If you’ve been reading my blog for a while, you probably know that I’m racing my friend (who I like to call David Hasselhoff) to $1 million in net worth.

We both updated our net worth for the new year, and the results are in.

Dont Hassel the Hoff

If he can't win Dancing with the Stars, I can't let him beat me in our competition either!

Kevin – $18,847.05
Hasselhoff – $47,000.00
Difference – $28,192.95

I’m obviously not doing as well as I’d like in this competition, but I actually had a phenomenal 2010 for my personal net worth. I started 2010 in debt and only broke even around April, so I’m pretty happy with $18k in net worth as of today.

I’m also optimistic that I can make up some ground in this competition. My goal is to get to within $20,000 by the end of 2011. Here are some of the opportunities and obstacles I’m going to encounter over the next year:

  • We both work at the same company and have similar jobs, so as far as I know (without knowing his exact salary) our primary income is about the same
  • I am actively trying to build this blog into a profitable side venture, while he isn’t currently pursuing additional income streams
  • He owns a house and I rent, so while my living expenses are fixed and my home equity is zero, his living expenses are variable (repairs and maintenance) and he has equity in his house (either positive or negative, I don’t know)
  • I’m in the early stages of devising a plan to kidnap his girlfriend and demand a hefty ransom ask the Hoff for some money

There really aren’t a whole lot of differences in our financial situations unless this blog takes off and start pulling in lots of money, so I’m gonna have to be very creative if I’m going to make up $8 grand over the next year.

This is where you guys come in. I’m looking for some ideas to help me make up an $8,000 difference! Hot stock tips, additional sources of income, and kidnapping/ransom techniques are all welcome!