At the beginning of 2017, I set some pretty crazy goals for the year. I was comfortably installed in a villa in Costa Rica for three months and had great ambitions. I’ve recently arrived home and got my house back on July 1st as we rented it out during our RV trip. It took us a good week to get used to our previous home. Now that everything is settled and we are ready for a new adventure, I’m reviewing my goals to see what has been done so far and what is left to do.
#1 Generate $20,000/month of online income – 35.75%
This was my most ambitious goal. Generating $20,000 per month in revenue is not a simple task. I’ve never done it before and still don’t know exactly how I can make it happen. However, I’m already at 35.75% of my objective with an average of $7,150 per month (Canadian dollars) since the beginning of the year. While I’m a long way from my objective, I didn’t have the chance to work much on my projects over the past 4 months.
I’m now working full time on this venture and expect to realize great progress in the upcoming months. I think I should reach 10K/month by the end of September, leaving me with a full quarter to reach my goal. You can follow my online adventure here.
#2 Start 2 Monthly Saving Plans – 13%
Over the past few months, I’ve setup a small monthly saving plan in one of my accounts. Each month, I save $200. At the moment, my online income is not strong enough to support a larger amount. Instead of investing this money in a TFSA as per the original goal, I’m simply putting the money on the side as an emergency fund. Starting in September, I’ll also setup a new monthly investment plan for my children’s tuition (in an RESP). We have over $14,000 in this account now but you know how much it costs to send 3 kids to school!
#3 Pay $1,000/month worth of debt + clear my line of credit – 0%
I haven’t done anything regarding this goal yet. This goal is obviously linked to my first one. I should be able to start paying off my debts somewhere in October once my online income jumps to $10K/month. In the meantime, I can tell you that my financial situation hasn’t changed much over the past 12 months. I was able to take a year off, travel the world and still not borrow additional money.
#4 Play Soccer in a league – Done!
On a more personal level, I found myself a soccer league that will start this fall. Playing in league is quite a challenge for me as I hadn’t played this sport when I was young. I’m working hard on my cardio right now and try to play with my son as much as I can in order to master some basic skills.
#5 Weigh 170 pounds – Done!
Before I left for my trip, I weighed 185 pounds. While I’m not incredibly fat, losing weigh has always been quite a challenge for me as I really enjoy eating. Thanks to my trip, I didn’t have to do much to change my eating habits within a few months. The thing is that it was quite difficult to eat as much as I used to when I was in Central America! Now that we are back home, we have shifted our menu towards leaner foods and organic vegetables. I’m running 4 times a week and will start weight training next week.
I didn’t have the chance to know my weight until I arrived home. I was pleased to see 172 pounds the very first time I weighed myself. Within a short week, I reached 170 pounds and am now aiming at a lower target as I still have a small belly (man! How many pounds were in there????).
#6 Give $5,000 to charity – 0%
Unfortunately, until I’m able to pay off my debts and set money aside, charity will have to wait this year. I always use to give about $500 to $1,000 each year for the past decade. I may take a break this year as I’m building my business, but it will be to give even more next year.
Setting Unrealistic Goals Comes with Unrealistic Solutions
I’m well aware that thinking I could generate over $20K/month with my business in such a short window is far from being a walk in the park. But I’ve decided to take on this challenge as a motivator. Over the next 6 months, I intend to work between 50 and 60 hours a week. I’ve designed a very detailed plan to reach my goal.
As they say… Aim for the stars; even if you miss you’ll land on the moon!
DG –
KILLING it on the online income, hell yah. Further, I like how you want to be at a certain milestone before other things begin to trigger, I really dig it. What’s been your favorite piece to all of this??
-Lanny
The favorite par was telling my boss I quit! hahaha! I like the daily journey toward my goal. For the first time, I feel that I’m doing something about my goal EVERYDAY. This is a big difference compared to the routine I use to follow. Each morning, I feel I have the power of making more money. It’s now all in my hands.
Cheers,
Mike.
Impressive goals with exceptional commitment and results. You’re an inspiration. Glad to see you accomplished your weight loss goal, I believe it is very important to be in good physical condition, because it positively/negatively relates to our cognitive and mental abilities. Good work sir, you’re an inspiration.
Thank you Andrew!
I feel a lot better at 170 pounds and now I’m seriously setting a goal to reach 160. Once I reach this goal, I will lift more weight to get back to 170lbs… but a very cut 170lbs 😉 hahaha!
I like your ambition, particularly the one on $20,000 per month. It may seem high but it is achievable. I will like to be following your progress as it will also motivate me in the pursuit of my own goal. For instance, I want my site to rank below 500,000 by December 2017. You can equally monitor my progress too.
Hello Adebayo,
Kuddos on setting your own goals! The world is an amazing playground once you allow yourself in!
Cheers,
Mike.
I could probably survive off of that online income. I am also struggling with belly fat. Read the book Zero Sugar. It was a good read and helped me to understand why the fat lingers.
Hey Div Family Guy!
Don’t forget there are also expenses related to the online income ;-). I need about 8K USD of revenue to pay for business expenses and pay the bills.
I’m aware where I need to cut to drop below 170 pounds. The step is to do it! hahaha! At least, going 7 months in Central America forced me to reduce my portion. Now I don’t feel the urge to eat anymore.
Cheers,
Mike.
Hey! I guess this the apt time of asking you, what’s the best strategy for someone who has just started blogging.
I am new to this personal finance community, and would love to get some pointers from you in this regard.
Btw, $7.5k on monthly online income is ridiculously awesome!!! Congrats.
Thx for coming to my blog!
Here’s a few pointers:
#1 start a mailing list now – this has incredible power down the road
#2 connect with other bloggers, honestly and truly connect with them
#3 write strong content and then promote it (social media, newsletter, guest posts on other sites)
You need to build an audience before you make money. It’s virtually impossible to make money without readers. Oh… and don’t fall in the easy path of selling sponsored articles 😉
Don’t hesitate to send me an email if you want more: dividendustries@gmail.com
Cheers,
Mike
Thank you! Appreciate the tips.