My Plan to Make An Extra $5,000/Month In 2024
And how you can do this too
I know it seems a bit late but here’s my goal for 2024:
I want to make $5,000/month from my side hustles:
- Etsy
- Medium
- Newsletter/Affiliate Marketing
- Digital Products
I have other goals but for the sake of simplicity, I am focusing on my side hustle money goal here.
After countless hours of journaling and reflecting, I set myself a 3 and a 5-year vision, and I also went as far as to envision what my retirement life would look like.
As Robert Greene put it,
The ending is everything. Plan all the way to it, taking into account all the possible consequences, obstacles, and twists of fortune that might reverse your hard work and give the glory to others. By planning to the end you will not be overwhelmed by circumstances and you will know when to stop. Gently guide fortune and help determine the future by thinking far ahead. — Law 29 of the 48 Laws of Power
Why am I sharing this?
To be honest, I feel a bit anxious about sharing my goals for everyone to see. However, I noticed when I shared what I wanted to achieve in public, I made it happen.
For example, in October 2023, I started a make an extra $3K by Dec 31 challenge. I achieved this goal by the end of November.
In November, I posted on X/Twitter that I wanted to make 600 sales on Etsy. I achieved this as well.
That led me to believe in the power of accountability.
But not just asking a friend to hold me accountable.
It’s (selfishly) putting it out there and getting all of you to hold me accountable.
Now you know my goals, I NEED to make it happen.
Takeaway: Share your goals in public and it will push you to achieve them
Why $5K/month?
After nearly 4 years, I will be closing my handmade business and relocating to Australia.
I will start looking for a full-time job again.
There are a lot of reasons why I decided not to continue with my business after my relocation, but the main reason is that I’ve lost my passion.
I decided when I love doing something, I would never work on that full-time.
Because the financial stress of running a business took away the joy of what I love doing.
But I’ve learned a lot about making money online in the last few years, so while I look for a full-time job, I will continue to build on the side.
My plan is to have a full-time job to take care of all my bills.
And use the money I earn from my side hustles to fund my investment, because that’s where the TRUE passive income lies.
I want to grow my portfolio to over $1M within 10 years.
Since I’ve only started to invest about 16 months ago, I will need to contribute $5,000 a month in order to achieve that.
You can work out how much you need using this calculator.
I don’t think I will retire in 10 years, but knowing my earning potential will drop as I age, it feels safe to have at least $1M in investment.
Once I have $1M in my investment, I can cut down on my monthly contribution, and by then, I expect my side hustle money to grow beyond $5K/month and start paying for my daily expenses.
Takeaway: Give your extra income a “purpose” so you know why you want to achieve your goals when time gets tough.
My plan to make this happen
Here’s what I think the $5K/month will come from:
Etsy — $2,000
Medium — $500
Newsletter/Affiliate Marketing — $1,500
Digital Products — $1,000 (I want to launch a digital product in 2024)
But I know this is not going to happen overnight, so I am breaking them down to 4 different milestones:
Q1: $2K/month
Q2: $3K/month
Q3: $4K/month
Q4: $5K/month
I don’t care what other online gurus tell you how easy it is to make $10,000/month (good on them); I am setting realistic goals according to WHAT I believe I can achieve without sacrificing my mental well-being and working an extra 15 hours week after my 9–5 (or potential 8–6).
I love how James Julian tracks his earnings in his publication Publish Every Day and I can follow his journey.
I don’t know if I will start a publication to keep track but I plan to add an update to my articles at the start of each month.
Takeaway: Set small milestones so you can keep track of your progress.
The Close
It’s nerve-wracking to press that publish button and share this financial goal in public.
But I know many of you want to build a better financial future, whether it’s for yourself or your family.
$5K/month on the side is pretty ambitious, but it’s a nice stretch goal to have.
Do you have a money goal for your side hustles?
What do you plan to do if you can earn an extra $5k?
Share your plan in the comments, or tag me if you write an article about your goals, so we can hold each other accountable. It will be fun to work toward a financial goal together.
About the author
Hi, I am Sarina. I love to talk about money, including how to make money on Etsy, grow money and save money. Join my FREE 7-day Launch Your Etsy Store challenge, or sign up here to skip the challenge and get practical tips to grow your Etsy business.
