Author Topic: Create an income that covers living costs in 6 months  (Read 22721 times)

arebelspy

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Re: Create an income that covers living costs in 6 months
« Reply #50 on: June 20, 2013, 08:21:26 PM »
I guess that's why this is very hard to do as this thread has trailed of.

Um yeah, the gauntlet is become FI in 6 months.   That's pretty difficult.
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Baylor3217

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Re: Create an income that covers living costs in 6 months
« Reply #51 on: June 20, 2013, 11:41:23 PM »
I guess that's why this is very hard to do as this thread has trailed of.

Um yeah, the gauntlet is become FI in 6 months.   That's pretty difficult.

I see you caught my sarcasm

arebelspy

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Re: Create an income that covers living costs in 6 months
« Reply #52 on: June 20, 2013, 11:42:31 PM »
I guess that's why this is very hard to do as this thread has trailed of.

Um yeah, the gauntlet is become FI in 6 months.   That's pretty difficult.

I see you caught my sarcasm

Yeah, rereading your post I still don't see the sarcasm.  Explain?  :)
We are two former teachers who accumulated a bunch of real estate, retired at 29, and now travel the world full time with two kids.
If you want to know more about me, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (occasionally) blog at AdventuringAlong.com.
You can also read my forum "Journal."

nktokyo

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Re: Create an income that covers living costs in 6 months
« Reply #53 on: June 21, 2013, 12:58:36 AM »
I'm on course FWIW. Been busy implementing and working on a few things and haven't had any extra time to come in here.

MustachianAccountant

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Re: Create an income that covers living costs in 6 months
« Reply #54 on: June 21, 2013, 07:19:11 AM »
Yeah, I'm still working on this too. No updates to give, but that doesn't mean I'm not on board. The goal is NOT "FI in six months." The goal is to create a "side" income that covers your living expenses so that *all* your job income goes into savings. So, for me, ~$3,000/month. That's my goal, anyways. I think the difference is, this "side" income is not passive, whereas FI assumes passive income. What I'm working on, if I stopped doing it, the income would also stop. On the other hand, when I hit FI, I can do basically nothing, and just let my investments continue to earn money.

arebelspy

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Re: Create an income that covers living costs in 6 months
« Reply #55 on: June 21, 2013, 10:36:00 AM »
Yeah, I'm still working on this too. No updates to give, but that doesn't mean I'm not on board. The goal is NOT "FI in six months." The goal is to create a "side" income that covers your living expenses so that *all* your job income goes into savings. So, for me, ~$3,000/month. That's my goal, anyways. I think the difference is, this "side" income is not passive, whereas FI assumes passive income. What I'm working on, if I stopped doing it, the income would also stop. On the other hand, when I hit FI, I can do basically nothing, and just let my investments continue to earn money.

Okay, so many not fully FI, but pretty darn close.  If you have time to do this side gig in addition to your full time job, that means it must not take up very much time, meaning you could quit the main job and do semi-ER (working very part time, a few hours/week?) in 6 months.  Still quite difficult, IMO, and my hat is off to those who can do it (even those attempting).
We are two former teachers who accumulated a bunch of real estate, retired at 29, and now travel the world full time with two kids.
If you want to know more about me, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (occasionally) blog at AdventuringAlong.com.
You can also read my forum "Journal."

totoro

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Re: Create an income that covers living costs in 6 months
« Reply #56 on: June 21, 2013, 10:45:28 AM »
I'm tempted by the challenge, but in reverse.

I think it would be fun to consider a project that could possibly get you a big way to FI in a year.  You keep your day job but scale back to cover your living expenses and then devote your energies to the project with the idea that you would have no compensation from it until it is ready.

Some ideas I've had include :

1. finding a number of rental properties in an undervalued market (wherever that may be) and fixing them up for resale/rent to own.
2. Organizing my current business so it can be sold.
3. Starting a new business with a view to resale.


Baylor3217

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Re: Create an income that covers living costs in 6 months
« Reply #57 on: June 21, 2013, 09:58:10 PM »
Well this is something we'd all like to be able to do and if it were easy, to your point even if your point may not have been exactly what was being discussed in this thread, there's be a lot more vigorous discussion about how to cover expenses in 6 months.

