The Plan, Part I: $100,000 in 1 Year
$100,000. Where is that going to come from?
Well, let’s look at the numbers… $100,000 in one year works out to $8,333 per month, or $1923 per week. I just need to save $1923 per week.
You know, when you break it down like that, it seems entirely possible. And believing is the 1st step in achieving anything.
Looking at my current income and expenses, I can easily save $250 per paycheck. I get paid every two weeks, so that works out to $6500. I also typically pick a bit of freelance work. Currently I’m averaging $750/month in freelance work, but should be able to up that to $1000/month without much difficulty. That works out to $12,000. I also have a small bit of passive income of approximately $2000/year.
So, with not much effort, I can easily save $20,500. That’s 1/5 of my goal. An excellent beginning…
And yet not nearly enough to reach my goal. I’m going to have start brainstorming ways to bring in cash flow…
To recap my first steps are to:
- Set up automatic transfer of $250 on payday from checking to savings
- Reach out to my freelance clients to see if there are any additional projects to be had
- Look at ways to up my passive income
- Brainstorm ideas for additional income
Written by Missy Lee