This post is part of a 30 days series called the 30 steps program to financial independence. You can check the list of other posts here. So yesterday we were talking about having several sources of income. You can take freelancing job, register on Elance or sell your craft on Etsy, the thing is, you are… Read more
Viewing category: Financial Independence
Step 5: Multiply your sources of income
Yesterday’s step to financial independence was about growing your income. While you may ask for a raise at work, remember the numbers we ran on day 3. If I want my money to generate $1,000 per month until I die (at 95, mind you), I need $750,000 in the bank. Or I need to buy… Read more
Step 4: Grow your income
We talked yesterday about how much you will need to reach financial independence. To me, that was $50,000 to buy a house, $30,000 for a 30 months emergency fund (or living fund while I look for a job if my plans fails!), and a source of passive income generating at least $1,000 per month for… Read more
Step 3: Figure out how much you will need
Step 3: Figure out how much you will need This third step to financial independence is one of the most important, because if you don’t know how much you will need then you don’t know when you can actually stop working and enjoy your lifestyle and independence. One of my cousins works in finance. He… Read more
Step 2: Start Small
Yesterday we saw that saving is the first step towards financial independence. You have to save money, quite a considerable amount of it, in order to be someday financially independent. And just like a diet, you need to start small. You can’t start by saying ”I will save $2,500 every month” if you make $3,000…. Read more
Step 1: Start Saving
Step 1: Start Saving In order to reach financial independence, you need to have a certain amount of money in the bank. Unless you vowed never to use money ever again, like some people chose to, but the most likely is that you will rather need plenty of it. We will see in the… Read more
Introducing the 30 steps program to financial independence
I’m happy to announce my 30 days series about how to reach financial independence. This is not a bootcamp to get your finances in order, more a guideline on how to get started on the way to financial independence. Once you go through it with me, talking about how much you need to be financially independent,… Read more
How much can you make renting your extra room?
According to Airbnb.com, a website that allows you to rent your extra room to travelers, the AVERAGE earning of people renting through them in NYC is $21,000 a year. Wow. On average of about 10,000 people. What would you do with an extra $21,000 every year, just like that? (check out my article about Airbnb… Read more
Renting your extra room: is it worth?
Is it worth it to rent your extra room? I grew up in a big family, and holidays were often spent in cramped houses, where all the kids would be sharing a huge dormitory, and we would seldom shower. Then I moved on to campus housing, shoebox apartments and having between two and seven roommates…. Read more
How I became a landlady
I have always had this financial independence idea in the back of my head, ever since I started working and realizing that a normal, 9 to 5 job is not the thing for me. And when thinking about how to produce passive income, real estate was always on the top of my head. This is… Read more