Progress Report: Week ended 11/18/07

So the past week has been fairly busy with work, getting used to being engaged and continuing to put the finishing touches on a family member's surprise birthday party. Here are the results:

1. Finish chapter editing on novel - I just finished editing Chapters 13 & 14. Chapters 1-14 are now edited.
2. Make $100 in alternative income - no response from the part-time gig application. I may very well try and go back to my old, old part-time job in market research.
3. Raise net worth above $8000 (third try is a charm) - with everything going on in my life right now this goals appears to possibly doubtful. It might just come down to my 401k's performance at the end of the month.

I need to find a viable way to create passive income. I guess my main goal is getting my novel edited and out to publishers - mainly due to the fact that if it does eventually get published and it's not absolutely horrible it may provide a nice source of passive income over the next few years.

Hopefully once the work on the book is completed other financial matters can be focused on as well.

As the cash flow changes to the positive...

I wonder to myself how to keep it up.

Over the past week or so, my passive income has increased a great deal. I just got my first check ever from paypal for this blog actually and it feels pretty good. Yesterday, I picked up my rebate for my cell phone so there is another $50 or so. At some point next week, I should be getting a check for the recent sale of several of my childhood G.I.Joe's

All told, I will be bringing in about $140 or so without having to work all that hard for it, about $90-100 of it being completely passive income. I know '$90-100, big whoop!' but, everyone has to start somewhere.

One of my goals is to boost that amount of passive income up to $1200 a month in the next 3 years or by the beginning of 2011. That will work to pay for all of my monthly expenses and my 1st job salary would end up being simply 'icing upon the cake'.

The only problem is - I know it will take work and some serious effort. Some of the extra income for this month was simply luck. I am learning a lot though from listening to a newer podcast - Internet business Mastery I would definitely suggest subscribing to this podcast if you own an Ipod and you're interested in Internet Business. Although the podcast are infrequent, if you're interested in learning about how to make money on the Internet, of just off your blog, they are pretty good role models.

passive income

I just read a great post on passive income from a blog I just recently noticed:

http://geniustypes.com/

Apparently Brian , has made over $1,500 in passive income in the past month. I'd be happy just to make $100.

As I approach me new era of debt freedom I am getting more and more interested in investing back into different types of passive income.

Although rental properties are the most prevalent type of 'passive income' I don't have the down-payment nor the patience really to deal with tenants at this point in my life.

I do have a gumball machine that is collecting dust currently. I just need to find:

1. a stand
   
2. some gumballs/'super-balls'
3. a location to plop said machine

Ideally, in a year or two, I'd be happy to be making around $400-500 a month in passive income. That would basically pay for my rent right now. Then, I could gradually bump it up to $600-700 (rent & food) until it hits the $1,100-$1200 mark or my current monthly expenses.
That would be a great place to be eventually there.

Currently my passive income is about $6-7 a month (Interest on my money market) I think that definitely needs to change - sooner rather than later.

14 days to go...

So I worked pretty long and pretty late yesterday.

I have a lot of work to do today including:

• dropping off a bill,
  
• dropping off the rent (yup a week and a half early so I don't have to worry!)
• going to 1st job to play 'catch-up'
  
• going to 2nd job
  
• updating my budget on the web - assuming I have time

Oh, and this is supposed to be a relaxing Saturday...oh well. Tomorrow I'm doing much of the same.

In the meantime or when/if I get a break - I'm going to try and figure out if I want to actually USE the gumball machine that I bought over a year ago and has since been collecting dust. It lacks gumballs/'super-balls' and a stand. I bought it right around the time I was racking my brain for every possible way to make money & cut expenses - so I incurred an investment of about $60 which has netted me a whopping $0 since purchase.

I thought of the vending industry as a great way to create passive income.

Who knew you had to actually take about a half-hour of initiative and find someplace you can place the gumball machines. I had a great location planned - a laundry mat - until the owner and I had a dispute. So since then, I have let good ole' procrastination set in and I my pocket is $60 lighter from last year with nothing really to show for it thus far.