My original plan was to work for 15 years before retiring early to live off dividend income.
The best case scenario was saving enough money to reach financial independence in 10 to 15 years.
But now, the goal has become part-time FI & part-time Blogger.
Simply put, it’s the fastest way to spend more time blogging and to live the lifestyle I want right now.
What are the options to spend more time blogging right now?
If my whole reason for FI is to spend more time on blogging, well, I should probably consider the options to spend more time on blogging right now…
To summarize my current options:
- Seek higher paying jobs to save more money and reach FI faster than 15 years.
- Stick to the current plan while blogging as a side hustle to earn extra income.
- Seek a more flexible job that requires less hours. Use the free time to earn money from blogging as a business.
Reviewing the options
It seems as though a more flexible part-time job may be the most manageable option available. However, that’s only if it pays enough to cover basic expenses and still save money.
As for the other options, a higher paying job requires me to do a lot of stuff I don’t want to do—commute more, dress up, meetings, and it takes up the most time.
Although my current plan is solid, 15 years is a long time to wait to become a blogger. I mean, what if I wait 15 years and my health prevents me from blogging?
As such, I have determined that the next part of this plan is to pursue the highest paying part-time job I can find.
I want to become Part-time FI & Part-time Blogger.
There are a few qualifiers to mention:
Firstly, the part-time job needs to pay significantly more per hour. Ideally, I would only need to work 3 shifts per week to make the same income. That way I’ll have two more days off per week to work on the blog, and I’ll have the opportunity to earn more money by working extra shifts. I have not obtained any part-time position like this yet, but my current plan is to keep trying until I do.
Second, this isn’t a random choice. I’ve been working hard on this blog for 3 years now. I’ve made money from it without sales and without products or services displayed. I know this blog can make money.
Since I gain fulfillment from entrepreneurship, that side of me wants to take blogging to the next level. I want the challenge of seeing if I can achieve triple digit YoY growth with blog income like I achieve with dividend income.
Part-time jobbing to part-time blogger: How this could work
There is one other thing in addition to the qualifiers—my entire savings strategy may need to change.
Instead of earning the same income every pay, my income could vary from pay cheque to pay cheque.
In turn, I would need to manage money differently. I would need to make sure my bills are paid, so I’d have to set that money aside first. From there I’d probably have to let the money build up in a high interest account for emergencies before contributing any funds to investments. It would have to reach a certain threshold before going to my TFSA or RRSP for long term investing.
Alternatively, I could just spend all part-time income on expenses, while allocating income earned from blogging for savings. That would be great motivation to increase blog income, and I would still be able to increase dividend income through reinvesting dividends, raises, and from saving money that was earned from blogging.
To sum up how this could work, it will require a low expense lifestyle, diligent budgeting, and a completely different savings strategy.
The Benefits of working a part-time job
There are many upsides to working a part-time job.
Technically, if I have a part-time job and I earn side hustle money from blogging, I am in fact a part-time blogger. That could actually be my title because half my working hours will be spent on blogging.
And if I’m a part-time blogger, I will be able to publish more new content and be more active on social media. That alone would drive income higher.
Moreover, I could treat blogging like a business. I could spend time on sales and marketing just like a regular business does.
In addition to the blogging benefits, a high paying part-time job would allow me to own more of my time. Even one extra day per week to do what I want would be nice.
Although a part-time job would come with its share of risks, it does offer more time right away.
What are the downsides to a part-time job
Obviously the biggest downside would be earning less money. This could slow dividend income growth because I’m not able to save as much money. Worse, if I don’t get enough hours, I may even have to withdrawal from savings.
Albeit, the type of part-time job I am chasing would pay significantly more per hour than I currently earn, and it would provide an opportunity to earn more annually.
As for other negatives, it may be more challenging to buy a home if I didn’t get enough hours. Having a stable income is a big factor in obtaining a mortgage, even with a large downpayment. It could limit my mobility to an extent.
Another downside is that it could limit travel. Perhaps I won’t be able to afford the time off.
But you know what? The worst case scenario is that a part-time job is my year off with cash flow coming in.
If I accept a part-time job and find I’m not getting enough hours, I could always go back to work again. I could apply for a full-time job, or I could get another part-time job. Plus, I would work hard and aim to do a great job for the prospect of obtaining a full-time position wherever I was working at anyways.
So, even if I don’t get enough hours, it will be like repeating my year off but with part-time money coming in to prevent me from going backwards financially.
Related post: Ultimate Reflections on Mini-Retirement
A triple income stream cash flow machine
Ultimately, I am creating a triple income stream cash-flow machine.
Instead of relying on just a full-time job, I want to earn income from a combination of a part-time job, blogging, and from dividend income.
By keeping my expenses low and not taking on any extra payments, I have put myself in position to afford a part-time job that allows me to build up the other two income streams.
But in the long term, my goal is still to earn the most from dividend income, and I prefer that blogging to be the second highest paying income stream.
Being able to support myself by earning income from those two methods is my definition of freedom.
Concluding Thoughts – Part-time FI & Part-time Blogger
This post is really the next phase of this blog—Part-time FI & Part-time Blogger.
The story goes like this:
RTC started with a mini-retirement year off work. The first trip during the year off was to Mexico. The idea for the blog was formed there while reading books about day trading. It began with documenting my trades during the year off. But after 4 months of day trading, I became more interested in blogging. I wanted to earn income from blogging and dividend investing instead of trading, but I wasn’t earning enough from blogging at that point. So I went back to work and have been blogging my dividend income updates ever since. The next phase is part-time blogging.
Of course, this could just be another experimental year like my last year off. Maybe this is just what I’ll do ever few years.
Or, maybe I will miss stable income, or I won’t be able to save money, or perhaps I won’t be able increase blog income like I think…
So what?
As long as I don’t go backwards financially, this is a worthwhile risk. I envision it as a year off but with a high paying part-time on the side. Perhaps it won’t work out so perfect. But even if it doesn’t, I can always get a full-time job again. This is just another chapter in my journey towards financial independence.
Questions for the readers: Do you think it’s a wise idea to take on a part-time job? Is it better to focus on increasing my income now? Your feedback is appreciated! Thanks for reading!
I am not a licensed investment or tax adviser. All opinions are my own. This post contains advertisements by Google Adsense. This post also contains internal links and links to RTC social media accounts.
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Email: graham@reversethecrush.com
Dividend Income Projection # 19 | July 2019