I was enjoying some of the banter but it trailed off with no new ideas. My hope was to prod some continued discussion.

I guess that's why this is very hard to do as this thread has trailed of.

Um yeah, the gauntlet is become FI in 6 months.   That's pretty difficult.

I see you caught my sarcasm

Yeah, rereading your post I still don't see the sarcasm.  Explain?  :)

nktokyo

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Re: Create an income that covers living costs in 6 months
« Reply #58 on: June 22, 2013, 06:26:37 AM »
I'm tempted by the challenge, but in reverse.

I think it would be fun to consider a project that could possibly get you a big way to FI in a year.  You keep your day job but scale back to cover your living expenses and then devote your energies to the project with the idea that you would have no compensation from it until it is ready.

Some ideas I've had include :

1. finding a number of rental properties in an undervalued market (wherever that may be) and fixing them up for resale/rent to own.
2. Organizing my current business so it can be sold.
3. Starting a new business with a view to resale.

This worked for me. I'm happy to share what my approach was to building this kind of business. PM me if you'd like details.

totoro

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Re: Create an income that covers living costs in 6 months
« Reply #59 on: June 22, 2013, 06:48:24 AM »
I'm tempted by the challenge, but in reverse.

I think it would be fun to consider a project that could possibly get you a big way to FI in a year.  You keep your day job but scale back to cover your living expenses and then devote your energies to the project with the idea that you would have no compensation from it until it is ready.

Some ideas I've had include :

1. finding a number of rental properties in an undervalued market (wherever that may be) and fixing them up for resale/rent to own.
2. Organizing my current business so it can be sold.
3. Starting a new business with a view to resale.

This worked for me. I'm happy to share what my approach was to building this kind of business. PM me if you'd like details.

Hey - thanks!

We own eight rental units right now and are engaged in renovations (for way too long).  Not quite the same as 1 above because we did not buy in an undervalued market - Canada has had a big run up and no crash - more of a levelling off.  Our current rentals do cash flow above costs, but they are not appreciating and probably won't for the next five years at least.  Long-term this is fine with principal pay-down and market cycles, but it is not going to be a quick windfall. I would be really interested in how you identified markets, properties and approached it as a business.

nktokyo

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Re: Create an income that covers living costs in 6 months
« Reply #60 on: June 22, 2013, 08:11:01 AM »
Sure, NZ didn't really crash either. Get in touch I'm happy to share.

StarswirlTheMustached

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Re: Create an income that covers living costs in 6 months
« Reply #61 on: June 28, 2013, 08:05:51 AM »
I guess I'm going to have to go all in for this challenge, because I just sent my letter of resignation.
Thank goodness for the 'stache of FU money.

(though, to be honest, I'm going to break the spirit of the challenge and keep looking for a real job, too.)

arebelspy

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Re: Create an income that covers living costs in 6 months
« Reply #62 on: June 28, 2013, 10:20:10 AM »
I guess I'm going to have to go all in for this challenge, because I just sent my letter of resignation.
Thank goodness for the 'stache of FU money.

(though, to be honest, I'm going to break the spirit of the challenge and keep looking for a real job, too.)

Neat.  I'd be interested in reading a thread with details (why you quit, what type of side work you'll try to do while looking for a job, etc.)
We are two former teachers who accumulated a bunch of real estate, retired at 29, and now travel the world full time with two kids.
If you want to know more about me, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (occasionally) blog at AdventuringAlong.com.
You can also read my forum "Journal."

Praxis

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Re: Create an income that covers living costs in 6 months
« Reply #63 on: June 28, 2013, 12:13:44 PM »
I'm tempted by the challenge, but in reverse.

I think it would be fun to consider a project that could possibly get you a big way to FI in a year.  You keep your day job but scale back to cover your living expenses and then devote your energies to the project with the idea that you would have no compensation from it until it is ready.

Some ideas I've had include :

1. finding a number of rental properties in an undervalued market (wherever that may be) and fixing them up for resale/rent to own.
2. Organizing my current business so it can be sold.
3. Starting a new business with a view to resale.

