As many people know if you’re trying to build wealth there are three basic principles to follow:

1. Spend less than you earn.
2. Cut back on expenses.
3. Bring in more income.

It’s not too complicated, though it can be hard to apply. I follow number one consistently for about a year (no comment on before     ).

The fact that I have ‘extra’ cash in my checking account is a great motivator. I’m working on the second one.

I’ve gotten better, but there is always room for improvement. Kaizen is a Japanese word that gives the idea of continuous improvement. I feel that lowering my expenses is something that I’ll continue with.

As for the third principle, I’m working on two projects right now. The first is this personal finance blog. It pays for itself right now, which is nice as I would like an additional burden to my budget.

My 2008 Alternative Income Plan

My goal for 2008 is to use the income I get from the blog to pay down my debts.

I have a portion of my budget set aside to pay my debts, but I would like to accelerate the payments. I do not want this blog to become cluttered with ads, so I’m working on it very carefully and if you have any suggestions or feedback, please contact me. I would appreciate hearing your thoughts on this aspect of the site.

The second project is something that will take some more time than the blog, but I seriously believe it will help me in the long run. It started about two months ago. I’m currently working part-time as a project manager for a small video game. It’s a great learning opportunity and I’m able to fit it in with my regular job’s schedule. Worse case scenario (I’m covering my bases) is that I gain fantastic real-life experience for my resume and get a chance to network.

I just wanted to share this and keep you guys in the loop. Have a wonderful day with your family and friends!

Photo Credit: Rob Lee

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