You know why the rich get richer?
Robert Kiyosaki says the main difference between poor and rich is what a person buys.
He authored Rick Dad Poor Dad where he explains the poor man’s downfall in detail (sort of).
I say “sort of” because he doesn’t really give you a step-by-step blueprint. But Robert does enlighten readers with the BIG PICTURE.
Rich people buy assets while poor people buy liabilities.
The weird thing is that many people buy things with the intention to bolster their status. The irony is that most of those things prevent them from improving their financial situation.
I know a friend that struggles to pay his bills yet still has an iPhone 6.
To me, that’s disturbing.
I know the irresponsible reaction to my opinion is probably along the lines of “YOLO”
Which is true…
You do need to consider short term happiness bursts that can be expensive.
Travelling is a great example of a worthwhile liability. That being said, in some cases, even travelling can be a cheaper liability than rent in your home town. I ramble about using dollars for pesos here.
However, why would you want to struggle for the rest of your life, when you could take steps today that will manifest returns for years to come?
An asset is anything that pays you money. A liability, obviously, is anything that costs you money.
Growing an online business is an asset.
Sure, you may not see big returns in the beginning.
But trust me, over time, all your hard work will start paying off in a big way.
This month, my online business paid me another good sum of money.
To compound my long term results, I used this earned money to invest in an offline asset. Which I’m excited to share below.
This month’s report features:
- The traffic numbers
- The income numbers
- My new offline ASSET
- Future plans
An Insider’s Look at the Traffic Numbers — PIVOT!
I’ll be honest here.
The traffic numbers have stayed around the same for months.
There is a small improvement this month over April’s income report.
I need a wake up call, though.
I’ve been making more money in 2016 than any other year. And it’s left me complacent.
This summer will be a time to experiment with new growth strategies.
If you have a suggestion on how market content, then definitely share your insights in the comments below.
Here’s a look at the blog stats:
A slight bump in traffic on the blog.
Published a few posts this month. The first two talked about FREE.
Might be controversial to some, but I talked about why free websites should be avoided?
That’s not true for everyone.
It depends on the needs of your website. Some people just want a space to journal.
However, if your goal is to actually make money. You need to get paid hosting.
This is a relatively inexpensive purchase, though.
Use the HostGator coupon code get25offyourbill to make it even cheaper.
I always tell people, I’ve been marketing for eight years. I can’t think of a single person that makes good money online that doesn’t have a website with paid hosting.
If you’re serious, get a real website.
That being said, if you just want a place to journal, I published the Top 10 Free Website Builders
You have heard my disclaimer on free, so I’ll let you decide.
My favourite post this month was my review of the 4-Hour Work Week
There’s a lot of discussion about whether just four hours of work per week is a realistic goal.
My answer: Hell Yes!!
I could maintain my entire business on two hours per week.
I don’t care about people that doubt the truth. If you create a business that is mostly passive and automated, there’s no reason why you have to put in long hours.
Want me to teach you how?
The reality is that a short work week is possible and likely with the right action.
But I digress…
Let’s look at the YouTube traffic stats.
Up a little from last month.
I used to break 100K views a month consistently. Then I lost my Twitter video, which I think was taken down because of a guy named Michael Kohler.
Right before the ban, I warned people that Michael might not be the most trustworthy guy. Unfortunately, because I used him as an example in the video, I felt obligated to give the disclaimer in-video.
Immediately, my video started receiving a bunch of “auto-generated” comments about how Michael and his twitter services (don’t buy from him) are the greatest thing ever.
A week later, the video was removed completely.
That one video got around 30,000 views per month. Which would take my account average to around 120k views, if it wasn’t taken down.
Sometimes, it pays to be an a$$hole.
And worse, it can be to your detriment to speak up and tell the truth.
I continue to believe that the best longterm strategy is to stay honest, though.
There are many people that get my coaching, or buy various products through me because they know I tell the truth.
Having a follower’s trust is one of the most important assets you can have in business.
You can fake trust for awhile.
However, it’s much easier to build trust that’s founded on integrity.
I’ll get off my high horse now and continue on to the income numbers.