#1 is actually exactly what I'm doing!  I'm finding undervalued properties that are flippable (got a local flipper to mentor me), buying them, fixing them up, then refinancing them cash out.  I get almost all of my purchase price + repair costs out since the properties were undervalued and appreciated massively with the rehab.

For example, I can buy a 100k house, put 30k work in to it, and have a 170k house.  Then cash out refinance for 130k and get all of my cash back minus refi costs.

I'm going to call myself successful if I can obtain four houses in that six month period with a $500 cash flow apiece average.  $2k cash flow will cover my cost of living.

I won't be truly retired, however, as I need enough to have a buffer for repairs.  I'll want $5k+ cash flow and set aside half of it per month.

mustachiogirl

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Re: Create an income that covers living costs in 6 months
« Reply #64 on: June 28, 2013, 01:39:30 PM »
Hi All,
I just discovered this thread, so I am taking the challenge, but today will be my "Day 1" of the 6 mos. Currently I have a side biz selling on ebay/ Amazon that is equal to roughly half my living costs. My only barrier to growing it larger has been needing more money to invest. I have that now that I have found a great paying day job, so I am certain that in 6 mos I will actually exceed my employment income. My plan is to use the extra cash to buy a home and pay it off within 2 years (houses are still pretty cheap in TX). Then on to buying some rental property!

StarswirlTheMustached

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Re: Create an income that covers living costs in 6 months
« Reply #65 on: July 03, 2013, 03:53:57 PM »
I guess I'm going to have to go all in for this challenge, because I just sent my letter of resignation.
Thank goodness for the 'stache of FU money.

(though, to be honest, I'm going to break the spirit of the challenge and keep looking for a real job, too.)

Neat.  I'd be interested in reading a thread with details (why you quit, what type of side work you'll try to do while looking for a job, etc.)
I started a thread in the Journals subforum. It's not much of a story, but I tried to tell it anyway.

nktokyo

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Re: Create an income that covers living costs in 6 months
« Reply #66 on: July 17, 2013, 08:07:49 AM »
Update: I'm onto day 2 of a 3-4 day paid consultation to scope out a software project for a prospect. The consultation fee is $5K. The project, should we win it, will be anything from $50K-$150K. I have a good feeling about the relationship and am looking forward to building out this business with not only this client but others also. Will update more later. Exciting because 2-3 months ago this was all just a hunch and now it's really happening.

How is everyone else going?

MustachianAccountant

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Re: Create an income that covers living costs in 6 months
« Reply #67 on: July 17, 2013, 08:28:37 AM »
I'm supposed to hear back this week on a freelance gig that will pay approx $100/hour. If that happens, I will try to put in about 30 hours/month in the evenings to meet the challenge.
If it doesn't happen, it will be because I don't have enough experience in the field to be attractive. In that case, I have a contingency plan to gain that experience in an unpaid capacity. So, in a year or two, I will try again, and with more experience under my belt.

Scenario 2, I won't hit the 6 month challenge, but I do believe that in the next couple of years I will be able to meet it.
Scenario 1, I'm right on track.

...I've been checking my email every half hour or so...

nktokyo

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Re: Create an income that covers living costs in 6 months
« Reply #68 on: August 02, 2013, 06:28:41 PM »
Update: I'm onto day 2 of a 3-4 day paid consultation to scope out a software project for a prospect. The consultation fee is $5K. The project, should we win it, will be anything from $50K-$150K. I have a good feeling about the relationship and am looking forward to building out this business with not only this client but others also. Will update more later. Exciting because 2-3 months ago this was all just a hunch and now it's really happening.

How is everyone else going?

We won the deal. Mission accomplished :)

arebelspy

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Re: Create an income that covers living costs in 6 months
« Reply #69 on: August 02, 2013, 10:42:48 PM »
Congrats.
We are two former teachers who accumulated a bunch of real estate, retired at 29, and now travel the world full time with two kids.
If you want to know more about me, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (occasionally) blog at AdventuringAlong.com.
You can also read my forum "Journal."

