My Additional Income Progress: 3 Month Update

I have been criminally negligent in keeping this blog up to date.  I haven’t been keeping up with changes in my net worth1 and I haven’t even been keeping tabs on my expense tracking.  All my regular financial activities have slowly gone the way of the humble buffalo.

The good thing is I haven’t been wasting away my days playing Team Fortress 2 or the incredibly addicting Company of Heroes.2  I haven’t been watching hours of Law & Order even though it appears to be on the coveted cable television 24 hour rotation – just like Friends, Seinfeld, and America’s Funniest Home Videos.

So if I haven’t been spending my days obsessing over my financial minutia or burning them away in useless and frivolous activities what have I been up to?

I have been busy trying out a new strategy to earn additional income.  As I mentioned before, $73 a day is my goal.  This amounts to a little less than $27,000 a year.  If we figure in taxes and such I figure that I will need to earn approximately $33,000 with a 20% tax rate.3  That raises my daily income needs to $90 a day.

To put that $90 a day into perspective, I currently make about $95 a day before taxes, benefits, and retirement contributions are taken out of it.

My additional income plan is essentially to double my income.

Luckily, I have been making some steady progress toward my goal.  In June, the first month of my concerted efforts to earn additional, passive income, I saw revenue of $8.44.  In July I destroyed that number – bringing in $34.26.  August grew as well with total additional income rising to $81.69.  These numbers are not very large, but they do represent some progress.  I am about 3.5% of the way toward my $73 goal!4

I am hoping to reach my goal in one years time, so I have 9 months left to turn my little additional income into an avalanche of earnings.  I am hard at work, so if posting here on My Family’s Money is a little sparse please bear with me.  My goal is to post at least once a week something that is either helpful, humorous, or keeps me transparent with my financial life.  Once a week isn’t too much to ask … I hope.

Wish me luck on my journey to earning more to save more to change the world more!

  1. Net worth is so last century.  I think that the current ratio might be a much better number for determining ones financial position. []
  2. The only two video games I own outright. []
  3. Which may be a touch high considering that last year our taxes were maybe a 1/4 of 20% []
  4. $81.69 is about $2.63 per day.  $2.63/$73 is about 3.55%. []