Let me explain this in a engineer’s way, Imagine you are filling water in a swimming pool or a over head tank. We have to use only one pump and the discharge from that pump also very small. To fill that tank very fast we have 2 options,
- Either we should have the a bigger pump to have more volume to fill it up fast
- Or have a multiple pumps discharging in to tank and fill it up quickly.
Same way, to build our retirement nest egg or saving for any other goal, filling it up with one source of small income will take its own time.
If you have a fat income from work then the option-1 stated above will suit for you. To have a good earned income you really have to work hard and step up in career ladder. There are many ways you can improve yourself or move to another job and negotiate good salary. More about that for another day.
The other way is to have multiple sources of income and build your nest egg faster than one source of time. There are several books and blog posts out there that explains how to generate multiple source of income.
Apart from writing my personal journey to financial freedom in this website, the second purpose is to have another source of income. Though i have not yet monetized my site, I will do so in course of time until I have a good number of posts.
So having this three source of income at this point of time will help me to move a little faster to my financial goals. Not only that it will help when there is no earned income.
Here is my story which motivated me. I have to tell some of my personal life experience which i have gone through few years ago. At that time I was having one source of income that is my salary from my employer. I have got another good opportunity in middle east company. I resigned from my current job even before i got visa for new job.
Pity on me, visa processing took time. I have to wait 6 months without any job. I have lost some of my savings to home rent, to home loan, my food expenses and my wallet was getting thinner day by day. Finally no other option left I have moved to live with my parents until I find another job or visa processing is complete.
The feel of not having any income after working continuously for 7 years is dreadful. I will explain that feel in a different post. What if i had second source of income, a blog that makes few dollars, a share trading or a rental property or a P2P lending. Any one of those side hustle could have saved me.
At last after 6 months of waiting I got the visa and flight tickets to go middle east. After that I decided to have an emergency fund and I build 6 months of my living expenses. But I had no idea or do not know about the importance of having a side hustle or second source of income. It was later a couple of years back I needed it and I decided to give a try.
First I started to trade in share market. Though I am not successful yet I am improving day by day, month by month. Second, after a year now i have started this website. I am not saying I am going to earn million dollars through this website but few pennies. Little by little. Setting a huge expectation in blogging or in any other thing will ruin us.
I am learning how to do this blog thing and I even made this as my 2018 challenge to do 24 posts for this year. There are big fishes out there, I am not going to compete with them, I am going to learn from them and swim on my own waters and win against me. If this website adds few drops to my nest egg, I am happy for that.
Until I started this website, I didn’t have time. Well that is the excuse I give to myself and perhaps everyone give. I had plenty of time that I was wasting in social media. I put that time to use it. Exchange your valuable time for something that makes a difference to your future or someone else.
I never knew I could write about something for few hundred words until i started to write. Example see this very same post it has some 800 words plus. I have see few blog post recently (I don’t want to link here) That has same paragraph written and rewritten the same content but rephrased differently. So why could you not do? May be she is out of ideas. As I have started new I am fresh with ideas and words (I believe).
Little amount of time, Little about blogging and knowing about what content to write And very important dedication with hard work, it is easy for everyone to start a blog, monetize it and make few dollars.
Readers, Comment about what was your story behind starting a website and monetize it?