Starting a side-hustle
During 2020, I reached a milestone not only for my investments and my savings account, but I received the highest paid salary level in my life.
I’m happy and quite satisfied with my salary for 2020 and do not have big hopes for a large salary increase during 2021, because the market is recovering.
The majority of people on their FIRE journey, want to speed up or fast-track their journey to FIRE. I believe i’m no different. I has always wanted to start my own business, and below you can see how i would like to start my own business.
Getting more income sources
I cannot see my current job provide additional salary and I do not aim to switch position/career this year (of course never say never). Therefore, only way for me to increase my overall income is to look at expanding my income sources.
My current income sources are from 2 sources only.
- Salary
- Dividends
The dividends are what i hope to be living off when i reach FIRE and the way I can increase my dividends are by my contributions, and my contributions depend on my other income sources. This mean, if I want to increase my dividend payout, I have to increase my salary or add other source.
Adding another source of Income – Starting own business / Side hustle
I always wanted to start my own business. I had my own business once before. However, I got busy with other stuff even before my store took off.
So I hope in 2021, I once again explore my passion and side hustle of e-commerce. I started this blog in 2020 to document my journey towards FIRE and freedom. In 2021 I will put additional focus on my blog to document my whole journey.
I managed to monetize the blog through AdSense and maybe 2021 becomes the year, I receive enough visitors for payment, but this is not the purpose of this blog.
I will add another section to my blog, which will be documenting my side hustle because it is very connected to me trying to reach FIRE and I believe everyone following is at some point considering starting a side-hustle of their own.
Starting eCommerce business/side-hustle
Throughout 2020 I built a webshop using WooCommerce, and it is nearly running and ready. It has not costed me a dime (Totally Free), because I relied on WordPress contra Shopify, and I’m using the same WordPress Plugin as with this blog.
I need to add the final touches, and I want more products and go through testing before inviting actual customers.
This meant I had zero income from my webshop because it didn’t go live yet. I hope 2021 becomes the year I make it go live and start sending out some products.
It is a challenging journey, and I hope I can succeed with it. If I fail or succeed, I’m going to document everything on my blog.
If you want to see my other goals for 2021, please click here