What Would You Do With an Extra Grand Per Month? My New Project

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How would you answer this question? “With an extra grand per month, I would _______”. How did you just fill in the blank? I would think that the followingΒ are some common responses:

  • pay off all of my debt
  • save up to buy a house
  • buy a more dependable car
  • buy a decent wardrobe
  • invest in my retirement fund
  • invest for my child’s education

Do you have some other thoughts about what you could do with an extra thousand?

Stop Dreaming and Make it Happen

Rather than simply dreaming about what you would do with an extra $1,000 per month, why not actually do it? My friend and fellow blogger, JT, had this very thought and it lead him to start his own website called Grand Per Month. This site will focus on all the ways people could change their working habits and make an extra grand per month, and will also highlight the effect that this could have on their lives.

Melissa, from MomsPlans.com, and myself, have partnered with Jim to make this venture a future success. We all believe that making an extra grand per month is entirely possible, and if you have the drive to do something a little different, then you could get your hands on that extra grand (every single month)!!

Getting Closer to that $30,000 in 2012

If you have been tracking this site, you know that I (along with about 30 others) have entered the 30k Challenge at Online Money Bloggers! With this new venture (Grand Per Month), I believe that I can reach this goal of$30,000 in 2012. Be sure to check out the site soon and track everyone’s progress toward this audacious goal!

What would you do with an extra $1,000 a month? How would it change your life?

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Money

Derek

AUTHOR Derek

My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.

58 Comments

  1. Wow, this piece of writing is good, my younger sister is analyzing these things, so I am going to convey her.

    • What do you think you would do with an extra $1,000?

      • I would definitely drive up my emergency fund to the max. I’d also save max out my Roth-IRA and put away for vacations to visit family. Man, so many possibilities!
        Jon – Free Money Wisdom recently posted..Savvy Shopper Sites for Bargain Hunters

        • Sounds like a great plan! You certain do have wisdom don’t you? πŸ™‚

  2. I love how you guys are coming up with so many projects that have the potential to help so many others reach success as well. Including making things plain and simple so an OLD DOG CAN learn new tricks! LOL

    Keep up the fantastic work, very inspiring and will have such a positive impact on so many!
    Carrie Hetu recently posted..Some Things We Do To Save

    • It’s going to be a riot! I can’t wait to get these projects under way in 2012! πŸ™‚

        • Being on the Amazing Race would be pretty sweet! Find me a sure-fire way to get selected and I’ll do it too! πŸ˜‰

          And thanks for spreading the word about my projects! I can’t wait for them all to be live! It’s going to be a crazy busy year, but it’s going to be a riot! πŸ™‚

          • Maybe we could car pool to the interview! LOL

            Being on the Amazing Race is on me and hubby’s bucketlist believe it or not but I don’t know if hubby could take me on national tv yelling at him to MAN UP and quit being a baby and quitting is NOT an OPTION haha I have a lot more gumption and daring attitude than him…….sigh one day maybe

  3. Derek,
    You convinced me to join the Challenge so even though it will be a stretch to hit $30,000 for the year starting at only about $1000, I will see what I can get done and push myself.
    cashflowmantra recently posted..Dealing with Debt in the New Year

    • Awesome! Corey and I will do everything we can to get you to 30k!

  4. So, that’s what you have been up to… πŸ™‚ Well, that’s the best you got? I started another blog. haha. I had to tell my wife that this will be the last one (for now). πŸ™‚

    No, in all seriousness, it looks like something with a lot of promise. Nice work partnering up on a great opportunity.
    20’s Finances recently posted..Holiday Savings

    • Lol! Corey, you are a blast, and I can’t wait to compete with you in 2012. I think we’ll both blow by 30k because we’re so competitive. Keep it up!

  5. At this stage, I would invest it back in my business or use it as savings to quit my job and expand my current online businesses. There’s not anything I would really want to spend it on like electronics and that kind of stuff, so I’d much rather see it turn into more income in some fashion.
    Jeffrey Trull recently posted..Realistic and not-so-realistic New Year’s resolutions

  6. Best of luck to you guys. I know you can do it. If I had an extra grand per month I would invest it in our ER fund. We are really concentrating on boosting that at the moment.

    • Good plan. We should actually beef our emergency fund up as well! It’s been kind of thin since we put a huge chunk into the down-payment of our house.

    • For sure! You’ll get there Krantcents! You’ve had some awesome articles lately! πŸ™‚

  7. An extra $1k a month would almost double my income. wow. That’s so sad I didn’t want to type it. But that would enable me to pay off my CC debt much quicker, as well as put me closer to buying a new gas efficient car.
    Tessa recently posted..Annoying people are sometimes right.

    • We all have to start somewhere, right? And, it sounds like you know where you’re headed, which means you’re ahead of most! Best of luck to your successful future!

    • Tessa,
      It is not sad; it just is. Like Derek said, knowing where you are starting and where you want to go puts you ahead of most. We can’t do it for you, but can help you with information and encouragement. Looking forward to the journey.
      cashflowmantra recently posted..Dealing with Debt in the New Year

      • Already lending a helping hand CFM? That’s awesome! This is going to be a great group of people in this challenge, I can tell already! πŸ™‚

    • Tessa it doubles my income too but I agree it is not sad, for one thing there are still many blessings to see in a simplfied life and for 2 all this here is a great motivator to do something new to increase our income. The great thing about being on the bottom of the ladder is there is only one way to go and that is up!
      Carrie Hetu recently posted..Money Ideas Blogs of Note! Check Them Out!

