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Found 6 entries.

Other Income Streams

One thing I have been doing recently (and of course, not posting very much here) has been to start getting together a small business plan to get myself a third income stream.

Currently I am working in a 40 hr salaried position which is of course my first and main income stream.

Secondly, I have a house up the coast which I am renting out. Even though it has been rented out for 4.5 years, I have battled through paying the extra interest and this year will (I think and hope) be the first year that renting it out will turn a profit. It’ll be small to start off with but hopefully progress as the years go on.

But something has been niggling me recently and I have decided that it was about time to start getting another income from somewhere else. After racking my brains, I have decided to go into business for myself and keep it as a part-time project which I can do in the evenings and weekends. I think I’m lucky that my day-job allows this since there are a number of others who also earn money in their non-(normal-)work time.

I won’t quite say what it is yet but it will tap into my IT knowledge and knowledge of systems around the world which I can also tap into. Suffice to say it will be a passive stream though that doesn’t mean it is without work, it just means that the income from it should be non-proportional to the time I put in.

ie. it is not my time I am selling, but a product independent of my time.

This is very important, especially for someone who still has a day job.

Labels: earning, selling, working

Inserted: 2010-05-08 10:47 (1 year, 9 months ago)

Financial Balance and Doing What Makes You Happy

Many articles I have read over the years talk about Financial Balance. Many give you various percentages which you could (should?) follow and others break it down even further. For example, one thought is to break your net income into the following areas:

• up to 50% on NEEDS
• up to 30% on WANTS
• the rest (20%) on SAVINGS

Breaking these down further can lead to more complex solutions and that is something you should decide, but before even trying to break it down, consider why you should do this.

Being Happy

Most of this blog, as well as others I read, is about being happy. It’s not just about personal finance, saving money or being thrifty, it’s about doing what makes you happy. When you realise that having the freedom to do what you want because of financial independence that is a powerful thing. And whilst you might not be in that situation now, but heading towards it over the next few year, means that whatever you do, will make you happy.

Making homemade jam, wooden toys from the ends of spare planks in the garage, pizza dough freshly made in the kitchen, a crayon pocket for the kids and a sock puppet from old worn out socks are all very enjoyable and also cheap and easy to make. The thought that a homemade toy says rather than a plastic thing from the shop is very satisfying.

So where does all this fit in with the percentages above. Well, making all these things at home is way cheaper than buying them from the shop, so firstly they help with actually saving money. That goes towards your 20% savings.

Secondly, doing all of these activities is fun! Either by yourself, with the kids or for other people, they all give lasting satisfaction which means you feel good. It also helps fill in your time instead of watching TV, doing retail therapy or just generally being lazy.

Finally, you can fill your time with wants which are fun and cheap, rather than wanting expensive DVDs, chocolate or expensive hobbies. Of course, there is nothing wrong with all of these things if they are in balance with the rest of your life and your way of life. Better to be happy and healthy, than rich or broke. Finding that balance can help keep you on track to financial independence as well as on track to enjoying your life.

Labels: budgeting, giving, working

Inserted: 2009-12-30 03:06 (2 years, 1 month ago)

Guest Post on Lazy Man and Money

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Firstly, welcome to all the Lazy Man and Money readers wandering over here to take a look round. Remember to subscribe to my RSS feed so you can keep coming back. And to all my readers, go and take a look at Lazy's blog (yes, he doesn't mind being called that) - it's a great read.

Short Term Sacrifices for Long Term Gain

My post over at Lazy's blog was originally called Short Term Sacrifices for Long Term Gain but in conjunction with Lazy we changed it to Sacrificing the Little Things for Early Retirement so his readers could get more of a taste of my background, why I started all this and where I'm headed.

I wrote the post in response to a comment I had on a previous blog post of mine, called Seeing the Old Me. Concetta put the idea in my head when she commented that by doing a four day work week, I was actually treating myself, all the time! I hadn't realised this at the time (though it makes perfect sense now).

I'd mentioned that I had been buying take-away coffees and treats for myself in reward for working too hard which brought back memories of the old me again. Working hard, playing hard but spending all of my money whilst doing it. Then I mentioned that I had to sacrifice things if I wanted to do a four day work week (oh, and retire early, mustn't forget that) - and by not spending my money on those 'extras' I could also afford to drop down a day at work. It turns out though that she was right and that having the extra day off is a huge treat, week in, week out.

