How Much Money I Made as a Coach & Meditation Teacher in 2024 (Full Income & Expenses Breakdown)
In this episode, I bare my financial soul. I share my full revenue from all the money I made as a coach, speaker, and meditation teacher on Insight Timer, Aura, and Simple Habit last year. I also share a report on my key expenses and investments. My hope in sharing my financials as a wellness business owner is that it shows you what's possible and encourages you to stay on your path. I'm rooting for you!
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Podcast Transcript
Hello. Welcome to another solo episode of the Art and Business of Meditation podcast. I am your host, Lou Redmond. And today we have a special one. We have what everyone wants to know. It's like something that gets to be shown that not a lot of people show. So there's some energy around what I'm going to show you today. Before I get to it, I want to highlight, offer, promote my Meraki Mastermind. Meraki is a Greek word. It stands for doing something with passion, soul, creativity, love. It is putting a piece of ourselves into our work. And if you're listening to this, I can assume that that's what you are doing with your work or you aspire to do that. You have an inspiration, you have a heart filled creative impulse, a part of you that you want to share the gifts that you want to put out in the world. And this group helps you to do that. It gives you the foundations, it gives you the structure, it gives you the accountability, it gives you the connections. And it's not a program, it's not a course, it's not something. You've taken those already. Like, you don't need any more courses. No, courses are great. Courses are awesome. But this is not a course. This is really a community of other meditation teachers and coaches that are going through it and just being in the energy of the group is super inspiring and momentum building. And we have guest experts come in that just get to riff and you get to ask questions. You know, guests that are on this podcast, we often have them come into the group. It's kind of like an intimate experience with them. And it's just a really sweet place. And so if you're listening to this and if you're feeling like, you know what, I could use something to boost my business, to get things out there, to get things moving, and to find other people that are doing it like you are, please consider shooting me a message, seeing if Meraki Mastermind might be the right fit for you while their doors are open a few times a year. I'm always accepting new interest, get you on the wait list. So no matter when you're listening to this, shoot me a message and I'd love to chat more. Okay, so one of my superpowers is radical transparency. And beyond our naked bodies, the thing people feel most guarded about is often sharing their finances publicly. And since I'm not a fitness coach, I'm going to spare you the picture of my abs. But since this is the art and business of meditation and I help creators and teachers like you Make a living. I want to take you behind the scenes of my Money Life of 2024. I hope you find this helpful. I always love hearing how coaches and creators piece their living together. I've done a podcast episode about this last year that you can check out from 2023 too, but in 2024. And so let's get to it. My total revenue in 2024 was $118,984.10. So this was actually $4,000 less than the year prior, which means for the first time in 10 years, my revenue went down. But I'm not usually one to flex the lifestyle of this work. But I have to say in 2024, I spent all of January in Guatemala, had a retreat there, and got to spend some time on the beginning and the back end of that retreat. So entire month in Guatemala. I spent a week in both Colorado and Arizona for different retreats. I spent June in Italy for my wedding, which was one of the most remarkable experiences of my life. We then traveled to Vietnam and Bali for our honeymoon and we got back in August. And then a week later we went for a week vacation at the beach with family and then 10 days in September in Oregon to scope out what would become our new home. And amidst all of that travel, all of that life events happening, being not working, I made almost $120,000. I mean, that's not bad. Like I say, I don't think anyone should work for themselves for the lifestyle, but it does allow one to spend more time on what matters most without the constriction of two weeks paid vacation. Like, it's really incredible. It really is. I have to just say it because we get to spend time on the things that actually matter to us and not live in these boxes that corporate world puts on us. And this is no knock on people that are at corporate jobs, but we get to really create a life that is fulfilling on all fronts. And I made a little less money last year, but really I focused a lot less on business last year. I focused more on personal healing, on relational healing and that work. So I'm super grateful for how last year turned out. So let's break