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Archive for March, 2006

I may be crazy...

March 30th, 2006 at 07:55 am

I may be crazy, but I'm trying to develop an "information product" (ebook) to make some extra money to pay off debt. I've been working on it for a couple weeks. Actually, I haven't actually begun writing it -- I've been too busy making a couple related websites and writing/distributing free articles & reports to build up a list of people to market this ebook to. I'll let you all know my progress.

It has eaten a bit into my savings, however -- to the tune of about $400. I am a bit ashamed of this (which is what kept me from posting for a couple weeks) because I had previously determined that I wouldn't try to start up any side business until I was out of debt.

A friend of mine challenged me not to limit myself from developing some side income which could pay off some debt. The wisdom of this advice is yet to be determined. I am having a load of fun, however!

Potential for side income?

March 14th, 2006 at 10:57 am

I just signed up on iFreelance.com to get freelance web development projects. It costs $5 a month to be listed on their site. I figure I can do this for a month or two and see if I get any bites.

The 'B' Word

March 13th, 2006 at 05:40 am

I started using a budgeting system called The B Word. With this system, you recognize your income and pay all your bills on the 1st and the 15th of every month -- no matter when the bills are actually do or you actually get your paycheck. I got paid this past Friday and I'm now waiting until Wednesday (the 15th) to pay the rest of the month's bills and take cash out of the bank for our spending money.

I've only begun using this system in the last month or so. I was a bit confused by it at first, but now I think it will be much simpler than having a full fledged budget. You manage your cash flow instead of managing actual purchases. And since we will be spending all discretionary money with cash (in "envelopes"), I'm not as concerned about tracking each purchase.

Catching the Vision -- stop spending money

March 10th, 2006 at 12:05 pm

I really think I'm catching the vision about not spending and instead saving & paying off debt. I actually chose not to get fast-food type of things a few times this week and instead save the money. I cancelled some unneeded $14.95 monthly charge and felt GREAT -- like I'm actually making an extra $14.95 every month now!

I was going to use the $300 I made on eBay to buy a piano keyboard that I've always wanted to learn, but instead I am realizing that the purpose of extra money now is to pay off debt. Then later I can buy a few things for myself.

I know there will be many more decision ahead, but it is encouraging to see real progress in my financial decisions.

Side Income?

March 10th, 2006 at 07:47 am

I was brainstorming the other day and I thought of a way to make some side income. I am an application developer with Lotus Notes/Domino skills. These types of jobs are sometimes posted on rentacoder.com.

I bid $200 on a project where the bidding ends today. I'll find out shortly if he picked me. The project may take up to 20 hours. I had not wanted to use my $30/hr skills for $10/hr, but this beats bagging groceries!

The only problem is that I'm usually competing with bids from Indian programmers who are able to bid ultra competitively.

Money Coming In!

March 7th, 2006 at 05:45 am

I sold the websites on eBay and made $350. ($50 of it is yet to be paid). I also got some great news from a stupid fee I'd been paying on one of my credit cards. I pay $25 a month for a "credit protection" fee on a citibank card with a $10,000 balance. By paying this fee, they will make it so I don't have to make payments if I lose my job. I tried cancelling this service the other day and was told that if I have moved in the past year they would pay my minimum payment. I moved twice in the past year. They are paying $500 toward my card!! I will cancel the service after receiving this benefit.

I'm planning to put the eBay auction earnings directly toward my emergency fund.

I was a caller on Dave Ramsey today!

March 1st, 2006 at 02:14 pm

I got through to the Dave Ramsey show today! I asked him about selling our house or moving back into it -- we're staying with my wife's parents now and renting out our house. He suggested staying put until staying with the in-laws becomes an issue. He also said I should get a second job to pay off debt.

Selling 2nd website

March 1st, 2006 at 02:12 pm

Well, the recent press release related to www.firstbidbonus.com did not produce any noticable results. I told myself that I would get rid of it if my final effort produced no fruit. So... it is now being auctioned off on eBay as well.

Here is the eBay link.

While I am in debt I don't have much capital to spend on marketing efforts or the time to spend and not make any money. I'm gonna try to get a second job. Once I am out of debt, that will be the time to kick back up my entrepreneurial interests.