Monthly Goal Update: May 2018

I’ve simplified my goals for 2018. Last year I had 9 goals and I felt my attention was spread too wildly. For 2018, I’ve reduced the total number down to 5 and I’ve tried to select goals that are easier to track and more interesting to follow.

I’ve set a goal for business, contribution, finance, physical and relationship. Here they are….

 

2018 Goals

1. I will easily complete and launch Innovative Self Publishing in 2018

This is my priority goal for the year. My original plan was to reduce my overall commitments this year to primarily focus on achieving this goal. If you read my update from last month, you’ll be aware that I did quite the opposite by training almost full time in BJJ over the past 4 months.

The head instructor at the grappling gym went back home to Australia for a few weeks so he closed the gym. This coincided with a knee issue I’d been having so I made the most of the time off training to relax, heal and do some others things. This enforced rest has allowed me to step back and realise how much the training was taking over my life. Don’t get me wrong, I loved it, but a lot of other things suffered, including the course.

I’ve since been back to work on the course and it’s felt very satisfying to be progressing with it once again.

As far as actual tangible progression with ISP, May has been below average. It took me longer than I anticipated to get my head back into the writing, but there were a couple of significant factors that affected my output.

GDPR

I knew from the 1,000’s of emails that I’d received that GDPR was due to go live on the 25th of the month, but I wasn’t sure what it was and if I had to do anything about it??

It turns out that I did.

In usual “Huw fashion”, it took me 3 days of reading up on it to feel like I had a grip on what it was all about, and how it would impact me personally and my ISP teachings. I actually had a couple of restless nights prior to understanding it more.

It turns out, that I had to update all of my websites (for each of my pen names), as well as the ones I own under my own name. A few of my sites were also outdated so I took the opportunity to bring them up to standard.

Thankfully, in some ways, I hadn’t completed the lesson I was working on, which is based on creating an email list for the author as I had to re-write and re-structure chunks of it to make sure it was GDPR compliant. I’m always happy to take responsibility for myself and my actions, but it made me a little uneasy to vouch for my coaching clients actions, especially as I was still trying to understand it.

I needed to make sure I was offering sufficient support without making myself liable.

The lesson is now taking shape and I’m hoping to start recording it this week.

Earning $28,000 a month with Kindle

I caught up with an old Kindle friend recently. We used to be in the same mastermind back in 2015/2016 and we hadn’t caught up in over a year.

I had noticed a drop in some of my book sales in the last 3-6 months, and I asked how he was finding it. It turns out that he had also experienced a drop and was now ONLY EARNING $28,000 a month. Tough times!

I know he doesn’t arse around with others projects like making courses, businesses, coaching, BJJ and alike. He focusses solely on Kindle Publishing and he’s rightfully made a success out of it. Interestingly enough, he wants to move away from Kindle as he feel’s it’s not viable for him to earn $1m a year using his strategy. Now that’s drive!

I asked if we could catch up for a video session to see what I was missing. I was keen to pick his brain and see what he thought about my current process.

It turns out that we do largely the same things, like 80-90%. We don’t really do things differently, he just does them on a larger scale (bigger email list and budget) and focusses on certain areas much more than I do (his advertising budget was 10 times more than mine in relation to his earnings). I was both reassured and disappointed at the same time.

On the one hand, great, I’m largely doing things right. I just have to tweak a couple of things and do more of them. Simple.

On the other hand, I couldn’t help but think…. What would I be earning now if I just focussed on Kindle?

I implemented what I’d learned during our call and noticed an almost immediate increase in sales. I got a little carried away and worked on my publishing business for an entire week, rather than the 2 days I’d originally intended but I wanted to strike whilst the iron was hot and it was making a difference.

I’m so glad that I had that chat with him. I had felt a little down to see some of my earnings drop – despite not really working on my business – but it made me realise that I have a lot to offer others and to get cracking with the course, and that it was silly not to do anything with my business. A little bit goes a long way and I can certainly do that!

I haven’t told you about all of my fears and doubts about ISP, but I have many and often. I believe it’s been one of the big underlying reasons for the delay in its completion.

Each day and each week I work on it, I find those doubts diminish. Unfortunately, the reverse also happens. The way for me to ultimately achieve this goal is the prioritise it with my actions and keep the wheel turning.

