I’ve decided to map out what the various stages of financial growth might look like.  Most of us fall into one of the stages as shown below, at least a version of one of the stages.

Stage 1: Square One

The first stage can be depicted by either one of the following two charts.   Each chart shows someone who spends everything they earn.  The chart on the top shows someone who spends more than what they earn by borrowing the extra funds needed for his or her lifestyle.

To explain the charts further, the person works at his job.  The job provides funds for the person’s lifestyle which in turn provides satisfaction or pleasure to the person.

Stage 2: Basic Saver

The next chart shows someone who does not spend every penny that he earns, but rather saves the money left over.  Most people fall into this category including even big time savers and 401(k) participants.

Stage 3: Developing Assets & Income Streams

The third chart introduces additional assets and income streams.  These might be cash flowing real estate, stocks and other investments, online business, side businesses, etc.  The arrow from the person to the additional assets represents effort or work because the person is in the process of building these assets.  Notice this is in addition to a “normal” job.  This is currently the stage where I find myself.

Stage 4: Your Own Boss

Stage 4 represents the removal of a normal job or traditional income from the picture.  This means that you are relying solely on your own ventures, your assets and income streams, to both fund your lifestyle and your long term savings.  You’ve decided to devote your full energy into your own assets which is a beautiful thing.

Some people choose to jump from stage 2 to stage 4, basically quitting their job to launch their own venture in one step.  I prefer to keep my job while developing other assets.  This is a much lower risk, but some ventures require a larger leap.  Either way, stage 4 is exciting.

Stage 5: Freedom

Stage 5 represents the removal of work or effort in order to maintain an income. As your assets develop over the previous steps and into this stage, hopefully they will become increasingly passive. Even if they are not 100% passive and require minimal maintenance (perhaps a few hours of work a week), I still consider you are stage 5 candidate.

This stage, should we be so fortunate, represents wonderful freedom, flexibility and independence.

A Few Notes

You will notice that I none of the above stages or charts indicate using long term savings to fund the lifestyle.  Since I’m only in my 20s, I’m pusuing an earlier “retirement” than traditional retirement.  If I plan to retire early, the goal is to not be dependent on savings but rather to build them even while retired.  Long term savings is therefore used more as emergency savings or true, long term retirement funds.

The focus throughout the stages is to develop assets and income streams to eventually replace a traditional job and then to completely fund a lifestyle with minimal effort required.  As I mentioned above, I am currently in stage 3, working to develop assets (such as 20smoney.com) while working on my career/job.  In order to develop my assets, I’m reinvesting the revenues from this blog back into the blog in an effort to grow the blog/business.  Hopefully, in a few years, I might be able to focus full time on this blog and other assets and enter stage 4.

Where do you find yourself with regards to the above 5 stages?  What are you doing to progress to the next stage?

Popularity: 7% [?]

1171Comments (0)http://20smoney.com/2009/12/02/5-stages-of-financial-growth/5+Stages+of+Financial+Growth2009-12-02+10%3A52%3A20Kevin

Cash flow is the ultimate goal whether you’re an individual or a business.  Cash flow is what is left over from your revenue or income after all expenses are paid for.  There are decisions on how to allocate the cash flow such as investing, saving, etc. but it’s meaningless unless you actually are accumulating cash flow.

Let’s look at various ways to cash flow from two perspectives: a business and an individual.

Cutting Costs – You Only Can Do So Much

If you have paid attention to the earnings reports over the previous few months in the economy, you’d know that companies have been achieving profitability or positive cash flow by cutting costs.  For the most part, this has been in the form of layoffs (thus, rising unemployment).  While this has helped achieve cash flow during a time of decreasing revenues, there is only so much that you can cut.  There are some things a business cannot cut in order to stay in business.  Once you’ve cut everything, you have to eventually focus on revenue growth.  This is the scenario for many major companies these days.

When it comes to an individual’s personal finance, cutting costs is important during times of flat or decreasing income.  Maybe you lost your job, then of course, cutting back is a natural process.  Or maybe, you just recognize that there won’t be much opportunity for a few years; thus, you need to cut back and make sure you’re saving enough money during these few years.  Minimizing your expenses and spending is an important aspect of achieving cash flow.

Revenue Or Income Growth

The other way to grow your cash flow is to grow your revenues.  A business can grow their revenues by increasing sales in their established product or service lines, or they can find new areas to grow into.  In today’s economy, it seems many businesses are competing over a shrinking pie, meaning it will be tough for them to grow revenue unless they innovate or get into other lines of business.

