This is the Income Report for August 2019 with Jerry Banfield. Thank you for all that you've done to help me make $9,696 income online. I'm very grateful.
From most of that passive income that I earned is from YouTube ad revenue, online course sales, partner memberships, coaching and I'll go into the rest of them here.
The main sources were YouTube ad revenue and partner memberships. So, on jerry.tips/partner, we got new partner memberships and existing partner memberships.
So, this was one of the top sources of income i.e. my membership program. I've also got hundreds of video courses. I've put courses I filmed teaching them online on StackCommerce and SkillShare, getting passive income payments from those every month.
Then all kinds of little income sources in the Income Report for August 2019 are such as Amazon revenue, podcasting revenue, and affiliate marketing revenue. I've got an entire playlist on YouTube that goes into more detail on many of these individual methods but this is the aggregate total.
Even though I've earned almost $10k this month as showin in the Income Report for August 2019, I've been spending really hard this year to build my business and I just am stopping that now. I'm cutting the expenses to almost zero and going to just take it slow.
Thomas: Isn't it against Facebook's Terms and Conditions that you can't be partnered with Twitch/Facebook/mixer all at once and can’t stream on them all at once?
Yes, that is accurate if you are a facebook partner. I'm not a Facebook, Twitch, and Mixer partner. I am a YouTube partner but it's not against their terms.
Thus, I'm able to Livestream on all these different websites at once because that is allowed. If you are a facebook partner then they pay you and they make you be exclusive.
Waking Eye: Does your site has an affiliate program?
Yes, that's one of the big changes we just made this month. I offer 50% lifetime affiliate commissions on Uthena giving us one of the best affiliate programs there. We just changed that this month from 20% because our 20% was not getting people excited.
50% is getting people excited and we're still working on the “Who we allow being an affiliate” because managing a lot of affiliates is time-consuming. Most affiliates hardly earn anything. So, we're still planning out how to be successful.
I'm thinking to just charge fee and application to be an affiliate because that'll screen out almost everybody who's not going to earn anything and if someone's willing to pay to be an affiliate then odds are that the person is investing enough that they're definitely going to earn back what they've paid in order to apply.
I value your feedback on this. I'm thinking we just charge maybe $27 or $48 to become an affiliate and then require you to watch the entire video course on how to succeed as an affiliate. Then we can allow anyone to be an affiliate who goes through that process.
If you just take a bunch of affiliates for free, 95% will never make a sale and it takes a lot of time and energy.
I earned about $10,000 last month as you can see in the Income Report for August 2019 which is actually less. I've averaged over the last 4 years and that is a function of me changing my business a whole lot of times but my mind said a lot of times in 2019, I've gotten frustrated, upset and judged my business is not good enough which is obviously insane looking from the outside.
On the other side, the best that has worked for me so far as a function of what my thinking is knowing that this was possible. 6 years ago this was something that still I hadn't done so far and I was imagining that I could do it.
What you see now in the Income Report for August 2019 is a function of how many people I think about and I try and help you every day. I try and make something that will do the most for you. I don't just focus on making money.
My primary focus is on how can I make things that are really helpful for you. How can I help you make money because when I help you make money, I will get what I need? When I give you more value than you give me, I will have enough and I do have enough. The “have enough” mindset is the biggest change.
The biggest change you can make is from ‘not having enough’ to ‘enough’. It's not from not having enough to having too much because having too much is also not having enough.
I've been experiencing a lot of frustration this year because I've been trying to push my business way past the next level. I have been thinking, how do I make $100,000 a month? How do I deliver 10 times the amount of value?
I've been pushing so hard this year and I said this in another income report too. I've finally taken some action on it. I think I said in the last income report that I ought to just cut my expenses and relax and that's what I've started doing in August.
Here's my July 2019 Income report: July 2019 Income Report with Jerry Banfield and Uthena
In September, we are finally going to see a profit this year. We are seeing a profit in September because I actually spent $7,391 more than I earned and what's ridiculous is probably only $3,000 of what I spent this month was actually relevant to earning the $9,696 this month which you can see in the Income Report for August 2019 .
Now, what I've spent helped me to earn more and more going forward. At the same time, there's no point in going this fast. I've spent about a hundred thousand more than I've earned in 2019. I've blown all my credit up to do that and what I see is it's time to slow down.
I've laid a strong foundation on Uthena. A lot of this money I've spent was to get Uthena of where it is today. We've got 421 courses. We've got almost 50 instructors. We've gotten through the hard part on Uthena of laying that foundation.
