How to Make an Extra $100,000 per Year - A Bulletproof Plan

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Last Friday I talked about what it would mean to your financial situation if you could earn an extra $500 per month. Using that $500 wisely will make a huge difference to your financial goals if you'll stick to it over a 15-30 year period.

Here's the problem: most of us don't have that kind of attention span, and it's hard to stay enthusiastic about goals that won't really pay off for a couple of decades.

So, today I wanted to take the idea of the extra $500 a few steps further. See, you always hear about how money compounds, and how a little money invested at a conservative interest rate over a long period of time will make you financially independent. It's a sound philosophy, and I don't challenge it. I hope everyone that reads this will save and invest as aggressively (and wisely) as they can.

But what about those of us that don't want to spend the next 30 years becoming financially independent? Is there a faster way to do it, without falling into a ridiculous get rich quick mentality?

I believe there is. If you want to become wealthy in less than 15-30 years, you have to leverage more than your money and the financial markets. You have to leverage yourself. The Richest Man in Babylon says a key to becoming financially independent is to "Increase Thy Ability to Earn."

There's more to the wealth equation than spending less and saving more - you also need to consider what earning more would do for your situation, and how it would accelerate all your financial goals. And I'm talking about more than an extra $500 per month.

Let me see if I can stretch you mentally a little. Work through this mental exercise with me, and see what you come up with. I'll warn you in advance that you'll finish this exercise with more questions than answers. That's the point.

I'm going to give you a Six Year Plan for earning an extra $100,000 per year. Write this down, because it's bulletproof. There is only one prerequisite to making this plan work: you have to be willing to invest the time. How much time? 15 hours per week.

Year 1

In year one, you're not required to earn any extra money at all. What you have to do is invest 15 hours per week into the discovery of how you could earn an extra $500 per month. Read, research, talk to people, investigate, figure it out. The only questions that really matter in year one are: 1)How could I make an extra $500 per month?, and 2) Am I willing to do the work associated with the opportunities I'm finding?

Are those easy questions to answer? Nope. Is becoming wealthy and independent easy? Nope. Deal with it. Do the work.

By the end of year one you need to have chosen a vehicle for earning your extra $500, and you need to have started doing the work associated with making the extra income happen. Your time requirement is still 15 hours per week.