On an individual perspective, your income is your salary or your bonuses from your career and other income streams.  You need a number of things to align for your income to grow.  First, you are pretty dependent on your industry.  Simply put, if your business or industry isn’t growing, it is tough to increase your income.  Second, you need to grow in your career by growing your relationships and skill set.  If you are in a growing industry and you are a go-getter that is progressing quickly in your career, you’re likely to see some income growth and as a result, positive cash flow.

Investing Cash Flow For Future Cash Flow

When a business achieves positive cash flow, most businesses will invest that money in order to grow the company.  This might mean hiring additional employees, or investing in new technologies or a new marketing campaign.  The goal is to invest past cash flow to grow future cash flow.

On the individual level, this might not be as intuitive.  First, you need to be saving money for your future (i.e. retirement).  Excess cash flow after your basic savings might be invested in yourself or your other income streams to produce additional income.  For example, you might invest in some training or education to grow your skill set.  You might invest in an income producing property.  You might invest in an online business (like I do).

In Your 20s…

Most readers in their 20 will probably ignore the business cash flow discussion in this article, and that is fine, but it’s definitely good stuff to continue to learn about especially if you have entrepreneurial goals.

On an individual level, 20-somethings really need to start looking at their money differently.  Viewing money as cash flow is a great thing to learn.  This cash flow can grow in a handful of ways and you can invest this cash flow wisely to produce additional cash flow in the future.

Last thing… notice, there was no mention of debt in this article.  By maximizing positive cash flow, you can avoid the usage of debt.  Definitely a great goal is our over-leveraged society.

Popularity: 12% [?]

1044Comments (0)http://20smoney.com/2009/11/10/how-businesses-and-individuals-go-after-cash-flow/How+Businesses+and+Individuals+Go+After+Cash+Flow2009-11-10+10%3A47%3A04Kevin

If you read my blog, you know that I’m a big fan of online income.  It’s one of my main pursuits and it’s something I encourage frequently to anyone.  I know several people who make good money off the web, and I also know a few people that make enough to replace a full-time income from their online sources.  While many individuals might consider making an actual living by making money online as an incredible feat, many still wonder how secure such an income might be?

Online Revenue Types

Before being able to come to a conclusion on the security of your online income, we first need to break down the different types of revenue from online sources.  The level of security will vary for each.

Advertising Revenue

Probably the most common revenue type, advertising can come in many forms.  The easiest is through a service such as Google Adsense.  Other forms include private, direct ads are common for people who run websites or web businesses.

Online advertising, as a whole, is still in its early stages.  Even in an economic downturn like we’re experiencing now, online advertising continues to grow while traditional advertising struggles.  Because of the fact that we’re in an early stage of online advertising, the risk to this revenue is very minimal.  Risk: Low

Affiliate Marketing & Sales

Affiliate marketing sales are another huge source of revenue for web entrepreneurs.  By recommending products or services to buy, you are definitely exposed to the success of that product or service.  While you remain in much better shape than a traditional retailer in an economic slowdown, if you depend 100% on affiliate marketing, you may have a higher level of risk than other website operators.  Risk: Medium

Direct Sales

If you run an online sales or retail channel, you can easily be susceptible to an economic downturn or a new competitor.  You must stay on top of your industry or sector and ensure you are offering the right products at the right prices.  Risk: High

Bloggers

Since bloggers typically focus on the advertising and maybe the affiliate marketing revenue, blogging is a pretty low risk business model.  It’s also very difficult to get to a level of high income where you can actually support yourself; but, I believe that if you can get there, you have a pretty stable, secure income.

I’ve read feedback from a few bloggers that make a living off their blogs and they view it as extremely secure since they don’t have to depend on anyone else.  Unless something makes search engines disappear (unlikely), their traffic and income is very secure.

Getting Started

I think the biggest challenge for most people is that they fail to get off their butt and just start plugging away at a potential online income source.  Since the cost is so low and it doesn’t require any special skills, just failing to get started must be the main reason that most people fail to pursue online income.

First, decide that this is something you want to pursue.  Second, read through the blog posts in the Online Income Streams category here at 20smoney.com.  These posts will help you determine the best course of action and provide tips on getting started with ease and with very little money.  All it takes is you deciding that it’s time to make some money online!  Who knows… it might turn into a full time living.

Popularity: 16% [?]

