Okay, I finally made it. I finally earned $20,000 in residual income this year. When I went to bed last night I was 26 cents away from my milestone. When I woke up this morning, I had surpassed it!
Of course after a momentary celebration, I had to take a more detailed look at how I did it and how I should approach this residual writing stuff going forward. Here’s how I got there this year:
- eHow 49%
- Suite 24%
- Google 16%
- Infolinks 4%
- Text Link Ads 2%
- Amazon 1%
- Chitika 1% (I’ve since dropped Chitika)
- Affiliate sales 2%
- Kontera, Orato and AdBrite 1%
Earning $20,000 in residual income is especially exciting considering how much it cost for me to do it. My top two money makers cost $0 to join. Most of the rest of my income is tied into my own sites which cost me about $100 per year in hosting and $10 per domain name (I’ve registered about 5 domain names this year and only used 2). When I renewed my existing domains last year, I renewed them for multiple years so I didn’t incur the expense this year.
So far in 2010, I spent about $150 (although, this doesn’t include purchasing a new USB headset when my other one crapped out on me a couple of weeks ago). When I compare my current expenses to the expenses I incurred driving to a part-time job 5 days a week, I’ve got to say that quitting that part-time job and working from home was one of the best decisions I’ve ever made. After all, the part-time job only paid $8.38 an hour.
My Goals Going Forward
It is quite obvious after looking at the percentages that I’ve got a lot of work to do. I need to balance my numbers a bit more and add one or two more revenue sources. In addition to more diversification, I need to beef up my numbers all around. By increasing everything else, my eHow percentage will have less of an impact on my income. I’m not comfortable with them being the lion share of my revenue source.
I also want to invest in my money making resources. I need to do things like upgrade my computer software, blog themes and some of my computer hardware. My existing software/hardware has done a fine job in getting me to where I am, but I’d like to ramp things up a bit going forward.
In addition to the physical ramping up, I’ve got some mental ramping to do. I’ve got to spend more time studying, learning and improving on what I’ve done in the past three years. The Internet is constantly changing and if I want my earnings to grow (I’m still aiming for $10,000 per month in residual income), I’ve got to change along with it.
Well, there you have it, $20,000 in residual income. If I can do it, I KNOW you can too.