I have been sharing my income on a month-by-month basis ever since I first launched Leaving Work Behind in June 2011. In that time I have gone from losing money to reaching a net profit peak of $8,887 in June 2013.
And yet, the time has now come for me to cease my monthly income reports. It is not a decision I have taken lightly, but it is in my opinion the right thing to do. In this post I want to explain why and also tell you what you can expect instead.
Why I Will No Longer Publish Income Reports
To be honest, I’ve had a rocky relationship with income reports for a long time. I actually stopped doing them in mid 2012, only to start up again after three months.
They’ve always been a bit of a monkey on my back, for multiple reasons. However, it is only recently that I have clearly defined those reasons, which has ultimately led me to this decision.
It started with a post on the community forums a week or so ago (I tend to incubate all of my ideas there) in which I mooted the idea of no longer publishing income reports. I originally outlined my thinking there and I’d like to expand upon it here.
Relevancy
I believe that the more money I make, the less relevant my earnings become to people who are just starting out.
To discover someone who has been on their path for just a couple of years and is earning a few thousand dollars per month is one thing; to see someone who is five years ahead of you and earning $500,000 per year is another.
I’m not saying that I am going to get to that level (although it would be nice ;-)), but I am saying that the more money I make, the less relevant my earnings become.
That is in part why I created Healthy Enough — I wanted a project that I could start from scratch and point to as a success story for those people who have little time and money to spend. I don’t want to create a fancy site with bells and whistles that you have neither the budget nor experience to create — I want to continue to show how people who are just getting started how they can succeed.
For as long as possible, I want to keep my story and my achievements relevant. I don’t think my income reports help me in doing that.
An Emphasis on Earnings
If you’re a regular LWB reader then you’ll know that I don’t worry about money that much these days.
Firstly, I am incredibly fortunate to say that I don’t have to worry about money. I can pay the bills quite comfortably and I am incredibly grateful for that. And contrary to most people whose income grows, I am actually working on reducing my outgoings in proportion to my earnings. Quite simply, money isn’t that important to me (although I won’t pretend that having more of it is a bad thing).
I don’t worry a great deal about the money I make beyond that which I need to keep a roof over my head — what is most important to me is feeling happy in what I do. I am slowly creating a business that revolves entirely around what I love to do (like writing this post, for example), and increasing my income always comes second to that goal.
And that’s a problem when it comes to income reports, as they place a great emphasis on my earnings. They imply that the amount of money I make is more important than anything else, which simply isn’t true.
Don’t get me wrong — making enough money to feed myself is of vital importance, but I’d like to think that I’m no longer at great risk in that respect. I’ve demonstrated how I’ve done that through my past income reports, my blog posts, and arguably most compellingly through my Paid to Blog course. But showing people how to make enough money online to quit their jobs is only one half of the puzzle I intend to solve here on Leaving Work Behind — the other half is to help you create a business that you love running and a life that you love living. Income reports, by their very nature, distract from that goal.
My Thinking
The craziest thing about my income reports is that they influence my thinking.
In the past, when going about my daily business, many of my decisions would be colored by a thought as to how it might affect my income report. Not how it would affect my income, but how it would look on my income report.
I would fret if I didn’t get as much freelance work as I did the month before, as I knew that my income would be lower. The same goes for affiliate earnings and product sales. I’ve already mentioned that money isn’t a number one priority for me, so lower earnings in certain areas is not something I’m worried about (unless there’s some kind of catastrophic dip). And yet, publishing income reports has had a massive influence on how I conduct my business.
In short, I would obsess about making more, month-by-month, just so my progression of earnings would look impressive. That is simply not acceptable. I should be running my business on the basis of what makes me happy, not what a number on a page looks like.
Arbitrariness
Monthly income reports, by their nature, come around once per month. For the purposes of reporting on what I have been doing, that is completely arbitrary. One month I might have loads to say, the next month I might have little of value to offer.
To partition the reporting on my business into monthly segments makes no logical sense beyond the chronological symmetry of monthly reports.
Enjoyment
Quite simply, my income reports take a long time to put together and I don’t particularly enjoy writing them.
First, there’s counting up and verifying all the various sources of income — a real ball ache, to be frank. Now that I’m no longer writing income reports, I won’t be doing that anymore. The specific amount of money I make from one month to the next simply isn’t that important (as long as I have enough to pay the bills!).
Now I focus on just one thing on a month-by-month basis: my total liquid capital. On the 20th of the month I spend five minutes totting up my various account balances (bank accounts, savings, PayPal, and so on), and if the number is bigger than it was the month before, I’m happy. No more worrying about the minutiae.