776Comments (1)http://20smoney.com/2009/10/08/making-online-income-how-secure-is-it/Making+Online+Income%3A+How+Secure+Is+It%3F2009-10-08+09%3A40%3A17Kevin

Welcome to the first edition of Web Entrepreneur Network carnival. This is a new carnival aimed at bringing you the best content from a range of web entrepreneurs. Please also check out the main site for the Web Entrepreneur Network.

Kathleen Gaga presents Street Smarts Marketing & Promotions: Information Products; Step one for success posted at Street Smarts Marketing & Promotions, saying, “If you are thinking of developing information products for profit or as a giveaway a quick Google search is step one. You can quickly find out how prevalent something is this way.”

Jeremy Zongker presents The Importance of a Professional Website Design posted at Reliable Writers.

Ben Lang presents How to Improve your Blog?s Traffic posted at Ben Lang, Entrepreneur.

Tiffany Washko presents Seasonal Affiliate Sales posted at Tiffany Washko – Mother, Writer, Environmentalist.

Steve Sick presents Attract Visitors To Your Website | Learn how to turn your passion into a profitable website, blog, or online business! posted at You Create Website, saying, “Learn how to attract visitors to your blog or website. This is a thorough list of ways to get visitors coming to your site.”

Blogging

Andy Hayes presents So, You Want to be a Travel Writer? posted at Sharing Experiences, saying, “A review of Matador Network’s new travel writing program as well as some honest opinions about what it really takes to be a travel blogger, a popular niche with loads of money-making potential.”

Susan White presents 50 Awesome Open Courses for Web Writers posted at AccreditedOnlineColleges.org.

Steve D’Agostino presents Want to Make Money Blogging? 1 Powerful Secret Will Set Your Business Blog Up For Success! posted at Steve D’Agostino’s Internet Marketing Blog.

Entrepreneurship

Anna Callahan presents The Awesomeness Economy posted at Indie Times, saying, “This article builds on Umair Haque’s Awesomeness Manifesto, and explains why this business model is necessary in the new economy.”

Other

Case Ernsting presents Why All Businesses Should Advertise on the Internet posted at FinditLocal411 Blog, saying, “These 10 tips will help any business transition into internet marketing and advertising. The internet has become such a high paced, valuable means of communicating with consumers…you should join in on the fun.”

SEO

Joe Revod presents Baclink Analysis Using FREE Tools (Amazingly FAST) posted at Internet Business Make Money Online With Welly Mulia.

Small Business

Steve C presents What Does It Take To Get You Off Your Butt? posted at MyWifeQuitHerJob.com.

Arthur Pledger presents Building an Ebay Empire posted at World Domination with Arthur Pledger.

That concludes this edition. Submit your blog article to the next edition of Web Entrepreneur Network Carnival
using our carnival submission form.  Also, join the Web Entrepreneur Network at http://www.webentrepreneurnetwork.com.

Technorati tags: web entrepreneur network carnival, blog carnival.

Popularity: 20% [?]

818Comments (0)http://20smoney.com/2009/10/01/the-web-entrepreneur-network-carnival-edition-1/The+Web+Entrepreneur+Network+Carnival+Edition+%2312009-10-01+13%3A30%3A45Kevin

It’s funny how many times I’ve been approached to participate in multi-level marketing program.  Being someone who tends to jump at income opportunities, I always consider them, but have never really bought into these programs.  Now, I completely understand it is possible to make money with these programs; I know people who make good money, but as I’ll explain, I don’t have much interest in these programs.

What is MLM?

Multi-level marketing is a strategy to use people on the ground to market and sell a product.  Rather than a centralized corporate marketing strategy, a company can choose to compensate individuals for selling the products, and as you’ll see, for signing up additional “sales people”.

What are Some Examples?

Probably one of the biggest MLM programs out there today is MonaVie.  Some of the more established programs are Amway and Pampered Chef.  There have also been many programs that have come and gone in terms of popularity over the years.  One of the biggest that came and went was Burn Lounge.

What’s the Problem With MLM?

From my perspective, there are two major problems with MLM.  One deals with sustainability and one deals with the sales strategy.  I’ll address both:

Sustainability

Most MLM programs fail because they aren’t sustainable.  These programs aren’t sustainable because they rely too much on new member fees as opposed to sales revenue from the actual product being sold.  Some of these programs will explode and generate a ton of revenue from membership growth, but the problems come when they hit a phase where membership doesn’t grow much, and they have to rely on product sales.  With regards to Burn Lounge, who the heck was really going to buy music from your friend’s “music site”?  De-centralized online sales platforms don’t work in my opinion, we’d rather go straight to a trusted source such as Amazon or iTunes.