MustachianAccountant

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Re: Create an income that covers living costs in 6 months
« Reply #70 on: August 08, 2013, 11:57:41 AM »
Congrats! What's the next step for you?
For me, the firm I applied to accepted my application, and I have an interview on Monday afternoon to land the freelance gig.
If they hire me, I should be making around $100/hour once I get the hang of the work. (Shouldn't take too long...)
The work is paid per item completed, so proficiency is key.

nktokyo

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Re: Create an income that covers living costs in 6 months
« Reply #71 on: August 11, 2013, 10:34:11 PM »
Well we have to deliver the software so after the summer holidays (another couple of weeks) we'll sit down with the client and put together a road map, from which we will in turn resource the project.

Congratulations on getting accepted! $100/hr is a nice number. Look forward to hearing how you find the new work.

MustachianAccountant

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Re: Create an income that covers living costs in 6 months
« Reply #72 on: August 14, 2013, 07:53:08 AM »
Thanks.
I'm beginning to get some red flags from this company though... communication has been flaky, which makes me wonder if payment will be too. My interview got pushed back until tonight, and if I hadn't put so much effort into the application process so far, I might have called it off.
However, I'll go through the interview and ask for some references of freelancers currently working for them. That should be telling.
Even if it turns out that they *are* a bit flaky, I may still work for them, just for the experience which will allow me to go work for a less flaky firm.
We'll see...

Insanity

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Re: Create an income that covers living costs in 6 months
« Reply #73 on: August 14, 2013, 10:48:46 AM »
Well we have to deliver the software so after the summer holidays (another couple of weeks) we'll sit down with the client and put together a road map, from which we will in turn resource the project.

Congratulations on getting accepted! $100/hr is a nice number. Look forward to hearing how you find the new work.

Congrats!

Good luck with the project.  I've said it before, but I'm looking to build out a portfolio for my own company.  Let me know if you would be interested in working something out (i do application security and can develop in various languages - Java, C/C++, Python, PHP .. etc).

MustachianAccountant

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Re: Create an income that covers living costs in 6 months
« Reply #74 on: August 20, 2013, 11:07:25 AM »
Well, the firm decided that they didn't have the volume to take on another freelancer. Which I think is a bit suspect, because what firm even puts the word out that they're hiring before they decide that they have enough volume? But whatever, this opportunity is effectively dead.
So now I begin looking for alternatives to meet this gauntlet...

nktokyo

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Re: Create an income that covers living costs in 6 months
« Reply #75 on: August 21, 2013, 12:19:59 AM »
That sucks. Do you network with other freelancers about finding gigs?

@Insanity - yup thanks. This particular project requires Japanese language but I'll keep you in mind. We're trying to build this into a business so the more deals we can set up the work for the better.

MustachianAccountant

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Re: Create an income that covers living costs in 6 months
« Reply #76 on: August 22, 2013, 07:50:00 AM »
I don't, but that's mostly because freelancing isn't super common in my industry, and even less so in the niche I was looking at. I have another idea though, and will try to follow up with it - and it does involve tracking down other freelancers, so we'll see how it goes.

MeForNow

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Re: Create an income that covers living costs in 6 months
« Reply #77 on: August 23, 2013, 05:25:28 PM »
My sister (and mentor) is doing just that, plus starting a blog! She also trains people for a fee. I like how you think!

Hi earlyFI,
I would like to know more about your sisters mentoring set-up.  I am looking for business/income ideas that are viable for me (lots of good ideas don't seem workable for me for various reasons).
And I really NEED some ideas that will work (giant financial problems due to health problems plus work problems plus career-industry problems).

What I'm most curious about is the TYPES of things. I don't know a lot about clothes prices, for example. I think eBay sellers who do what you are doing definitely specialize, ideally in something with a good markup. But so far I have not come up a category where I think I know much and see potential, and, as a result, I have tended to blow off the whole idea. But maybe I just need help finding the path?  I think it is Great that you are doing so well, so that's why I'm putting on the thinking cap.

Oh, I also don't have much spare space to store stuff :(
That reminds me, there's another post in this same thread from someone who buys and resells show tickets.  That appeals to me, and tickets are tiny (don't take up space to store). I'm planning to ask for info on that idea also....

As for buying/reselling:
1. Does your sister mentor in just certain categories of goods?
2. Does anyone have categories to suggest or ideas how I could find good ones?
3. Can your sister help me find a category to start in?
4. Is there something narrow with a high markup I could learn to look for, say real gold jewelry at garage sales..... But this only works if people regularly don't know it is real gold, and if I can learn to recognize it. (This is meant as an example.) (there are gigantic used book sales where I live, but the people who go through the books and price them seem to know their stuff, so I don't think collectible or out-of-print books often make it into the bargain bin......)

