My Financially S.M.A.R.T Goal for 2008
By Randall | November 30th, 2007 | Category: Uncategorized | 11 comments 1,134 views | 11 Comments » |
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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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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!
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!
Well, it definitely fits the SPECIFIC part of S.M.A.R.T.
What a interesting goal. I hope you can do it, and will be watching to see if you suceed!
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.
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
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.
@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!