Sales Strategy

MLM programs rely on your relationships.  I have a huge problem with this.  If I join MonaVie and start to sell, who are the first people I will approach to either become a sales person or to buy the product?  My friends and family.  THis immediately puts a stress on my personal relationships that is not beneficial to the relationship.  Now, I’m trying to get something out of these relationships instead of simply enjoying the relationships for what they are.  This is not a formula for quality relationships, and in my opinion, it’s not worth it.

Is It For You?

Only you can answer this, if you have a large network, have the time to pursue the particular program, and feel comfortable selling to people you know, maybe it’s a good opportunity.  Some people do very well with it.  If you don’t feel comfortable selling and asking people for money, I’d stay away, I don’t believe you’ll be very successful.  Find another avenue that matches your strengths better.

Opportunity For 20-Somethings?

20-somethings may have more time to focus on a program like this since many 20-somethings don’t have families or other obligations.  If you have the freedom, perhaps, check it out.

If you read my blog, I definitely encourage all 20-somethings to pursue additional income streams outside their primary career.  MLM might be that opportunity for you.  For me, it’s not what I want and it doesn’t necessarily line up with my strengths.  Pursuing online income streams is more the direction that I’m pursuing.

Do you participate in MLM?  What program and how well do you?  Leave your comments and join the discussion!

Popularity: 12% [?]

658Comments (0)http://20smoney.com/2009/09/28/should-you-participate-in-multi-level-marketing-mlm/Should+You+Participate+In+Multi-Level-Marketing+%28MLM%29%3F2009-09-28+09%3A14%3A01Kevin

A large segment of internet users today has bought into the goal of making money on the web. Because of the rise of blogging and technologies like Wordpress and Joomla, it is easier than ever for an individual to take a stab at earning money online.

The reality is that 99% of bloggers or other web entrepreneurs make no money at all. It’s very tough and very crowded. Understanding why it is so tough will help clarify the real opportunity for making money online.

Blogging and similar ventures can be categorized as content producing. It is extremely difficult to make money by producing content because there are so many content producers doing the exact same thing and there is already an incredible amount of content on the internet. I once read that the content on the internet is doubling every 12 or 18 months (either number proves the staggering growth rate of internet content).

Because of so much content, users can literally find anything about anything. This is a good thing, but the challenge is to continue to increase the effectiveness of search or filters to continue to find the best content from the ever growing amount of “crap” content being produced. The challenge is not solved by Google or other mechanisms, because the internet is continuing to change and grow. While Google has a dominant search engine and is the window for most users to find what they are looking for on the internet, Google must continue to innovate and redefine their services as the internet grows and matures on its own. Google does not control the internet and doesn’t have any potential to control the internet’s growth or lead its direction. While they arguably can lead the direction of the internet’s growth better than many other technology companies, it is still a futile effort. The internet is too big to be controlled by one entity.

Where The Opportunity Lies

Because of the incredibly difficult chance of standing out on the internet by producing content, no matter how unique or good that content is, it is better to focus in a different direction other than producing content. The opportunity is in filtering content or helping web surfers find the best content. Before you think that I’m recommending you compete with Google, I’m not trying to tell you to build a new search engine. There are many ways to filter content other than a search engine.

Review sites like epinions.com help users filter consumer products, yelp.com reviews help filter local businesses, tripadvisor.com helps filter travel data such as hotels or destinations, or even a popular blog on indie rock music helps filter the mediocre indie rock from the quality indie rock. Filtering content does not need to apply to the entire massive quantity of data on the internet; in fact, you’re wasting your time if this is your approach. Instead, focus on a niche, or a corner of the internet. How can you help users filter the content within that niche?

In order to explore this business opportunity completely, you must understand how some of the main filtering mechanisms work on the internet. Google utilizing backlinks to rank websites within a particular content category. Backlinks are defined as websites linking to a website. My blog, for example, 20smoney.com, goes up in various finance categories in Google’s index when more websites link to it. Are there flaws in this design? Is it perfect? It works excellent, but yes, there are some imperfections to it (Google works tirelessly to improve this algorithm constantly). Because even Google, the master of search, has flaws in its search algorithms, there are opportunities for innovative thinkers to launch a filtering service even on a very small scale. Such a service could be very profitable.

