Good morning! Over at Make Money Your Way I lists down some tips on how to make money with New Year resolutions. Click here to read more…
Last year, I set a number of financial goals and updated every couple of months. It is that time of year again, so without further ado, those are my 2014 financial goals!
Increase net worth by 30%
That was a fail for last year, but I am always the optimist and will put that goal back again for 2014.
Make $60,000 in online income
If you have followed my blog income reports, you know that I currently make $3-4,000 a month from blogging. I want to increase that to $5,000.
This is not any amount, I try to live off my online income and reinvest passive/rental income without touching it. $5,000 is my target income that would allow me to live a comfortable life, travel whenever I please, and still have a bit leftover at the end of the month to cover any emergency, a last minute flight back to France, etc.
Once my Super Secret third website breaks even, I think this is a realistic figure to achieve.
Keep donating 10% of online income to charity
Since July 2013, I have set side 10% of my online income for charity. So far, I am committed to two students in my village, to whom I am offering full rides to boarding school, in one of the best high schools of the country. It costs about $5,000 a year for the two of them, but a reader generously donated $2,000 so my cost will be around $3,000, and I want to donate the rest to other students, or maybe buy computers for the school.
Turn a profit with land development
Now that we almost have all the authorizations we need, nothing is standing in the way of selling some plots. The website is almost finished, with a map of the compound, you can click on each plot to see its size and price, and I will put ads here and there on international real estate sites.
Make $5,000 with the guest house
The goal is to make around $500 a month renting rooms in our little guest house, which should amount to a $5,000 profit. That is roughly our staff and utilities cost, meaning we would live for free, how awesome is that? We have two rooms so far, plus our room that is for rent while we are away. In February, we go to Miami and have rented our room for a month so we are off to a good start!
That’s it, five goals, should be enough for a year.
What are your financial goals this year?
Joe shares his on Budget Breakaway.
Want to start the New Year financially fit? Savvy Scot is starting a financial boot camp.