July 2016 Income Report – $19,189

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Here we go, the first 51rules.com income report to be posted on the site. I’ve thought long and hard whether or not to post my monthly earning reports, but as outlined earlier I’m hoping the process will provide for some additional clarity on my progress and hopefully help others that are in the same position or on their way to earning a 6 figure income.

Consulting income                $18,500
Trading Profits                           ($31)
51Rules.com Income                    $0
Other Website Income               $720
Total                                  $19,189

As you can see from the income summary above the majority of my income is generated from my professional consulting practice. It may seem odd that I would even bother to attempt additional income source but my goal going forward is to diversify outside of my main income stream. I feel very fortunate to have had the ability to build such a profitable practice, but I’m somewhat uncomfortable having all my “eggs in one basket” and I look forward to diversifying my earnings funnels. Also, as much as I enjoy what I do in my practice I look forward to flushing out some new opportunities.

What I Learned in July

The main lesson over the last few months has been very simple. As I’ve learned from previous ventures it’s always infinitely more difficult to succeed on something new than you’ve originally anticipated. When I started this site I thought I could attract a fair amount of traffic just based on the content I created and social media conversations that I tried to start. Unfortunately times have changed significantly from the last time I built websites online.

I remember how relatively easy it was 5 to 7 years ago to rank a site and obtain traffic. Now, even with more available tools, gaining the attention of visitors to your site is extremely challenging. This won’t deter me from going forward, just a reminder that it will be a lot more difficult than planned.

I broke even on the trading account in July. Although my discipline was tight I’m still feeling quite disjointed in how I’m trading. I still don’t have a specific system or set of entry points to adhere to. I continue using screens across various criteria to find opportunities, but it will be difficult to gauge any real performance measure without more volume of trades.

I’ve made about $720 from other online ventures. Mostly from a few new affiliate sites I created in 2015. The advantage of these sites is that the $700 a month is fairly passive, however the downside is I would have to work a lot harder on the sites to produce any additional income from them.

What am I Focusing on in August

I’m away on vacation for most of August (one of the great benefits of being a 6 figure earning entrepreneur) so I won’t be putting much effort into trading. Also the consulting income will be relatively light, although some work is still being accomplished at the office by our wonderful staff.

I hope to spend some more time writing content for the blog in hopes of adding more value to the site. I look forward to any comments you may have and I hope you all have a great end to the summer!

 

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