It happened 11 months earlier than expected
In November last year, I set myself a target of consistently earning $8,000 a month by the end of this year, 2023. I was expecting to have slow and steady growth. It was a target but I was aware that I may not reach it. But I expected to get close.
So, I was blown away to reach my target in January. But I’m certain that I won’t hit the target every month. In fact, I’m certain that I’ll have months where I lose money.
Over the entire year, I hope to be consistently earning close to my target though. If I can do that, I’ll up my target for 2024.
This is how I planned to get to $8,000 a month:
- $3,000 a month from writing.
- $1,000 a month from index funds.
- $2,000 a month from crypto.
- $1,000 a month from print-on-demand.
- $1,000 a month from building niche websites.
It hasn’t worked out quite like that. I have already abandoned the print-on-demand idea. After some research, I realized it was too much work for too little return.
My $3,000-a-month target for writing is also going to be dropped. Last April I earned almost $1,700 writing on Medium. In January I earned $80. I have no hope of getting anywhere near my target.
Even though those two haven’t worked out, the others have more than made up for it.
I’m a huge fan of dropping what doesn’t work and doubling down on what does work, so that’s what I’ll do.
This is what I earned in January:
- $7,819 from crypto.
- $1,978 from index funds.
- $1,089 in interest.
- $80 from writing.
- $65 from my niche blog.
That gives a total of $11,031 for January. That won’t happen every month. In February, I’ll be happy if I make $2,000. That would still give me $13,000 over two months. That’s an average of $6,500 a month. Close enough to my target to be happy.
My new targets are as follows:
- $3,000 from crypto.
- $1,000 from index funds.
- $1,000 in interest.
- $500 from writing.
- $1,000 from my niche blogs.
- $1,500 from property renovation.
As you can see, I’ve added an extra income stream for property renovation. I’ll be traveling around Europe with my wife until the end of July, so will start the property renovation project after we return home.
I’m still feeling pretty positive about reaching my target. I know I’ll have some major setbacks though. That’s just part of the game though.
All these targets seem pretty realistic to me, but who really knows? I’ll keep moving forward and keep adapting when needed.
Ultimately, I’d like to be earning $20,000+ a month. That would give me a very nice life. It’s not just about the money though. I love challenges like this, and much of that money will be donated to good causes. The more I can make, the more I can give away.
$20,000 a month target for end of 2025
I’ve just posted this follow-up article about my plans to get to $20,000 a month income by the end of 2025.