I am following up on a recent post about quitting my full-time job. I've been enjoying my time away from FTE or full-time employment. I took some much-needed rest, recuperated, and spent time with my family. But I also had another plan in mind while temporarily unemployed.
My grand plan consisted of a trial run of what I could do with my life outside of being employed full-time. Ok, so I know this probably makes no sense, but stick with me here.
After I made that blog post, I received so many confirming and affirming well wishes and affirmations that made me feel so encouraged. Friends are reaching out to congratulate me for putting myself first, putting myself out there, and, more interestingly, commiserating for wanting to do the same thing.
One of my good friends wrote to tell me they had JUST done the same thing and wanted to find a way to make it an actual thing. So I started wondering why can't I survive off of a part time income?
I mentioned in my last post that I had a plan to survive and get back into FTE in a way that made sense for me, and after some self-reflection, what does make sense for me is owning my time. I've realized that to realize my full potential, I need time. Time to think, time to write, time to take care of myself, time to do my hair, time to try and learn new skills, time to apply those skills, and time to grow something. That isn't something I've ever felt I have had.
So, I wanted to explore ways I am already bringing in income and see how I can expand those ventures into more income to achieve this new North Star. If you have implemented any of these items or are interested in following me as I snowball these ideas, make sure that you subscribe to receive blog updates:
Here are the things I plan to implement to make money while also owning my time:
Dividend Payments. This would mean investing more in hopes of living off the returns (or little gifts) companies give back to you for being invested in them. Read more about dividends here.
Interest from HYSAs and CDs. Since inflation has been a thing for the past year, I've taken advantage of returns by holding my money in a high-yield savings account. I've also been exploring options for Certificate of Deposit accounts offering interest rates of almost 6%.
1099 Employment. When I left my employer, I ensured they knew I was NOT parting on bad terms. I really just needed some time to myself. I even made sure to mention that I was more than willing to return on part-time or as a contract employee if needed. I plan to stick to that planted seed and investigate 1099 with my previous employer. Not only will this allow me to set up a business in my name and take advantage of tax breaks, but it will also allow me to own my time in a way I couldn't as a W2 employee.
Blogging, vlogging, online courses. While this blog is still growing, it is not lost on me that clicks, views, and engagement are possible sources of income. Since I enjoy blogging and vlogging (not so much social media and IG reels), it would be great if this could also one day be a source of income via affiliate links and ad revenue.
Until these things take off enough to fully support my SoCal lifestyle, I am happy to say that I have entered into an employment contract with an old coworker who started their own business. The specifics are that I am a W2 employee, but it is written into the contract that the company knows I am working on my personal endeavors outside of the business, and they fully support and acknowledge that. Essentially, it means I get to manage my time while delivering on the work outlined in the contract, while also having the benefits and securities of W2 employment.
I'm excited to see what this new role brings in 2024 and I will keep you all updated!
As always thanks for reading. - also, if you can like, comment, and share this post with someone you care about that would be great!
Until next time!
-Yaya
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