Getting Down To Business

In order to explore some actual examples of such a venture, you can begin by asking yourself some questions: What information is tougher to find on the internet? What could be easier to find? Who’s recommendations do I trust?

Expert recommendations

One area that could be expanded is using experts in various categories or topics to help users find the best websites or content in that area. Google uses backlinks to rank a website. These backlinks can come from anywhere and might be average recommendations at best. While Google’s algorithm attempts to factor in the quality of even the recommendation, there are still opportunities to improve or focus entirely on the expert recommendation. Review websites leverage this strategy, but they are recommending products as opposed to content.

Blog Search

The ability to find quality blogs is actually pretty tough on the internet. Sure, you can find quality posts by searching for a topic on Google or other search engines. The quality posts from blogs will be listed in the search results most likely. But what if the writer of that blog wrote one good post out of a thousand? That search did not help you find a quality blog, merely a quality post? Some ranking service for actual blogs / writers could be beneficial.

Can’t you use technorati’s authority ranking to find the best blogs? Well yes, but too often it seems bloggers that got in early in the game (johnchow.com comes to mind) are high ranked simply because they may have been among the first bloggers in a specific category, not necessarily the highest quality. Furthermore, the technorati categorization is extremely limited. The categories are incredibly broad. The beauty of the internet’s ever expanding content base is that even the smallest of niches can be explored. A quick example, what if I want to find the best blog on SEO for Ruby on Rails web applications? Do I browse the “Internet” category on technorati?

The modern world wide web is about unlimited content; therefore, we need unlimited flexibility in the categorization of that content.

Exploring This Further

If any of this discussion sparks an interest in you, do some brainstorming. I’m definitely open to partner with someone on a venture, specifically someone who can program web applications. I’m too busy to write another web application at this point, but would definitely be open to making one of these ideas happen. Contact me via email if you’re interested.

Popularity: 23% [?]

468Comments (0)http://20smoney.com/2009/08/31/the-real-money-making-opportunity-on-the-web/The+Real+Money+Making+Opportunity+On+The+Web2009-08-31+09%3A11%3A01Kevin

I own and operate multiple websites. Additionally, I launch a new website probably once a month (whenever I have the idea for one). Because of this, I need a quick, simple, and cost effective way to execute the end to end process of launching a website.

This process includes the following:

• Domain registration
• Setting up the hosting
• Installing the website platform
• Create the initial content

Overview

I use two companies to handle everything. I use GoDaddy to register a domain name and I use Dreamhost to host and configure the website. Since I already have a Dreamhost account, I can add domains / websites without any additional cost. A 1 year dot com domain registration on GoDaddy is under ten dollars. This is the only cost I incur, so launching a complete and functional website costs under ten dollars.

Domain Registration

Researching and registering a domain name through GoDaddy is quick and painless. Once you find an available domain name, follow the instructions to purchase the domain. Note: some believe that a longer registration for a domain name helps out the website when it comes to search engine rankings since Google (and others) might use short registrations as a sign that the website is not a legit source of quality information. You’ll also get a better annual rate for a longer term. I tend to still do 1-year registrations since some of my concepts do not pan out and I abandon them once I realize this. I think you’re fine with a 1-year registration.

Setting Up The Hosting

Nameservers

Since we are using Dreamhost for every website we create, I can go ahead and modify the nameserver information. In my GoDaddy account, I will goto Manage Domains, click on the domain that I just regsitered and change the domain’s nameservers to NS1.DREAMHOST.COM, NS2.DREAMHOST.COM and NS3.DREAMHOST.COM. Once you do that, you’re done with GoDaddy.

Adding the site to your Dreamhost Account

Next, you need to login to your Dreamhost Administration Panel (panel.dreamhost.com). You need to click on Manage Domains, then “Add New Domain / Sub-Domain”. On the “Add Domain” screen, you really only have to fill in the domain name in the first field. If you are planning on hosting a Ruby on Rails application, you may want to check the FastCGI and Passenger check boxes. If you are planning to use Wordpress, Joomla or static HTML, just fill in the domain name at the top, and the web directory field should auto-populate. Fill in the Captcha word so Dreamhost knows you are a real person, and click the “Fully host this domain” button at the bottom.

You’re all set!

Installing the Website Platform

Dreamhost One-Click Install

The beauty of Dreamhost, besides being able to add numerous websites to your account for no extra charge, is the one-click install feature allowing you to install your favorite website platform without any technical knowledge required.

