Starting Financial Condition

I have to start the blog with where I am currently and where I want to go.

I have $1,539.30 in savings.  I have approximately $100 in a savings account, that generates 0.85% interest, $1,082.02 in a brokerage account, with 2 holdings ZIOP and GIMO.  The ZIOP is only 4 shares that was a spinoff from a past investment, so most is in the other stock.  I also have $356.90 in PEP dividend reinvestment plan.  Due to my short time frame, 26 years, I will make more risky investments than I prefer.  I am hoping to generate returns of 7% annually across all investments.

I also have debt, but that is managed from my income, which is approximately $1,500 every 2 weeks.  I owe $81,000 on our house, have a $13,000 balance on 2 vehicles and $1,300 in credit card debt.

I hope to have $500,000 at age 66.  Based on where I am now, a 7% return and 15% tax bracket, I need to save $7,957 per year.

I am an accountant and hope to get some part-time bookkeeping work on the side.  I have already started working with an area hospital remotely in a support role. I would expect that account will generate as much as $2,500 annually.

I will also try selling through Amazon, eBay and completing tasks for MTurk, Fiverr and other websites, all while trying to still be able to spend time with my family.

Any suggestions, feel free to email me at contact@sidehustleretirement.com

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One Response to Starting Financial Condition

  1. Chris says:

    Welcome to the blogosphere. Side income should definitely help you toward your goals. I’ve been reading The $100 Startup, and there have been quite a few people who have built up a decent business pretty cheaply. Many have been able to quit their day jobs and focus full time on what was their side gig. I’m far from there, but side income can definitely help.

    You might also check out Swagbucks. I get points from watching videos (while actually watching TV) and searching the web. I then cash them out via PayPal and invest them. I have a referral link and show how I make the money on this post from my site:

    http://wp.me/p339uI-6C

    You can check it out and see if it’s something you could use to make some money. It’s pretty mindless for the most part, but I’ve made well in excess of $1,000 on it.

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