I started the $10k challenge, because I intend to hunt full time in the fall of 2020. Full time, as in no job, at least not a traditional 9 to 5. I’m not getting any younger, so it’s now or never to put a bull elk on the wall, and hopefully another deer or two.
Unfortunately, I will still have bills to pay between August 1st, 2020 and December 31st, 2020. Hence, the birth of the $10k challenge. Based on my math, $10k will allow me to remain unemployed for five months, and chase my dreams for an entire season.
I started saving towards this goal on January 1st, 2020. As of January 19th, 2020, I have saved $1,020.00. Here is what the savings breakout looks like so far.
I established a high-yield online savings account as one of the first steps of this challenge. My online savings account earns 1.70% APY in interest. While it might not sound like much, based on my projections, I should earn about $40 in interest between now and August 1st, 2020. What took me 10-15 minutes to setup, saves me 2-3 hours I would have spent working to earn $40 net after taxes. It also allows me to easily segregate the money set aside towards reaching this goal. Speaking of goals, a goal is only as good as the plan to achieve it.
To reach my goal, I plan to utilize the following multi-faceted approach.
- First and foremost, cash savings from my bi-weekly paychecks. I expect the majority of the goal to be reached (if it is reached) by disciplined savings from my regular paycheck.
- Cutting back my spending.
- Selling additional items I no longer use regularly on Craigslist and eBay, which I have already started.
- Get a second job (part-time) by mid-march to help me meet my goal.
- I created a donations link through PayPal
- I am blogging about my journey and other outdoor activities, which should help me earn a very small amount of residual income.
Let me know if you’ve ever chased a crazy dream!