Setting Goals Produces More Income & Crypto
Setting Goals Matter

Setting Goals Produces More Income & Crypto


Time and time again, setting goals has been a proven method of achieving greater results, and that relationship is no more obvious than in finance. Why are we talking about general finance with crypto, however? Because the number one thing I hear the most from people hesitant to try crypto trading tends to be this: I don't have any money to buy crypto with.

Most people fall in the category of living up to the full amount of their monthly paycheck and then some. That's why credit card debt is so prevalent in American society. So, when folks on the outside look at crypto and want in on the action, they realize quickly it takes real cash to get started (most U.S. banks won't let their credit cards be used to buy crypto at all, blocking such transactions electronically). Without some extra cash to play with, folks feel blocked out. The recent stimulus checks have changed that position a bit, but overall buying of additional crypto is often still the same boat. However, there is also the option to freelance and pick up extra income beyond that base paycheck.

I'm like a lot of folks out there. My main paycheck goes to all my bills and cost to take care of my family of 4 and a dog. However, I have a second job as a writer, like many here, and I take full advantage of my evenings sitting in front of the TV to crank out some extra income when I can. So, when I got in crypto last year, the key factor for me was having some extra cash to work with that I could invest without worrying about taking away from my critical finances. That meant I needed a bit more than what I was comfortable with already. So I needed to earn more.

Now, I only have so many hours in the day, and I can't magically produce more time. I work a full day, so my freelance time only happens at night when everything else is shut down and the family is pretty much done for the day. So, even when I work hard, I hit a limit on what I can physically produce in quantity. That meant I needed to get smarter about what I worked on, to produce more value. I generally knew what I could make extra per month normally, and it was predictable enough to budget on, but I needed to increase that cash flow, especially after getting a pay cut at my regular work due to COVID. So the question remained, how?

I set a goal.

I literally designed a spreadsheet with an annual and monthly goal to achieve. I knew from my psychology degree that goal-setting was powerful, and it had been a regularly-used tool in team productivity in companies. However, this time I was the target of the experiment. Would it work? Well, let's see the results. Here's how to read this. Yellow is general new income. Orange is for rebates, refunds, and recycling money. Green is for ebay sales, and blue is for crypto earnings. My normal freelance earnings prior to goal-setting in 2020 were usually $1,000/month on average.

goals

As you can see, my goal for each month was $3,000/month and for the year, $36,000. The minimum per month, the $1,600 is the value of minimum wage if I worked a fulltime job at that rate, i.e. my floor for performance measuring. I didn't make my ideal goal which is noted in pink mostly, but I did eventually get to about 73% of my overall annual goal. And, for each month I increased my income 50-100% by aggressively giving myself a target and trying to meet it. The evidence is proven in the numbers; setting goals not only works, they push a person mentally extremely well when one sticks to them consistently.

So, if you know someone who wants to get into crypto but complains they don't have the spare cash to do so, tell them to set some goals to earn extra money. There are lots of ways to do this, especially with the Internet and some old-fashioned options.  For example, the figures above also include:

  • $368 in coupon rebates with coupon apps on my smartphone (i.e. real cash returned for coupons applied - think Ibotta, Fetch, Coinout etc.)
  • $248 in eBay sales of used stuff I didn't want anymore
  • $141 from additional crypto net profits when I did buy crypto or use faucets
  • $227 in gifts or gift cards I received and saved together to resell for cash
  • $240 in bottle & can recycling
  • $543 in refunds of stuff that I didn't need to keep after buying it

The point is, producing extra liquid money is possible, doable, and anyone can do it. You just have to set a goal. The rest comes easy because you actively start working on ways to make that goal a reality. And yes, you also generate money to buy crypto with, invest and make more crypto.

How do you rate this article?


9

0

tlutzenberger
tlutzenberger

A professional freelance writer for the last 20 years and a budding photographer by hobby.


The Intersect of Crypto Musings & Consumer Impacts
The Intersect of Crypto Musings & Consumer Impacts

A blog focused on ongoing government regulation for crypto or consumer issues with crypto with wide range of topics from pitfalls to avoid to opportunities to grab.

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.