down the revenue one on one. Coaching. I made $46,050, which is down 7,000 from last year. I have been supported every step of this journey and I find that opportunities when I need them, they come and they also dry out when I'm being asked to focus elsewhere. As I entered into matrimony and started working with different people in March, I really actually didn't have many new clients come through until August. I have clients that I've worked with or have, you know, done their packages with me. So I was still working one on one, but there was no new clients coming in for about four or five months, which is the longest it's ever been for me. But it gave me the space to really focus on what I needed to focus on during that time. So I feel like that was a blessing from God that there wasn't new work coming in because I might not have had the space for it. And I actually have really been finding myself at this crossroads in my one on one work. For the last six years, I've been a general life coach working with people on a range of topics. And now they might be around confidence and purpose and meaning and things like this, but as I've been growing this podcast and my mastermind, I find myself leaning more into mentorship of meditation teachers and coaches and creatives who want to make what they love what they do. And I still love working with regular people on more of a broad topic. So I feel like I'm trying to figure out how to do both of them and not make it confusing because I don't know if I can just be a coach who just coaches, coaches. That's. I don't know if I want to. You know, I. Guys, if you listen to me before on that, you know, I have some, you know, feelings and thoughts around that and maybe some blockages. But anyway, I'll have more to say about this a little later on. Insight timer, I made $36,356.44, down 3,000 from 2023. And I think 2023 was down 4,000 from 2022. So this has been trajectory with Insight Timer. And if you've been following along, you know, Insight Timer made some big changes in June, to reiterate them, they changed the payout split from to 6040 teachers, making now less. They did this to get the company profitable or there will be no Insight Timer. And it worked. They also stopped paying teachers for course comments. And as someone who got a lot of course comments, I was lucky to ride that wave while it lasted. And they were also generous. So this happened in June, but they created a $550,000 teacher fund that was paying us out for three. And so this effect really didn't start happening until about October. And so I have a blog post of this where I share a graph of. And you can see that drop off. And it has continually dropped off and you can see, you know, you hear more about the CEO Christopher Plowman. Talk about this in a podcast that I did with him. But it really has continued to go down for me, and I'm still trying to figure out what to do and how to focus on Inside Timer. I have so much gratitude for Inside Timer, endless amount of gratitude for it. And while some, like my friend Charles Freil, are thriving and I figured out this new system, I have not cracked the code and I haven't been putting a ton of energy into it. And this is another deeper conflict I wrestle with. Like, I feel like I should be feeding the thing that got me here, but I'm also being drawn elsewhere. And so I want to still see my meditation as an art and not content and not to just create for the sake of creating, to feed the system. And so I'm just continuing to listen for what is the artistry that wants to come through. Okay, next leg of income, Meraki Mastermind, which you heard me talk about in the beginning of this podcast. I made $24,065 last year. This was the first full year that Meraki has been out. And it would beg me the question of, can you create something special using just your email list and a Google Doc? And Meraki is proof that you can. I just launched the official web site, but for the most part it was just a Google Doc talking about it on my email list. And that is how it grows. Meraki is still at the literal heart of my work. It's part spiritual community, part business mastermind for meditation teachers, coaches and creators who see their work as a prayer. Meraki offers an immense value and intimate support that you receive from me for a fraction of private coaching. Plus, you get an amazing community. And it's funny, my coach, when I tell her how much I charge for Meraki Mastermind, she's like, wait a second. You should you be charging three times, four times as much? There are coaches that charge $25,000 just to be in their Mastermind for a year. My entire mastermind made less than that with all the people that came through. So this is not the type of mastermind it is. And I know that doesn't necessarily work in this industry. At least it doesn't right now. And so what I love about it is that it's a family, and it's just so nourishing to be in it and to see the connections that are made and the collaborations that happen between people that