years, but it was starting to get in the way of the real money. Don’t get me wrong, I made good money freelance writing. I also still recommend it because it’s like getting paid to promote yourself. It’s having my name everywhere that has given me the platform and leverage that I have. But, I realized it was getting in the way of brand ambassador work which pays me more. It was also taking time away from being able to market and sell my coaching packages which also pays me more – so it had to let it go. At this point, if I’m creating that much content, it’s for me.
- I invested in MORE training and applied what I learned right away. Want to know the secret to making a lot of money very quickly? Start selling. That’s it. I’ve been involved in sales to some capacity since I was 20. I’ve also been getting consistent training and pratice since going out on my own five years ago. Here’s the thing though – I wasn’t applying what I knew as well as I could have – mostly because I didn’t have the time. Once I gave myself time by asking for help and quitting what was no longer serving me, I started going hard with the sales. Here’s another secrert. If you’re doing business trainings, get through them fast and apply what you learn IMMEDIATELY. I read four of Grant Cardone’s books in a month and attended his 10X Conference in Miami. Furthermore, I also invested in his Money Playbook. I started applying things immediately and saw results right away.
This summer has been a major lesson in two things.
Lesson #1: Spending money wisely helps you make more money.
A lot of you out there are too afraid to invest in yourselves and your businesses. You’re always trying to conserve a few dollars instead of investing thousands to make a return of tens of thousands.
I’m not saying this to shade you because I’ve been there. I, too, spent many years afraid to spend some money in my business. I can now tell you it’s one of my biggest regrets because now I understand how money is meant to be used to go make more money.
A few weeks ago, I had lunch at the Palms Hotel on Miami Beach with a friend, my roommate and her boyfriend. This man is a very successful businessman who likes to impart his wisdom on us and he says it all the time, “Money is meant to be used.”
That being said, use it wisely. I barely spend shit on myself outside of my business because I don’t really see the point. However, I will throw down on stuff that helps me make more money.
There’s also something to be said about money being energy. Money is just currency which is an energy stream. You can’t expect to have more money come toward you if you’re hoarding it because hoarding comes from a place of lack. Sometimes you need to get the energy stream going and that often times looks like spending some money (wisely).
Lesson #2: Focused energy and attention lead to more money.
I often say that you need multiple streams of incomes. I still believe this, but I’m getting more understanding about what this actually means.
For example, you’ll notice that I quit freelance writing because it was getting in the way. My attention and energy where going toward helping others with their content instead of helping myself. Additionally, I was in a good position where I found myself asking, “What’s more worth my time? Writing articles for clients and making a few hundred bucks per project or selling my coaching programs which start at $2,000?”
This was an absolute no brainer. By cutting off what was no longer serving me, I was able to direct attention and energy to what was.
Lesson #3: Good people don’t cost you money, they make you money.
Stop being afraid to invest in contractors! You cannot possibly do everything yourself and expect to make decent money let alone have a life while you’re making it. For example, I hired a new business manager and she’s handling sales and negotiations for brand partnerships for me. She is literally making me money.
I won’t spend too much time on this only because there’s an upcoming podcast episode where I interview outsourcing and systems expert, Kayla Sloan, about how to build online teams.
Lesson #4: Sales = money in the bank fast.
Sales is the lifeblood of your business. If you’re not selling you’re not making money, period.
If you don’t know how to do it, invest in the training. Also, don’t be afraid to suck at it in the beginning. I once got rejected 60 times in one month, but now I’m closing almost every single sales consultation I have over the phone.
It took me many years to find a system and a formula that really worked for me with sales. I started testing this out by offering sales coaching intensives. Once I saw the results my clients were getting, I knew I was on to something. That’s why I spent some time creating an on-demand version of my sales training which you can find here.
If you don’t know what you’re selling yet or to who, then you need to start there. Figure out how you’re going to make money and start selling it. If this sounds like your situation, then you’re definitely a good fit for my Persuade to Profit program.
Resources mentioned in this episode:
Make Money Your Honey the Book: http://bit.ly/2EkKXdW
Free training! How to Make $50K As An Influencer:
Amanda’s bestselling online training for beginning business owners, Persuade to Profit: http://www.amandaabella.com/persuadetoprofit
Amanda’s on-demand sales training:
Book a free 30-minute coaching session with Amanda:
Free tutorial on how to start a blog: