Income reports are a tricky subject. On one hand; I love to read them. They inspire me and allow me to root for my favorite bloggers/freelancers. I get to check in on them like an old friend and see how they’ve progressed since last month!
On the other hand; it’s really weird to be talking about how much money you make on the internet. Sure bloggers and YouTubers do it all the time, but there is still a cultural taboo surrounding it. I personally believe in a salary 9-5 setting, that discussing your annual earnings only benefits you! When people don’t talk about their wages it allows employers to pull the wool over everyone’s eyes.
So! Does that make income reports awkward as hell? Or eye opening? What do you think?
Today we’ll embark on my first income report. I’m not sure if I will do these monthly, or just randomly as a snapshot to show how much ebb and flow there is in a freelance income. I often have to remind people that being a freelancer is often MORE work than working a 9-5. A salary employee gets paid the same for 40 hours a week, whether they work at 100% capacity or at 40% capacity. A freelancer? 40% capacity= 40% of your paycheck. I don’t know about you but I can’t only pay 40% of my bills. Granted that means we have the flexibility to do more work when we need more cash, but taxes, insurance and general time management fall in our laps. You probably remember that from my Pros and Cons of Being a Freelancer list!
So here’s the breakdown for this month! (And I full admit that I cheated a tiny bit okay?!)
Freelancing Project Breakdowns
Reputation Client: $400
Social Media Management: $550
Copywriting Projects: $800
Logo/Graphic Projects: $500
Blog Hosting: $15
Copywriting Assistant: $65
Tailwind Annaul SignUp: $125
Blog Resources/Ebooks : $50
Total Profit: $11,495
You’re probably think CHA-CHING! Am I right? Well I’m obviously really proud of this number, and am secretly ecstatic about the Pinterest graphic I’m going to use it in, but this isn’t a normal month. Obviously, I can’t donate my eggs every month, which was the main factor in the income level. And ironically, donating my eggs was the main reason I couldn’t take on more freelancing work, or go to more interviews/meetings. So it was kind of a trade off. I also have to set aside for taxes, pay debt down, and do all that fun stuff. If we take out my egg donation I brought in $2,250, which ends up being a profit of just $1,995. So we’ve got some work to do folks.
On the positive side; I hired some help this month. Using Upwork (which I love and you can expect a review on soon) I hired a wonderful copywriter to help write the preliminary work, while I added to it and edited it as well. She was fast, a great writer, and we ended up having a lot in common! I use Upwork myself to find gigs, so it was interesting to be on the other side.
Next Months Goals;
I love goals and planning! It’s why I still carry around a paper planner actually. So next month (well technically this month is July), I will not be donating my eggs. I also already have a larger project lined up so that takes the weight off of my bills. My goals are to focus a lot more on this blog. Yay! Making some money, even $25 will be an accomplishment. And since I invested into tailwind (Which I’m loving so far!) I want to make that back and start considering this blog a profitable use of my time! Besides that I would like to hit somewhere in the $6,000-$7,000 range for freelancing projects. I love being able to mix what kind of tasks I do, whether it be web design, graphic design, social media, or copywriting!
My other goals also include;
- $6,000-$7,000 total monthly income from freelancing.
- 1-2 retainer clients
- Possibly take on 1 full time remote job. This would allow me to gain benefits, and still maintain the ability to decide on my own workload more or less.
- Look into creating a legal business for my freelancing. This would allow me to receive an actual paycheck, and clear me of some legal responsibilities. I plan on looking at a number of options, and hopefully make my choice by the end of the month.
- Start Couch to 5k! Also known as C25k. I signed myself and some friends up for the Tough Mudder in November and I need to start training! The race is actually right before my birthday so I’m excited to celebrate this way. I have done a Spartan Race before, and the obstacles weren’t that bad. The running on the other hand was horrible, so I thought it would be a good time to work on that! Follow me on Instagram if you want updates on my freelancing life, C25k, or just random quotes/memes to keep you entertained! @mar_riney
SO! What are your blogging, freelancing or side hustle goals for July 2019? I’m so ecstatic that I’ve made it 6 months in this wild west world so far!