Tag: residual income

Nine ways to retire early and achieve financial freedom

Wouldn’t it be nice if you could quit your job and not have to worry about paying your bills?

Even if you enjoy what you do, I think it’s fair to say that having the option to quit whenever you want while maintaining the same standard of living would be awesome.

But how?

I have come up with a list of nine ways.

  1. Earn more

There are multiple ways you can earn more money. For instance:

  • Work more hours. If people usually work 40 hours a week, you could try working 60 instead. However, there are only 24 hours in a day. There will be a limit on how much you can trade your time for money.
  • Have a high income skill. To be worth more in the workforce, you need to become a person that is harder to replace. It would be in your best interest to develop skills that make you more valuable. Ex. If you’re the only person that can fix X, then you will be compensated more. But if you were selling popcorn, they can easily hire someone else to do your job. (No offense to those selling popcorn)
  • Side hustle. This could be a business, being a social media influencer, your own personal project, and etc. Basically, it’s something that earns you additional income from your current job.
  1. Lower your costs

You can lower your costs by:

  • Finding a roommate/significant other to split the cost. Having two incomes to pay for expenses make it easier.
  • Moving to somewhere cheaper. If you are able to work online, perhaps you can move to another country where the cost of living is lower and your currency is worth more.
  • Spend less. Buy fewer things, eat less, and go out less.
  1. Use patreon/onlyfans and sell your own merchandise

This is tough. There are A LOT of content creators. Even if people watch you or consume your content, it doesn’t mean they will give you money or buy your merch. In fact, based on my own personal experience, only one in a hundred would donate/give monetary support.

However, this is a very good way to scale. You’re no longer trading time for money. For example, perhaps you spend 2 hours creating content for a tier, but you can have unlimited subscribers for that tier. This means, there is no cap on how much you can earn. Regardless if 100 or 1000 people subscribe to it, you only spent 2 hours.

Note: It is EXTREMELY difficult to get loyal followers who would pay for content. There’s also no guarantee how long they will support you for. Continue reading “Nine ways to retire early and achieve financial freedom”

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Thinking ahead

long or short term planning or thinking

This post is based on my own views and experiences. My mind has grown a lot in the past year or so.

Some of you may or may not know that I translate a Chinese novel into English. Due to my translations, I have managed to gain over 600k views on my blog. Compared to huge sites with millions of readers, 600k is actually a very small amount. However, I’m very proud of what I have built on my own. From translating, I’ve learnt that:

1. People are giving me views because I am giving them something they want

This is a crucial point. The only reason why 95% of my readers come to my site is because they want to read the novel but they cannot read Chinese. Therefore, they have to come to me in order to read the English version.

So, if I want to gain more views or make more ad revenue, I need to give the people what they want.

2. Translating is short term pain but long term gain

Honestly, translating a novel takes hundreds and hundreds of hours. It is extremely difficult, tedious, and requires tremendous amounts of concentration. In fact, it is so hard that most people quit after a couple of chapters. Continue reading “Thinking ahead”

Why you should start an Online Business

Online business

Disclaimer: I am not writing this to promote any companies whatsoever. I am sharing some wisdom with you! Please take the time to read and digest what I have to say.

First of all, you might wonder, “Why should I start an online business? It’s so unrealistic and too much work. I am realistic and I have a real job. How likely am I going to survive off an online business?”

I’m not telling you to quit your job! Hear me out:

1. You should strive for multiple sources of income. This is a given. Why would you want to rely solely on your job? Don’t put all your eggs in one basket.

There are no guarantees you can make money from an online business. But stop thinking of reasons why it can fail rather than the possibilities you could have if you do succeed!

Continue reading “Why you should start an Online Business”

The Secret

Secret

Unless you were born into a wealthy family or you’ve won the lottery, chances are you’ll have to work to earn a living. However, as I mentioned in my previous blog post, working for others is honestly not the best way. Your company/boss decides what you are worth (hourly/salary). They will decide when you’ll get a raise. They will decide when you can go on vacation. Ultimately, they will probably end up deciding when you can purchase your first home.

So you may wonder, what else can I do? Life sucks. 😦

The answer is simple. Work for yourself.

Now, you’re probably thinking, “You got to be kidding me. You want me to start a business? Do you know how much risk that is? Do you know how much you have to invest just to start something? What am I going to sell? It doesn’t even guarantee I’ll succeed. You crazy woman. Why am I even reading your blog?”

Calm down. Keep reading.

The people you see making a lot of money without spending all their time? They have money coming in even when they are not working. That’s it. That’s the secret.

Continue reading “The Secret”