      • Great attitude Carrie. I can tell already that you’re going to be a huge success. Climb to the top and make sure to reach down and take as many people with you as possible! That’s the best way to be a success.

  8. I am working on a minimum of $3K/month. Right now, an extra grand would go into our emergency fund, which we are building extra big for the day we move onto our rural homestead.
    Emily recently posted..Is Retirement The Ultimate Financial Goal?

    • The emergency fund is always a good thing to have! I can tell you are a wise woman!

  9. Extra grand a month- first, new windows, and then all the other renovations we want to do to the house.

    I’m working on little ways to bring in extra money, but don’t have the energy to devote to the 30k challenge. Instead, I’m focusing on my fiction writing as the way to bring in extra cash.
    shanendoah@the dog ate my wallet recently posted..Blog Swap: What give you the most value?

    • I hear ya about the renovations! We still have some work to do on our house. Once we got the necessities done, we really started slacking. We plan to do some solid work over Christmas break.

    • Passive income – great choice! I am a big fan as well. BTW, can’t wait to read your next rental quad-plex report! πŸ™‚

  10. I enjoy thinking about these positive things too. I like your message, make it happen.
    Hunter – Financially Consumed recently posted..Money Pros Index Fund Challenge 2012

    • I’ll make it happen for sure. Can’t wait! πŸ™‚

    • Ha, yeah, amazingly fun….LOL. What happens when your emergency fund is up to $20,000? Then what? Would you do something different with the extra grand each month?

      • Because I’m self employed I like to keep a very big emergency fund….minimum 1 year of expenses, but preferably more. Each additional grand provides me with just a little more peace of mind and helps me sleep a little better. Extra money gets spread out between the EF, retirement, and my daughter’s college fund.
        Car Negotiation Coach recently posted..Credit Sesame Review

        • Sounds quite responsible! It is pretty important to build up that emergency fund!

    • I’d love to hear about your projects LaTisha! I have one more that I’m working on now and am almost ready to release it! πŸ™‚ Man, I think I’m turning into a workoholic. It’s so exciting though!! πŸ™‚

  11. A grand a month would retire our debts by year-end 2011, and build our house-buying fund. Allow us to get out of living in the barrio which we do for financial reasons. And give me hope of expanding a grand a month to 5 grand a month so I could fire my day-job and get to the ministry job I am supposed to have. Bring it on!

    • Did you mean 2012? Because if you’re done with all that stuff by the end of this year, you’re really close!!

      Wouldn’t it be fun to fire your day-job? If you have any questions about building up an additional income, let me know! I’m glad to help!

  12. If I have a grand extra per month:
    1. Put toward my house down payment fund until it reaches $40K
    2. help mom/dad out with their kitchen reno $7K
    3. save for a newer-to-me car $15K
    4. save for an education fund $50K (thinking about switching career and will have to go back to school to do that)
    Simple Rich Living recently posted..Amortization Period

    • Awesome breakdown! Can’t wait to see you achieve all of these!

  13. I hope these programs are successful. I am looking forward to seeing how you are going to do it!

    • Me too! I have already calculated how I’m going to get to $30,000, and I think I can do it.

  14. We’ve knocked out $14k of student loans in 6 months and are at the half way point. With an extra grand a month, we’d be able to knock out other $14k in 3 months! While I’m not relying on my brand new site for additional income, I’m hoping that someday I will actually have an extra grand each month to put toward a Roth IRA and save up for a house!

    • First of all, you have a great site name! I bet you’ll be seeing a grand per month in under a year!

    • Good plan! That interest can kill you!

  15. I’d put it towards paying off the mortgage on our rental property and then start saving for the next rental purchase. This was a no-brainer since that’s where we send every extra dollar anyways.
    Ashley @ Money Talks recently posted..Why I Don’t Give to Charities

    • Sounds like a good plan! If I had a rental property, I’d work to pay it off with the extra money as well.

  16. An extra $1000 a month…*brain starts to over heat*. I would definitely pay off my debts a HECK of a lot faster and then I would start building up the EF as quickly as possible. We are planning on having kids in the next couple of years, so we’d need to get that debt paid off as soon as possible. πŸ™‚

    • Good luck paying off that debt! But, if you really want to make an extra grand each month, it IS possible! If you’d like more info, send me an email and we’ll talk. I love to hear from my readers!

  17. What do you think has been your most effective tool in raising your earnings?

    • Obtaining a page rank dramatically helped my earnings. To do this, I wrote guest posts for others to obtain quality links, and I commented EVERYWHERE to increase my readership. Also, I always keep up on my content. It’s very important to write on a regular basis to keep the readers interested.

    • Comments are where I find the majority if not all of the new blogs that I read. If I like what I see, I will add to my reader. Then if I like what I read, I will link to it from time to time.

      I learned to write more often from Derek and have committed to 3 times per week as a result. It has helped. I haven’t done much guest posting since I do work lots of hours and feel I have to keep up with the main site first.
      cashflowmantra recently posted..Follow Up On Bloggers Making $1000 Per Month

      • Guest posting is important, but you are right – keeping the quality and consistency on your own site is the most important.


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