Another $50 Focus Group!

I am on a roll it seems!

I just got accepted for another one on July 11th that will yield me a taste test (hopefully dinner!) and a $50 restaurant gift card that I intend to use for my work travel meals (and therefore banking per diem cash!).

These things do seem to come in waves. As long as I am staying home for work for a while I want to fill up my schedule with as many as I can get!

Another Focus Group: $60!

Today I got another focus group for some extra money after work. I am actually a stand in for no-show participants so I get paid to play on my laptop. There are worse things!

Top Cash Back

For a while I have been using ebates. A site that gives rebates for orders online at most popular merchants. It was nice getting a quarterly check in the mail for things I was going to buy anyway. I averaged about $35 per quarter or $140 per year!

I have now discovered TopCashBack.com where they offer larger (the largest in fact) rebates from the same places. They are quite flexible and I can keep more in my own pocket. Both are wins in my book!

I will continue to use them and add to my savings account!

Extra $125 - Focus Group

Today I am doing a focus group after work for a TV Show. I am getting paid $125 to give opinions for 2 hours. Not bad at all!

I wish I could do this everyday! Very easy money and sometimes even interesting.

Update: They had free beer during the focus group too! A first for me but awesome.

Square Up: GREAT for individuals and contractors

FINALLY!

I do some computer repair work on the side and it was always a hassle to require cash or check payments from people. Square allows me to accept any credit card for a flat 2.75% fee. No other fees!

The device that attached to my iPhone is free as is the app that runs it. It direct deposits the money to my back account the next day. These guys have it figured out. You don't even have to run a business! It works for individuals too.

I ordered one for myself and I am going to try it out. I can't complain for free!

Focus Groups

It has been a long time since I have had the opportunity to do some. They are a great and easy way to get extra money. Travel for work has slowed a little so I can cram some in. I can use the money!

Today I got into 2 different ones. One is next week for $125 and another the week after for $60. I would do these everyday if I could! Some are actually interesting. I like the food ones where I can get a free meal too!

I need to get back into this more and start to ramp up my side income.

New Long Term Goal: Increase residual income to $1,000 per month

Now that I am more settled financially I am beginning to look into ways to boost my side income. I have always been on the lookout but now I have more time and energy to dedicate to it. I have several types of side income that I produce to move towards my goal of financial independence and extensive world travel.

My current side income avenues:

• Interest Income: Savings, CD's, Bonds, etc.
• Investment Income: Dividends, Gains on stocks/mutual funds
• IT Consulting: Break/Fix work locally
• Miles & Points: Churning Credit Cards, bonus promotions, flying for work
• Focus Groups: Giving my opinions on products for money

My new goal is now to boost the income from the above activities as well as new ones I can start so that I earn an average of $12,000 per year from it. I am looking heavily at a rental property as an option to boost it. I am also researching investing strategies and looking for more IT consulting work as I can. I am constantly working on miles and points deals since they can create high value for travel.

If I can make this happen it will bring me a lot closer to financial independence. It is much easier said than done but I have to start somewhere. There are risks too that have to be weighed and managed along the way.

Moving Forward: Starting a side business!

I decided today that I am going to take a small leap of faith and see if I can get a successful side business running. I am willing to invest up to $1,000 in the idea to see where it goes. I have evaluated the risks and potential return and think it will be a good long term source of side income.

A friend and I are going to start a small mobile phone software company. We have some ideas for apps already and he has some people asking him to build some apps. He is a programmer by trade. Between his programming and my project management/business skills we can make this work. We are going to get started tomorrow when a new mac mini shows up for a coding workstation and discuss ideas, numbers, and timelines to get the apps to market.

My worst case scenario is that I take some loss on the computer and software I buy. I won't be using all $1,000 right off the bat. The computer is $600 and software $100. That leaves me $300 for other needs if they arise. Most of the investment will be time programming and testing ideas and getting them to market. To start with we are going to rely on word of mouth advertising and luck to get going.

The money earned will go towards paying back the $1,000 invested. Once it has been paid back we will split profits down the middle. We are going to develop for Apple iOS and Android so we have exposure to both markets and even more income possibilities. It will be a slow process before seeing "real" returns but I believe a worthwhile venture. Every extra dollar I make is another dollar towards financial freedom. I am at step 0 right now with many to come!

The Budget Balancing Act Begins...

The clock is ticking on my extra income from my roommate. She is moving out so now I am re-evaluating my budget so I can allocate my lowered income efficiently. I must admit it is not a fun process to have to account for a reduced income. Pair that with no raise at work for over 2 years and my frustration is building.

The drop in income essentially means I have less money to allocate to my life goals. I can still pay all of my basic expenses without issue. It is unfortunate since I am making some nice headway on a few fronts. This exercise is making me decide between some equally important goals for me. How do I choose between a bigger (and necessary emergency fund) and saving some money for my yearly travel?

