I feel that I’ve been playing around with this freelance writing stuff long enough. No matter how my residual income fluctuates, I’ve decided to enter and remain in the Double O Club. The Double O Club means that I can calculate my minimum daily income by tacking two zeros on the back of the date.
In other words, I’m going to do what it takes to earn at least $100 a day or more each day of the month from here on out.
Residual Plus Up-Front Income
Currently, I’m accomplishing this through residual income and a few Demand Studio articles each day. Over the past four months my average residual income has fluctuated between $67 and $70 a day (actually, it went from $70 to $67 to $69 and finishing last month at $68). That means that if I solely use Demand Studios as my up-front paying gig, I’ve got to write 3 to 4 articles each week day to reach my daily goals for the month.
Spreading Things Around
I like having the ability to write for Demand Studios and recently, I’ve been on a really good ride writing for them. Although the DS ride has been good, I’ve decided to spread the up-front pay around. For the first time in quite some time, I’m looking for other up-front paying sites. I’m even considering taking on a private client or two just for diversification.
My residual income comes from several sources (at least 10 sources or more). I need to have at least half as many up-front paying options. Up front money comes in handy when you’re suddenly faced with an unexpected emergency (I’m working on becoming debt free so I don’t use credit cards).
Entering the Double O Club is a lot easier because I have the cushion of the residual income. But, as the income fluctuates, I’ve still got to keep feeding additional articles to the residual income stream just to keep it alive and thriving.
The more work I put into the residual stream, the larger it will grow over time and the fewer up-front articles I’ll need to write to remain in the Double O Club.
Long-Term Earning Goals
I’m still working towards my $10,000 residual income goal. That’s always in the back of my mind, and as long as my numbers are heading in the right direction, I’m happy. In the meanwhile, the up front cash helps to pay for the little things like cheerleading sneakers (which, by the way, are $30 more expensive this year than they were last year), and larger unexpected things like repairing a car’s rusted sub frame.
The Joys of being a Freelance Writer
If I don’t like my current income, it’s up to me to change it. I don’t have to hope that my employer gives me a raise, or even worse, hope that I don’t get laid off (the more socially acceptable word for fired). If my emergency fund is running a bit thin, that means I’ve got to get my nose to the grindstone to do what it takes to build it back up again.
I guess the summer is truly over and it’s really time for me to get back to work.
BTW, the Double O Club welcomes all types of writers. Come join me!