I’ve got about 20 or so articles published to eHow under the discontinued Writer’s Compensation Program, which pays a share of the ad revenue generated each month. Usually the money trickles in a few cents at a time, but so far this month my How to Prepare for an Early Retirement article has earned me a few dollars already! Don’t know how but I’m not complaining. Based on my article earning stats, I doubt this is a trend but it’s kind of fun. Anyway, I reviewed the article page to see what kind of ads were there and they look the same as usual. So I guess I just got lucky.
The article is pretty good, if I do say so myself – simple and to the point. It’s actually good advice for anyone, not just those preparing for an early retirement. In a nutshell, assess your current situation, cut expenses, pay off debt, start saving, be frugal, and practice being retired. That’s it. Easier said than done, I know, but you’ve got to start some time and the best time is now! Retirement will be here whether you’re ready or not, so quit procrastinating and take some positive action, ok?
Showing posts with label early retirement. Show all posts
Showing posts with label early retirement. Show all posts
Tuesday, July 6, 2010
Tuesday, October 20, 2009
A Few Ways to Make Money at Home
Generating some income from home is a key part of my early retirement strategy. Since leaving paid employment 7+ years ago at the ripe old age of 44, I’ve created a couple of small money streams (ok – trickles) that work for me. It didn’t happen overnight and actually I’m just now really getting into the swing of things. So patience is a plus – there are no get-rich-quick schemes here!
Cash In On Your Hobby
First, I turned my quilting hobby into a business. I started by finishing quilts for others and then branched out into creating custom memorial quilts, which I’ve discovered is where my true passion lies. Over the years, I’ve also sold a few baby quilts and other sewn items through local venues. I haven’t made a ton of money but my original intention was just to support my quilting habit and I’m doing ok on that front. The point is, most people have a hobby that can be used to generate at least a small amount of income. What’s yours? If you’re having a hard time figuring out ways to make your hobby pay, leave a comment and we can brainstorm some ideas together.
Selling Books Online
As discussed in a previous post, I recently discovered selling books online. One of the boxes I shipped off last week has been received and my PayPal account is $12 healthier. Of note is that it should have been $15 but one of the books was rejected. Still yet, not bad for decluttering my home and making a little money in the process. The other package of three books netted me another $4.25. Keep in mind that these books were destined for donation so the amount I got, though small, was like found money! And the buyers paid the shipping so it didn’t cost me anything. I will continue to sell books as the opportunity arises and I suggest others do the same.
Online Writing Opportunities
In the past few months I’ve gotten on the online writing bandwagon. I found out about this quite by accident and I’m so glad I did! It’s fun, hones my writing skills and keeps me learning new things. The sites I’m concentrating on right now are Textbroker and eHow. There are many other sites – these are just the two with which I am familiar. For a wealth of information on these and other online writing opportunities, visit the No Job For Mom blog which is where I’ve found out at least 90% of what I know on the subject.
Textbroker pays up front. Clients post orders and authors choose which assignments they’d like to complete. Payment is made through PayPal and can be requested twice per month providing there’s a minimum of $10 on account. Authors are rated and may only accept assignments at or below the level of that rating. I’ve been with Textbroker since late July and have completed about 75 assignments. My earnings to date exceed $360 and since my goal is to earn $25/week there, I’m ahead of schedule despite being away from home for a few weeks in Aug and Sept. Pay ranges from .007 to .014 per word for levels 2-4. Level 5 pays much higher but appears difficult to attain and I rarely see any assignments listed at that level, anyway. I’m happy with my level 4 and will continue with Textbroker for the foreseeable future. I’m not getting rich but earning $1,300/year ($25/wk x 52 weeks) at my leisure in my jammies is nothing to sneer at. I figure it finances Christmas and birthday presents for the all kids and grands with a little left over for a trip north to visit those that live farther away.
With eHow you can earn residual income. (Update: revenue share prgram at eHow has been discontinued.) I joined eHow in late July and have posted just 14 articles so far. I was trying to post more over the past few days but the system is so glitchy right now that I decided to better use my time elsewhere. I’m thrilled with my eHow earnings to date, however, even though they total less than $5. Felicia at No Job For Mom earned almost $2,700 in residual income over the course of a year. I don’t foresee that level of earnings for myself as I am not posting at the same rate – I believe she did 100 articles in her first 30 days. I do see the earning potential, however, and am anxiously awaiting a fix on the system so I can get back with the eHow program.
I’m in the process of researching other avenues that might generate a little income and will post about any that pan out. I don’t do multi-level marketing schemes or party plans or sales of any sort so don’t ever expect to see information of that type here.
Cash In On Your Hobby
First, I turned my quilting hobby into a business. I started by finishing quilts for others and then branched out into creating custom memorial quilts, which I’ve discovered is where my true passion lies. Over the years, I’ve also sold a few baby quilts and other sewn items through local venues. I haven’t made a ton of money but my original intention was just to support my quilting habit and I’m doing ok on that front. The point is, most people have a hobby that can be used to generate at least a small amount of income. What’s yours? If you’re having a hard time figuring out ways to make your hobby pay, leave a comment and we can brainstorm some ideas together.
Selling Books Online
As discussed in a previous post, I recently discovered selling books online. One of the boxes I shipped off last week has been received and my PayPal account is $12 healthier. Of note is that it should have been $15 but one of the books was rejected. Still yet, not bad for decluttering my home and making a little money in the process. The other package of three books netted me another $4.25. Keep in mind that these books were destined for donation so the amount I got, though small, was like found money! And the buyers paid the shipping so it didn’t cost me anything. I will continue to sell books as the opportunity arises and I suggest others do the same.
