My Online Income Report [October 2013]
This is going to be a weird income report, because while this is by far the worst month I’ve had in a long time, I’ve never been more excited about the future.
The fact of the matter is, most of the income I’m going to report here is from sources that I no longer put any time or effort into. I guess this is passive income in its purest form, however I don’t view that as a good thing.
Wouldn’t you prefer $10,000 that you worked for vs. $100 you didn’t work for? I know I would (assuming it took a reasonable amount of time to earn the $10,000).
Allow me to explain why I’m so excited.
Good Times Ahead
The reason I’m ready to brush off October and keep pushing forward with excitement is thanks to a big project I’ve been working on.
If you’ve been reading this blog for awhile, you know that I’ve severely lacked focus in the past. I would start a new site, put in an initial burst of effort, and ultimately let the project die when the results are poor.
Although I’ve recently had aspirations to be a freelance writer, I realized that I first need to build a new platform where I’m extremely visible to blogs and website owners that could potentially be my clients. Also, I want a place where I can focus my time and effort during the time when I don’t have any active writing gigs.
This new project (I discussed my initial plans here) is going to be massive, and I can say this with confidence. This isn’t going to be a niche site that hides in the shadows of the internet. It’s going to be an epic source of information and inspiration – something that I think ALL readers of My 4-Hour Workweek will be interested in. And don’t worry – all the details will be reported here when I launch.
I consider the income report below to be what remains from my “old approach” to earning an income online. It may bounce up and down randomly each month, but it’s probably not going to be a significant part of my future. Starting in 2014, after my new site launches and gains traction, I will expect income from that source to be the majority of my online income.
I didn’t actually do any freelance writing in October due to spending all my efforts on the new site. Although I made money from Textbroker last month, I’ve stopped including them here because I will no longer be writing for them.
As usual, InfoBarrel and Squidoo provide some pocket change each month. Maybe I can buy a coffee or two.
Freelance Writing Income – October
Other Article-Related Income – October:
- Amazon: $0.00
- Revenue Sharing: $2.04
- Revenue Sharing: $6.92
- Amazon: $0.00
Total Writing Income: $8.96
This is a new part of my online income that I first included in last month’s income report because I thought it might interest a few people out there – turns out I was right!
I really play these daily fantasy football contests just for fun, but with a little strategy, it’s not hard to win money. So far this football season (we’re in week 10 now), I haven’t had a losing week.
If you have any questions about my strategy, please do leave a comment below or contact me, and I’d be happy to help you out.
For those who aren’t at all familiar with “daily” fantasy sports, but have played in the traditional (season-long) fantasy leagues, here’s the explanation I wrote last month:
The difference between the sites below and your traditional fantasy sports league, is that instead of drafting one team for an entire season, you can play in daily contests where you pick your team for a day (or week, depending on the sport) and compete head-to-head or against multiple people to see whose team can score the highest for that day.
Each person wagers a set amount (they have contests that are free and go all the way up to $200+ to enter). Most of the ones I play are $1 or $2, but I’ll usually play in several contests on a Sunday (fantasy football is what I’ve been playing lately).
For example, last week I picked a team for a $2 contest, head-to-head against one other random opponent. The winner of the contest gets $3.60. After picking a team I really liked, I was able to duplicate it across 10 similar contests against different opponents (so I had a total of $20 in play).
Each of the sites below has their own unique characteristics, which I why I play at all three sites each week. I initially deposited $25 on each site, and have slowly been working up my balances through my winnings.
Disclaimer: Although similar to gambling, it’s actually legal. I don’t advocate playing to earn an income, although it’s fun entertainment where you can make money if you know your sports well. Here’s a note from one of the sites about why it’s legal:
Here are my net winnings (i.e. profit) for October:
If I had to pick my favorite site to play on, I would probably select Draft Kings or Fan Duel, however they are all good. The top earners on all of these sites make $50,000+ per month, but these are obviously people who wager significantly more money.
I really love Lending Club, and can’t wait until my fiancé and I are done saving for a house so that I can continue to invest more savings here.
