I’m having a great blogging income month. In fact, I’m having such a great month, that Mr. BFS and I had the serious when-can-I-quit-my-job talk. Here is what we discussed about blogging full time and the target number we’ve worked out.
Blogging Full Time Realizations
1. When I am blogging full time, we will need to pay an additional $200 a month to have me added to Mr. BFS’s health plan.
2. I will need to keep in mind that my blogging profits will be taxed. It’s hard to forget since we’re doing this right now, lol.
3. We will only be saving some gasoline for my commute. All of our other expenses will pretty much stay the same since I don’t spend much at all on business clothes and I already bring my lunch.
4. Our 2nd Roth IRA will become a necessity since I will no longer be able to contribute to my 401(k). Mr. BFS wants to visit a financial planner to make sure that his pension, 2 Roth IRA’s, and my stagnant 401(k) will be enough to fund our early retirement dreams at age 52.
5. After looking at our current budget and taking into account the above realizations, I will need to consistently make at least $2500 a month in order to pursue blogging full time without giving up our current lifestyle and savings goals.
So, the bare minimum magic target number for blogging full time is $2500 a month. After taxes and the $200 a month I’ll need for healthcare, that will leave us just enough to cover all of our current expenses and save for all of our early retirement goals when combined with Mr. BFS’s income.
Here is what I’ve made blogging every month so far:
- February – July 2010 combined – $704
- August 2010 – $1803
- September 2010 – $525
- October 2010 – $1274
- November 2010 – $838
- December 2010 – $496
- January 2011 – $895
- February 2011 – $1082
This means that on average over the last 6 months, I am only consistently bringing in $850 – a third of the $2500 I will need.
March is shaping up to be absolutely amazing since I’ve already brought in $1500 and have another $750 on the way, BUT this is NOT a normal month. I’ve just happened to receive 3 large sums of money for advertising deals I started working on in January and February. All of these deals are for 6-12 months, so I can’t expect the same results in April. My only safe way of blogging full time is to continue following my daily blog to-do list.
I am estimating that I still have 12-18 months before I can honestly say I am making $2500 or more a month, every month, so I can start blogging full time. I will take the plunge as soon as a consecutive 4 month average is at least $2500 and I am confident that it will continue.
If you’re interested in how I got to this point at all, check out How I Make Money Blogging. Thanks!
Am I missing something? Any blogging full time suggestions?