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New Online Income Target: $5,000 / Month

9 June 2011 30 Comments

Three years ago I stated that I wanted to see if I could earn $500 a month from this blog and other online ventures (you can see the post from three years ago here).  If you’ve followed this site, you know that I surpassed that a long time ago and now average $1500-$2000 a month in income (see further income details).

Now I am documenting a new goal. The goal is $5,000 / month in online income.  I used to ponder what was possible with an extra $500 a month in income.  Remember, this isn’t savings by being frugal, it is an increase in income.  I’d guess that 99% of Americans have not had their income increase in recent years, but that is exactly what we’re talking about.  If you combine an increase in income with an increase in frugality, well, you’re talking serious money left over for investing and other things.

What is possible with $5,000 / month?  Well, let’s look at the following:

  1. You could pay off a $250,000 mortgage in about 4 years.
  2. You could buy about 90 shares of Walmart (WMT) every month at current share price.  Or about 1,000 shares a year.  Those same 1,000 shares would pay about $1,500 in dividends each year.
  3. Or you could be irresponsible and buy an iPad, a boat, a new wardrobe and a few other things in your first year, and THEN put that money into investments starting in year 2 :)

So why do I mention this?  Well, mainly to motivate you and to document what is possible.  I’m no different than you, I’ve just decided to go ahead and give it a shot.  Then I document the process in an attempt to help you make it happen for you.

Ok, we’re on the record.  We’ll document the progress along the way.

30 Comments »

  • Ricky said:

    Awesome Kevin! I know you'll get there eventually.

    I love how you break it down into how people can use that extra money.

    Definitely motivating! Please keep us updated with your progress.

  • Money Beagle said:

    That's awesome and I look forward to seeing how things go. I recently started monetizing my blog and had initially thought $1k for my first year would be cool, but I've passed that in just three months.

    Before you go out spending all that money, remember you have to pay taxes on it so some of those things might take a little longer!

  • Arthur Garcia said:

    Nice man! There is definately power in putting a goal out there where everyone can see it. Very inspiring man, keep it up!

  • Former College Idiot said:

    I think I need to do the same challenge because I love reading through blogs and commenting on people's posts. I will follow your challenge. Good luck!

  • AmericanDebtProject said:

    You motivated me to start my blog too. It's been a week and I am building up my content. It's really been fun and I am discovering so many blogs I like, like yours. I hope I can report back soon on my income progress!

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    I need an example on how I would calculate new target income units multiplied by the ratio to achieve the correct units.

  • Renee said:

    That's quite inspiring! So, what are you going to do with the goal money of $5,000 per month?

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