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iPod Giveaway | Cash Money Life 
Patrick at Cash Money Life is hosting the first Carnival of Financial Goals on his site, and to celebrate he's also holding a contest. The prizes are either an iPod
My goal is to replace paying my mortgage ~$1500/month from the primary salary and start paying it from secondary income sources (blog revenue, side consulting, delivering pizzas, etc)
S pecific
- The amount is $1500 per month in extra revenue
M easurable
- I should be able to make at least $700/month by end of June 2008
A chievable
- This is only $18,000/year. A job paying $9/hr would cover this if it was full time. I expect to spend another 1000 hrs/year pursuing this, so I'll have to average $18/hr to achieve the goal.
R ealistic
- This is a significant amount, but I'm not limiting the alternate revenue streams, so if the wife goes back to work (a definite possibility) that revenue will also count. Same with any outside/extra work I come across (software development/web site development, business process re-engineering, etc).
T imely
- My deadline is to show $18k in extra revenue by Dec 31st, 2008, That's the deadline.
So, think I'll make it? I DO!
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November 30th, 2007 at 11:42 am
Wow! What an agressive goal! With a little luck and a lot of planning, I think it is achievable. Good luck, and I hope you reach your goals in 2008!
November 30th, 2007 at 6:04 pm
That is a really exciting goal! I like how it's your mortgage payment, so it's a really specific number you're shooting for. Good luck!
December 1st, 2007 at 8:28 am
Well, it definitely fits the SPECIFIC part of S.M.A.R.T.
December 5th, 2007 at 4:04 pm
What a interesting goal. I hope you can do it, and will be watching to see if you suceed!
December 5th, 2007 at 5:42 pm
Thanks Patty, and welcome to CreditWithdrawal.
I hope I meet the goal too. I set the bar high, so even if I come close it'll be quite an improvement.
December 5th, 2007 at 7:19 pm
I love stretch goals! Hopefully you will be able to divert some of your salary to investments that will generate some passive income. Here's to your success!
Best Wishes,
D4L
December 5th, 2007 at 7:26 pm
I like the way you have broken the 1500 into various activities you intend to do. And the breakdown to a per hour metric.
Then it does not seem so insurmountable.
Good for you. I am sure with your Confucian start of a thousand mile journey, you will get to where you want to go.
My very best wishes.
December 5th, 2007 at 8:33 pm
@Dividends4Life, Thanks for the vote of confidence, it'll take some doing but I'm going to try everything I can to make it.
@Fathersez, I always say that a big problem is just a bunch of little problems ganging up on you. Take them one at a time and they aren't so tough. It's a stretch to do it, but if you don't stretch, you don't grow.
Thanks for the great comments!