My May 2009 Monthly Income Report

Each month I publish a report of my income, along with the activities that contributed to it. Here are the lessons I learned in May 2009.

Editor’s Note: The content regarding eHow is no longer relevant. Please visit our Getting Started page, which we keep up to date with advice for getting started with earning money online. (Updated 10/2015)

This is the seventh installment of my monthly report that I use to summarize my income, where it’s coming from, and anything I did or learned that may have had an impact (or will may an impact) on my earnings.

It’s pretty crazy to think that I’ve been living off of passive income for the last 7 or 8 months, grossing over $135,000 and learning so much during my journey. I hope that in the future, my income will continue to rise and I can continue to provide you with insight on how I do internet business and earn a passive income.

Important Goings-On in May

May seemed like the shortest month of the year so far. It’s probably because I’ve been so busy.

I’ve spent the last two weeks of May writing a new study guide for one of the new exams. I actually finished last night and spent today setting up the shopping cart and my website so it could finally go live. Because I’ve done this before with my first study guide, it was SOOOO much easier this time around. Now let’s pray that I can earn the same amount as before too.

From start to finish my guide took about 65 hours to complete. That’s less than two weeks of work at a 9 to 5 job, and I now have a product that has the potential to earn me an income for years. Again, the idea is about putting in the work now and reaping the benefits later (instead of putting in work now and only getting paid for those hours).

In addition to my new material, I’ve contacted some professional web designers to give a nice, professional looking overhaul. Yay for virtual assistants! I’ll let you know when this is finished so you can check it out. I’ll probably put a before and after picture up—those are always fun.

The Smart Passive Income Blog

If all goes well, by tomorrow you will have already noticed a redesign of the blog. There was a bit of a delay in the redesign process, but it’s finally close to being complete.

The purpose here is to not only make the blog look cleaner and more organized, but to start monetizing it using ad spaces and newsletters. I’m glad you have the opportunity to witness the changeover—it’s a very exciting time for me and the life of this blog. I hope you like (or will like) the new design.

LOLer Apps

Our 1 iPhone application has been on sale for about a month. What have we learned? The iPhone app market is TOUGH!

We always hear about the guy who sold 50,000 units in one day, or the person who earned $500,000 in one week. There was even that story about a 9-year old boy who created an app that had some great success. But what we don’t ever hear about is how most iPhone applications get lost in the sea of 50,000+ apps. A LOT of the success comes from marketing, so we’re coming up with a plan to kick it up a notch.

We also have three other iPhone apps in development (yeah, we go all out), so that should definitely help.

Anyways, here is May’s income breakdown:
Please note that these are figures from reports from each individual company for the previous month. It does not necessarily reflect the actual payment which, for some of the companies listed below, come 30 to 60 days later because of potential refunds.

An improvement from last month, which is quite a surprise. I expected less earnings because of the way the exam is transitioning right now (in regards to my study guide), but I guess there are still a lot of procrastinators who have yet to study for the exam they already signed up for before the deadline.

Important Things I Learned in May

While I was completing my new ebook, I had some days that I would be able to crank out 20 high-quality pages, and other days when I would complete only 6 or 7 that weren’t quite as good, even through I worked the same amount of time. Why the difference? One word: focus.

Staying focused is key, but it’s a hard thing to do, especially when working from home. There are a few things you can do that I learned will help you keep focused and stay productive:

These are things that can apply to everyday life really, not just doing business online.

What’s Next

As I said, SPI will be redesigned a little and I’ll probably be working out any bugs that come about from that. Also, I’m looking into writing more ebook material and doing some market research on some new niches to diversify my income. I’ll talk to you all more about that as it’s going on.

Cheers everyone!

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  • Pat Flynn

    Hi, I’m Pat, founder of SPI and host of the Smart Passive Income Podcast. Let’s continue the conversation over in our communities.

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