What This Blog is About
Leaving Work Behind started off as an online accountability journal for my efforts in quitting my job and building an online business, but I’d like to think that it’s now much more than that now.
My key aim with this blog is to help you. I have certainly done that in the past by sharing what I have achieved (and I don’t want that to stop), but I can now also help you by teaching.
Monthly income reports are not the best vehicle for achieving those goals. Telling you how much money I made in a particular month doesn’t help you. What does help you is sharing the practicalities, in a manner that is relevant to you, of how I made that money.
One could reasonably argue that you can do that with income reports, and I’d be inclined to agree. But like I say, income reports are not the best vehicle for doing so.
What I Will Be Doing Instead
That last point brings me neatly onto what you can expect instead of my monthly income reports from now on.
First of all, I will not be publishing any kind of report on a month-by-month basis anymore, for many of the reasons outlined above. However, I will be extracting all of the worth that can be derived from my income reports and presenting it to you in a far more accessible and relevant format.
Take for example the recent launch of my Paid to Blog course. What would be better: a summary of my earnings and what I did in next month’s income report, or a standalone post in which I share all of the numbers and explore the results of the launch in depth? I know which one I’d rather see.
Or take for instance the big decision I made to move from a freelancing business model to subcontracting. That resulted in a 40% drop in my earnings but an 80% drop in my necessary time investment. Sound interesting? Would you rather read about it in an income report or in a standalone post, dedicated solely to that topic?
Let’s get one thing straight: I’m not shy. I don’t mind sharing what I earn with you. That’s not the issue. The issue is doing it in an enjoyable way that is most informative for you. That in a nutshell is why I will no longer be publishing income reports and is why I will now be doing standalone posts that act as mini, ultra-specific income reports in their own right (just without all of the negative connotations).
But What About Traffic?
Income reports are typically very popular. I have little doubt that my traffic will suffer for not publishing them (consider for example Matthew Woodward’s income reports roundups, which sends me a nice chunk of traffic every month). But ultimately, I am less concerned about traffic than I am about creating a resource that I love maintaining and that people love reading.
There is often a disconnect between traffic and value and even between income and value. I could theoretically create a sales funnel to a bullshit product, optimize the hell out of it, drive traffic to it and make more money than I do now. Would that help people more than I do now? No, but it would make me more money.
And that is the point. The level of traffic this blog receives does not represent the quality I have to offer. I do not see a clear connection between the two. Getting more traffic does not necessarily you are suddenly offering more value — you may have just caught a lucky break with a mention on a big site. Nothing actually changed aside from the number of eyeballs on your site.
Many people run blogs to make as much money as possible. I run my blogs for two reasons:
- To help pay my bills
- To help people
Why is paying the bills first? Because if I can’t keep a roof over my own head, I certainly can’t help people.
Income reports might boost my earnings but they do not define my earnings. Nor are they the best vehicle I can conceive for helping people. Furthermore, I don’t really enjoy creating them and they affect my thinking negatively.
For all of those reasons, income reports on Leaving Work Behind are no more. But don’t mourn the loss. I will be offering you far more value in their place.
Photo Credit: Images of Money
That makes a lot of sense. You gotta make the business your own and be happy in what your doing. I use to post income reports every month so I know what a pain in the butt it can be. That being said, I do plan on posting them again soon. I’m a fan of reports. I’m a number nerd 😛
I know what you mean Josh — I enjoy numbers myself. But when they start to affect the way you live your, it’s time to take a step back!
I’m in the same situation with you Tom 😀 I have writing income reports. It takes so much time & effort to gather all the data & put them in one place.
Are you going to continue writing them?
As I mentioned on the LWB community forum, I completely support your decision. For me, the benefits of sharing (regular) income reports are outweighed by the disadvantages.
Instead of financial figures, I’d rather see a blogger produce good, relevant and helpful content.
Thanks Kaya, appreciate your support!
I have been thinking about getting rid of the income reports on my website as well. I just can’t decide. I do think that I need to start protecting myself more – and that means getting rid of them.
Protecting yourself from what Michelle?
to say I am a little disappointed is to say the least… but like I said I support all you do, and to be honest I rather look at in depth reviews on what is currently working and not working for you.
All the best,
JIM
You may find yourself preferring them!
Oh, I’m really sad to hear that. I’ve been following your income reports for a very long time and I’m somehow used to it.
I even start doing my own after I saw you and couple of other bloggers doing it.
