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!
- Net worth is so last century. I think that the current ratio might be a much better number for determining ones financial position. [↩]
- The only two video games I own outright. [↩]
- Which may be a touch high considering that last year our taxes were maybe a 1/4 of 20% [↩]
- $81.69 is about $2.63 per day. $2.63/$73 is about 3.55%. [↩]
I think it’s wonderful that you have established a goal to double your income through passive investments. I hope you share what’s working for you and how you plan to achieve your goal. I found your blog through the money hacks carnival and enjoyed reading.
@ Passive Dad – Will do, but right now I don’t exactly have the money to generate that type of additional income from investments such as stocks, bonds, annuities, or real estate. So instead I am trying to generate a relatively passive income in other ways, particularly online.
Currently, it has taken a lot of work (10-20 hours of “extra” work) and has only increased my income by 3%. In essence I am working 25-50% harder for a very small gain, but the hope and plan is that my hard work now will pay off in the future. It isn’t for sure yet, but I am working on it.