Honestly, it seems to me that it really has to be a hobby type of thing, where you *already* know a lot about the particular stuff. Do you agree?    And I just draw a blank, but perhaps I'm just not thinking right. E.g. I don't know more-than-average about coins, collectibles, antiques, shoes, handbags, jewelry, current movies, Used computer equipment, cameras.......

Would I have just pick something and study it?

There are some kinds of artwork (or particular artists) that might interest me enough to be able to do this part-time but how do I even know whether this kind of stuff would be available or could make money? Sounds like such a longshot......
I could maybe also imagine buying/reselling used iPhones or iPads or something narrow like that, although I admit it sounds "boring" (and potential headaches with broken stuff?).... If I could make decent money it might become interesting.  And mistakes could be costly as people rarely sell these things for less than they think they can get, right? 
Maybe if I buy broken ones and get them repaired?

Or do you do it the other way: go to garage sales and see what's available cheaply on a regular basis? Like normal stuff like kitchenware and blenders and crockpots?

Do you buy mostly from local sources in-person (lie garage sales), or do you buy from Craigslist/eBay ten resell?

I recently read an advertisement I found quite convincing:  someone's e-book training course in how to buy and flip used cars. It was an excellent sales letter and really sounded like they had a good method.  But I don't think I'm gonna really be able to excel with used cars, because it's kind of just not enough my thing, if that makes sense?

I wish I had expertise in some specialized available flippable thing with a good markup.  I don't seem to have the right hobbies for this....,

What I do know about, at least some: many kinds of DIY healthcare (herbs, juicing, blending, etc), stainless steel cookware (the one kind I own), taking care of cats, gardening.....  Sigh, this doesn't seem like ebay-type-hobbies....

Thanks for sharing what you have so far, and thanks for any thoughts about all this,
Frustrated!

MeForNow

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Re: Create an income that covers living costs in 6 months
« Reply #78 on: August 23, 2013, 05:54:36 PM »

My job gives me 2.88X living costs per year (savings rate of 66%). 
<snip>
What I need now is a investment/ biz opportunity, with a decent upside, that can be run in the 10-15 hours of time I have after work (50-60hr per week spoken for already) from a small island with a small economy- that means no ebay, no massive markets to tap.  The good bit is that 2K a month for me would be a success.  The island is a holiday destination but the tourism industry is somewhat saturated so I'm wary of going that route. 
Now I'm fishing for ideas- any of you mustachian's have one?
Cheers

1. The obvious (to me) would be something tourism related.  Such as: rent spare room on airbnb, or find unused spaces (neighbor with unused mother-in-law unit?) to do the same with; make crafts or products of some type that is attractive to tourists - something that's associated with where you are (but I'm picturing marketing it through existing tourist spots, so that limits how much you make as well as it has to be something retailers would like enough);  or something else that is for tourists.  I don't know what, but maybe you do - boat tours? Walking tours of tourist attraction? Wine parties? Beach bonfires?

2. Apparently you make very good money at your primary occupation.  Is there a way to do a bit more of the same or similar work on the side?  Consulting?  Small jobs?


arebelspy

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Re: Create an income that covers living costs in 6 months
« Reply #79 on: August 23, 2013, 06:24:33 PM »
Honestly, it seems to me that it really has to be a hobby type of thing, where you *already* know a lot about the particular stuff. Do you agree?    And I just draw a blank, but perhaps I'm just not thinking right. E.g. I don't know more-than-average about coins, collectibles, antiques, shoes, handbags, jewelry, current movies, Used computer equipment, cameras.......

Would I have just pick something and study it?

It can be anything.  If possible, a niche with small storage requirements and a decent volume is the best way to go.

(Electronics is really good, but you have to churn fast, due to the inherent depreciation that comes with the advancing nature of technology, so your stuff becomes obsolete.)
We are two former teachers who accumulated a bunch of real estate, retired at 29, and now travel the world full time with two kids.
If you want to know more about me, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (occasionally) blog at AdventuringAlong.com.
You can also read my forum "Journal."

