As part of my quest to rid myself of my day job, I’ve decided to write down my financial goals.
6 month goal: $1,000/month in passive income (January 31, 2009)
1 year goal: $1,000/week in passive income (July 31, 2009)
I wanted goals that were achievable but would require me to grow. I also wanted my goals to reflect that I do not want to earn the extra money by doing extra regular work. This should be money generated by investments, affiliate marketing, ad revenue, or other passive sources, not from a second job.
I’m currently at around $300-$500/month in passive income. It varies quite a bit based on traffic and the season, but it is very reliable.
Some things I’ve been looking into in order to increase my passive income are:
- Prosper loans
- High-yield savings
- Emerging Markets Funds
- Niche sites with affiliate marketing
- A few new website ideas
As I start to try out different methods, I’ll post on my successes, failures, and things that I’ve learned along the way.