If other people think that by not going to the movies that often or not having the flashiest car is a sacrifice, then that's fine with me. Neither of these things are that important to me and instead I'll make some fresh pasta, go out cycling or enjoy a bit of gardening instead. Better health and less outgoings.

Therefore a few small sacrifices gets me a much bigger reward - as always, judgement is in the eye of the beholder.

And funnily enough, these are also the same people who say "...and you can afford that?" when they hear you're working a 4 day week. Pretty funny, isn't it?

Thanks

So thanks again to Lazy Man for hosting my guest post and I hope you enjoy my article over there if you haven't read it yet.

Labels: saving, retiring, working

Inserted: 2009-02-28 08:40 (2 years, 11 months ago)

Seeing the Old Me

Over the past few weeks, I have been working extra hard. Too hard in fact. Long hours, many days and that means I have a problem.

Well, I say one problem, it's more a group of problems. In fact, I seem to be getting quite a few problems that my little group of them is becoming quite a collection.

You see, because I've been in work too much I haven't been living my life the best way I should.

Reasons for Having Problems

My goal when I started this blog off in September was to work a four day week. That lasted two months until I had to work a five day week. In January I was working at least a six day if not a seven day week, and they were pretty long too.

This causes no end of problems.

The reasons for the problems however are all due to one thing. Time.

Time.

That one little word.

Say it again... time.

It's something that I have had very little of recently. That small, four letter, very smooth, round and mellow word is the cause of many of my more recent problems (which I shall get on to shortly). Of course, it hasn't been because I have had so much of it but rather because I have had so little of it.

Effects of Lack of Time

Going shopping has been a pain. The fact that my local supermarket which is on my walk home from work is open until 11pm has been a great lifesaver since my 10 or 12 hours days have given me little in the way of opportunities to actually go and get food - which has mainly consisted this month of buying milk, bread and stuff to put on sandwiches. And of course, since I just had to go whenever I needed, I always forgot to take my re-useable bags with me.

My home life has also been a bit chaotic. I've been washing and hanging my clothes out at lunchtimes since they seemed to be the only parts of the day I could actually relax. A quick walk home, put in some washing, make some food, hang the washing out, walk back to work. It still makes it busy and I never really got chance to sit on my back deck and watch the world go by.

Granted, work has been buying (mostly) food each evening to keep us alive but of course, the food bought then mostly consists of take-aways which I got pretty tired of eating quite soon. Pizza is okay every now and again, but three times in a week is not good. Added to that is the fact that they aren't really that healthy for you and I'd much rather be eating something of my own creation.

Every so often I considered that I would be able to make something at home too (and recently have been forcing myself home for tea too) but many times I would buy something with the intention of cooking it but never getting around to it. So I even had to throw away food which is something I try not to do at all these days. So there is one way I've wasted money.

The Things I Have Reverted To (and Hence Wasted Money)

Occasionally I'd be leaving work at a half decent hour but of course felt too tired to cook. Hence I would end up eating out at prices which are about twice you can make two wholesome meals for at home.

I also even reverted to buying chocolate, coke or even coffee during those really stressful days (when I really thought that I should treat myself). Firstly, we know how much these little things add up over time but also upon reflection they just aren't worth it. Even though I was working hard because I was asked to, I almost slipped back into the vicious cycle:

• I treated myself because I was working too hard
• I was working hard because I needed the money
• I needed the money because I was treating myself

Compare this to when I was working a four day week and you can see that it is an upwards spiral:

• I could work a four day week because I wasn't treating myself
• I didn't have to treat myself because I didn't feel all stressed out
• I didn't feel stressed out because I was working a four day week

As you can see, I'd rather be in the second upward cycle than the first downward one.

It was Close

Certainly there were times this month when I spent too much, either on food or otherwise. Also since I wasn't going out on my bike as much (a free activity), some of the other activities I was getting up to were things that cost money and were reasonably expensive. They also happened to be the most convenient. It turns out that not only did I have very few hours of spare time but January was also the most expensive month I've had in months.

Go figure.

It doesn't make sense does it? But it's all perfectly explicable. To relieve the tension, the strain and the stress, I turned to the quick, easy and expensive options. My old, dark days were filtering back through the dark clouds.

At one stage in the month, I was even thinking to myself "Creepers, maybe I have to go back to a five day week just to keep up with my spending!"

Which shocked me. Once I had that thought, I decided to confront the powers that be and told them that I would have to go back to a sensible and somewhat normal work week once February kicks in. I'm sure I'll be doing a 5 day work week again this month though I suspect things will be back to normal come March.