are in it. And it's so fun. So I'm already well on our way into our 2025 and it has grown in value. I'm putting more into it. I'm paying experts more to come in, I'm paying people for workshops. So there's I'm actually so far this year making less money personally, but creating more value with Meraki Mastermind and I think over the long term that that's going to pay off big time. Next up is Meditation Course Creator Academy. I made $4,621.32 again the first full year of that offering. It is a self paced course to help people create and publish meditation courses that move listeners, that create transformation, deeper connection and also potentially growing revenue and building trust with your potential clients. I used inspiration from the book Million Dollar Weekend and I sold it before I made it. So most people spend months creating an offer and then they might launch it to crickets and they waste a lot of time. But Noah Kagan says in his book rather what you should do is to sell the idea up front, prove that the concept is something that people want and once you have orders you a know people want it and B you have the resources to make the thing better. And that's what I did with this course. On creating meditation courses, I ran a beta test with early supporters and one of the big value adds was a live coaching call that I hosted each month. So I've since sunsetted the live coaching and I dropped the price from 297 to 150 to make it more accessible. So I hope continuing to work on promoting that during my email welcome sequence and to hopefully start to dial in a way to make that a bit more more passive is never a good term necessarily. It is technically passive because people are taking at their own time. But to actually have sales come in consistently, I still haven't figured out a way to do that without me explicitly talking about it over and over again to my newsletter. And so if you're listening to this and you're like, well, I can use a little boost of meditation inspiration. Creating a new course, you can use a little boost of a meditation creation. Maybe you're working on a new course or building your first course, go check it out, I think you'll really appreciate it. And if you sign up for the free course Meditation Script Mastery, it's a good place to start. You'll also get on my newsletter where I'll offer you or give you a 20% discount code for that course. So check that out if you haven't. Next is Meditation school. I made $3,031.03. So, Lou, what's meditation course Academy? What's meditation school? Okay, great question. So meditation school is David Gandelman's meditation teacher training, which I co taught in. There were fewer students this year. This was actually down $3,000 from the year before. So I had less involvement and David paid me less, obviously, because of that. And so David's been taking a break from running that in 2025, but plans are back and going to be thriving in 2026. So if you're looking for a meditation teacher training in 2026, go. This might be for you. Be fun to explore that with you. Next up, Aura, which is another meditation app. I made $2,000. $889.06 up $800. We have a bright spot. The only thing that really went up last year. Again, it's another meditation app that I create for. And my tracks have been gaining traction. I tend to not put a ton of energy there, and my loyalty is still to Insight Timer. But as Insight Timer revenue dips, I may be reconsidering next income speaking. $1,250, down $13,000 from last year. So that's a big cliff. And it's kind of a simple reason. In 2023, I was giving a talk called greatness is a whisper to high schoolers. And I just found a tough time connecting with teens. It just doesn't feel like where I'm meant to serve. So I stopped pursuing it. And in 2024, I only did one corporate workshop teaching the benefits of meditation, breathwork, and gratitude. And that was super fun. I always love doing things for actual adults. Even if it's that corporate world, it's. It was fun. So I'm open to more of those. I don't pursue a lot of it was just an opportunity that came my way, and that's where the 1250 came from. Now book sales for find you'd truth, $481.98. So those are the royalties. I don't promote Find your Truth really at all. It's in different places, so people find their way to it, and I should promote it more. It's a really good book. I'm so proud of it. It's still. It's the essence of doing work that you're really proud of, that you really put a lot of effort into. Even though I published that book in 2017, that's the evergreenness of a book. So maybe it'll catch on, you know, one day. You know, I see the, you know, it's you know, 10 year story of it just kind of being in the background and then boom, it's in Oprah's hands and, you know, everyone's got it. Who knows, we'll see what's happening with it. But people are discovering it, people are reading it and then coming to work with me. So it's still, you know, a ton of beyond value of just the sale of the book. And that's a really cool