the richest man in atherstone

This series of articles was inspired by a wealth-building strategy created by Stuart Goldsmith. It is called 'Double Your way to a Million Plan' and you can sign up for your free copy on this webpage. For a brief outline of the strategy, take a look at this post.

Things are going well in my Doubling to a Million Project, so much so that I haven't had the time to update my journal as much as I would have liked. At present, I am working on an web application idea that will hopefully help me make it to Step 20 by the end of the year. I'll perhaps talk a little more about that in the near future as it's still in the development phase right now. Meanwhile, here's a breakdown of my income and expenses between April and June 2008:

Income
Advertising on my websites£1739.86
Freelance Work£24.00
PayPerPost£9.92
Squidoo£3.16
Interest£18.31

Total£1795.25

The lion's share of website advertising came from the IceSave Savings Account Review I wrote on this website with the remainder coming from a mixture of Google Adsense, Affiliate Marketing and Banner displays. The freelance work is for the provision of website hosting to a friend and the interest came from my Alliance + Leicester Premier Direct Account.

I also earned about £50 from ClickBank (using the Bum Marketing Strategy) but that is sitting in my ClickBank account waiting to reach my withdrawal threshold (set at $200USD - about £100) and so has not been accounted for in this quarter's report.

Expenses
Web Hosting & Domain Names£18.42
Marketing£40.00
PayPal Fees£1.68
NICS (Class 2)£22.00

Total£82.10

The Marketing category was an experiment with Google Adwords that didn't turn out too well. Fortunately I stopped it before all my funds were dried up, so I still have a little sitting in my Adwords account until I can think of a better use for it. For those not accustomed to Class 2 NICS, it's a fixed National Insurance Payment to the taxman that us self employed people have to make each week.

Profits
£1795.25 - £82.10 = £1713.15

As mentioned in January, I am now paying myself a wage for my Doubling exploits equal to one third of profits earned, so that brings my total to:

£1713.15 (Profit) - £571.05 (My Wages) = £1142.10

I've guesstimated that another third (£571.05) will be deducted as taxes but I won't need to account for this until the end of the financial year so (at least for now) it's mine

Before this quarter, I had earned £506.21 for my Doubling Project, so adding my latest earnings to this, I now have £1648.31. This means I've completed Steps 17 and 18 of the 28-step process and am now part-way through Step 19.

Only two more Steps to go to achieve my goal of completing Step 20 by the end of the year.

Step 17 Complete
Step 18 Complete
Step 19 In Progress
Cumulative Cash: £1648.31