Sources of Income

income-moneyTonight I thought I’d share with you my current sources of income and places where I would like to potentially make more income this year.

Blog Editing

I’ve been running a corporate blog for a well-known publishing house for over three years now. The money that I make through this blog pays my rent each month. I’m very lucky to have this job because it’s a great source of income. The people I work with are my former co-workers (I used to work in the department, then quit to take on another job, after which I transitioned to freelancer.) The job is not difficult and it does not take up a lot of my time. I do roughly two to three hours of work on this blog each week.

Transcriptions

This is a new job for me that just began this week. I transcribe close captioning files for television shows. The money is also quite good for the work: $2/minute of show. Thus far I’ve done three hours worth of television transcription this week, which paid out to $356. It takes me about an hour to an hour and a half per show, meaning I’ve done roughly six hours of work for the week. That averages out to about $59/hour.

Gift Shop

On Mondays and Tuesdays I work at a local shop in my neighborhood for $10.25/hour (aka minimum wage) for seven hours each day. That’s down from eight hours per day, plus seven hours on Saturdays during the holiday season. I make $143.50/week, minus taxes at this job, for fourteen hours of work. While the job is easy and not very taxing, the amount of hours I spend there at such a rate is not helping me much. However, I have been asked by the shop’s owners to build an e-commerce website for the shop–the first in its twenty-year history!–and I’m hopeful that this project will be both lucrative and long-term.

Potential Sources of Income

Elance

I’ve been on Elance for some time now. It’s recently merged with oDesk, another freelance community for potential projects, as far as I know (having never used it). While I like Elance to an extent, it’s time-consuming, building proposals. I’ve gone as far as even recording myself giving a pitch to a potential client because under30CEO advised that this was a great way to differentiate yourself between all the other Elancers bidding for the job you want.

The one job that I did end up winning was a small email marketing project. Essentially I built two simple email templates and uploaded them to MailChimp. So, after that happened I thought I would continue searching for MailChimp projects on Elance. Only problem is, I’m bidding too high on them, I think. My first bid won because I accidentally underbid myself. I only made about $35 for the whole project, not the $35 an hour I was expecting to make for it. I tracked the hours and it came to about $145 worth of work (about four hours worth of work). I chalk it up to experience.

I’d like to continue doing email marketing stuff via Elance, so I’m going to continue writing proposals and testing out what works and what doesn’t. I finally watched one of under30CEO’s Youtube video proposals and comparing it to my own, mine feels very stiff and wooden (mostly because I was reading off a script) and his was very natural. Although he’s a bit too sales-y for my taste, I guess you do have to overcompensate with your pitches, especially when you’re doing them via video. Also, his location and camera are way better than my own. He’s up against a gorgeous red background, you can see the hint of a beautiful flower in the corner, he’s sitting in a comfortable chair. Me? I’m sitting at my dining table. You can see my pantry and the kitchen behind me. Which sounds more professional? Alright, so I got some work to do on the video proposal front!

Fiverr

I am not on this website yet, but I could see myself doing quite a bit of work on here. The only thing is, I don’t want to focus on the same thing as I do on Elance. I think on Fiverr I could focus on my copy writing as opposed to the more technical stuff that I can do (i.e. web development and marketing), so that is what I’m going to put my focus onto on Fiverr.

This Website

While I know that this is my personal blog about finance, I know that it also has the potential to making me some passive income if I work at it. Guest blogging, sponsor links, I’m not even sure what else there is out there, but the potential is high if I work at it.

So, all in all, I work about 23 hours per week with the projects that I currently have. That means I have another 17 hours left in a work week to fill up with other work. I forget that I used to work these kind of weeks no problem. Being freelance means making your own hours. Today I’ve been working for roughly ten hours and I’ve done only a handful of the things I wanted to get to. How do other freelancers do it? I know having a set schedule is a good idea, but I kind of like the fluidity of my days. I love that every day is different.

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2 thoughts on “Sources of Income

  1. Olga, thanks for sharing these! I’m really curious to learn more about how you found the transcription gig. Is this a job you can do at your apartment from a laptop? $56/hr is great pay. Also, your blog looks very professional and is well-written. I guess being a professional blog editor pays off. Best of luck going forward!

    • Hey Justin! Thanks for stopping by my blog. I got the transcription job through a friend. And, yep, it’s a job I do from home. The number may be a bit skewed because I hadn’t properly done an average yet. It’s probably closer to $40? The math keeps bogging me down. I have to write it down to really get the number right, but regardless it’s a good gig and I enjoy doing it!

      And thank you for the kind words. I’ve been writing and editing blogs for some time now and I love building websites. :) If you ever need any pointers, just give me a shout!

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