I Took a $23,000 Hit in 2009 and I'm HAPPY About It!

14 replies
Hi Warriors!

My CPA called me last week - I had asked her to give me the (always) bad news about what I'm gonna owe the tax man. She informed me that thanks to my bad math skills I had already overpaid AND I had taken a $23,000 hit in income in 2009.

Now normally you'd expect someone to be depressed about that - but not ME! Here's why...

I didn't feel it. In 2008, I was working my fingers to the BONE - juggling my own Internet Marketing efforts with that of my ghostwriting branch of business. I was too dependent on that branch. As I've told others, I could run a WSO here and take in $15,000 in one day for ghostwriting - tell me that's not tempting! (The WSO area is a goldmine).

But tempting and rewarding are two different things. Ghostwriting is a one time income gig. I get paid, do the work, that's it. With my own info products, it's residual. With my PLR, it's residual. Work once, get paid for a lifetime.

So in June or July (I forget which now), I took a whole month off to see what my residual income was - without ghostwriting and without doing a lick of labor to generate new income. I discovered it was $200 a day and I recorded it on video for my list, etc. I literally didn't do one second of work but make that daily check in video for under 10 minutes.

During that 30 days off, I decided I wanted to focus the rest of 2009 on more residual income and let go of ghostwriting forever. And I did. Let me tell you - it's SLOW building residual income. Because unless you're churning out trash, it takes a bit of time to produce quality products you won't have to revise or refund continually.

Plus, I was burnt out to tell the truth. I was burned out on ghostwriting because I worked that branch HARD.

From August to December I still made plenty to pay the bills, have a nice Christmas, etc. It WAS awkward - I had to learn how to manage my money better. I didn't have a chunk of $15k in one swoop to splurge with.

But I wasn't up working till 2 AM. I wasn't working 7 days a week. I got to play with my kids more. I learned more about long-term financial health.

Bottom line - I'd pay $23,000 again today to make me this happy. And guess what else I did? I went through my hard drive and took all my projects that I'd started and not finished and deleted them.

I took all the outsourced content I'd paid for and deleted it. I didn't want to look backward at all. Only forward with a carefully mapped out plan of action for 2010 that I'm working on now.

To all of you who are unhappy right now with what you're doing, you may have to take a step backward like I did to finally find your groove with something in IM that will make you happy. I even told my husband I could take up ghostwriting again (when we were considering a big purchase and didn't want to wait to save the money) and he said, "No!" He knew how much more work it was for me and how it drained our family.

During this week, think about what you want your business to FEEL like. It shouldn't be a chore or something you dread. That's what J-O-B-S are for, right? This is your canvas - paint it any way you like!

#$23 #2009 #happy #hit
  • Profile picture of the author Ken Preuss

    Very inspiring and highly educational post in so many ways. Unbelievably timely for me, and I bet for many others as well. Thank you.


    Coming soon for all you IM junkies... The Internet Daily Show

    A Secret to Success: Making serious money online or offline is not complex unto itself - we're the ones who complicate it. Simply sell them what they are already buying.

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  • Profile picture of the author Jesus Perez
    This exact thing happened to me with Web Design. I actually make more money...with less stress, from my products.

    Glad you lost the money, too!

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  • Profile picture of the author Sylvia Meier
    Excellent post, Tiffany. I think too many of us get settled into the nice big chunks of income, without thinking about the fact it is a one time check. Whereas with the residual steady streams, you can take the day off, you can do the things that really matter, that really count, and guess what, you still are making the money, but you aren't burnt out, you aren't overworked, and the things that matter in life are being dealt with.

    Best wishes for you in 2010.

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    • Profile picture of the author gareth
      Tiff I follow you on twitter which is how i found this thread.

      Yep ghost writing must be awfully hard work & I appreciate those folks that do it for me.

      Also yes it seems to take forever to develop decent products - I'm using mind mapping and modularizing mine so I can reuse much of it by mix & match in different products.

      Had a great last couple of days - found dozens of public domain bodybuilding & muscle training courses.

      So this will speed things up greatly.
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  • Profile picture of the author cashcow
    This is very timely for me too!

    I actually just made the decision a couple of weeks ago to focus more on building my PLR business and less on the one time payment that I get for selling websites.

    PLUS, I swear I am not going to go chasing any new shiny ways of making money this year! (OK, maybe one or two, but only in my "spare time")

    Gone Fishing
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  • Profile picture of the author SuiteJ
    Awesome post Tiffany!

    I'm so glad you lost $23k and I hope you lose over $100k next year....er...no...wait...that wouldn't be good...

    What I meant was I hope you're 5x as happy in 2010!

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  • Profile picture of the author deckman
    Hi Tiff,
    Your thread is very timely indeed. Thanks for starting it. I want to someday be an inspiration to others as you are.

    You built a lens for me back in 07. I have done very little with it and I was amazed the other day when I did a search to find the lens still ranking 1st page Google generics. Great Job !

    I Have since been wondering around in cyberspace and almost got lost in the info overload. How ever it helped me to realize what I was looking for. Long term residual is what I am going after. The niche that I found is one that I can enjoy and the best part is that I can write off close to 100% of traveling abroad.

    Bring on 2010!
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  • Profile picture of the author TiffanyLambert
    LOL yeah Jay 100k might make me feel a bit of a pinch ~

    Deckman - that's cool that you're still #1 in Google! Must be that cool location in you're in ~
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  • Profile picture of the author deckman
    Little cooler than normal but all we have to do is wait a few days.
    Has all your snow melted yet?

    Actually I think it was the cool chick that built the lens!
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  • Profile picture of the author theemperor
    Nice one Tiffany. Well I am amazed at the amounts of money being talked about - $15k in 1 day seriously! Well done for speeding up to that level, and well done for slowing down again and valueing othe things in life.
    Learn to code faster, and remove the roadblocks. Get stuff done and shipped! PM me and I can help you with programming tutoring, specialising in Web and the following languages: Javascript ~ HTML ~ CSS ~ React ~ JQuery ~ Typescript ~ NodeJS ~ C#.
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  • Profile picture of the author RebeccaL
    Great post. There comes a time with everyone where you simply have to make adjustments and do what you WANT to do, even if it does mean less money initially.

    I just posted a few minutes ago about a similar adjustment I'm making for 2010 -
    Not a Resolution, a 2010 Goal – Work Less Hours

    Best of luck with it, I too went through a period of working "one time" for clients - whilst the money is always great at the time, deep down you know that it's not much different than having a real job - passive income is what we should be striving for!
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  • Profile picture of the author djrico01
    very nice story it inspires me
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