Crafting Your Path to Financial Success in 2014

Crafting Your Path to Financial Success in 2014

Good morning! I’ve shared some tips on making money with New Year resolutions over at Make Money Your Way.

Last year, I set several financial goals and provided updates every few months. It’s that time of year again, so here are my financial goals for 2014!

Increase Net Worth by 30%

I didn’t achieve this last year, but I’m optimistic and will set this goal again for 2014.

Make $60,000 in Online Income

If you follow my blog income reports, you know I currently earn $3,000-$4,000 a month from blogging. I want to increase this to $5,000 a month. This amount would allow me to live comfortably, travel whenever I want, and still have some money left over for emergencies, like a last-minute flight back to France. I believe this is achievable once my third website starts breaking even.

Keep Donating 10% of Online Income to Charity

Since July 2013, I’ve allocated 10% of my online income to charity. Currently, I support two students in my village by covering their boarding school fees at one of the country’s top high schools, which costs about $5,000 a year. A reader generously donated $2,000, so my cost is around $3,000. I plan to donate the rest to help other students or maybe buy computers for the school.

Turn a Profit with Land Development

We’re close to getting all the authorizations we need to start selling some plots of land. The website is nearly ready, featuring a map of the compound where you can click on each plot to see its size and price. I’ll also be advertising on international real estate sites.

Make $5,000 with the Guest House

My goal is to make around $500 a month by renting rooms in our guest house, which should total a $5,000 profit for the year. This amount would cover our staff and utility costs, essentially letting us live for free. We currently have two rooms available, plus our own room that we rent out while we’re away. For instance, we’re going to Miami in February and have rented out our room for the month, so we’re off to a good start!

That’s it—five goals, which should be enough to keep me busy for the year.

What are your financial goals this year? Joe shares his on Budget Breakaway. If you want to start the New Year financially fit, Savvy Scot is kicking off a financial boot camp.