I just hope that the extra pay from January, the extra from February and any overtime/time off in lieu I get is all worth it in the end. We'll soon see (I hope).

Have you ever had problems falling away from the straight and narrow with your finances and had to force yourself to get back on the right tracks?

Labels: earning, eating, working, spending

Inserted: 2009-02-09 22:30 (3 years ago)

How is your Work/Life Balance?

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Recently I and a few of my work colleagues have been having an interesting time of it. Our project is pretty busy at the moment and it does make you think of the work/life balance.

As you all know, I have been trying to do a four day week recently but haven't been having any luck. I was four days for September and October but back to five days for November and December at the request of my employer. Again when I wanted to be back to four days in January, I was asked if I could do five.

Of course, I said '\i{yes}' because it's hard to refuse when your colleagues are also your friends.

The Problem

But since early January the project has been even busier and there is currently no let up in the amount of work we have to do. For the first 21 days of January, I was in work for at least a few hours (if not usually a full or even longer day) for 17 of them. If I were on a five day week I'd have normally done 13 days and on a four day week I really should have done just 10 days.

I also just cut short a holiday I had pre-planned from five days to just three.

And this is my problem. When someone asks me if I can do something, I invariably say yes. It's silly, I know and it's completely my fault but as I said earlier, I guess I find it hard to say no, especially to people I like.

Work/Life Balance

Unfortunately this does nothing for my work/life balance. My original four day work week dream is not only not happening but pretty much completely shattered. Again, as in November and December I have noticed that I have less time to do the things I enjoy. I have:

• hardly been on my bike in January at all (maybe three times)
• not really cooked a good meal at home
• not kept up with simplifying my life
• hardly spoken to my family in the UK
• missed a neice's birthday for which I will be eternally sorry

I even managed to somehow lose a DVD which I had sold on an internet auction site. I have no idea where it is and I shall be reimbursing the purchasers' price and postage. Not only have I lost out on a few extra dollars, I'm sure I won't get a good rating from the other trader.

So as you can see, my life has both gone out of whack and been pretty much non-existant. I have still seen a few friends here and there but not as many as I would usually. I usually go for coffee with a particular set of friends at least one weekend in each month and since the New Year, I have had to delay it every single weekend and now, there's not even a full weekend left to do it in (this Saturday will also be taken up working).

Extra Work and Who It Affects

We sometimes say to ourselves that "it'll be okay", "it'll calm down soon" or "we'll be able to relax afterwards" but none of these statements are ever true. Firstly, it's not okay when the extra work time starts affecting your family. Secondly it never calms down since commercial projects are incessantly going forward always with something to do. And finally, you don't get time to relax since once the project is done, all the things that need to be fixed up come back and haunt you for weeks if not months afterwards.

Out of those points though, the first is the most interesting in this conversation. Many times we buffer those around us from the realities of having to work overtime. We manage to shield our loved ones from the harsher realities such as nightmares (about work), arguments within work or even just plain old tiredness (whether physical or mental).

But sometimes our buffers become thin or cracks start to show. When working 14 consecutive days, it's hard to shield it anymore from those around us. We start complaining about the smallest things, we're grumpy and we're tired.

And as soon as you start to show it, your family sees it too.

Suddenly your homelife isn't as good as it was, your relationships don't sit as well and your family and friends start complaining that they never see you anymore. I know this because some friends of mine have been complaining for almost two weeks now. My response however is "There's nothing I can do".

Saying What we Don't Believe

Of course, there is something we can do about it and that is to push back on unrealistic work schedules. Having to work extra days, overtime and lunchtimes because of something that is out of your control is pretty demoralising. I have been on projects in the past which had crazy schedules but this particular one is fast becoming one of the hardest I've ever had to work on. Let me also qualify that by saying that on one of my previous projects I had to support a scientific space telescope for the European Space Agency for months beforehand, months after and 12 hours per day for well over a week around launch. So I know about high profile and expensive projects.

Today then, I decided that I shall give my all until project launch which will take us to around the end of January. After that however, I expect I'll not only be back on the four day work weeks but also back to normal hours too. It'll still be busy after launch I know but realities are kicking in now and I know that working these long hours is not good for either myself or those around me.

Instead of believing then that "there is nothing I can do", I shall be instead believing that my dream of a four day work week will soon become reality again - and this time, actually make it happen. Any future projects will just have to schedule me for four instead of five days per week.

Why?

Because I want the 'life' part of my 'work/life' balance back!

How do you put a control on the work part of your work/life balance?