I've also taken my website in my content creation all over the place to new levels and I've found new ways to collaborate online. I see that it's time to slow down and do what I love to do which is talk, teach, listen, and learn.
It's time to do more of that and less of the activities designed to just blast Uthena into space. Do a good job and to keep doing that every day and this has been a lesson that you don't hear a lot about when you're listening to all these inspirational talks.
It's like go, go, go, take it to the next level, push, push, and push. I've been doing that and it's time to just relax, enjoy, and love what I have today because it's been stressing me out.
I realized that this is a lot of money and most people will be really happy to have that much coming in, especially since almost all these expenses weren't necessary for it.
I have paid $4,000 in advances last month for courses that were uploaded to Uthena and I've stopped the advances because we got enough courses though. We got enough courses. We've got proof that Uthena works.
We've got a sales report showing. We're making sales almost every day. If the instructors want to put their courses up, I don't need to keep advancing unless an investor wants to put in anyway.
Lindsey: Which platform brings you the most revenue?
YouTube as a platform brings the most money in.
If you are on my Youtube channel and you haven't already, I trust you hit that subscribe button.
The majority of the income which you can see in the Income Report for August 2019 can be traced directly to my YouTube because YouTube is where the views come in and YouTube sends money to all the other platforms. About $800 or $900 last month came directly from YouTube ad revenue.
However, YouTube sent in the thousands of dollars of sales that came in from Uthena. Therefore, the majority of the income can be directly traced to YouTube. Maybe $3,000 came in from StackCommerce and Skillshare combined.
That's a function of a lot of the money I spent earlier this year. Most of the StackCommerce income came in from courses I paid to produce that sold on StackCommerce a couple of months ago.
I have a bunch of videos on YouTube on StackCommerce. You can see how that works. If you're teaching online, I recommend putting your courses on Udemy, Skillshare, Uthena, and StackCommerce. Put your course on all these different websites.
Uthena is my platform. Put your courses everywhere. Thus, almost all of the income was sourced from YouTube and teaching online.
I also earned some income from selling other people's courses on Uthena as an affiliate. However, I spent about $4,000 paying other instructors advances so we have a real solid foundation of courses.
We have got 421 courses that we can sell now.
Almost all of the income is traceable to YouTube or teaching courses that you can see in the Income Report for August 2019. I've got lots of videos on both of those.
Thomas: What you use to show your incoming/outgoing that we can currently see on screen?
I use QuickBooks self-employed. If you search my Youtube channel, I've got several videos on QuickBooks self-employed or QBs for short. I use QuickBooks self-employed because my bank accounts synced to it.
Here's a review I did on Quickbooks.
Therefore, whenever there's a credit card charge or money comes in, it automatically totals up and then for my taxes, all I do is drop. I push export. It goes into TurboTax and it's very easy for me to do my own taxes this way.
The key learning has been to figure out what I can and cannot expense and also figure out how income is reported. For example, PayPal sends a $10.99K that just dumps all of the income in. I need to report all that to the IRS and even though PayPal doesn't actually give me all the income they report the IRS.
I need to report all of it and then expense the fees from it. I have learned that the hard way.
How to hack Wi-Fi?
I don't know how to hack Wi-Fi but if you look on Uthena under the Ethical Hacking Forever Course Bundle, there are 33 courses with hundreds of hours of video from 2019.
You will be able to find how to hack Wi-Fi and a lot more in the Ethical Hacking Forever Course Bundle which is on Uthena.
That is our number one seller on Uthena in terms of the number of sales. That's where I spent a lot of money getting hacking courses paid right before YouTube explicitly said that you couldn't use that anymore.
Leonel: How much do you earn monthly?
On average after everything is said and done, these are my totals in the image below from 2015 to 2018. These are tentative numbers because these don't actually count for all the expenses and yes these are the tentative numbers for August. The taxes are a bit more exact than what I use to have kind of working numbers.
What QuickBooks self-employed allows me to do is have working functional numbers that I can see about where I'm at. Whereas, with the taxes, it is important to have more exact numbers using whatever $10.99K I receive. A business is an income minus the expenses. That was the actual income I earned.
Therefore, this is tentative and this is within 5% or 10% of what the eventual total will be.
If that was the job, that'd be the end of the story except for the taxes. I actually spent $17,000 last month which you can see in the Income Report for August 2019 and I've been spending more than I've earned every month in 2019 to get Uthena platform launch to help all the instructors, students, and affiliates that are on Uthena.
I've spent about a hundred thousand to really get a strong foundation for Uthena. Got hundreds of courses up on Uthena, paid instructors advances, paid for help to make all this happen and now after being stressed about the finances reaching some of the limits on my credit, I've finally relaxed.
