Do You Have a Plan in Place?
If you've gotten through the first few training modules in phase one of either lesson plan, you've most likely reached the lesson in which you were told to enter your financial goals. I hope you did this. It may seem like nothing to some of you, but everything is put in the lessons for you to do for a reason. It's important to have goals listed for you to shoot for, and hopefully exceed. But this blog post isn't about that.
What I'd like you to think about, if you haven't done so already, is putting a plan in place for the money that you will be making in the future. I want you to think about what your goals are with the money that you make. If you're just looking to make a few dollars to supplement your income, consider saving everything that you make from the work you do on your website.
If your eventual goal is to replace your full-time income, you should have a plan for that too. Set aside a quarter or half of everything you make for savings and Investments. Or put everything you make for the first year or two and get yourself an emergency fund. With everything going on in life, a lot of us just don't have the money to live our lives and save money at the same time. If you save everything you make from your website, you could have your emergency fund in place in that year or two I mentioned, or even sooner.
Once you have that set up and funded, you can set aside a portion of what you make for investing. By this time, you should be making enough to have enough left over to meet or exceed what your current income is at your regular job. While you're still working, assuming you're not ready to give up your job just yet, I recommend that you put a small percentage aside as kind of a second emergency fund, for lack of a better term. This fund wouldn't be for emergencies, but rather for having some reserves to the side for those months when you don't make as much as others (for after you've quit your job).
In any event, make sure you have some kind of plan in place for what you plan to do with the money you make here. I'm sure most of you know what Murphy's Law is. For those who don't, Murphy's Law basically states that anything that could go wrong probably will go wrong. When you're ill prepared financially, "Murphy" doesn't just become a familiar friend. It seems like he lives in your house ( if you're wondering where you've heard that said before, Dave Ramsey, the financial expert, says that all the time). When you ARE prepared, emergencies just don't seem to come up that often.
Recent Comments
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Hi Robert, Good advice in your post. I was very good friends with Mr Murphy. A distant relation now.
Good friend? Heck, sometimes I swear he was my brother lol. Thanks for the comment