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!

Image by flattop341

29 comments

  • Great goal, Steve! When you find a few more ways to get some alternative income, let me know!

    Actually, finding a few sources of alternative income is something I am trying to do, but isn’t the my main financial goal for 2008 – learning more about investing is. But doing this surely can’t hurt! πŸ˜‰

    Good luck achieving your goal!

  • Not to detract from your goal, very ambitious, but what the hell is that thing a picture of? It looked like a partially plucked chicken when I first saw it.

  • That picture has, in fact, nothing to do with anything. I was looking for pictures tagged “goals” or “resolution” or “determination” etc. and for some reason this one came up, and I liked it. Think of it as a Friday pick-me-up πŸ™‚

  • Funny that guinness416 asked about picture. I had the same question and the first thought that came to my mind is that this is Steve and he is trying to grab his goal with his big hands, metaphorically.

  • If you could become a speaker (inspirational? financial?) with a speakers bureau, then you could start getting alternative income that way. Good luck with your very ambitious goals!

  • @Mike: Yeah, that’s what I was thinking! That thing looks NOTHING like me – my RIGHT side is purple.

    @Ruth: I hadn’t really thought of the speaker idea, but that’s another good one to put in my list of ideas – thanks!

  • Bubelah – if that thing looks like Steve to you then I’m guessing he must have a great personality?? πŸ™‚

    Mike

  • Thanks for the pointer to the contest, and for providing a great example of SMART goal.

    I’m not sure I can continue to associate with anyone whose RIGHT side is purple. That’s just weird, man. Purple Lefties all the way.

  • Alternative income is so much fun—in that there’s so many possibilities! Good luck with your resolution. πŸ™‚

    I’m also excited about this new carnival. I hope, among other things, to make monthly updates for it where I cover my whole year goal as well as my monthly goals!

  • I’m a huge fan of the picture…and the unsuspecting bunny…

    Good luck with your goal!

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  • @Mrs. Micah, Fecundity, SavingDiva, Dividends4Life, CashMoneyLife, Moolanomy and Paidtwice: thank you all so much for the good wishes! It actually helps a lot to hear people say good luck, surprisingly enough! You are all terrific πŸ™‚

  • Great goal! Here’s to your success!

    Best Wishes,
    D4L

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  • I want to break into freelance writing as well. Do you have any recommendations on where to find clients?
    I’m currently working on post-grad debt, so anything I can find to help me save money is great.
    I’m blogging my β€œadventures,” too; here: http://shauna26.wordpress.com/

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  • Awesome goal! Don’t give up and you may find yourself making enough to make a full time living. If you need help monetizing your blog, I can help.. just email πŸ™‚

    Keep up the good work.

  • I sincerely wish you luck in your endeavor.
    We’re trying to make an extra (although not entirely passive) $20,000-$35,000 in 1 year, working on a rehab/resell. Unfortunately it’s already required about 2.5 months of my own personal time to get the house ready for inspection (not counting all the other folks time). πŸ™

  • Good luck with your goals! I wrote a bunch of goals down in 2007 and nearly manifested all of them. It truly works when you wrap your mind around your dreams and follow them with intensity.

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    arning 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!

  • @financial analysis: I'm right there with you – I'm doing it – not enough of it – but I'm trying!

  • arning 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!

    • @financial analysis: I'm right there with you – I'm doing it – not enough of it – but I'm trying!

  • @financial analysis: I'm right there with you – I'm doing it – not enough of it – but I'm trying!

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