The very first post I wrote covering goals was over a year ago on my goals for 2008. For the most part I was unsuccessful on almost every goal. But should I count 2008 as a complete disaster? Of course not. I learned an incredible amount about blogging, internet marketing, and partnerships with large companies (more on that in a later post). But in 2009 I have something to work towards:
April 2011 I will be self-employed
Let me explain. Currently I am the only one working and in a full time sales role while my wife is back in school getting her masters degree in occupation therapy. After she graduates she has 9 months of on the job training before she can get a job in the OT field which will be in April 2011.
So my goal is to be averaging $32,000 a year from running my websites by the time April 2011 rolls around. Where did I come up with $32,000? Well, this is currently my base salary at my job. I get commission on top of my base salary along with some other money from time to time; however, $32,000 was all I was earning when I first got the job and along with my wife’s income from a lower paying job we were able to live off of that just fine. If I can reach an average annual income of $32,000 a year by working part time on websites than think of how much more I can make when I quit my job to focus on it full time!
This is a very ambitious goal for me because while I’ve learned a lot about earning money off of websites, blogging, affiliate marketing, etc. the next two years is the time I need to seriously apply it. That’s not to say I haven’t been using a lot of what I’ve learned before in what I do now but I absolutely need to hit this goal. It’s been something I’ve thought about ever since I got my first Adsense check 3 years ago.
I will not quit my job if I hit my earnings goal before April 2011 because part of the reason why I chose that date is because of the fact that I want to make sure my wife and I have health benefits at all times so anything above and beyond that goal will be gravy. I will not provide monthly updates on my income as a whole; however, I will continue to post earnings updates from my blog.
The first step in 2009:
My earnings goal by the end of 2009 is an average monthly profit of $1350 (which comes out to just over $16k a year). If I can hit this target by the end of 2009 than I’ll be half way to my goal, but technically because with the internet it’s often very easy to scale your earnings (i.e. make even more money off of the same website with nearly the same amount of work) I’ll be in an even better position to hit my goal. Keep in mind the April 2011 $32k average annual earnings is just my minimum goal and I believe I can do better than this.
I will document my journey through this blog and focus on providing more practical examples of how I’m making money and what’s working best. If you think this sounds like a good goal and want to follow along as I work towards achieving it please subscribe to my blog.
What do you think of my plan?
Sept 9th 2009 Update: As you can tell by some of my recent blog earnings posts I am well on my way to surpassing my goal. In fact, I am looking at potentially quitting my job before my April 2011 timeline! (Especially since I’m on track to do over $32k in 2009 anyway!)
Sounds like a solid plan. Well thought out. Best of look achieving your goals.
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I like the plan but have one piece of advice. Even though you’re making more than $32,000 now, you need to make sure that your “standard of living” doesn’t far exceed that between now and 2011. Otherwise, when you take the negative hit in 2011 you’ll be hurting more than you expected…
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Go for it Chris, break free!! 🙂
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$32K is a great goal, and keeping your full time job while you earn online is a good plan, too. Just because you didn’t hit your 2008 ‘planned’ goals, doesn’t mean you weren’t successful. A year is a long time for events and plans to change, and as you said, you learned a lot in the process. Looking forward to reading about your progress toward 2011. Good luck!
When my wife graduates she’ll get a job paying twice as much than she made back when I first got my job for $32k base. So I think it will balance out in the end. I’m certainly going to be doing a hard look at our expenses though so I can make sure it’s feasible.
Thanks to everyone else for the words of encouragement.
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[…] out of the box in this weeks link love is the man over at ChrisGuthrie.com. This last week Chris let the cat out of the bag as to his very admirable goal of becoming self […]
I believe you can make $32k by the year 2011, but it is hard to retire when you made it, because you have to have a continues earning of $32k even after your retirement which means you have to build a system which can generate that much money even you stop working, how do you want to make it happen?
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I found your blog from John Chow. Sounds like you got a good plan.
Going to signup for your rss feed.
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