This is the time to just relax.
I've made about $10,000 a month and the total is around $70,000 this year. So, $70,000 in 8 full months. The first 2 months of the year were significantly lower like $5,000 or $6,000 after I had spent the year before gaming, playing and doing music.
Thus, the consistent income right now is about $10,000 a month which you can see in my Income Report for August 2019 and I really only need to spend $2,000 to $4000 or so a month to earn. I could probably spend maybe $1,500 a month and still earn pretty close to that.
Thus, for September 2019, I imagine its the first month we are seeing a profit in 2019 and my goal is $20,000 a month consistent profit. That means the income minus the expenses.
I imagine I can relatively easily make things that are helpful and continue serving in a way that gets the income up to about $30,000 a month and then the expenses down to about $10,000 a month. That's my target going forward.
That's enough money to pay all my debt payments to pay the taxes on that and pay all my bills and be very comfortable.
I've kind of gotten into some ego of not thinking about just what I need to be comfortable and keep doing what I love every day but I've got into well how can I do world domination over and over again. I make about $10,000 a month and I've laid a strong foundation to consistently grow that going forward.
If you'd like to get more hands-on help with me, the best way is to go to jerrybanfield.com, click on the workshops button up on the top of the menu and then join me for an online workshop.
This way you can get on a video call with me and really talk to me and whoever else joins that workshop with you. Some of the workshops will just be one-on-one. This is one of the newest things I'm doing to offer a lot of value at the lowest price possible.
Some of these have been one-on-one and they've been really helpful for me. Others of them are group calls and you'll find the group calls really helpful to get everyone's perspective.
I'm also starting doing a live show in st. Petersburg Florida. I'm so excited about this and I have one-on-one calls also if you want to guaranteed one-on-one experience.
Idarkcraft: How do I contact you for entering teaching course?
If you want to teach on Uthena, just click on the Teach button.
We have an instructor application. There are currently 2 ways to be an instructor. If you've got a Udemy course that's approved, you can apply it for free and we will judge based on how many students you have and how many people like your Udemy course.
If you've got several courses up the student’s love on Udemy, we will be happy to have you on Uthena.
If you don't have courses up on Udemy and you can't be bothered to put them up, do a little bit of marketing and get some of your own students in them then we invite you to join the Partner Program at jerry.tips/partner.
When you join the partner program, we will work with you, coach you and will get you set up teaching not just on Uthena but we can help you get teaching on Udemy, Skillshare and, StackCommerce also in the partner program.
John: Suppose a hundred people enrolled for one call. How will you manage?
That's a great question, John. Thank you for asking that.
Open this link jerrybanfield.as.me.
You can go to the appointment schedule. What I've got, you can set your time zone. I've got these workshops set up like this. So, there are only 27 spots in them. I changed it from 100. I thought about that the other day like if a hundred people get in one call, that's gonna be too many.
27 is about the maximum we can do comfortably. For example, you can see there are 2 spots that have been taken and there are a couple of more people intending to join this on Wednesday.
Thus, you click continue on this one to select that spot, fill in your details, pay and then you get a link directly via email plus a calendar invite to set that up.
How do we actually run these calls? We go through and run the calls by allowing everyone a chance to talk. I open up the call and the more people are on the call, the more organized it is. If there's 1 or 3 or 5, it's just kind of a free-for-all and we all talk.
If there are more than like 5 people on the call, what I do is everyone gets a couple of minutes to ask questions and talk. For example, if there are 27 people on the call, everybody gets about 2 minutes to talk and we just go around and everyone gets a chance like okay your turn, you got 2 minutes to tell us what's going on with you. What are you doing well with? What do you need help with?
Everyone goes around and has a chance to talk. This is usually a really helpful perspective. We'll have people that say, Hey Jerry, I'm earning $10,000 a month on Udemy right now. I want to know how to take it to the next level. This is what I'm doing and these are my questions. I can give sometimes a quick answer and other times I won't say anything.
Then the next person will be like Hey, I've never made any money online. I don't even know where to get started. What do you suggest?
This perspective really helps all of us to optimize what we're doing because a lot of us are struggling when we're lacking perspective. It's impossible to be depressed when you've got a good perspective on the rest of life because things like depression happen because all we're thinking about is ourselves in our situation.
When we start thinking about people around us like this person has just lost their child. This person's getting a divorce. This person is struggling in their business. This person's mother is dying. This person's child is in addiction. This person is struggling with addiction.
The more we get into what everybody else is doing, the harder it is to get into negative things like depression and then easier it is to see where we can uniquely offer value.
