Well, I had the opportunity to launch a new blog this week along with several fellow personal finance bloggers and other contributors. It is a collaborative effort where I hope to be able to publish daily content in the personal finance niche. We have a wide range of individuals who have been submitting articles for publication. We have all age ranges and many occupations represented. We have professional writers and retirees. It is quite a diverse group so I am sure that you will find something of interest no matter where you might be in life’s journey.
Be sure to stop by Penny Thots and give it a look. Feel free to comment and subscribe as well. I would love to hear what you think about the new site. Also, any suggestions are greatly appreciated.
Goals for Penny Thots
- My first goal is to not lose money. I am paying the contributors based upon views and will be relying on AdSense revenue until such time as I might be able to get a few private advertisers. But I can only make any advertising “no follow” since I don’t want to risk any Page Rank on the new site. I think I should be able to break even with the revenue and the costs, but I really won’t know for sure until I get some time under my belt.
- Second, I would like to get 2,000 total visits for each of the first two months. That would exceed the traffic for my other two blogs during the earliest days and provided there is some growth in the third month, could surpass Cash Flow Mantra’s traffic. It would seem logical that having multiple contributors with other blogs and daily content would make this feasible. Again, time will tell.
- Finally, I would like to keep the contributors involved through at least the end of 2012. I have no doubt that circumstances will change and some might have to stop writing. However, now that we plan on publishing daily content, I want to be able to keep up that pace. This may end up being the most difficult of the three goals. Again, I don’t know since I have never taken on such a project before.
I can tell you that the amount of work that has been involved has been more than I anticipated. It may be just a matter of getting all of the systems in place and that it will get easier as time goes by. I still have many articles to review and edit and the logo to design. I have it in my head but just haven’t had a block of time to get that done.
I did manage to get all the functional aspects of the site done in time and will improve it as I am able. The next most important part is the content, and like I said, I still have several articles to review and soon the posts for May will have to be edited as well. My goal needs to be getting 2 or 3 reviewed per day for the next several days. Then I want to get them scheduled into Word Press. This week I have just been doing that each morning since I am off. But I do want to get a nice queue formed.
Carnivals and My Blogs
These are the latest carnivals in which I was involved. Melissa took vacation this past week so there is nothing recent, but since I get behind on posting the links, it is giving me an opportunity to catch up:
You may or may not have seen a few weeks back that I mentioned I was planning on starting another blog. The problem is that I am incredibly busy and would need to rely on writers for generating content since with 6 kids and two other blogs and full-time employment, I am already burning the candle at both ends and through the middle.
So why would I even think about starting another project? I want the experience of putting together a team and creating something very big from the ground up. I want to help follow bloggers while testing my theory that collaborative efforts will enable us to achieve more than any of us could achieve singularly. Finally, I wouldn’t mind making a little money in the process to help pay off some of my debt more quickly. But I really don’t plan on making a killing since if the blog were sold, up to 80% of the sale price would be going back to the authors (find any other site that can say that).
The Past Few Weeks
First, I decided that the blog should be a personal finance type blog. It is much of what many of the PF bloggers are doing already writing about saving money, making money, investing, etc. Personal financial advice through personal experiences shared with those who seek some knowledge and helpful information by those who have been there, done that.
I also decided that if the blog wanted to attract a large audience with a goal of eventually being sold, then it should have lots of content and several voices. I want to publish at least every weekday throughout the year so that there are 260 articles on the site after year 1. Ideally, we could publish more than one article and do so each and every day of the week. Having close to 1000 articles by the end of the first year would be very good and would help generate lots of traffic.
Now I could simply go out and hire staff writers to get to the 260 article point. At roughly $20 per article for a decent writer, the cost would be $5200 for that first year. I wouldn’t be a bit surprised to find that I could make a profit doing it this way. However, I was looking for the project to be a more collaborative effort to see what the results might be. That is why I have developed a somewhat unique compensation scheme for authors that rewards both baseline participation and additional efforts.
