Thursday, December 6, 2012
Where the hell has The Money Monk been?!
It's been several months since I posted here, and I aim to get back on track. There are a couple reasons for my absence, the main one being that I started my own business, a thrift store. I had been a re-seller for a long time on the side, and decided to make it a full-time venture.
The bad part is that I haven't been able to increase my savings at all, as I had to spend the money to start the business. So now the goal is just to get the business to the point where I am actually making enough money to be able to save 50% or more once again.
The benefits of working for myself are almost endless. I always knew I would never truly be happy as long as I was working for somebody else, so I am super happy to be able to make the move to self-employment while I am still relatively young. The freedom of not having a boss is something that you have to experience to believe. There is definite stress worrying about whether I will be able to make this work long term, but I am hopefully optimistic.
My last post on my goals for 2012 outlined 2 goals:
1. Maintain 50% savings rate
2. Increase internet income to $250 a month
I haven't been able to maintain the first goal at all, because of leaving employment to start my business. So there were a few months where I didn't have any income at all, AND I was having to pay to start the business. But hopefully long term this investment will pay off.
The good news is that as much as I under-performed on the first goal, I Over-performed on the second. My income from my various online ventures has exploded this year, and I am currently averaging about $800 a month in online revenue from my various ventures, with my highest month just clearing $1000. This is a monumental development, because it brings the possibility for pseudo-retirement / financial independence that much closer. It is a relatively passive source of income, so if I can get it to more than I am spending, I would consider myself financially independent! FI has never felt so close!
- The Money Monk