Happy New Year everyone! With the start of a new month, it’s time to review my alternative income progress.
Last month, I was excited about a new income stream. I found a friend who I could help (with minimal effort) and collect a nice fee. It pushed my alternative income over the $1800 mark last month. I suspected that it could be irregular income and I was right. It returned zero this month.
That was the bad news. The good news is that I had a much better month of December. I ended up with $2,219.54 after taxes in December. For those curious a large part of that came from this blog. However, Lazy Man and Health contributed as well. I expect to add one or two more sources of income in the next month. I fully expect it to be “small potatoes” for a little time – just earning a dollar or two a month.
While I still need to set goals for 2008, this success and the timing of this post has pushed me to set a preliminary goal. I have been increasing my alternative income around $150 a month. If this continues (which is a huge “IF”), at the end of 12 months, I’ll have added $1800 to my $2220 this month. That would put me at $4020 for December of 2008. I’m going to aim for $4166 though. It sounds like a random number – however it’s exactly what I’d need to get to be on pace to earn $50,000 a year.
Just thinking of making $50,000 after taxes with side businesses makes my head spin.
I wouldn’t exactly anticipate that advertisers will continue to funnel money into advertising with the slumping economy. We are seeing growth slow and will continue to see that in the coming months as pain from loan defaults, holiday spending, etc continue to come to light.
Lazy Man says
Excellent points Bubba. Those are some of the reasons why I said it’s a huge “IF.” Very little of my advertising comes from holiday spending. A good portion of it comes from overseas which may insulate me from some of the domestic problems.
Lastly, I now have 8 more hours a day to focus on building income.
Two Nickels says
How much of your income, specifically, is generated from each item? Also, do you approach advertisers, do they approach you, or both?
Lazy Man says
I currently choose not to break my alternative income into various parts. I will say that it includes some interest and dividend income. This is a very small component. I also have an investment property, but it currently is break even, thus it doesn’t add much.
Advertisers approach me. Perhaps I should approach them. I think of it like NBC and BMW. I don’t imagine that NBC goes out to every car manufacturer (including BMW) to ask for advertising money. I believe every car manufacturer does research into television advertising and then finds that NBC fits their objectives.
Early Retirement Extreme says
So the alternative income you currently list in the top-right is after-tax? Awesome!
Lazy Man says
Yes, I wanted to focus on what it would really buy me.
That’s a pretty nice income stream. Good luck on increasing it.
$50k after taxes is huge! Good luck!
In December, your income was about what mine is…and I work at a full time job! :)
Joseph Sangl says
WAY TO GO!!! I read your blog every single day because I LEARN here.
Thanks for what you do. I’m glad you earn money while I learn.
I will go find an advertiser to visit now. Don’t spend the referral fee all in one place! :)
That’s a great goal! I wish you much luck in achieving it. You have been a great role model for me, now if only I could implement all the ideas I get from you into my blog!
Great goal man. I wish you luck. Alternative income is the way to go….
GI Jane says
Love the name. Your blog is very inspirational. I hope one day, my blog: gijanefinances.blogspot.com (shameless plug), will generate some income. I read the tips that you link from free money finance.
Good luck, hopefully your income will double in 2008!
That’s a wonderful alternative income stream. I’m a newcomer to the PF blog scene, but I’ve monetized a few niche sites that earn some grocery money.
Wow that’s a very good achievement. I will also need to work harder to make more money on my blog :)
Nice goal, Lazy Man! I’ll be happy to punch in w/ 10k for the year (my stretch goal). But I am only counting income from my side business, not from interest, dividends, or other. I have quite a few bank accounts, and to be honest, I’m too lazy to calculate the interest every month.
The investment property is one thing I would love to add one day, but now is not the right time (We may move to another location in a few years).
You are the man! I am still amazed at how much growth you have seen from your blog income.
Living Off Dividends says
wow, so now you’re pulling ahead on the monthly income!
motivates me to boost my income too. but it’ll have to wait until next month when I done (hopefully) with my b school applications.