Online Writing Opportunities
In the past few months I’ve gotten on the online writing bandwagon. I found out about this quite by accident and I’m so glad I did! It’s fun, hones my writing skills and keeps me learning new things. The sites I’m concentrating on right now are Textbroker and eHow. There are many other sites – these are just the two with which I am familiar. For a wealth of information on these and other online writing opportunities, visit the No Job For Mom blog which is where I’ve found out at least 90% of what I know on the subject.
Textbroker pays up front. Clients post orders and authors choose which assignments they’d like to complete. Payment is made through PayPal and can be requested twice per month providing there’s a minimum of $10 on account. Authors are rated and may only accept assignments at or below the level of that rating. I’ve been with Textbroker since late July and have completed about 75 assignments. My earnings to date exceed $360 and since my goal is to earn $25/week there, I’m ahead of schedule despite being away from home for a few weeks in Aug and Sept. Pay ranges from .007 to .014 per word for levels 2-4. Level 5 pays much higher but appears difficult to attain and I rarely see any assignments listed at that level, anyway. I’m happy with my level 4 and will continue with Textbroker for the foreseeable future. I’m not getting rich but earning $1,300/year ($25/wk x 52 weeks) at my leisure in my jammies is nothing to sneer at. I figure it finances Christmas and birthday presents for the all kids and grands with a little left over for a trip north to visit those that live farther away.
I’m in the process of researching other avenues that might generate a little income and will post about any that pan out. I don’t do multi-level marketing schemes or party plans or sales of any sort so don’t ever expect to see information of that type here.
Monday, October 5, 2009
Early Retirement Red Letter Day!
Today is it - my first official day as a retiree! Although I haven’t received the official confirmation letter yet, I did receive acknowledgement of my application and show as a pending retiree on the pension plan’s website. I’d like to share the process through which I chose to take my retirement at 51½ rather than waiting until 55.
Tuesday, September 29, 2009
Early Retirement - What Makes Me An Expert?
I thought I’d address right from the get-go why I’m writing this blog and why anyone should listen up. What makes me an expert on early retirement? Well, I’m not. But I did manage to quit my regular job at the ripe old age of 44 and start enjoying the rest of my life
Sunday, September 27, 2009
Early Retirement and Social Security
Job Losses, Early Retirements Hurt Social Security was a Yahoo News headline today in the top, featured, most popular, politics, and business news categories. The article talks about the current state of the system and that some people, due to job layoffs and the economy, are starting to draw their Social Security retirement earlier than expected. But just yesterday on talk radio I heard a question from the other side of the aisle.
The caller to a financial advice program wondered what effect quitting work at 56 would have on his monthly Social Security check when he reached retirement age. By not paying in for several years, he would be reducing the number of years of income on which his benefit would be calculated. What comes to my mind is that the system’s trouble will be compounded with fewer people paying in whether people start drawing early or not. Where exactly is the security part? Does anyone know?
So I have a word of caution. As there can be serious ramifications and unintended consequences to early retirement, whether you’re discontinuing paid employment or applying for Social Security benefits, be sure to consider all factors. Do your research. Discuss your options with a financial advisor, if necessary, so that you understand how various choices will impact you now and in the future. At the age of 44, I chose to discontinue my 9-5 job and more fully enjoy my life. Before I made the plunge, however, I realistically analyzed my situation and projected to the best of my ability whether this was a prudent decision. I also took other steps prior to resigning, such as eliminating all debt. I haven’t regretted it one minute, and the older I get, the happier I am that I courageously moved forward with my dream. Who knows if Social Security will even be around when I finally reach my mid-60s. Whatever form it takes will probably look very different than it does today. But it’s not the only egg in my basket and I have the benefit of time to modify my plans based on the current reality when the time finally comes.
The caller to a financial advice program wondered what effect quitting work at 56 would have on his monthly Social Security check when he reached retirement age. By not paying in for several years, he would be reducing the number of years of income on which his benefit would be calculated. What comes to my mind is that the system’s trouble will be compounded with fewer people paying in whether people start drawing early or not. Where exactly is the security part? Does anyone know?
So I have a word of caution. As there can be serious ramifications and unintended consequences to early retirement, whether you’re discontinuing paid employment or applying for Social Security benefits, be sure to consider all factors. Do your research. Discuss your options with a financial advisor, if necessary, so that you understand how various choices will impact you now and in the future. At the age of 44, I chose to discontinue my 9-5 job and more fully enjoy my life. Before I made the plunge, however, I realistically analyzed my situation and projected to the best of my ability whether this was a prudent decision. I also took other steps prior to resigning, such as eliminating all debt. I haven’t regretted it one minute, and the older I get, the happier I am that I courageously moved forward with my dream. Who knows if Social Security will even be around when I finally reach my mid-60s. Whatever form it takes will probably look very different than it does today. But it’s not the only egg in my basket and I have the benefit of time to modify my plans based on the current reality when the time finally comes.
Tuesday, September 22, 2009
Early Retirement – Is It Feasible?
Most people dream of an early retirement, especially while they’re at work! But is retiring early an actual possibility? Whether you can afford to retire early depends largely on your definition of retirement. If you envision retirement as spending your days soaking up the sun in a tropical paradise with nothing to do but read and enjoy drinks with little umbrellas, early retirement is extremely unlikely. If your idea of retirement living, however, is freedom from the daily grind of going to a job and having the flexibility to pursue other interests, then your answer to the early retirement question may well be a definite yes!
Subscribe to:
Posts (Atom)