thing. Deeply proud of it and grateful for having that out there and wanting to maybe write a new book. I mean, I still, I consider myself a writer. You're probably hearing me talk about this conflict on the podcast soon around podcasting and interviewing and is that really my gift? I can tell you it's. It's definitely not. But it's also fun and it's an interesting thing that I've been doing. So more to say about that, I'm sure. But, you know, as we grow in this journey, just new conflicts arise, new problems arise. So even though I'm, you know, you hear me making a living doing this, it doesn't mean that I have it figured out. Like, we're all just figuring it out. So next little revenue stream. Simple habit. Another meditation app paid me $220 last year. And I don't have any idea what this app is up to, but they send me a little bit money, so I'll take it. So if you did the math, because I know you were with your pencil and making sure that my math checked out, but I think it checks out. That's roughly. Actually, it probably doesn't check out because there's little bits here and there. So it's rough. Estimates roughly around $118,984.10. Okay, expenses were $33,000, so this is all pre tax. By the way. My expenses were $33,733.84. My expenses were actually down 7.8k from last year. So biggest expense, well, actually not biggest expense, but consistent expense is my assistant, where I spent $6161.79 on an assistant. I don't know where I'd be without my assistant, Joyce. She is amazing. She keeps so many of the behind the scenes pieces moving. I've said this before, but this journey of coming into your work is learning what is your zone of genius. Stay in your zone of genius. Outsource as much as you can. And so Joyce, she does so much for me. I can't even begin, like anything, anything that I don't want to do, which is a lot of stuff she does. And yeah, she's amazing. Okay. Coaching and training. So I spent $10,000 $175 last year on my own coaches and my own coaching training. So I completed my second year Aletheia School of Coaching. They have such a robust method and depth beyond any coaching methodology that I've come across. So if you're feeling called to leveling up your coach coaching from and wanting also a space of deep spiritual development, I highly recommend Alethea. I also worked with a coach and business mentor, Laura dawn, toward the end of the year. It was my first one on one coach in a while and it was so exciting to be getting that level of support from someone who's been doing it for 20 years. Has built a sizable platform and she just has an expansive quality to her. So that was part of my one on one investment that carried over also into 2025. Okay. Retreats and in person experiences. I spent $4,000, $256. I keep saying dollars every time I say the thousands. I'm gonna stop. I'm not gonna rewrite it this time. $4,256. It's why, I don't know why it's so hard for me to read these things. Little over 4K. And so the beauty of this work is that I get to write off doing this work and like you get to invest in yourself. But it's also a write off to the business because I'm going out and going on retreats and I'm doing work that gets infused into the offers and to my work. So it all works out together. At least I think it does. I don't know. I haven't been audited, so when push comes to shove, maybe we'll see. But at least my tax person lets me write it off. You know, I'm going to, I'm going to blame it on, on her if it all comes comes to pass. But hopefully they're not cracking down on, you know, meditation teachers that are making a mere $100,000 a year. Maybe they got. Hopefully the IRS got bigger things to worry about, but maybe not. Anyway, we're going to keep riding it, riding it to that. But I think I'm okay just to say that. Just not to create fear. I think I'm okay. Audio editing. I spent $1,000. $593.55. You see what I did again? I said, I said the dollars and then the dollars again. I'm just gonna give up. So lots of podcast recordings this year, my man Lester, who's hearing this voice right now, is recording or editing this on the back end. And so I. I did a little less insight timer stuff. I'd had two courses, so maybe I lied. I did have two courses out there, but I love knowing that I can hit record, hand it off, and just keep my energy in the creative process. Next is technology stack. I made 4,000 or not made. I didn't make any money on my tech stack. I paid out $4,000, $500, $200, $70. You see, I keep doing the thing. $4,527.17. I'm like, I think I need to eat, guys. I don't know what's happening right now. It's late in the morning. I actually have only had a couple nuts. I just did a podcast interview right before this recording. So I'm just taking you behind the scenes of where I'm at. We're going to push through. We're going to get through this recording together. I hope it's okay. Hope you're enjoying learning these financial numbers. Okay, so the tech stack, that includes all the digital scaffolding, zoom, calendly, web hosting, domains, podcast