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
Do you mind my asking what you do to generate income from the internet? I would like to generate more investable money outside of my employment, but don't really know where to start.
ReplyDeleteThanks
Most of my online income right now is advertising revenue from Youtube videos, and a very small amount is ad revenue from a couple blogs I have, including this one.
ReplyDeleteHi Money Monk,
ReplyDeleteSaw your website linked from MMM and was excited to see you started a thrift store. I am finishing school in May and was thinking about starting one myself and was curious if I could pick your brain at some point in time. Any advice you could give me would be extremely appreciated.
Best,
Brandon