I have purchased the domain name and will be putting together the site. The plan is to launch with the first published article going live on Monday, April 2nd. I would love to have a total of 20 authors in place over the next week or two so that everyone can begin writing and getting the articles to me for scheduling. Each author will be expected to contribute one article per month minimum and 20 for the year to participate in any profit sharing for the site. There will be a maximum of 20 authors allowed as contributors so be sure to let me know quickly if you might be interested.
Quick Math on the Possibilities
Let’s assume that you participate as an author and the site does reasonably well over the next three years and ends up being sold for $1 million. Based upon my novel compensation scheme, 50% of the sale price goes to the authors and is split evenly. So in addition to any money made and any benefit to a personal blog that was derived during that time, the writer would get a 1/20th portion of $500,000 or $25,000 in a lump sum upon the sale. There will also be a bonus pool for those going above and beyond the call of duty. Something to think about.
If you think you are interested, shoot me an email at email@example.com and I will send you the full compensation scheme and other materials. I will be limiting numbers to 20 so be sure to contact me. I already have several authors lined up and am looking to get to 20 by March. I will have a stand-by and waiting list to replace those who quit or fail to fulfill the minimum obligations. Requirements for authorship: You should have PF writing experience and be able to point to examples of your writing. You should also have a PayPal account so I can send your compensation when received. You should be nice and easy-going and understand the concept of delayed gratification.
I have divided up my goals for 2012 into two main categories, financial and personal. This post will only concentrate on the financial goals, and I will take a future post to write up some of my personal goals for 2012. Now there are a few parts to these financial goals so I will do my best to break them out for you and elaborate a little bit on each aspect.
SMART Financial Goal #1: Pay off some debt.
Now that is not very specific so let’s improve upon this, shall we.
S: Eliminate PMI on the rental house. Pay off the business line of credit. Pay off the Discover Card.
M: I need $960 to pay against the principal in order to eliminate PMI. The current balance of the business line of credit is $950. The Discover Card balance is just over $8500.
A: I think all three goals are attainable. I plan on using blogging earnings for this debt elimination since these earnings have not been figured into my life and represent extra funds.
R: Considering the fact that I made over $1000 gross for the last 2 months blogging and will be striving for $30,000 in 2012, I think that netting about $10,000 should be fairly realistic.
T: The PMI is essentially a done deal. The money has already been transferred from PayPal and simply needs to be sent to the mortgage company along with appropriate written instructions. I will be calling them later today. I have enough money to pay for the first 2 months of author expenses of Grand Per Month set aside so any revenue during January and February could go right toward the business line of credit. By the end of February, that should be paid off. That will give me the remainder of the year (10 months) to pay off the Discover Card.
SMART Financial Goal #2: Make $30,000 in 2012 through blogging.
S: Specifically, I want to gross $30,000 for the year and net at least 75% of that or $22,500. This will be enough to help me accomplish the above financial goal of paying off the designated debts.
M: Well, yes it is measurable. Dealing with numbers make the measuring part fairly simple.
A: Yes, it is attainable. There are many bloggers making consistent earnings around $1500-$2000 per month. With 2 blogs, it is certainly possible.
R: This is where it gets a little sketchy. For me, it will be a stretch I admit it. I think so mainly because of my difficulty attracting traffic online. I am getting better, but the question remains whether or not I can grow the blogs and the earnings quickly enough during the course of the year. But I am definitely thankful for all of you who consistently read this blog day in and day out. I am also thankful for the great enthusiasm with which Grand Per Month has been received. So, we shall see.
T: By the end of 2012. I have a schedule of earnings that will get me there so I can know whether or not I am on track each and every month.
So, these are the two main financial goals that I will be focusing upon in 2012. I have a few others like not adding to my other credit card debt, and increasing the dividends in my retirement account but those plans either aren’t quite as specific (no additional credit card debt) or have already been written about (dividend plan). On the other hand, the goals above will require fairly active management throughout the year so will require some extra focus.
Readers: What are your financial goals for 2012? Feel free to share in the comments below. Here is to a great 2012!