The whole idea of the New Path to Riches model is to make a decent second income by writing one or more money-making websites.

In my case I have some sites that make less than $500 a month each. While my best site, CoffeeDetective.com, makes closer to $4,000 a month.

As for what to do with that extra money, there are several ways to use it.

1. Save for retirement.

That’s what I’m doing. I’m no spring chicken and I have been freelancing most of my life, which means I don’t have a big fat retirement fund waiting for me. Right now, instead of investing money in a fund, I’m investing time in my websites. By the time I retire, I hope to have a monthly revenue of $10,000 a month from my sites.

2. Save for your first home or a bigger one.

One of my sons is using the money he makes from his money-making website to put together a deposit for a place to live. Nice for him, because he doesn’t have to put aside money from his pay check, and nice for me, because I won’t have to find a a big chunk of money to help him out. : )

3. Put money aside for your children’s education.

If you want your children to go to college, you’re probably trembling at the thought of the costs involved. So why not build a website and put aside its revenues in a special college fund account?

4. Pay off credit card debts.

A long list of experts tells us to put aside 10% of our pay check to go towards paying down our credit cards. Good advice, but not always easy to do. But if you have a second stream of income coming in from your website, you can use that to pay down any debts you might have.

You can probably think of other ways you could use some extra money right now.

The nice thing about making a second and quite separate income is that you can choose not to have it swallowed up in the family bank account, but put it aside for a specific purpose.

And you don’t have to be serious and sensible with every penny you earn this way. Maybe you should put some of this extra money aside for vacations, long weekends, special dinners or a bigger TV.

Once the money flows in, it’s yours to do with as you wish.

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