StarswirlTheMustached

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Re: Create an income that covers living costs in 6 months
« Reply #80 on: August 23, 2013, 06:39:15 PM »
What I do know about, at least some: many kinds of DIY healthcare (herbs, juicing, blending, etc), stainless steel cookware (the one kind I own), taking care of cats, gardening.....  Sigh, this doesn't seem like ebay-type-hobbies....
Okay, screw e-bay, then. How do we monetise what you do know?

gardening : that says landscaping to me. Is it veggie gardening? "Edible landscaping" is the new trend anyway. People will happily pay for someone to grow them a veggie garden.

cats: well, you can cat sit. That doesn't scale well, but it takes little to no effort.

DIY/alternative health care: herbalist is still a job description, I think. I don't know how it works where you are; the legalities might be tricky, but herbal remedies tend to be pretty much unregulated, at least in North America. Just make sure you put the same fine print everybody else does that covers your ass if it doesn't work. You want to be online? Etsy! You might need access to commercial kitchen* for oral remedies, but that still leaves ointments and creams and medicinal soaps if you know or are willing to learn how to make those.

*I do say "access" -- you don't need to own it. I've heard of people renting space in restaurants when the kitchens are closed. Apparently some places are building certified commercial kitchens as a community co-op type thing, but this is still pretty rare. Maybe if you're in Portland.

MeForNow

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Re: Create an income that covers living costs in 6 months
« Reply #81 on: August 25, 2013, 08:05:09 PM »
Several separate comments....

Re my comments to pka222: I must have not read your post carefully enough.  I see you said that you do NOT want tourism related. My apologies for overlooking this and suggesting tourism related work.

To arebelspy: thanks for comments. I still feel at a loss for what area of stuff I might like and find profitable.  But on the electronics.... I was reading flippa recently (to find out about it, it is a website sales site).... I noticed there were a COUPLE of high traffic sites related to phone repairs.  I guess it could be a steep learning curve, but it seems to me that repairable electronics could be very worthwhile...... I believe you said you resold electronics that were working but you added some kinds of improvements to them?  The repair idea would probably require having a mentor or training..... I guess I'm just thinking about what a big demand there is in all-things-phone-related.

To starswirlthemustached: thanks for comments.  Some of that is stuff I've considered in the past.  I think I should consider some crafty thing again (like soap or salves or whatever)..... Where I generally seem to end up with my thinking is writing content websites, which I think can be successful for me, but takes long while to build traffic (not quick).  I don't know enough to be an herbalist, and would find it very unethical to do that - although I do know lots of fun things that could be fun to help or teach people with..... Have not come up with a venue or form tat will work, so maybe it's a future website......  A daydream is to have a big house with interesting healing tools and great garden and homesteady vibe, and rent rooms on airbnb or otherwise attract people interested in seeing, trying, learning, in a home setting.  Unfortunately I have neither a big house or the hope of getting one any time soon. 

arebelspy

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Re: Create an income that covers living costs in 6 months
« Reply #82 on: August 25, 2013, 08:30:07 PM »
To arebelspy: thanks for comments. I still feel at a loss for what area of stuff I might like and find profitable.  But on the electronics.... I was reading flippa recently (to find out about it, it is a website sales site).... I noticed there were a COUPLE of high traffic sites related to phone repairs.  I guess it could be a steep learning curve, but it seems to me that repairable electronics could be very worthwhile...... I believe you said you resold electronics that were working but you added some kinds of improvements to them?  The repair idea would probably require having a mentor or training..... I guess I'm just thinking about what a big demand there is in all-things-phone-related.

There are several iPod repair shops around here that do stuff like replace cracked screens, etc.

More like a job than I care for, personally, but if you enjoy it, it's not a bad way to go.

I personally prefer straight buying and reselling based on knowing value and scooping up good deals, but don't do it to make money - just when I'm in the market for that item personally.
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CarDude

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Re: Create an income that covers living costs in 6 months
« Reply #83 on: April 06, 2014, 08:10:48 AM »
I notice this thread seems to have died off. I remember reading it back when it was active last year and was curious to see if anyone had made progress with goals outlined here.