2007 August | The Road To A Perfect Life

Archive for August, 2007

August 2nd, 2007

Credit Card Debt Out The Window!

Well I have good news and bad news.

Unfortunately this month was extremely slow, none of which I had any control over. I never realized that tea would be a very seasonal topic (nobody wants to know about hot tea in the middle of summer).

I still made another sale of SBI! which brought in another $75, but my total passive income for the month was only $127.96

This is the first month that my percentage of being financially free has gone down – and it went down quite a bit. It went from 74.6% free to 23% free.

However, that doesn’t deter me from still working hard to achieve financial independence.

Me and my girlfriend just had an amazing conversation about our future and I realized that having her and realizing that I’m most likely going to marry her is one of my main motivational factors for working so hard to achieve financial independence.

One of my goals this month is to place at least 4 of my candy vending machines (still waiting to figure out insurance and licenses) so that should bring in a little extra.

To be honest, I’m very proud of myself for staying so positive after such a bad month. If anything, it’s motivated me to work even more. I just got home from work and I’m about to jump in the shower and write another page for the website (www.fitness-made-fun.com)

Credit Card Victory!

Being the little scaredy-cat that I am, I decided to take the money I have in the bank to pay off all my credit cards. By doing it, I’ve eliminated $77/month from my expenses. I still need to pay the $13/month to my discover for my Pre-Paid Legal services.

Being that I have roughly $750 that I paid off, if I were talking in terms of an investment – I’d get my money back in 10 months. Not a bad deal in my opinion. Plus I like the fact that it’s that much less money I have to worry about, and also paying those credit cards off (since they were about 15% each) is like having a 15% return on my money – which is pretty good for doing nothing.

I’d just like to point out that if this were in May that I had my expenses so low (they’re now down to 488 – down from 703) I would only be about $17 away from financial freedom for that month.

In the winter months I would be financially free just from my tea website. However, since May I’ve also picked up another website which will start making me money in probably November or so, and the candy vending business which should start producing returns this month. By Christmas, I will definitely be free. By the time I graduate, I want to be at double financial freedom, or about $1000 passive income per month.

Just wanted to give you an update. Feel free to leave a comment and let me know how you’re doing, or e-mail me at Lilreeves at aol dot com and we can share our stories together. I only have 1 person participating with me right now and I’d like to share with more people!

PS – This post should teach you something. Right now I’m relying on 1 major source of income (although I have 2 more in progress).

The lesson is – multiple sources of income is the best way to go!

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