Welcome to my first annual multiple income stream report! I’m very excited to share with you my first full year of earnings, and recap some of the biggest lessons learned. You may be confused by this being my first annual income report, but looking back, I never did a full annual one because 2012 was actually my first full year of keeping track (2011 was a partial year). An interesting note, I started The College Investor, my first blog, in 2009…so you can see that it took me almost 2 years before I started making decent money…definitely not an overnight success story here.
As with all my income stream reports this year, I share this information with you so that:
- I can keep track of my progress over time
- Hold myself accountable to goals I set
- Be transparent and authentic about what I’m doing to build multiple income streams
- Hopefully inspire you to do the same!
After adding everything up this year, I’m shocked about how far I’ve come developing multiple income streams.
One of the biggest questions I get from readers is “what else is there beyond blogging, since you talk about blogging a lot”. And you’re right, I do talk about blogging a lot, but I also made a decent amount of money from other income streams as well – most notably investing and freelance writing. In the end, making money via multiple income streams still requires work. Whether you’re using your mind, or body, income comes from blood, sweat, and tears.
I’m a firm believer that anyone can build a diverse cash flow base to support their lifestyle, but you can’t do it by being lazy. The truth is, unless you’re willing to get up early, stay up late, and put in the time and effort, you will fail – online and offline. Living off dividends, royalties, and affiliate income only comes once the hard work has been put in.
You can do it, and hopefully this report inspires you to make it happen right now!
Multiple Income Stream Breakdown
Here is the breakdown of my multiple income streams for 2012. I’ve just summarized everything by main source, since most of you probably read my monthly income stream reports anyway.
- Dividends: $8,205.68
- Capital Gains: $6,876.44
- The College Investor: $17,973.32
- My Multiple Incomes: $5,717.38
- Entrepreneurship Life: $3,208.54
- Kids Ain’t Cheap: $244
- Niche Sites: $47.20
- Writing Services: $10,425
- eBay Sales: $4,357.93
Gross Total: $57,055.49
Everyone loves to talk “well, how much did you spend to earn that…”, so here are my expenses for 2012 in full.
- Subcontracted Services (staff writers, developers, etc.): $6,070
- Merchant Account Fees (PayPal): $875.26
- Commissions Paid (eBay): $535.39
- Computer Stuff (hosting, software, internet, etc.): $4,992.26
- Advertising and Promotions (including giveaways): $1,332.59
- Other Business Stuff: $2,130.30
Total Expenses: $15,935.80
The Results from 2012
Gross Income for 2012 – $57,055.49
Expenses – $15,935.80
Net Total Side Income for 2012 – $41,119.69
That’s AMAZING! Truly AMAZING! When I first start blogging and thought of the idea of developing multiple income streams, I never thought I’d earn this much in one year.
What’s even more amazing is how it is really about developing multiple streams of income, not just about blogging. Just look at the breakdown by percentage of where my income came from last year:
- Investing: 26.4%
- Websites: 47.7%
- Writing: 18.3%
- Sales: 7.6%
So, yes, while blogging is the biggest chunk of income from 2012, it isn’t the only one, and my other income streams did provide great results last year.
I appreciate all of your support in making this a wonderful year! It’s my readers, like you, that make this possible. If you haven’t done so yet, I’d love it if you subscribed to my newsletter:
Goals from 2012
I always think that it is important to look back on the past year to move forward into the future. I did this a little last week in my post New Year, New Goals, but I want to look at the income side of things and how I challenged myself this year.
The first thing I did in 2012 was join a challenge – the 30k Challenge. It was a group of bloggers who challenged themselves to make $30,000 online in one year – doing anything related to their blogs: advertising, freelancing, selling a product. At first, earning $30,000 seemed crazy considering I had only earned roughly $10,000 from blogging in my entire life prior to 2012. But, I broke down the challenge into little steps: just earn $2,500 per month, each month, and you’ll be there.
And that has been my goal all year. Earn $2,500 per month. I’m glad I beat the challenge, and as a result, I’m going to up the challenge in 2013.
Goals for 2013
I have two big goals for 2013 when it comes to developing multiple income streams.
- Get 1,000,000 Unique Visitors in 2013 to my websites. This includes all 4 of my websites, which would be about double the traffic that I’m currently getting. I think it would be amazing to have over 1,000,000 people reading my content.
- Earn $100,000 in 2013. My new goal is to double what I did in 2012. Earn $100k with my multiple income streams. Now, that’s a scary number, and even when I break it down to $8,300 per month, I’m still a bit scared because I only earned that amount once in 2012, and it was due to investing gains. But, once again, if you look back on my $2,500 challenge, in 2011 I had only earned that amount once as well – so it’s possible!
As I mentioned last week, I’m going to go after this goal by re-focusing. I’m refocusing on what matters – the content and the community. That’s why goal #1 is about readership, not money. I’m a believer that the money will come if the community and reader engagement is there. I want to develop a product (i.e. a website) that people want to go to everyday and see what’s new. For my wife, she loves Radar Online. She goes there multiple times per day. Well, I want my sites to be the same for their readers – to go there to get the latest updates and feel engaged. While I’m not posting everyday, I think that this is still very possible.
To top it all off, I’m very excited to share some big news from my household – my wife and I are expecting our first child this year! She’s currently about 3 months pregnant, so this summer will be a big change for us!
It should be interesting to see how a baby will impact our lives and change the way we think about multiple income streams. My wife and I have already had some interesting discussions around it – i.e. staying home, can we afford it, etc. and once the baby is here, it will be interesting to see how we adjust.
The great thing is, that as a reader of My Multiple Incomes, you can read first hand how this is affecting our lives and my goals of building multiple income streams. I’ve set some high goals for myself this year, so I hope I can still achieve them.
The bottom line is that I thank you, the readers, for making this possible. If none of you visited, I wouldn’t be able to make this possible. Plus, I also wouldn’t have the motivation to continue. Your engagement is what makes me both energized to continue, while at the same time holds me accountable to the goals I set for myself each year. Hopefully you’ll see success again this year, but if not, I’m sure there will be lessons you can take away from my failure as well.
Either way, 2013 should make for a great year!