I love to travel and that is what "keeps me going" during the rest of the year slog through work. I also need the emergency fund in case I become unemployed. I am leaning towards reducing the emergency fund contributions for now so I can have the money I need to cover my already booked travel and then evaluate again in a few months. Until now I was focusing on ramping up the emergency fund to fast track it. Luckily I have it at a good level now where I can slow down if I need too (I am at 2 out of 3 months of expenses).

I have to make my decision and my adjustments soon. Time is ticking until the income stops. I will be lucky to get 1 more rent payment before she is gone. At least I was given warning!

A decrease in income... and motivation to move forward!

I knew it would happen eventually. I have had a roommate renting a room from me for almost 2 years now and she has is moving out. This creates a decrease in income and will slow my progress towards my goals. I am now working on a solution to help replace the lost income.

I am looking to increase my side work fixing computers as much as I can. This will help but is not consistent. I have essentially cut my expenses as far as possible so there is not much room there. I am now looking at potential rental properties. I have been pondering the idea and now have motivation to move forward.

I have found some places that look good. There is a risk with becoming a landlord and that is a risk I am willing to accept. I have a comfortable enough emergency fund to make a move. By my calculations 1 rental property that I am looking at would replace the lost income with a tenant. I want to move into more of them while prices are low on houses to keep the margin up. This is one way to create passive income for myself.

I am looking closely and the numbers and am moving carefully. I need to first one to succeed so I can move forward with others. I am researching all that I can to be knowledgeable in all aspects of being a landlord. Financial and legal concerns have to be satisfied. More to come...

Side Work Weekend!

I have 2 IT side projects for a couple of friends this weekend. I have to fix a laptop with lots of malware and do data recovery on a hard drive for the other. Neither one of them is difficult but they are time consuming. Luckily I can work on other things will they "run" for the most part. I just have to click a few times every now and then.

Between per diem at work and side income I am starting to ramp up a little. I love my airline miles and points hobby but at the end of the day cash is king. Cash gives me the most financial freedom to do whatever I want. I also have a couple of tech items on ebay I am selling that end on Monday. Looks like they will both sell for more than expected!

My previous laptop issue with my screen going out seems to be a one time occurrence so far. I hope this holds and I can get at least another year out of it before I start looking to replace it. MacBook Pro's are not cheap but they are very solid. My current one has been a daily user for over 2 years and this is the only issue with it thus far. As long as the quality holds I will have one.

2011 Goal Progress: Increase Income

I have a major goal this year of increasing my income. I am now working multiple channels to make this happen. So far:

• Being more aggressive in finding side IT work -- paid off!
• Taking a course to complete my technical school IT degree -- in progress
• I am going to renew my notary registration to make myself stick out in job applications
• After I am done with the above course I plan to study and take a Microsoft Exam
• I am giving more thought on how I am investing my savings (more aggressive portfolio)
• Meeting new people and networking more (I am REALLY lacking here)

As I move forward I hope all of these things will bring me more opportunities to increase my income. I am certainly below where I feel I should be at the moment and the down economy is making it that much more difficult to get ahead. I am also considering a job change to get the pay increase I want (and benefits would be great too).

2011 Project: Curb Spending, Increase Income

I am working on a "project" of sorts where I come up with a working plan to curb spending and increase my income. This is always a work in progress but I hope to form some good habits as a result. I have been thinking about this a lot lately and come up with some adjustments to help me get there:

• Don't go out on weekdays (unless there is a special event I need to attend)
• Use Coupouns/Certificates/Groupons whenever possbile
• Eat all leftovers
• Cook in bulk for easy meals on busy days
• Actively seek out side IT clients
• Find things at yard sales, thrift stores, goodwill, etc that I can sell for a profit (ebay)

My current job does not provide the income I want so I am looking for other means. I am also looking for a higher paying job but that is not easy to come by with today's economic situation. I also want to be picky and make sure I am making the right move before I switch jobs. No matter where I work or how much I earn I can still apply these "rules" and "habits" to get ahead and stay that way!

Things are looking up!

I got some good news at work! I am getting half of my original pay cut back. This is great news as it boosts my income and morale. Things are slowly looking up thus far at work and I hope it continues to head in the same direction.

I have also gotten more side work. This has allowed me to get caught up on some unexpected expenses and make a dent in my debts. I am well on my way to getting my credit cards paid off so I can move on with life!

I am also looking into a 3 week vacation over the Thanksgiving holiday back in Asia. It is cheap, weather is great, and it is one of my favorite parts of the world. To boot they have great beaches and amazing food. I need some more road time!

I hope you all have a great weekend Go Spain!

Renewed Focus: Increasing Income

I took a pretty substantial pay cut a couple of months ago and the numbers have caught up to me. I have been working tirelessly to get more side income coming in. My work has already paid off a bit and I am beginning to breathe a little easier. Here are the steps I took:

• Became more proactive in finding side work through friends and family
• Rented out my spare bedroom a week ago for the next few months to a friend in need
  
• Grocery sale stockpiling is now starting to pay back!
• Going out a lot less and being the "cheapskate" when I do go out
• Utilized more groupons, coupons, and other deals to preserve some sliver of a social life

I am also bringing my emergency fund back down to $1000.00 USD and using the rest to pay down my debts. With a lower steady income my monthly debt service payments sting a lot more. Doing this eradicates 75% of one of my credit card balances! With a potential bonus and more rental income I can have this one paid off soon and work on the last one!

