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Taking the $10,000 Challenge

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Free Money Finance is challenging himself to earn an $10,000 this year. While I disagree with his use of the 10% compounding, the goal is noble. Many personal finance bloggers are looking to save money and rarely are looking to make more. Needless to say, it got my attention.

Yesterday he unveiled a first attempt towards that $10,000 goal. The plan is use credit cards for savings as well as introductory offers. I don't feel this is right approach for me. For one, I'm already getting cash back on my credit cards, so I can't count this as $10,000 more. While I could apply for more credit cards, my credit rating is more important to me. Plus the time it takes to apply, charge something, keep track of the rebates, and quit... well... it's not worth it to me.

While I wait for his next tips, I'll continue to invent in Prosper.com and monetizing this blog. I'm also working to establish a web-based business, but it will take a long time to see any money for it - if it happens. My goal is still to have $300 a month from these sources by October. That will put me far short of the $10,000 mark, but it will still be a huge step in the right direction.  When you think of it, earning a sustainable extra $10,000 in a year is tough.  If I could manage that, I could retire in 10 years.

Posted on January 25, 2007.

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2 Responses to “Taking the $10,000 Challenge”

  1. Martin says:

    I just wrote an article about the 0% APR Game, and where you need to watch out because of your credit score. My credit rating is also very important to me as I am looking to buy a bigger house in the next 5 or so years, and I going to start shopping for 2 new cars.

    When I first read his article, I thought he was going to get another job or something. I didn’t know he was going to scheme and freebie his way to $10,000. I guess whatever gets you there, gets you there. I would like to see him track hours invested, and the payoff to see if it was really worth it.

  2. FMF says:

    Ok, then make it 8%. Or whatever. The point is, it still adds up to big money. ;-)

    Let me know how you do on your challenge. I’d like to feature a few other bloggers/people who are trying the same thing I am.

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