If you’re interested in working through Innovative Self Publishing when it’s complete, CLICK HERE to join the waiting list. I’ll be sending everyone on this list updates on its completion date, as well as offering initial discounts for the first launch.

 

2. I will easily raise £7,000 for ‘Building Schools For Africa’ in 2018

I started a fund in 2017 to help raise money for the UK charity Building Schools For Africa. Rather than sending a few quid here and there for different charities (like I did in previous years), I decided to use my ambitious nature to “go big” on one.

A school costs £20,000 to build, which is going to take time to accumulate. I’m personally contributing to the fund each month, and when Innovative Self Publishing is complete, I’ll be donating 10% of its profits.

In 2017, I contributed just over £2,000 to the cause. By the end of the year, the total stood at £3,000. At the end of 2018, I’d like the fund to be worth at least £7,000. I’ll need to almost double my personal contributions in 2017 to achieve this amount on my own. The success of this goal will be heavily influenced by the completion and promotion of Innovative Self Publishing

In May, I was able to give the fund with £250 and it now stands at £4,250 (21.3% of total).

If you’re interested in helping me fund a school and reach my target, you can contact me at huw@financiallyfreeby40.com.

 

3. I will easily earn more than £8,500 in Passive Income in 2018 (£708 per month)

In 2017, I earned £7,190.98 (£599.25 per month) in dividends and Peer to Peer income.

My long-term goal is to save and continue to invest all of this income so that it grows to a level that surpasses my current income level via publishing. I have a long way to go, but I’m encouraged to see that each month I take a step closer.

So far, 2018 has been very positive when I compare it to last year:

 

Passive Income

2017 2018
Jan £350.26 £483.09
Feb £517.28 £605.51
Mar £390.55 £380.08
Apr £311.93 £569.48
May £689.73 £783.05
Total £2,259.75 £2,821.21
Average £451.95 £564.24

I’ve earned £564 more compared to this time last year, which equates to a 20% increase YOY.

I’ve still got a lot of work to do to hit my goal by the end of the year. I remain confident that it’ll more than 2017, but £8,500 is going to be tight on my current forecast.

4. I will easily complete 25 x consecutive, strict chin-ups in 2018

I didn’t publish any physical goals for 2017 as I was struggling to overcome a long term rib injury. My attention was based on recovering rather than performance.

I made this goal prior to going back to BJJ, and honestly, this goal had lost its meaning.

Since stepping out of the grappling gym and recovering from my knee tweak, I’ve been back to chin-ups this month and it feels good to get back into it. My strength was better than I had predicted. Within two weeks I was back at the rep range I had left it and I have since surpassed it.

I don’t want to overdo the testing and train to failure too often, so I commit in advance, to filming a video of my max effort attempt next month to see where I’m at.

 

5. Lou and I will easily have 4 x two night holidays in 2018

In 2017, Lou and I decided to set aside the money we budgeted for date night and to use it for mini-breaks instead. We decided that a realistic but fair compromise would be to organise 4 x separate mini-breaks in 2018.

Each must consist of at least 2 nights away. You might think this is a bit of a joke goal and easy to obtain, but Lou and I have never been away from home more than twice in a year together. For us, this is a big step up!

If you read last month’s update, you’ll be aware that Lou has been experiencing a mini mid-life crisis, which resulted in her taking two holidays in May…. without me! She’s been catching up with old friends and having a whale of a time.

We agreed to assess how she feels when she returns before booking anything in. She might be a little sick of travelling at that point.

When she got back from Amsterdam recently, a little tired and run down (I’m guessing from the drugs), she picked up a summer cold. She confessed to not wanting to travel for “a while” as she’s had enough! (Insert laughing emoji). It’s alright for some isn’t it!

We’ve pencilled in dates to travel but I’m unsure if we’re going to do them or not. I feel that we should go for it, but I can be talked out of it, especially if Lou can’t face it.

So far for 2018 = zero holidays for Huw.

Once again, it appears I have my work cut out to achieve this goal.

 

….and that’s it for another month!

 

I want to take this opportunity to send out a big THANK YOU to everyone that’s signed up to ISP, joined my waiting list, left a comment, sent an email, liked a video or subscribed to one of my email lists. The support and encouragement means a great deal to me!

