A Little Bit of Background
In December 2012 I realized in a very profound level that I needed to learn more about money management and finances. I’ve had this realization before and had come a long way yet I still was stuck far away from where I really wanted to be. At that moment I had already started my Graphic Design Business with my sister and I was working a regular freelance job. The money generated by our studio was being (and still is) re-invested back to the business, specially for our big annual trade show expense (May 2013 was our first year). My regular freelance job and other freelance design work pays for my living expenses.
As a result of that resolution, a lot of good but challenging decisions were set in motion. My family and I sold a house and we moved apart. 2012 was filled with big changes and challenges but I also accomplished many things. I was able to look at my finances in a different way and started paying down my debt using Dave Ramsey’s baby steps. As of today I’m in baby step 2. Although I have gone back and forward between 1 and 2 a couple times.
Basically I plan to make extra money to pay my debt and keep growing as a good stuart of my money energy.
I have a $1000 emergency fund (baby step 1) and I still have my car left in my debt snow ball (Debt snowball is baby step 2). I also have a new big bill coming my way in April from Lawyer expenses that I have not accounted for. If you are wondering why I don’t keep my car payments like most people and continue saving, the answer is here
Total Debt to pay off: 12,000.00
What is my Extra Income Goal?
The goal is to pay at least half of this amount from extra income only by the end of the year or sooner
By the end of 2014 (the month of December) my goal is to be making $2000 or more of extra income a month on top of my regular income.
This is scary!! so it must be a good goal for me! My extra income will start with side jobs and small online opportunities. I’ll keep you posted with all the details. No te preocupes!
I currently work my budget (I now LOVE budgeting!) pretty well. I have managed to keep expenses down as well. I’m building a business while I have other sources of income yet in order to efficiently advance with my financial plan my income needs a large buster. Extra income will serve me well to continue onto the baby steps ladder, to pay off my car and lawyer expenses and to continue building my emergency fund before I can think of saving for a house and retirement.
Is important to say that my goal is to make money while helping others and providing value to the world.
What is my Extra Income Plan?
Most my extra income efforts will go to writing here in this blog so that I can build a strong foundation to write for other blogs and create other blog related opportunities. I think when I share about keeping a balanced and strong life is when I provide the most value while enjoying it very much. I will also be dedicating my extra income efforts to teaching since is something I love to do and people seem to respond well when I do it. Here is a list of what I have in mind. I have already started doing some of these.
- Writing for other blogs.
- Affiliated programs.
- Hosting small local gatherings for sharing and teaching my talents.
- Offering other services I never offered before (more about this later).
- Extra design work (already happening).
More details on each one of these when I write each monthly report
Every month I’ll report how much and how I made the extra income I made (if any). The idea is to keep you motivated and informed in case my experience can be of any help to you.
What so you think? Do you think this is doable for me? have you done any extra income strategy that went well? I would love to hear your thoughts. Remember that what we share can be medicine for someone else and for sure a step closer to a stronger vida!