Labels: planning, living, working

Inserted: 2009-01-26 01:11 (3 years ago)

Choice Between a 4 Day Work Week or More Money

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As I have stated before, I am aiming to achieve my goal of retiring at 40 whilst at the same time working a four day work week. Yes, I know it's insane but it's good to have goals.

Besides, if I miss it at 40, then I'll probably hit 45. But that figure isn't the most interesting one. To me the most important figure above is that I'll be doing it whilst working a four day week.

Initial Thoughts

My four day work week started in September and almost as soon as I started doing it, I was blown away by how good I felt. I decided to take Wednesdays off to split the week up and just the thought of only ever working two days on the run, before having at least one day off, was probably the best decision I ever made.

I had various detractors including people saying "but then you get two Mondays" to which I counter "yes, but you also get two Fridays!" And besides, all the people I knew who took Fridays off wanted to have a long weekend so they could go away every now and again - unfortunately, they never did.

However, no-one said that a four day work week was bad and in fact, a good percentage of people started thinking whether they could do the same.

As it turns out, Wednesday, for me at least, turned out to be a magical day. Almost like going to Disneyland every week - it was a dream come true.

A Change of Lifestyle

Early on I realised that my life had changed quite dramatically. I finally had more time to do things. being able to cook more often, eat better and exercise more has been refreshing and of course, the ability to do other things I enjoy, like walking, cycling and taking photographs meant I was distinctly happier than before.

It came at a cost though and that was a financial one. My pay was instantly 20% pro-rata lower than it should have been. In reality it really didn't bother me as much as I thought it might since I had already altered my lifestyle enough such that I'd stopped spending enough money on frivolous things that it actually cover this difference. On reflection then I was no worse off than before (luckily I'd also had a pay-rise a few months earlier which also helped).

It Lasted Two Months

You might be able to guess that my four day work week is no longer - temporarily - but for the moment it is but a dim and seemingly distant memory. At the start of November, work asked me if I could go back to five days a week until the end of the year. It is only two months and I knew the question was coming anyway so I happily said yes since I like to think I'm quite agreeable in these situations...

...not that I knew what I was letting myself in for.

The first week seemed to go quite fast, the second a bit slower and now, in my fourth week back at five days, life seems to slowly grind onwards ever inching towards that singular Friday when I finally get time to myself. It's not so bad but I have already realised that my life is the worse off, in a number of different ways, for it.

I have less time, my diet isn't as healthy as it was, my exercise routine has waned and I feel a little more stressed about a number of things. I certainly have less time to do bits and pieces as you'll have noticed by the dip in the number of posts in November.

Time Deficient

Now, I'm sure that there may be some readers who'll be saying "We've all got to do a five day working week so just live with it" but here's my case as to why I need a four day work week (and not just for mental reasons).

As a single guy, I inherently get less time than couples do (and here, I mean couples with no kids - couples with kids certainly get less time to themselves than I do). Let me justify that by saying for my situation, I'm the one who has to tidy the house, I have to do the shopping, I have to cook for myself, I have to do the washing up and the washing, I have to pay the bills and talk to the bank/utility/phone companies. Oh, and I also have to earn a living. With couples, they can at least share a number of these chores.

A number of my friends go out cycling while their partners shop and cook. While they clean up afterwards, their partners can get on with other things. If both of them tidy up, it takes half the time and in some cases less.

So you see, by having that little bit more to do what sometimes feels like an infinite number of chores really helps. This way I can at least spend proportionately more time doing the more feelgood activities like recreation or hobbies.

The Extra Pay

When I started back at five days, I knew I would probably enjoy getting my increased pay-packet but in reality, what I got extra - whilst significant - doesn't really compensate for all of the negative things I have already been feeling whilst back up to five days. I'm usually a happy person, and that's still the same, I'm just not as happy as I was in September and October.

I knew that over these two months I would switch my thoughts between sticking at five days (to help my finances and retirement plans) or four days (to enjoy life a little more) and wait until the New Year to decide which I wanted to stick with, but I think I have already made up my mind.

I shall go back to a four day work week come January and not care about the extra money. It's a call between my head and my heart and unusually for me, whilst my head has invariably won in the past, this time my heart has won out by a large margin.

As one of my friends said to me a few years ago "You can always earn more money but you can't earn more time". And that is why I shall go back to just four days in the New Year.

I'm curious as to what you would do, so if you were in my situation, what would you choose? Please explain.

Labels: earning, living, exercising, working

Inserted: 2008-11-25 21:27 (3 years, 2 months ago)