Today I introduce listeners to the 13th month income challenge. Imagine what your financial situation would look like if you got a raise of more than 10% next year. Don't wait for your employer. Give yourself a raise with the 13th month challenge! Resources Mentioned 13th Month Income Challenge blog post Personal Profitability Private Facebook Group Transcript Eric Rosenberg: Ladies and gentlemen, boys and girls, children of all ages. Welcome back to the Personal Profitability Podcast. I’m your host, Eric Rosenberg. I’m excited to welcome you back to this episode. We’re back to normal after our last episode, super exciting recording live with superstars Pat Flynn and Flexo at FinCon. So, today we’re back just you and me, our normal selves, having a beer, if you are able. Today, I want to talk to you about something an idea I actually came up with the other day. I call it the 13th Month Income Challenge. Grab you pen and paper. I have some knowledge bombs to drop on you today, and some actionable stuff. I really hope you will take the heart and start doing something with. We’ve talked a lot on this podcast since the beginning about earning more on the side and trying to earn your first dollar. We’ve had stories of people who’ve gone from working full-time to working for themselves; people who have built up a great side income and side businesses. Today, I really want to focus it on you in giving you actionable steps. So, whether you have a full-time job, whether you are into a side income project, or you’re just curious, wanting to need to learn a little bit more. This episode is for everybody. The 13th Month Income Challenge I want to start talking about what the 13th month challenge is, the idea I came up with, and where it came from. So, I talked about before, I have a VA who helps me on my blog. She helps me with a lot of the formatting and social media and some of the SEO stuff I do. When I was searching for VAs, I was reading Chris Ducker’s book, “Virtual Freedom”. Chris is a — He’s a great guy. I’ve gotten to meet him a couple of times. He is based in the Philippines, he’s originally British. And in his book he talks about a tradition when you hire a full-time Philippines-based VA. They actually have a law if you are employing people full-time in the Philippines as a company, and not a freelancer relationship necessarily. But if they are an on-the-book-employee, you are required by law to give them a 13th month salary in December. That is actually — I did some more reading about it, and that’s common in a lot of Latin America and Southeast Asia. The idea is you make your, you know let’s say, incomes are generally in the lower side there. Let’s say you’re making a thousand dollars a month, and you make a thousand dollars a month every month but in December you get an extra thousand dollars. So, instead of making $12,000 a year, you’d make $13,000 a year. They pay that extra month payment in December not coincidentally aligned with the holidays. So, people have little extra money to buy holiday gifts and make sure they have the ability to get together and really enjoy with friends and family. It’s actually a kind of cool idea but I thought if they really budgeted all year for the holidays, they could take that extra bonus payment and save it or invest it or you do something special with it. Not just use it and buy people gifts. You don’t spend it on other people, spend it on your future self. When I was thinking about that I thought, “Well jeez, what is stopping someone from earning a 13th month income themselves and saving that money and using it for your future self?” That’s how the challenge was born, the 13th Month Income Challenge. [I’m tongue twisting myself] That is my challenge for you, it comes from there. I want to get through how we can get you to a 13th month income, how I’ve done it myself,
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