Featured Articles »

November 19, 2014 – 9:55 am | One Comment

Google Plus has become the newest leader for small business and social media marketing. The new social media platform offers advantages that Twitter and Facebook cannot, but how do you know what to do or …

Read the full story »
Finance & Legal

Raising capital, bookkeeping, angel investors, creating a corporation, and legal requirements are just a few of the many topics you’ll find here.

Operations

Streamline the day to day by creating systems that create consistent product and service offerings, as well as save you time and money.

Marketing

Traditional print advertising or online marketing? PR? Web and Social Media? Craft a marketing plan by using the right media to find your target customer.

Sales

Learn techniques and strategies that will help you win more business. Integrate your marketing plan with your sales plan. And more…

Real Business Owners

Real business owners share their experiences, insights, and the resources they found helpful when starting up their own businesses.

Home » $100,000 in 1 Year

The Plan, Part I: $100,000 in 1 Year

Submitted by on January 20, 2014 – 4:30 amNo Comment

$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:

  1. Set up automatic transfer of $250 on payday from checking to savings
  2. Reach out to my freelance clients to see if there are any additional projects to be had
  3. Look at ways to up my passive income
  4. Brainstorm ideas for additional income

 

Written by Missy Lee

Leave a comment!

Add your comment below, or trackback from your own site. You can also Comments Feed via RSS.

Be nice. Keep it clean. Stay on topic. No spam.

You can use these tags:
<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

This is a Gravatar-enabled weblog. To get your own globally-recognized-avatar, please register at Gravatar.

UA-36862816-1