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Secondary Income Stream Target: $500 A Month
In my pursuit for a second income stream, I have established the $500 a month target as my goal for several reasons. First, $500 of extra income a month is a level where your lifestyle or financial picture can actually be affected by this amount. An extra monthly $500 could be the difference between accruing debt and having a great savings plan. Furthermore, $500 a month in income proves that the particular income stream is alive and well and has potential for even higher numbers. Let’s take a look at what I’m doing to reach the $500 a month target.
The Growth Of 20s Money
As the web site I have been working on for the last three months continues to grow and thrive, it is time to expand the monetization strategy past basic advertising programs such as Google Adsense. I am currently earning anywhere from $50 - $100 a month through Google Adsense. I need to expand the revenue strategy in order to move towards my $500 / month goal.
Affiliate Programs
I have decided to begin researching and joining a handful of affiliate programs. I am limiting the programs I join to services or products that I have first hand experience with. I don’t feel comfortable or want to sacrifice the quality content of the site by recommending any product and service just for the sake of earning a small commission. Plus, products that I believe in are more easily recommended and sold.
I went ahead and created an account with Commission Junction. They have a great service that hooks you up with tons of potential advertisers and affiliate programs. All money earned from every affiliate program you sign up for through Commission Junction is pooled into a single payment which is nice and efficient. If you run a blog or website, definitely check out Commission Junction as a possible monetization strategy.
Future Opportunities
I love investing, finance, and business which is why I started this blog. Hopefully, this blog will continue to grow and more opportunities will arise for me to offer a value in these areas and make some money at the same time.
Most 20-somethings don’t have financial advisers and cannot afford professional financial planners. It would be a great extension of this website to offer low cost financial consulting to 20-somethings.
I hope you come along for the ride! Thanks for the support.
What is your target number for a second income stream? What are you doing to pursue this goal?
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my 2nd income stream goal is $1000 a month, I come close to achieving it every month, sometimes I fall a bit short. It combines a few things
freelance web development - about 75%
freelance photography - about 15-20%
web adversiting & affiliate programs on other sites that I run - 5-10%
it means that I’m often working once or twice a week in the evenings or weekends for a few hours at a time on the computer, or out shooting.. the photography I really enjoy, the web development I just do for the money. Right now being 27, with no debt, and making a decent salary, the extra income is just icing on the cake and lets me do fun things while saving.
zeromoney:
$1000/month in 2nd income stream money is awesome! what do you do for your “regular” living? who are your web development clients?
thanks for the comment.