my 2008 financial resolution

lookoutbunny Over at Cash Money Life Patrick is going to be hosting the first Carnival of Financial Goals next Wednesday (December 5th). To get it started, he’s asked people to write blog posts related to their 2008 financial resolutions. The kicker is that you will also be entered in a contest to win an iPod. The goal has to be SMART – see my resolution below and you’ll understand what that means.

Here is my resolution and how I intend to accomplish it:

I will average $1000 per month in alternative income in 2008.

* Specific – I’m going to expand my alternative income through this blog, through writing freelance articles, through my investments (although those will be reinvested) and through my other blogs.

* Measurable – In December I will look back, take the total of my non-wage income for 2008, and divide by 12. That number will be higher than $1000.

* Actionable – I’m already started on this goal – this blog is earning nearly $0.03 per day, I have some dividend-and-interest-producing investments, and I have started submitting a few freelance articles here and there. I just need to increase the intensity of all of these actions!

* Realistic – If you’ve read this blog for a while you know I believe that just setting a goal down to (figurative) paper means that you can achieve it, but even without that belief I’m sure that if I work hard enough at 10 different income streams I can manage to generate that much, or more, if I make it a resolution.

* Timely – I will have a good idea if I’m headed in the right direction by February 1, but even if I earn $10 in January it just means I have to average $1090 for the next 11 months. I’ll have a moving target each month, and I’ll know on December 31 if I hit my goal or not.

I am positive that this new Carnival is going to be a good one – it’s a great idea and honestly the only bad thing I could say about it is that I wish I had thought of it first! Write up your resolution, submit to the carnival, and visit Cash Money Life!

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