spreadsheet created by tt from Retire At 30. I decided to throw in some round numbers, and make a basic financial plan. I decided that I want to start in 2006, end by 2015, and have $1,000,000. Also, I decided I would increase my annual contribution by 10%, and start out with $6,000. Here is what it looks like:
So, if I follow this plan, and get a return of 55% on my contributions, I will have just over $1,000,000 by 2015.
Now, I do not have $6,000 a year that I can contribute, yet. Once I start cutting down on some expenses, it will be no problem. But, my cars are not going to be paid off all that soon, and it looks as if I am going to have to wait a little over a year to refinance my mortgage. So, for 2006, I have to find $6,000 elsewhere. And where else can you find somewhat residual income? On the Internet. As you can see, I have Google AdSense on this blog. I do not get a lot from it currently, but there is potential. So, I am starting a new blog about mystery shopping called Mystery Money. This will allow for money in a few ways: 1) I will probably be able to get decent traffic for this blog, and get some AdSense revenue. 2) I will be able to refer people to various mystery shopping clearinghouses and make some revenue. 3) I will increase the amount of mystery shopping that I do, which will create more revenue.
So, I am going to try and create some more residual income, and hopefully put that towards my contributions.
Also, I am going to open a savings account with the credit union in my building. I have opened a savings account before, but it doesn't work out very well, because it is tied to my checking account... and with poor discipline, you know where that leads. So, this will not be attached to my checking, and it will automatically be withdrawal from my paycheck. I will only be taking about $25 from each paycheck, but it will add up, make me a member of the credit union, and give me somewhere to put my other contributions until I place them in some other higher-yeilding investment. Plus, by being a member of the credit union, I can easily refinance my vehicles at a much lower interest rate.
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