The Income Numbers — What You Really Want to See
Here goes…
The dollars and cents 🙂
The #’s
– JvZoo = $961.55
– WarriorPlus = $613.48
– ClickBank = $327.92
– HostGator Affiliate = $200
– ListSpark Earnings = $34
– Aweber = $92.74
– BuzzBundle Sales = $0
– 7 Steps to Passive Income = $121
– Adsense = $1000 approx. (not allowed to give specific numbers)
– Solo Ad Earnings = $100
– ClickMagick Earnings = $0
– Amazon Earnings = $503.11
– Coaching Sessions = $3500
Total Gross Earnings = $7,453.80
Expenses:
– Aweber = $180
– ListSparkPro = $18
– TrafficPlanetHosting = $50
Total Expenses = $248
Expenses are same as last month.
Was it a good month?
Let’s do the calculations.
$7453.80 – $248
Grand Total = $7,205.80
That’s a pretty low performing month.
And worse, I created a lot of content this month.
Lol!
Sometimes you have months that work out better than you expected.
But unfortunately, there are also months where the numbers don’t live up to your efforts.
Back to the drawing board in June.
Is there a lesson in here?
Yes, for anyone that’s thinking of quitting your job.
Please make sure that you have a good sized online income before making an irreparable career decision.
Don’t get me wrong, I encourage you to build an online business. I can even show you how to build up a passive income that replace your day job’s earnings.
However, online is not like a wage. You don’t get paid based on the amount of work you accomplish.
Some would say you get paid based on the value you create.
To a certain extent, that is true. There are also about another million of variables, too.
Making $7,205.80 in May is not terrible.
But it’s low relative to my average month making money online.
I’ve built a business where a bad month still pays the bills. Just make sure that if you intend to do this full time, you don’t cut off other sources of income until you’re confidently above your cost of living.
For me, that number was $5,000 a month.
I know that if I can average around 5k in a month, I’ll have enough to get by.
If the number drops a bit, I’ll just have to lower my liability expenses. And if it’s a good month, I’ll have some money for a rainy day.
However, the amount of money you need to confidently quit your job depends on your liabilities.
If you’re living in New York, City, I would probably have higher income aspirations.
That being said, don’t keep yourself in neutral, either.
The goal should be to make money, not pay off your lifestyle.
The way to truly become free is by having passive income. And you do that with assets.
My freedom plan — New asset coming soon
In May, I purchased my first investment property.
It’s a vacation rental at a world class ski resort.
Here’s a quick look:
During the winter season, vacation rentals (like mine) charge about $3,000 per month.
The ski season is five months long, and vacancy for this accommodation is rare.
That means, in five months, I’ll make about $15,000 in rental income.
Now we’re talking.
So instead of just making money online, I’m now using that money to build additional passive income streams.
This is truly the way of the future.
Remember, rich people buy assets, poor people buy liabilities.
That’s not to blame poor people. It’s hard to buy an asset if you don’t have any capital.
Your goal should be to make capital first, and then figure out how to invest it.
Real estate is one of many options.
I know guys going into Bitcoin, gold, stock market, etc.
I am choosing real estate because I like working with people and owning something tangible.
Since purchasing, I’ve already booked up 20% of the ski season.
Looking forward to many tenants, and managing either here in Vernon or abroad.
Do you have an asset endgame?
If you do not have a plan for how you spend your money, becoming wealthy is a pipe dream.
Even if you don’t have the money now, brainstorm a goal.
Napoleon Hill astutely claims “anything the mind can conceive and believe, it can achieve.”
You need to come up with a goal, so that your mind can start working on the solution.
Capital first.
Assets next.
That’s my opinion. What do you think?
Let me know in the comments below.
Future Plans — Assets + Adventures
The double A.
Those are my main focuses for the future.
I’m already exploring my options for a second real estate investment.
It will be something to use as a rental property because we all know how much I love passive income.
The adventures for the future will most likely be delayed until September.
Right now I’m looking into Barcelona, Spain. I’m also considering Nicaragua.
Any suggestions?
Hope you enjoyed the income report.
Catch you guys in the next one.
As always, thanks for reading!!