On the Admin panel for Dreamhost, click on “One-Click Installs”. On that page, make sure you select Install new website software – Advanced mode. If you choose easy mode, you will not be able to modify the installation including adding new themes.

Next, select the software such as Wordpress. Then, select the domain to install it to in the drop down menu (should display all domains you have setup). I tend to use a separate database for each domain so you will want to select the “Create a new database now” radio button. Create a database name, then create a new host name as such: mysql.yourdomainname.com. Create the database user name and then click the “Install” button to tell the system to install your software.

Note: When managing multiple websites, it will be easier on yourself if you stick to a specific pattern when setting up these websites and corresponding databases. For example, keep the same pattern for the mysql database name and host name. Also, I keep the username the same for each database (make sure your password is strict).

Finish the Setup

When the software has been installed, Dreamhost will email you along with any further instructions and the link to the administration login for your new website. Login to the administration to make sure your site is setup correctly. You can also view your website at http://www.yourdomainname.com and you should see some shell of a platform with the default content.

Adding a Theme or Template

At this point, you need to know how to use the platform you have installed. On the major platforms like Joomla and Wordpress, you can find a range of tutorials showing you how to get up and running.

In order to customize the look of your website, you need to install a theme or template. If you’re using Joomla, you can upload a new template directly through the administration panel. If you are on Wordpress, you’ll need to upload a theme via FTP to your site (Your Dreamhost account comes with FTP access).

Creating The Initial Content

In order to get your website launched, you need to add the basic content. If you are launching a blog, you will want to public at least 5-10 pieces of solid content before doing any promotion of your site.

The Next Steps

Once you do this, you’re site can be considered launched! The easy part is done. Now comes the tough part: creating more content, monitoring your website, SEO, promotion, building and tracking your traffic.

Growing multiple websites is a tough task, one that I have a few ideas on how to improve the process; however launching and managing the actual websites is very easy if you use Dreamhost and GoDaddy as described in this post. Good luck!

Popularity: 18% [?]

464Comments (3)http://20smoney.com/2009/08/27/how-to-launch-and-manage-multiple-websites-efficiently/How+To+Launch+and+Manage+Multiple+Websites+Efficiently2009-08-27+09%3A09%3A33Kevin

It’s time to document some goals with regards to my finances.  Investing, income, budgeting, real estate… it’s all covered here.

It’s a little late in the year to establish financial goals, but I’m going to document my goals for the rest of the year and then update this list closer to the start of 2010.

Investing

I continue to be very wary of the current market and am patiently waiting for a significant pullback.  I am still mostly cash (and short) and am waiting for some strong stocks with attractive entry points.  Depending on what happens, I may still be in the same position as we transition into 2010.

Goal: Continue to be patient.  Close out shorts as market goes lower.  Watch for high-yield entries.

Income

With a renewed focus on some of my online businesses, I’m hoping to develop a consistent monthly side income stream.  I have a few businesses/income streams in the works that may come online between now and the end of the year.

Short Term Goal: Focus on building 20smoney.com and wait for other opportunities

Hopefully through a combination of potential income streams such as 20smoney.com, I will be able to generate some lasting, substantial monthly income.

Long Term Goal: $2,500 / month in side income from businesses and investments

Saving / Budgeting

Since recently implementing my bucket savings plan [July 27, 2009], I have begun to build up cash reserves for multiple categories of potential expenses (such as home maintenance, auto maintenance, etc.).  My goal is to hopefully avoid any large expenses and continue to build these reserves so that I may be well positioned in 2010 to withstand any unexpected events without breaking my monthly budget.

Goal: Have $150 in house maintenance reserves, $150 in auto maintenance reserves, $200 for insurance payment reserves

Real Estate

Thankfully, I just completed a re-finance of my home which will save me almost $300 a month.  Additionally, I’m looking to make a few upgrades to my back yard which will not only increase the value of our home in terms of lifestyle and enjoyment but also assist greatly should we sell the home in the future.  This may or may not happen by the end of 2009.

Goal: Sit Tight, save accordingly for desired back yard upgrades.

I will be detailing some future real estate investment plans very soon that may take place in 2010 or 2011 (depending on the market).  I’m hoping to scoop up an income producing property in the near future and I will be discussing this further on this blog.

Popularity: 17% [?]

479Comments (0)http://20smoney.com/2009/08/25/2009-financial-goals/2009+Financial+Goals2009-08-25+09%3A43%3A23Kevin