Saturday, December 15, 2012
The Money Monk's Goals for 2013
As I mentioned a couple posts ago, I was inconsistent with accomplishing my goals for last year. I was able to increase my semi-passive income from online ventures WAY more than I thought possible, but I fell drastically short of my long term savings rate. The savings rate issue was a result of leaving full-time employment to start my business, so hopefully that will pay off financially. It has already paid off in a lot of other ways, and I get a lot of satisfaction from being my own boss.
So my goals for 2013 will mostly be in regards to these same issues:
1. Continue to build my business so that I have the option of hiring somebody else. This doesn't mean that I necessarily would, but want to get the business to the point that I could hire somebody to run the counter on a daily basis and still have enough profits left over to live on. This is currently not the case, but the business isn't even 6 months old yet, so I don't think that's really a bad sign.
My plans for doing this are more marketing, opening several more channels for moving my merchandise other than just my store, and some of that is already in the works.
2. Increase my online income to $2000 a month.
This may seem like a lot, and it is. It is ambitious, but I think it is definitely possible. I got it from roughly $100 a month to $800 in about 8 months, so it is entirely possible to increase it another 100%. I plan on doing this by increasing the effort on my existing online sources of income, and I am about to start a couple more that I am optimistic about. I am also considering writing an ebook or something along those lines.
Those are really my only specific goals for the year, and If I can accomplish even one of those, I will truly be living the dream. If I manage to accomplish BOTH, then I am basically FI!
-The Money Monk