I’m glad to hear that money isn’t your priority. I notice that I’m always much happier when I don’t think about how much I will earn and how my income report will look like.
Haven’t been into your community forum for a long time, I need a revisit. :
Wish you a great end of a week!
Enjoy!
Thanks Vukasin!
Hi Tom,
I liked your income reports. To be honest, I think they made the decision for me possible (lets say better: LWB became a part of the big puzzle for me). I also left (regular) work behind and founded my own thing. But of course I will accept your decision and don’t want to persuade you to cange it back. You came to that decision on a very logical basis and you didn’t leave us alone with it. You explained it in great detail To your traffic-point, I just wanted you to know, that I became a regular reader of your blog, because I saw that income report on another blog. And your story mesmerized me. I saw so much of my own situation in it. To come to the point: After reading LWB for month I agree with you. The things you promise us to publish in the future are more interesting for me. But this might be, because I am reading LWB for months. But I became a reader because of your income reports, which showed me: The own business in a similar kind of way is possible. So I thing your income reports are kind of an eyecatcher and in some ways they deliver trust in you. They say: This guy knows, what he is writing about, because he made it on this way… So, I saw the reports as an acquisition-thing of LWB that worked.
However, there will be new acquisition-ideas come up – and I am interested in reading of them.
All the best,
Manuel
Thanks for the feedback Manuel. I agree with what you’re saying, but I hope that specific reports that feature income will do a similar job in the future.
I am disappointed that you will no longer provide monthly income reports. The bottom line is you don’t enjoy tracking the detail and writing the post. Understandable. No one should have to do something they don’t enjoy when part of their “job”. The point of leaving work behind is to do enjoyable work.
That said, I believe many readers are initially attracted to sites like this when they happen upon the income report posts. Those post provide wannabe’s with solid examples of what is possible when you leave work behind and strike out on your own.
Income reports give people courage and hope. It’s not just you SAYING this is possible. It’s you PROVING what is possible.
When you say that your income is not relevant to your readers I don’t think that’s accurate. It’s relevant to newbies who want to see what is possible. And I would hope everyone just starting out understands that yours is an example of what is possible, not what they WILL achieve by following your direction.
When I read that you (or any other blogger that shares income reports) made less this month than last it only fortifies that the numbers are not being fudged to look impressive. It only goes to show there will be fluctuation with a freelance business. It’s entirely normal and to be expected. It is unfortunate that you felt the decisions you made revolved around how it would look on your income report. Of course there will be variances month to month. That’s reality. Seeing something that isn’t working helps us to know if we want to follow that particular route or not.
You ask if your readers would rather see an income report or a detailed post on how you achieved a certain goal…uh…both thank you. My reason for wanting to see December’s and January’s income reports is specifically to see how you fared with the new Paid to Blog course (which I purchased and LOVE). I believe my business plan writing tutorial site ( http://businessplanmentor.com )would lend itself well to a paid course such as yours. I looked forward to seeing the income progress reports IN ADDITION to learning about HOW you set it up (if you were planning to write about that).
As for traffic not being an important aspect of the income posts, I think you might be discounting the fact that the traffic from the income posts is directly responsible for creating loyal followers. Those loyal followers in turn become your paying customers. Which is the point of this blog isn’t it? To pay the bills and help people. That’s exactly what I want to do. Your income reports initially attracted me, then led me to read your blog and ultimately purchase your product.
Ultimately, this is YOUR baby to do with as you please (of course). I’m just saying that I, for one, am disappointed over your decision.
Hey Sylvia,
I didn’t say that my income is not relevant to my readers; I said that the more I earn, the less relevant my earnings become. I think that’s a key distinction!
I’ll be writing a detailed report about the Paid to Blog launch (and lessons learned from it) soon enough. Really glad you like it! 🙂
As for the money side of things, I acknowledge that not writing income reports could have an indirect impact on my earnings, but I prioritize enjoyment of my work over money (as long as I have enough to pay the bills of course!), so that isn’t really an issue for me.
Cheers,
Tom
Hi Tom, I respect your decision on this. I was always amazed at how much information you put into each income report and it comes as no surprise that you want to reclaim that time and find the right scale and pitch to match your audience’s expectations.
I can say that once you reach a tipping point of income, to others that seems a mighty leap, especially if you are pitching to beginners. I myself was always somewhat overwhelmed by the numbers. I tend to have a look at Pat Flynn’s report on a monthly basis and my jaw hits the floor every time. I’m not foolish to think that it was easy getting there but many people think they can shortcut their way to success.