That's how I started doing these workshops is because I see, if you want to get some real help online, it's difficult. If you want somebody to actually listen to you online, it's difficult. So, I’ve just started these workshops to help me and everybody else that's in the workshop listen to you.
If you just want some quality time with me all by yourself then you can get in on the one-on-one calls and some people have done one-on-one calls with me. For example, I'm thinking of one Udemy instructor.
He started off making $600 a month and he did a one-on-one call with me and by the end of the year, he was up to thousands of dollars a month following my advice.
Ramsai Dupati: I have a course on Udemy with around 163 students enrolled. Can I publish it on your website?
Yes, you can apply to be an instructor if you've got a Udemy course and you've got some students enrolled. We generally are interested in putting 4+ star Udemy courses up because well you can go put it on Udemy and prove that people actually like it and then we'll put it up on Uthena.
We've got hundreds of courses that have proven to do well on Udemy all in one bundle and ultimately on Uthena, we succeed by giving students a really good value. 421 courses for less than a dollar each.
Therefore, if you've got a course people enjoy on Udemy, we'll be happy to put it on Uthena. Just go up to teach and hit apply there.
John: Do you hire?
Yes, out of this, the majority of the revenue that was not converted to profit has been spent in 2 ways.
One, paying other people i.e. contract labor. I've paid probably close to $400K to other people online. I've helped a lot of other people to earn a lot of money directly by working with me by paying out to graphic designers, course creators, etc.
I've spent over $100K on Upwork alone and I've spent much more than that just by direct payments. So, yes. I do hire.
Right now, I've just gone through a period of reasonability as my father would probably say. I've been spending more than I've been earning every month in 2019 which is something I had not done since 2014 or 2015 and I did that to get Uthena up to where it is today.
So, now I'm taking my hiring and spending at a much more steady pace. I intend to show you a month of profit for the first time in 9 months in September.
Thus, if you want to get hired, the best way is just like John just keeps showing up on YouTube, keeps showing up on live streams. Show up to some of these workshops.
Almost everybody I've hired that was not hired on Upwork, I've hired through things like buying my video courses and posting discussions which that doesn't work now because I don't make new video courses.
I intend to do most of my hires from 2 places going forward. Out of the workshops and out of the partner program. For example, one of the partners joined for life and then has earned $17,000 with me. That's how they get hired.
I do an income report once a month as I did the Income Report for August 2019. I understand how many of us want money, struggle with money and yet a lot of us feel like we can't talk about money. One of my big reasons for doing these income reports is just to help you and the whole world be more comfortable talking about money.
Money is nothing weird, nasty or evil. It's just another part of life and if you want money, the first step is to get comfortable talking about money, learning about money and sharing about your own money.
Thus, I lead by example. This is my money and some of these income reports have been the most painful income reports I've done this year because I've been spending so much and yet there's a time to spend money to make money and I've enjoyed all the money I've spent.
This year has helped a lot of other people earn money. At the same time, it's important if you have a business to consistently make a profit, do that by minimizing expenses and maximizing the value that's given.
Lots of us on these workshops have the same kinds of questions and I get so much help and inspiration. These workshops are my chances to listen and learn. Same thing with the Livestreams. These live streams help me listen, learn, see exactly what you need and what you're interested in.
That helps me to know what I can create. What I see as a creator online is other creators are getting very good at creating what people are looking for now. I see the next level is how to create what people are going to be looking for before Google or YouTube or any of these keyword tools even realize it?
How do I know what you're going to be searching for next year for example? I see that the more I listen, the more I know exactly what topics you need to be created.
The key to all of my income is knowing what to create that'll make the biggest difference in your life. The mindset is critical. The mindset I'm in when I create makes a big difference to the value that you get of the end result.
I do live streams almost every day. When you smash the subscribe button on YouTube and turn the notifications on, you'll be in the best position to actually see the streams or you can follow on Facebook and hit see first and turn the notifications on.
If you want to come to see me in person, I'm filming my first live show in front of either no one or whoever shows up tonight. I'm so excited that I've got a whole plan of videos I'm going to film if nobody's there. What I found is anything worth doing is worth doing poorly.
Thus, I've got the Jerry Banfield show locally started. I'm learning how to do some marketing and advertising locally because then I'll be able to teach that.
I love you. You're awesome. Have a wonderful day. Thanks for making this a great stream and I intend to see you live again soon.
Love,
Jerry Banfield
Posted from my blog with SteemPress : https://jerrybanfield.com/income-report-for-august-2019-with-jerry-banfield/