As I mention each month, this is one of my favorite online passive income sources, because I believe it’s my only truly passive income source. What I mean by this is, once you select your investments (which only takes a few minutes), you sit back and collect the monthly payments which include a repayment of your initial investment + a relatively high rate of interest.
I’ve said it before, but I’ll say it again: Although I suspect the stock market is a better investment long term, it’s a lot riskier (which is why you’re compensated with higher expected returns). Investment in Lending Club loans, when done with a good strategy, can get you a great return (the average investor sees returns of 7%+…I’ve just been unlucky) without the same level of risk.
October was a good month, as I saw my net annualized return climb to 5.42% (+.11% from September), and I increased the number of loans I invest in, to 187 (+4 from September).
If you’re interested in trying Lending Club, you can sign up with this link and get a free account. I am an affiliate for Lending Club, so if you have any questions about it, I’d be more than happy to answer them in the comments (or feel free to contact me by e-mail).
If you’re unsure whether this type of investing is right for you, you can start with $25 and build from there. I’ve said it many times before, but to really benefit from this form of passive income, you need to make several $25 investments not only to earn more interest, but to diversify as well. One or two $25 investments isn’t going to make you a lot of money.
Prosper.com is another site where I invest, which is a social lending platform very similar to Lending Club.
The 4 loans that I originally invested in when I opened my Prosper account are still doing quite well. As of right now, my rate of return is 13.16% (+1.12% from September).
This figure would lead you to believe that I’m doing much better here compared to Lending Club, but that’s a little bit misleading. Because I only invest in 4 loans (vs. 187 at Lending Club), and none of them have defaulted, my rate of return % is going to be very high.
I think I still prefer Lending Club to Prosper, only because you have more flexibility in choosing investments, and there is more transparency overall. I don’t think there’s anything wrong with investing on both platforms though; I will continue to do so. If you’re interested, you can create a Prosper account here.
The niche site I created a few months back still barely receives traffic (0-5 visits each day), but its Amazon conversion rate continues to be amazing. As much as I’d like to spend the time to improve the rankings of this site, I don’t want to draw focus away from my main project.
Niche sites really aren’t a part of my future as I see it now, but at some point down the road, I may try to further optimize the ones I have and see if they’re worth keeping.
Here’s a summary of Octobers’s niche site earnings:
- Amazon: $19.79
- Media.net: $0.00
- Chitika: $0.00
- InfoLinks: $0.00
- Commission Junction: $0.00
- Total: $19.79
Not much going on here, but I’ll continue to report the numbers each month. When my new site is completed, I’m not sure if I want to stick it under “authority sites” or if it belongs in its own category. It’ll be authority for sure, but it may deserve its own section in the income report, given how significant I expect it to be.
Authority Site #1 (Not Revealed)
This site is still inactive, but continues to earn a bit of money.
- Media.net: $1.26
- Indeed.com: $1.78
- Total: $3.04
Authority Site #2 (Slow Carb Diet Experiments)
- Amazon: $1.06
- Media.net: $0.45
- Total: $1.51
Total Authority Site Earnings: $4.55
Here’s the breakdown for affiliate and other income earned during October. [Note: This income comes from other sites not discussed/listed above, including affiliate sales generated through this blog.]
- CashCrate: $114.59 (read my review here)
- ClickBank: $21.37
- Commission Junction: $37.00
- PayDotCom: $0.00
- Ebates: $5.00
- Market Samurai: $0.00
- Aweber: $5.70
- Other misc.: $0.00
Total Misc. Affiliate Earnings for October: $183.66
Here’s a summary of October’s earnings, organized by category:
- Freelance Writing: $8.96
- Daily Fantasy Football Contents: $36.87
- Niche Sites: $19.79
- Authority Sites: $4.55
- Misc. Affiliate Income: $183.66
Grand Total for October: $253.83 (-$205.67 from September)
These were my top 5 most popular blog posts in October based on number of views:
How was your October? Do you have any big projects in the works that you think will drastically change your online income? Share in the comments!
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