I run a series based on my traffic and I am curious to see if I’ll reach a point like you do. The problem with a series is that it becomes formulaic and that also means that your audience are likely to eventually skim read the episodic posts more and more. At least with one time articles or a mini series you can capture some enthusiasm, break some new ground and keep it funky fresh (sorry, had to fit that in). A series needs some background reading behind the numbers. You can’t always jump in midway and understand the struggles that were overcome to reach that point. In a feature running for as long as yours has it is easy for that information to be dispersed.
I wish you luck with the new direction and I will be snooping to see how it turns out. 🙂
Thank you Jackson! It seems like we’re on the same wavelength 🙂
Hey Tom,
First and foremost let me just say that of course it’s your blog, and you have all right to do whatever you think is in the best interest of yourself and your blog. Not only that, but I completely understand your reasoning for deciding to end reporting on your income.
That being said, I have to agree with Sylvia – at the end of the day, you’re taking away value from the reader because of your personal issues with income reports, as opposed to necessarily concern for your readers.
Your income reports offer value to your readers – whether or not they can accurately serve as a blueprint to success is a bit irrelevant. At the end of the day, not all people want blueprints – they want hope and encouragement. Your income reports provided that.
It’s not necessarily an either or decision – you could easily post both your income report and go into depth on your course launch.
That being said, I am NOT trying to change your mind, and the decision that you’ve made is obviously one that you’ve thought deeply about and came to the best conclusion. If the income reports cloud your thinking, then by all means it is in your best interest to stop publishing them.
However, I think they have been extremely valuable to readers, and I will miss them. Hopefully, your upcoming reports on your course launch will fill that hole though.
Cheers,
Daryl
Hi Daryl,
I don’t think I’ll be taking value away from the reader — in fact, with more specific and targeted reports, I think I’ll be adding value. However, because people are so obsessed with income reports, the perception may be that I am offering less value. That’s something I have to accept.
Cheers,
Tom
I’ve always admired anyone who posts their income reports and I’ve always wished I had the patience to put them together for my own business and blog readers but I have never gotten there – not on any consistent basis anyways.
As much as I’d personally like to continue seeing your reports, I understand how dull the task must have become for you. I’m not a fan of doing anything I dread!
Thanks for the support Kelly!
Hell yeah Tom!
Sounds like a great plan moving forward.
Originally when I stumbled upon LWB I loved the income reports and still looked forward to them. It was cool to see how much $$$ you could make as a freelance writer and in the online blogging world but for myself the figures themselves were never really the motivator.
It was more interesting to see your growth and consistency which I have no doubt the new reports will show even better with less emphasis on numbers!
Cheers Tom!
Glad to get some positive feedback Jackson; I’m getting a bit of a beating from others 😉
Disappointed, but understand, especially the time committment.
As an engineer, and a bit of a numbers wonk, it’s fascinating to pick through your reports and see the income, but how it percentages out. We might think that releasing a book or course is the easy-road to riches, but it might turn out to be a small fraction of someone’s income….
Love picking through that stuff to understand.
I admit, I’ll miss them. 🙂 Keep on growing and thanks for all you do!
Thank you Jon!
Income reports are nice to see for people who haven’t made any money yet and that it is possible to make money in this business, however time is always important if it is keeping from doing what you enjoy. I would never publish my earnings for anyone to see but I am not in the teach people how to succeed business either and I haven’t made much money yet. The income reports backup what your saying in your post and would give new people to your blog the confidence that they could have the same results otherwise what would be the point of publishing them in the first place.
I do like your content.
Thanks Scott 🙂
I like reading other people’s income reports, but the choice is understandable and I have similar reasons for not publishing income reports on my own blog. Plus I think income reports could alienate people that are making significantly more or less than you.
There are plenty of successful bloggers that don’t publish income, so I’m sure it will be a big burden off your shoulders. I’d rather be valued by the value I’m providing than judged by the income I’m making… because quite frankly, there have been times where I blew large amounts of money or potential income to try something new and learn from it… or even took it easy for a few months. But if anything, experiences like that only improve credibility. Looking forward to future posts.
“I’d rather be valued by the value I’m providing than judged by the income I’m making.”
Couldn’t have put it better myself Brian. Thanks!
Love your thinking here and your desire to help more people.
If you put people first … Then I don’t think you will have trouble paying the bills.
Also, I predict what income and traffic you lose from the lack of published income reports will be more than made up by “x.” Of course x represents a new project you love, that you can do in the same or less time it took to assemble the reports, which you admit have become somewhat of a chore.
Enjoy the new direction!
Good point. Thanks Rob!