tools, email, software, subscriptions, all the, you know, little things come out to about $4,500 a year. And then there's miscellaneous expenses that make up the rest of the $33,000. So we're getting to the end, don't worry. So let's break the numbers down. I know you've been keeping them close by with your pencil and your paddle. So 118,984 K minus 33,733K equals $85,250.26. That is in profit again, pre tax. And profit's actually up 4k from last year, so that is actually good. Made more profit. Profit is, is. Is the health of a business, so that's profit. But, man, did I spend money elsewhere last year. And so while I had fewer business expenses, I spent a lot wedding preparation. And so we worked with a ceremonialist. And so I had a, you know, I paid for. We worked on sessions beforehand, paid for her travel to go to. We got married in Italy and all of those. And we worked with a couple therapists. This was all around probably eight and a half to $10,000 on that work that we did to prepare. And with our ceremonial list, there's so much I have to say about our matrimonial experience. It's hard to. It's hard to talk about it. It's because it's so different. And when I say it's so different than a normal wedding, it feels like elitist, like I'm special or something. And that's been a hard thing that me and my wife have been navigating. But I went through something that was deeply meaningful and something that I wish more people had an experience of. And so I do plan to talk more about it in the future. I don't know where. Maybe I'll start a substack. If you're interested in any of that, shoot me a message just to give me some boost. Like, yeah, sometimes it's helpful to just be like, oh, someone would want to be interested in hearing how we did experience different than the 15 minute ceremony that's rehearsed. So more to say, not what you're here for, but I'll stop now. I don't really budget. I think I mentioned this in my last time, but I do donate 5% of my revenue to charity. So I have a bucket that just any money I make, 5% goes into this bucket. So it's always there, which just feels really good. And 2024, it's not completely 5% of my revenue because sometimes it rolls over. But I donated $5,542 in 2024 and that feels really, really awesome to be able to just circulate energy. I'll save the list of the donations this time, but it's a mix of different organizations and some people I know, some people that I do consistent donations to and some just that come up that feels like I call to share and give. I also have a fun account that gets 5%. So whenever I'm in a new city, you know, I don't have guilt about going out and just. Yeah, it's just fun to have that when I need it. And like I said, my bank account makes it easy to do this. So if you have a business, if you're looking to start a business and you're looking for a business bank account and you're okay with just an online bank account. I really like Novo Bank. Been a huge fan since I've been using it. All right, I need to eat something. Friends, I hope that this podcast was supportive and just hearing behind the scenes of how I break down this work as a meditation creator and coach. I hope to make some more money this next year. To be honest, I have a lot more expensive. We moved. I've been taking on a lot more and I've genuinely so far the 25 to 5 have been making less inside timer being a big factor of that. And so I'm in this stage of like some new level of growth is asking to be grown, and I'm here for it. That's the journey of it. I've been in a plateau the past four years in revenue with my first dip, and so I think I'm at a prime time to find that next level in revenue creation. Building a house. You know, right now I have a. I have a, you know, maybe like a starter home, you know, starter kit. You know, Ted Hargrave, who's been a guest on this podcast, he was in our Mastermind recently talks about, you know, in business of are you building a house or are you building just. Or you have a tent, like, and deciding what do you. What are you here to build and what do you want to be here for years? And I feel like I built a starter home. And it's solid, it's comfortable, you don't need much. It's simple. But it's time for me to really build a home that has deep roots and has big impact. So thanks for being on the journey with me. It's a blessing to share. I hope you find whatever I share valuable. And until next time, I'm gonna go grab some nourishment and I'll see you all soon. And before you take off, if you like this episode or like this podcast, please consider taking a moment to leave a review. It really helps the podcast grow. And if you are someone wanting to use meditation to share your gifts, I have a free course called Meditation Script Mastery. You can click the link in the podcast description and get you set up with learning how to create unique meditations that you can share with your students, your clients, and you can share with your friends. So thanks again for listening and I'll see you next time.