Set Your First REAL Goal For 2006Saturday, January 07, 2006 There is a lot of talk these days concerning multiple streams of income. If you do not know what this means, I can explain it simply. If you have a full time job, that is one stream of income. You get paid on a regular basis, so the money represents one stream that goes straight into your bank account throughout the year. Now if you take a part time job in addition to your full time job, you now have a second stream of income. Some people are buying and selling real estate or marketing their products on the internet or even making an extra $1000 a month on eBay. These are all additional streams of income. The idea here is to find ways to increase streams of income that will help you pay off debt and to pay cash for cars, etc. The further I read about this concept the more intrigued I became. Especially when I discovered passive income streams. These are streams of income that are pretty much on self-pilot and require minimal time to keep them on track. You sell a product or offer a service that people need and automate the process. Some people have internet sites that just sit there and take sales orders weekly. These people are selling legitimate and useful products. I am not advocating the marketing of junk. So my first goal for 2006 is to establish my second stream of income. I have set my goals at three levels. For example, my goal to create multiple streams of income has three levels that I can measure: 1) Identify and create income from one additional source. 2) Start making $50 per month and end up making $500 a month by the end of the year 3) Create two streams of income. Start making $50 per month, ending the year with an additional $20,000 See how each level builds on the next? If I meet level one, I have made some extra money. If I meet level two, I am starting with an extra $50 a month and increasing the amount of this stream of income as the year goes on. The third level really challenges me. The goal is to make an additional $20,000 with multiple streams of income. Meeting level one is great and meets this goal for the year. Meeting the criteria for level two and three would be a result of making an effort to exceed my goals. I am going to share with you how I am doing on this goal throughout the year. I am going to let my readers keep me accountable. I have other goals and I will share another one soon. I challenge you to make a goal and create three levels. Then start doing things that will lead you towards meeting that goal. There is nothing better than meeting or exceeding a goal at the end of the year. It builds your self confidence, forces you to be more disciplined and rewards you in the end. That reward leads to an overall more successful approach to life. The more goals you meet or exceed, the more successful you feel. It is a simple principle and a very powerful and positive one. Find someone you can be accountable to. I am going to work on my first additional stream of income now! I am excited. I have already identified two streams and my focus is on level three. Have a great weekend! posted at 1/07/2006 01:24:00 PM |
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Copyright © 2006 Beat Your Own Drum
5 Comments:
Go for it man!
My business is doing exactly that. My goal is to start the year coming off of $141,500 in sales and boosting that to $250,000 in sales. So far we have over $4400 in sales for January.
If we to keep this pace all thru the year, that would result in $129400+. The cool thing is that as the year goes on, our monthly revenue increases, with October through December pulling in more than the rest of the year before that.
We are implementing even more marketing schemes this month which have potential.
Good luck on your venture, and if it has anything to do with selling on the internet, I would be happy to offer you suggestions, pointers, and ideas should you need them.
We are in the process of automating our business better to allow us more time for seeking new vendors rather than tracking data.
Automation is absolutely essential.
Go for it!
I'd like to have a second source of income with work from home stuff, but don't know of anything reputable... Just for the finer things in life to have. An extra cushion would be nice too!!
Great post and good luck!
I would like to have another stream of income too...but none of the sites i came across look trustworthy. Any ones you know to recommend?
Dave,
That is really great. I would be interested in what kind of internet marketing you are using. It is an area that I have been studying over the past year.
We are getting ready to launch a product that is a result of a course Jill taught last Spring (tele-course). I am very interested in offering information products and services that are of high quality. A lot of crap out there.
Send me an email sometime and let me know what you guys do for SEO.
mjet, miss jes,
There is a lot of garbage out there. However, there are some great ways to increase your income gradually. If it looks too good to be true, it probably is. I am going to post more on this.
Eric
I started out in November 2003 with a goal to make enough to pay for 1 year on my web server by November 2004. I made it.
The goal for November 2004 to November 2005 was to make at least $1000. I made that one , also.
My next goal, with no firm deadline, is to improve my online income enough that it can augment retirement pay and 401k disbursements so that I can retire early. I figure that $50 a day should be enough to do it along with a little bit of cutting out extra spending. I've got a little over a year until I'm eligible, but I can work longer if I have to.
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