What savings I do have left I have shifted to the highest interest possible between a 7% savings account ($500 maximum, fully funded) at my credit union and some existing CD's that have not come due yet. This has become my emergency fund for now.

I have very little in the way of expenses left that I can cut. I am as low as I can go without making life miserable for myself. I am still working hard to get more alternative income via more focus groups, more computer repairs, and anything else I can do to get ahead. I am trying my best to be patient and stick with it!

InboxDollars.com: Money for looking at ads

InboxDollars.com is a new site that I am trying out. You earn money for signing up for offers on their site, playing games, reading emails, and other activities. Once you reach $30 you can request a payment via check. I am giving it a shot to see if they are "real" or not.

I have read good things on other blogs about this site and I will take every extra dollar I can get! I have $6.12 in earnings so far and their paid emails give you $0.02 each and take literally 1 second to do. That works out to $72.00 per hour if you had enough paid emails to fill it. It costs me nothing to click a link to get paid.

I have made actual money from other sites such as youdata.com and ebates and upromise. I am hoping that InboxDollars will be another supplement that I can get every once in a while! I will report if/when I get real money from it.

You won't get rich off of one or even multiple of these types of sites but it is a good way to pick up a few extra dollars here and there that you otherwise wouldn't have. I usually take my earnings from these sites and add to my emergency fund. Every penny counts when an emergency comes up!

Things to consider when starting your own business

I am in the process of starting my own IT consulting business as a part time gig. I have been doing research into the local market and am sure I can make some extra money doing it. I have also discovered that owning your own business is a lot bigger commitment than most people realize. Here are a few things to weigh if you are thinking of venturing out on your own:

• Taxes: Any income you make is not only taxed at the federal and state and local level but you must also pay the full amount of FICA (Social Security and Medicare) tax on it. This amounts to 15.3% of the income on top of normal taxes!
• Time: You have to factor in that not only will you be spending time on doing the actual work but also marketing, accounting, errands, phone calls, sales, etc. Make sure you have the time to do it all or can afford to pay someone to help you!
• Savings: If you are venturing out on your own full time you need 1 year's of living expenses saved over and above your emergency fund. I recommend this to total 18 months of living expenses to be on the safe side. You also have to keep up this amount at all times!
  
• Office Space: You need to have a proper office space in your home dedicated to just business. A rented office is even better but not always feasible. It helps to keep you organized and allows you to separate home from work (very important!).
• Dedication: You have to be behind your ideas and your business 110%. If you can't put in the time and effort to be successful you should look at other options. It is not easy to run your own successful business and keep it running!

If you can agree to all the things listed here it may be worth a try to have your own business. I suggest starting part time at first before quitting a job. Allow it to grow to the point where you have to quit in order to keep it going and go for it! It is not easy but can be very rewarding both financially and emotionally!

Get $20 Free from Virtual Bank!

I got a referral from a fellow blogger to sign up for Virtual Bank savings account and you get $20 after 30 days as a bonus. This is a 20% return on investment in 30 days. That is really good!

If you want to get $20 for yourself then click here!

I love bank bonus money and take advantage any time I can. I have collected over $500 in new account bonuses along the way and counting. I consider it part of my alternative income since I actively did something to earn it (i.e. not interest or dividends).

Enjoy the free money!

New Vending Side Business up and running!

Lately I have been focused on boosting my alternative income and I am doing this by running a gumball/candy machine in my office building. It is great as I do not pay rent and it is an all cash business. I don't mind rolling quarters once a month!

I had a machine there for a couple of months before it was stolen. Our office is not in the best neighborhood and their was a rash of thievery in the building and they stole anything not bolted down. I was forced to replace the machine and chain it down in order to secure it.

At this point with my current money invested I am in the hole for $500. This includes the cost of 2 machines, candy, and items used to secure it. I was bringing in about $50 a month so I estimate it will break even in one year. I feel this is a good investment.

I would love to find more locations and will actively seek more once time permits. I have a membership at Sam's Club so I can get the supplies I need to keep the machine full at a low cost.

YouData.com - Earn Real Money for just minutes!

I have signed up for YouData.com which is a website where you literally get paid to click links (ads). You have to fill in profiles and they give you links to click that are targeted to you. They pay weekly every Friday by paypal.com.

So far I have earned about $2 from them in a month. It may not sound like much but it only took a few seconds to do. You simply log in and see if you have any ads available. If you do then you can click them and get paid. It is that easy!

I check it once a week to see if I have any waiting and do them. It takes me less than two minutes to complete.

If you want to sign up or learn more about YouData.com please click here!