If you’ve been reading my blog for a while, you probably know that I’m racing my friend (who I like to call David Hasselhoff) to $1 million in net worth.
We both updated our net worth for the new year, and the results are in.
Kevin – $18,847.05
Hasselhoff – $47,000.00
Difference – $28,192.95
I’m obviously not doing as well as I’d like in this competition, but I actually had a phenomenal 2010 for my personal net worth. I started 2010 in debt and only broke even around April, so I’m pretty happy with $18k in net worth as of today.
I’m also optimistic that I can make up some ground in this competition. My goal is to get to within $20,000 by the end of 2011. Here are some of the opportunities and obstacles I’m going to encounter over the next year:
- We both work at the same company and have similar jobs, so as far as I know (without knowing his exact salary) our primary income is about the same
- I am actively trying to build this blog into a profitable side venture, while he isn’t currently pursuing additional income streams
- He owns a house and I rent, so while my living expenses are fixed and my home equity is zero, his living expenses are variable (repairs and maintenance) and he has equity in his house (either positive or negative, I don’t know)
- I’m in the early stages of devising a plan to kidnap his girlfriend and demand a hefty ransom ask the Hoff for some money
There really aren’t a whole lot of differences in our financial situations unless this blog takes off and start pulling in lots of money, so I’m gonna have to be very creative if I’m going to make up $8 grand over the next year.
This is where you guys come in. I’m looking for some ideas to help me make up an $8,000 difference! Hot stock tips, additional sources of income, and kidnapping/ransom techniques are all welcome!
Kevin McKee is an entrepreneur, IT guru, and personal finance leader. In addition to his writing, Kevin is the head of IT atΒ Buildingstars, Co-Founder of Padmission, and organizer ofΒ Laravel STL. He is also the creator of www.contributetoopensource.com. When heβs not working, Kevin enjoys podcasting about movies and spending time with his wife and four children.
Loved this post! I wouldn’t completely give up on the ransom plan – but do it before they break up!
π
Noted. It’s probably best to do it after Valentine’s Day or some big vacation when they are all lovey-dovey. I could probably squeeze a few extra grand out of him.
Hey, I think it is great that you made such great strides in 2010.
If he keeps owning a house and you keep renting, you may find you make up some ground. (Unless home equity counts, and the market rebounds.) If it doesn’t count, he will be paying taxes and having all kinds of expenses you do not.
Sorry, but I don’t know if you are married or not. If not, you could get married and get a second income!
With the debt gone, I think you will find you are saving pretty quickly. Maybe it would help if you set mini goals throughout the year that will motivate you to not spend on things you might otherwise drop money on.
Thanks!
His home equity does count, but it might be negative depending on the market. I’m not married, but my current girlfriend has a negative net worth, so that doesn’t help. And my debt isn’t gone, my assets are just more than my debt. I like carrying student loan debt π
Great job in 2010!
I second Kris and say you should cheat and get a 2nd income. π
As I said, Tag has a negative net worth (but is doing a darn good job of climbing out of the hole). She just isn’t there yet, and I can’t add her negative net worth on top of what it would cost to get married. Maybe one day π
This should be interesting to follow. Not a bad idea to save money…make it into a competition. π
Everything is more fun when it’s a competition!
Here is another idea. Create a weekly thousandaire stock pick and convince this Hasselhoff fellow to lose money in these well picked lemons. I’m sure he would to the same to you (and tell you to sell netflix at $125 π
A stock pick feature could go over pretty well. I’m afraid my track record for stocks is not ideal, but I can throw my opinion out there right? Maybe I should get someone else to write it who studies the market a bit more…
Alright I have some ideas. Here goes:
Sign up for Cash Crate using my affiliate link and make some money.
Start selling your autographed photos on eBay.
Dog walk if you don’t mind poop.
Rent your services…I mean for the same thing that you do on the day job.
If you don’t like those then you NEED to check out The Saved Quarters 4 posts on how to make an extra $1,000. π Many of us chipped in on that series.
Every penny counts, right?
Good luck for this year! Hopefully the blog will push you over his earning power. If not, maybe you’ve always had a secret urge to deliver pizza? π Getting married to a working woman would probably help, LOL.
Hey, good luck beatin’ the Hoff, I know I wouldn’t wana go up against him in any kind of competition, even dancing with the stars.
Anyway, I’d check out oDesk and eLance to see what other freelance writing gigs you can land. You’re obviously an interesting and talented writer and there is a great need for that in other places. You could do one or two pieces a week at 20-50$ a pop and start growing a side income stream and client base without taking too much time away from your blog. Heck, there are even opportunities I see on elance to ghostwrite finance books and the like.