so February has ended and hereās an update to my goals of becoming self sufficient only by passive income. sadly nothing has changed. as of now the current items that i have that is making passive income are as follows.
01. gin rummy iphone app game : getting 25% from all sales to be paid out every three months. there is still 4 years 9 months remaining for this. if we go by the first three months and if sales stay the same then that averages to $300 / month
02. vizpowered : web site hosting. we currently have 3 clients. after paying all the bills associated to it we are averaging about $40 / month. split that with my partner and we are looking at about $20 / month in passive income.
03. fun fun animals iphone app : sadly the sales on this app has been extremely stagnant. so far itās sold only 12 copies in the last month. after apple takes 30% and then splitting that with the developer there really isnāt anything.
04. happy hour invite iphone app : still in the development phase. iām going to be having a meeting tomorrow with the two developers to try to get the project back on track. hopefully there will be more progress.
on the design business side things are a lot better. currently iām working on three projects. these are the summary of the projects iām currently working on which pays the current bills until i can achieve my goals.
01. start up web app : itās a 13 week project and itās in the 11th week. the total amount for the project is $30,000 ā iāve already submitted $20,000 and and thereās a remaining $10,000 on the invoice. the client is very happy with the designs and hopefully i can finish the project on time.
02. non profit website : this is a 9 week project. itās currently in the 2nd week of design. so far itās going well but i can see that the clients will be very demanding. the total amount for the project is $8,000. as long as i work every day i should be able to meet all deadlines.
03. just signed another project which is a concept application design. this design will be presented to clients to show off the underlining technology behind the application. itās not a consumer facing application so it should hopefully be fairly straight forward. the only concern i have with this project is the super short deadlines. it needs to be done in 3 weeks. thatās 2 weeks of design and 1 week of production. the amount for this project is $20,000. so in that sense itās nice that thatās a nice sum for such a short period of time.
needless to say i wonāt be taking on any additional projects til some of these are finished as iāll be working my ass off to make sure i meet all deadlines. there is also an outstanding invoice of about $5,000 from another client. so all in all including the invoice already paid for 2010 i have a total of $63,000 in total invoices for 2010 so far.
so in some sense moving back to Seattle has introduced more projects which are paying very well. so in short ā total of 4 projects so far for 2010 for a total invoice of $63,000. not bad⦠not bad⦠now just have to work on the passive income projects so that i can meet my deadline of end of 2010.