I applaud your decision Tom, and consider it the right decision. Frankly, it’s easy to comment “hey, I write for a living, and it pays my bills”. Beyond that, people who want the detail are either wanting to prove to themselves it works, or they just want the dirt on your life.
I’ve never cared for Pat Flynn’s income reports and many readers are turned off by them. I once read someone who stated “I’m tired of hearing how Pat is getting rich off of his readers”.
Sadly, money changes things, and it becomes all about the money after awhile. Again – I applaud you. It takes humility and class to do what you did. And, proves clearly to me you are not in this for the riches.
Hi Kent,
These could be famous last words but I’d like to think that it never becomes about the money for me. My happiness (and by extension, how much I help my readers) is most important to me by a mile, which is why I’ve made so many decisions in 2013 that actually reduced my income but made me happier.
Thanks for your support!
Tom
I think you are making a good decision for you and probably for us even if there is an adjustment period. The income reports were interesting and nice to see but they just added to the rest of your information. From day one of reading your blog I got the feeling leaving work behind was more about doing what you loved and having more control of your time than it was money. If writing up the reports were causing you more angst and to focus on the wrong things than stopping makes sense. Writing a blog works best if you enjoy what you are writing about otherwise it may end up abandoned.
For me I’m not yet making as much money as I’d like but I’ve also put a limit on how many clients I will take on at a time and I’ve gotten pickier about who I will take on. I shudder at the idea of going back to a secure job even if it’s part-time. I can’t imagine having to deal with corporate structure and answering to anyone but myself and my clients. Working from home is about choosing how much time I’ll put into my business, who I will work with, and being happy in what I’m doing. Making a minimum amount that pays the bills, or in my case, brings our income back to where it was before I got sick and we moved is enough. More money while getting to enjoy work and life is great but the enjoyment comes first. I can honestly say you never know when you’ll be hit by a truck (March 2012) & realize what’s really important to you.
Seems like we’re kindred spirits Tasha. I love your attitude!
Tom, I hear you. What you have reported was inspiring enough. After all, your audience shall focus on executing and what they can make.
I had some reports during early 2012 and I know it took time to pull all the data in. These days, I focus on growing my extra income and try to work less online. 🙂
Keep up your great work. I look forward to the posts that would help me. Thanks!
Thank you Ken — good to hear from you!
Tom,
I’ve always appreciated your candour with your earnings but I think you’re making the sensible decision. I know how it feels to be put off by folks who are making tens of thousands but have an obvious head-start.
So, it’s encouraging (to me at least) that you’re choosing not alienate anyone with earnings..
All the best,
Karl
Thank you Karl 🙂
Tom, I think you made a great choice to stop the monthly income posts. I have felt that same thing every time I read an income report from someone who is doing very well (high income). I try putting myself in your shoes and don’t think I could be that open about my income, especially at the higher income levels.
Just like you said, once you get past the startup phase of earning up to $1,000 per month or so, the entire vibe of the report changes. I begin to read the income reports differently. I start thinking, “this guy can’t help a newbie like me anymore…he is long past my stage.”
So, congrats for making the change. In addition, you free yourself from a task you didn’t enjoy. Eventually, that would translate to the audience. Good move all around.
Continued success to you and have a great holiday vacation.
Thank you Brian — I’m glad that someone shares my feelings on them in terms of the “relevancy” factor!
Interesting take Tom – and it totally makes sense for you. I immediately think of Pat Flynn when I ponder your decision. What if he stopped reporting his income? What would that do for his brand? The way that he reports his income is very relevant and helpful.
I take a similar approach to Pat and I plan to continue reporting my income. It helps others be able to see exactly where and how I am able to generate income online. Plus – now that you’re discontinuing, this is a perfect opportunity for me to “rip off” your format when I get to my site redesign! 😉 I really like your chart format showing month by month totals and want to implement something similar.
Rip away Matthew 😉
Tom,
Totally support your decision. I am not a big fan of income reports, seen one – seen them all. It is interesting to see the different places that the income originates, the multiple income streams and their values relative to one another.
Given that you will invest a limited number of hours into LWB each month it’s a decision of what provides more value. I find less value in reading about how much you made than reading about how you made it. A post telling me what you did, what you learned, the things you did right and the mistakes that you made offers much more value than a financial statement ever will.
Plus, you also need to do what makes you happy. Teaching makes you happier than just reporting. Good for you.
I hope you keep the great posts coming, Tom. I appreciate you.
Thank you Scott! Love your perspective, which has strengthened my confidence in my decision. Appreciate it 🙂