Update on My $10k Challenge

It's been awhile since I talked about my effort to earn an additional $10k this year and invest it (doing this year after year can give you a really big nest egg), so I thought I'd give you an update on where I stand. (For those of you interested, here's a list of possible money making ideas.) But first, here's a comment I recently received on my post titled $10k Challenge: Even More Ways to Make More Money:

Your pieces are amazing! They have made me make $700 by reading these tasks and trying them. Thank you so much.

I LOVE hearing comments like this! That's why I have this site and keep writing -- to help people make extra money, save money, and the like. It's so gratifying when one of my readers finds success.

Now before I get to my update, let me tell you what I'm NOT including in my $10k numbers this year:

• Extra income (above what I earned last year) on Free Money Finance. Yes, I give all my profits to charity here, but I could count some of the extra in 2007 towards my goal. But I'm not going to.

• Income from dividends and capital gains. This is supposed to be EXTRA income and my investment income isn't really "extra" the way I see it.

• I've implemented some money saving ideas I picked up this past year (ones that I've shared here previously) and have saved a good amount. But this isn't really income, so I'm not counting it.

With those now out of the way, here are some of the ways I've put some extra money in my pockets this year:

• I've written a few articles for national magazines this year (and have another one yet to do) which has netted me $1,200.

• My cash back for using my credit card will be roughly $700 this year (it should be more next year.)

• I will receive (with my first charge) $100 for using my new Chase Freedom Cash Visa Card. I missed out on the $250 rebate I've heard people talk about and now it appears that $50 is what they're giving.

I have a few things brewing still, but at $2,000, I have a long way to go to reach $10k. Now if I counted the items listed above, I'd be way, way, way over $10k. ;-)

Update: Just got a call asking me to do some consulting work!

Comments

[Kevin]

Good luck with the challenge, FMF. I am kicking around the idea of putting my CPA knowledge to use in helping people budget, set financial goals, etc. Ideally those clients would then become clients of the CPA firm I work for, thus helping me gain partner status by bringing in the extra revenue the current owners want.

My 2 main sticking points are:
1) I need to look into whether or not I need additional certification or not - I'm thinking not as long as I don't sell any products, which I have no interest in. I am leaning more towards the fee-only area since there are plenty of stockbrokers and online discount sites out there.

2) I am no good at marketing.

Any help readers could pass along would be great.

[FMF]

Not good at marketing? That's my specialty! ;-)

What are you looking for specifically? How to get clients? What to offer them? How you position yourself? Something else?

[Kevin]

FMF - Mainly I need help obtaining clients, both for that side biz and our firm overall (which is one of the steps I need to take to be a partner).

As far as what to offer - I will most likely focus on fee based budgeting, financial goal setting, etc. Like I said, I really don't have any interest in selling products/getting commissions. I guess if it gets to the point where that would be profitable, I could go for the necessary licenses, but I want to start simple and build slowly.

As far as positioning myself - I would like to focus on middle class people that live paycheck to paycheck. Folks that make a decent living but can't seem to get ahead. I was there early in my career about 7-9 years ago and know the stress it causes. I think there is a niche there for people that don't think they have enough money to save or invest, so don't ever talk to a traditional investment advisor. Plus, I'm not sure a regular stockbroker is qualified to deal with those issues anyway.

[rocketc]

Marketing is fun.

I am in the exact spot you reference:

"middle class people that live paycheck to paycheck. Folks that make a decent living but can't seem to get ahead."

Keep us posted on your progress.

[FMF]

Kevin --

Did I mention I do consulting? ;-)

Seriously, if you're really serious about doing this, you need a complete plan. If you like, email me and we can discuss it.

[Kevin]

Wow, I think I found my first client. :-)

FMF - I am definitely serious about doing it. I think it could be a nice little side business that could potentially grow into a full-time thing if I want it to. I'll drop you an email to discuss further.