But that’s enough about me. How about you?

How was May for you? 

8 Comments

  • Michael

    Reply Reply 3rd June 2018

    Not sure about others, but I’m certainly wondering, $28,000 a month on Kindle???? How???

    Good luck with your projects Huw. Have you allocated a large part of your portfolio in P2P?

    Cheers,
    Michael

    • Huw Davies

      Reply Reply 4th June 2018

      Hi Michael,

      Good question!

      You can make up to 70% of every kindle book sale, and up to 40% on every audiobook and paperback sale (roughly speaking). You essentially leverage Amazon’s platform (100M+ of buyers) to sell your books in almost every country in the world.

      To oversimplify it, it’s just a case of scaling.

      As you sell your books you incentivise people to join your email list. Over time, you leverage the list to generate more downloads/sales during launch, as well as a higher number of reviews and general feedback.

      As your sales/review numbers increase, Amazon starts to pay attention to you and advertises for you, generating more sales. The Amazon advertising wave can have a remarkable effect. A single book netted me £18,000 in one year (ave: £1,500pm) across the 3 formats. If I can replicate those results across 15 books, I get to $28k pm. Simples.

      If you have a back-end business model to work alongside your book sales, you can get to totals that far exceed $28,000 pm.

      EG. You write books about investing. You also offer online courses, seminars, software to help find value, and coaching, which all go into more detail or offer more value/support. You can charge far higher rates in all of those areas, and in many cases, you can set the work up so it’s all passive.

      On the P2P front, I have more of my wealth in it than I would recommend (over 10%), but this is largely down to laziness more than anything. The rest of my money is in stocks. I’m interested in property investing, and I will no doubt take the leap into it at some stage.

      Thanks for the comment!

  • Chris

    Reply Reply 4th June 2018

    Indeed. I haven’t managed quite that much myself. But in the glory days of 2012, one Kindle book (and associated blog) made around £50K for me. I’ve let it drift since – but it is still generating £400/month revenue.

    (Un)fortunately for me, I decided to concentrate on my day job as I found it the Kindle thing less satisfying. But it’s good to know the opportunity is still there if I wanted to pursue it again.

    • Huw Davies

      Reply Reply 4th June 2018

      Thanks for sharing Chris.

      £50k is superb. Congratulations! 2012 were different times based on the opinions and numbers of my friends. I started in 2014, which wasn’t quite as lucrative as the early days, but I’m certainly not complaining.

      There’s still plenty of money to be made with books, whether directly or indirectly. I see it being that way for some time yet.

  • weenie

    Reply Reply 12th June 2018

    Hi Huw

    Well there was no way you would have really known about GDPR and how it was going to affect you when you started working on your course – hope it hasn’t set you back too much.

    $28,000 a month from Kindle publishing is insane! I’m not sure that I would be able to cope well mentally making that kind of money!

    You seem to be doing well on most of your goals at near the halfway stage so things are ticking along nicely for you.

    • Huw Davies

      Reply Reply 12th June 2018

      Hey Weenie,

      Absolutely. You can’t account for things like this. The headlines and potential fines concerned me but once I understood it, I realised it wasn’t that bad.

      Yeah, it’s a lot of money alright. I think like many things in life, once you experience a new level (of wealth, fitness, relationship etc.) you adapt quicker than you anticipate and it becomes the new ‘norm’. I’ve not earned $28k in a month, but I’ve earned a third of that and that was my experience.

      Yes, things are ticking along nicely. I’m enjoying life and slowly moving in the right direction.

      I hope all is well with you!

  • FinanciallyFree

    Reply Reply 13th June 2018

    Great to see your passive income grows month after month. Which Peer to Peer platforms are you invested in? I’m always looking for new opportunities. How much of your portfolio did you invest in P2P?

    All the best,
    Jørgen

    • Huw Davies

      Reply Reply 13th June 2018

      Thanks Jorgen!

      I’m currently using Lendy and MoneyThing for P2P, but the majority of my passive income is in stocks and shares, which all exist with the London Stock Exchange. I invested more than I would recommend putting into P2P due to an affliction I have towards having it sit in cash and having a lack of immediate options when we sold our house. My plan is to eventually withdraw the money that’s accumulated and use it to buy property.

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