The 10K Challenge

Posted on Posted in Family, Finance, Goals, Health, Uncategorized

I’m a big believer in having goals.  I don’t always accomplish my goals but they keep me moving forward and learning.  A life, marriage, career, etc. without goals is adrift and in danger.

SMART goalsI prefer to set goals that follow the SMART methodology.  They are specific, measurable, attainable, relevant, and time-bound.  With that in mind I’ve set for myself a two-pronged 10K challenge for 2014…

Part 1 – $10K Hustle

If you’ve been reading for any amount of time, you’re familiar with my use of the term hustle.  I’m not shaking people down for money or scamming them, it is the term I use for my extra efforts to save money or earn extra cash.

I believe my wife and I have been doing a great job of saving money and determining where we can cut expenses in 2013.  But we haven’t really kept track of the savings and the the extra income this year.  To measure our success (and our mistakes) I have set forth the simple $10K challenge.

The challenge, generate a measurable $10,000 in extra income and savings through the course of 2014.  I have lots of little side hustles that I keep account of in my field notes, but the 10K challenge worksheet will give my wife and I a place to record daily expenditures and income.  We have tried different systems throughout the years, but a daily accounting seems to work best for us.  It gives us a realistic picture of where the money comes from and where it goes.

You might be thinking, “Why don’t you use technology?”  I have tried almost all the financial programs out there, and have never been impressed.  I think comes the closest to being a good fit for our family, but for me nothing beats pencil and paper.  This system also gives us a good place to stash receipts for some of the special tax breaks that ministers receive.  Our worksheets will reside in a binder on our ‘new to us’ landing table in our bedroom where we are going to start putting mail, pocket stuff, keys, etc.

Part 2 – 10K Boogie

In the last month or two I have really started to miss running.  I have been enjoying walking and working on my treadmill desk but I think it is time to bump it up a notch.  I used to run a lot when I was in college and always found it to be relaxing.

I believe being physically healthy is one of the best personal improvements I can make for myself and my family.  Running a 10K this year is the second component of the 10K challenge.

Final Thoughts

These aren’t my only goals for 2014.  I have additional personal and professional goals that I have been jotting down in my notes.  As 2013 winds down I will be finalizing my goals for 2014 and getting them into writing so I can keep them in front of me every day.

How about you?  Do you have big goals and challenges you have set up for yourself?  I’d enjoy hearing about them in the comments section below.

Need a bit of inspiration?  This article about a Duke grad student who lived in his van to avoid school debt is the perfect example of hustle and creative thinking.

One thought on “The 10K Challenge

  1. Personally I think the good old fashioned ledger works best, I have done the same thing in years past. Writing things down ASAP : )

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