Need help understanding these numbers? Visit our first monthly income report for more information. Or you can (and we recommend that you do!) start at the beginning and read through all of the Income Reports.
Our Goals for September were:
- Grow the equity base of the businesses by $2,100
- Grow our share of earnings from equities by 1% (For a new monthly total of $240 passive income)
- Our total income goal (both active and passive) for August is then: $2340
Online Earnings
It was down to the wire meeting our goal of $2100 this month. There really isn’t much to report overall. We’re struggling with slowdowns in Amazon’s pipeline. We still have inventory that hasn’t been entered into their system.
Oh well.
Sales are holding steady. We’re just using this time to reduce needless waste (cutting under-performing items from our inventory, streamlining our process). We’re still looking forward to a solid holiday selling season. We’ll only start to get antsy if Amazon doesn’t get our inventory ready before the holiday rush.
Earnings for September: $2105
Hours Worked
So I had an idea. I think we’re are going to start keeping track of, and setting goals for, the hours we work each month. After all, the goal of this website is help people build businesses that consume as little time as possible. We need to put our money where our mouth is.
So here it goes: Our goal is to build a business that is worth at least one million dollars while working less than two hours per day (or three months per year).
How’d we do?
In September, Leslie and I worked a combined 24 hours this month, for an average of 12 hours each. For Leslie, most of this was prepping our get-ahead shipments (we started increasing our volume to be ready for the holiday rush). For me, most of this was spent cutting back the number of items we carry so we can focus on just the most profitable items.
Our goal for next month: We will work no more than 20 hours (combined).
Passive Income from Investments
*See Getting our Fair Share for an in-depth explanation of what we mean by this section and why it’s important to your investing psychology.
There were no drastic changes to the earnings of companies we already owned. The increase in our monthly passive income was then due (almost) solely to our investment plan.
Because our inventory trimming last month, we had some extra cash come in (inventory that had sold, but that we would not be restocking) and we chose to invest a little extra into the equity portion of our business.
Our goal was to increase our share of earnings from the companies we own from $237 to $240, but we managed to top that!
We increase our passive income to $250 per month!
That’s more than a 5% increase! (Our goal was a 1% increase)
Total Online and Passive Income
Total online and passive income for September 2020: $2,355
Because we each worked 12 hours, this means Leslie and I each earned $98 per hour
Our Goals
Our goals for October:
- Grow the equity base of the businesses by $2,200
- Grow our share of earnings from equities by 1% (For a new monthly total of $253 passive income)
- Work no more than 20 hours.
- Our total income goal (both active and passive) for September is then: $2,453 or an hourly rate of $123 per hour
Find out if we met our goals in the Income Report for October 2020.
