Progress Update: 2010 And Goals For 2011

by James on 01/04/2011

Image of a 2011 with a target and arrow

I hope all of you had a wonderful winter holidays! It has certainly been a much needed break for myself and family! 2010 was a year of solid progress with the start of our first passive income source. But, before we talk about how we are going to make 2011 the best year yet, let’s take a look at our 2010 accomplishments.

Remember, you must set goals and write them down if you have any chance of achieving them! Look at them often to ensure you are always on track!

2010 Accomplishments:

1. Purchased and rented our first single family rental property. This was a huge step for us. Going through the entire process of finding, buying, fixing and renting our property was a wonderful learning experience. It was exciting and full of stress! However, it was an enormous success in our opinion!

2. Focused our efforts. With financial freedom as our end goal, we made the decision to focus our efforts by dropping all projects/work that didn’t have the potential to achieve this goal. We accomplished this by finishing our last wedding photography events last October. In addition, we completed developing the last website for a customer in December. And, we will no longer take on projects for customers that do not have this potential.

3. Applied to iStockPhoto.com to upload graphics. In addition to uploading photos, we will be qualified to upload graphics to iStockPhoto.com as well. This will expand the number of items we can have for purchase on their website, 24 hours, 7 days a week.

4. Started mobile app research and development for iPhone/Android devices. With the huge increase in smart phones and tablets, the mobile app market is growing exponentially! We want to jump on the band wagon! This is another source of passive income we hope to take advantage of this year. We began research on how to develop mobile apps in 2010 with hopes to sell several this year.

5. Increased passive income from zero to $260 per month. The most notable achievement is our passive income stream. It isn’t much yet, but we know now that it is possible to create passive income for ourselves.

2011 Goals:

1. Purchase and rent 2+ single family homes. We are currently looking for property number two. Hopefully, we’ll be able to find another excellent one like our first property soon and purchase number three later this year.

2. Upload 150+ photos/graphics to iStockPhoto.com. Making passive income from iStockPhoto is all about consistency. They have a limit on the number of items you can upload to their site each week and then there is a fairly stringent approval process. So, if you can consistently upload items that get approved over the course of a few years, a decent stream of passive income is possible.

3. Develop 3+ mobile apps for iPhone/Android devices. We have ideas. Now it is time to execute them. The first mobile app will take some time due to the learning curve involved, but hopefully, the next few will get easier and easier. Many successful developers with just a few popular apps bring in $10K+ per month!

4. Increase passive income to $1000+ per month. This will be the best measure of how well we do this year. My belief is that the first $1000 in passive income is the most difficult. The closer we get to $10K, the easier it will get because we will have more experience and more income to invest in passive income sources.

We are going to make 2011 our best year yet and we want you to join us in all the success and fun! Start today by writing down your goals and do something everyday to get yourself closer to your dreams. Financial freedom isn’t that far away! I would love to hear from you guys… please leave comments below and list out your goals! Good luck!

Related posts:

  1. Progress Update: Stock Photography and Graphics
  2. Progress Update: Closed On First Rental Property

{ 3 comments… read them below or add one }

Paul Henry 01/06/2011 at 3:12 pm

James, congratulations on the start of something great! Maybe some day my wife and I will be ready to take the plunge into the single family rental market, but in the meantime, I am excited by your progress. Congratulations and I hope you meet your goals for 2011!

James 01/07/2011 at 9:16 am

@Paul Henry – Thank you very much! I think we are heading in the right direction. We just got an offer accepted on property number two. Hopefully, the inspection won’t reveal anything to break the deal and the repair estimates will fall in-line with our calculations. Even though right now is an amazing time to buy properties, I understand your hesitation. It took us about one year before we could pull the trigger on our first property.

Lee 08/23/2011 at 2:42 pm

Just found your blog and think it’s such a great idea. Also am a new member of Lifestyles Unlimited. Keep up the good work and keep the updates rolling!

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