Comments on: Set Aside 10% Of Your Work For Retirement, Not 10% Of Your Income http://earlyretirementblog.com/set-aside-10-of-your-work-for-retirement-not-10-of-your-income/ Thu, 06 Oct 2011 00:24:35 +0000 hourly 1 http://wordpress.org/?v=3.0.4 By: Retirement Age Guru http://earlyretirementblog.com/set-aside-10-of-your-work-for-retirement-not-10-of-your-income/comment-page-1/#comment-706 Retirement Age Guru Sun, 28 Aug 2011 02:13:54 +0000 http://earlyretirementblog.com/?p=144#comment-706 Having a side-business or side-job while working for someone is very attractive. However, many people would prefer to build up their career and move up the corporate ladder. They do see results much faster. As for a side-job, that could be answering some surveys or doing some part-time data entry, the payout is not so fantastic and there could be disappointments such as being exploited to do work that did not pay you. Regardless of the cons, I agree that diversifying your income source, is a smart way to protect yourself from retrenchment/economy downturn. Having a side-business or side-job while working for someone is very attractive. However, many people would prefer to build up their career and move up the corporate ladder. They do see results much faster. As for a side-job, that could be answering some surveys or doing some part-time data entry, the payout is not so fantastic and there could be disappointments such as being exploited to do work that did not pay you. Regardless of the cons, I agree that diversifying your income source, is a smart way to protect yourself from retrenchment/economy downturn.

]]> By: Donna Ostrus http://earlyretirementblog.com/set-aside-10-of-your-work-for-retirement-not-10-of-your-income/comment-page-1/#comment-393 Donna Ostrus Fri, 18 Mar 2011 14:50:10 +0000 http://earlyretirementblog.com/?p=144#comment-393 I love how you compared tithing to how much you should use to save. Very novel idea. I love how you compared tithing to how much you should use to save. Very novel idea.

]]> By: Celie@promopenscheap.com http://earlyretirementblog.com/set-aside-10-of-your-work-for-retirement-not-10-of-your-income/comment-page-1/#comment-381 Celie@promopenscheap.com Mon, 14 Mar 2011 15:06:28 +0000 http://earlyretirementblog.com/?p=144#comment-381 Great advice but as I am now retired, it is a bit late for me to follow. Happily I did start my own business and that was successful enough to give me a happy retirement. However I am creating a book for my grandsons to give each of them when they reach 18 and this piece of advice will be in there. Hope they take it. Great advice but as I am now retired, it is a bit late for me to follow. Happily I did start my own business and that was successful enough to give me a happy retirement. However I am creating a book for my grandsons to give each of them when they reach 18 and this piece of advice will be in there. Hope they take it.

]]> By: Retire sooner by compounding your labour | SteelCM http://earlyretirementblog.com/set-aside-10-of-your-work-for-retirement-not-10-of-your-income/comment-page-1/#comment-235 Retire sooner by compounding your labour | SteelCM Thu, 01 Jul 2010 10:01:16 +0000 http://earlyretirementblog.com/?p=144#comment-235 [...] Retire sooner by compounding your labour: [...] [...] Retire sooner by compounding your labour: [...]

]]> By: Week 1: Why You Should Consider Starting a Business | Eggleston Business Development http://earlyretirementblog.com/set-aside-10-of-your-work-for-retirement-not-10-of-your-income/comment-page-1/#comment-223 Week 1: Why You Should Consider Starting a Business | Eggleston Business Development Thu, 27 May 2010 19:04:01 +0000 http://earlyretirementblog.com/?p=144#comment-223 [...] read an article some time ago entitled, Set aside 10% of your work for retirement not 10% of your income. The idea of the article is to work on creating an additional income while working at your current [...] [...] read an article some time ago entitled, Set aside 10% of your work for retirement not 10% of your income. The idea of the article is to work on creating an additional income while working at your current [...]

]]> By: Chris Eggleston http://earlyretirementblog.com/set-aside-10-of-your-work-for-retirement-not-10-of-your-income/comment-page-1/#comment-215 Chris Eggleston Fri, 14 May 2010 21:19:23 +0000 http://earlyretirementblog.com/?p=144#comment-215 First of all I love this post! The way that Kyle laid out the idea and concept turned on a lightbulb in my mind. The idea was not new to me. Something I had heard people say for years. I guess I just never completely understood it until I read this post a few months ago. I come back and read it again and again, to help keep it fresh in my mind. I noticed a comment made here by Adrian in February and I do a lot of consulting for people that are interested in starting a business, but just need some guidance. The question posed by Adrian: "I make 14k / year.. sooo… how can I even make 1k / month on a side gig if that’s what i earn working 160 hours a month?" This question is the same question I get every time I start working with a new client. My follow up question is always, "are you passionate about what you do at your day job?". The answer is usually, NO! I then ask a second question, "do you think you could make an extra $200 a month doing something you absolutely love to do, even if you only spend 2-4 hours a week working on it?". The answer is typically, YES! What I think happens to us all is that we do two things, (a). we think to hard and too big about the money, and (b). we let our income determine our potential. Point A. In order for Kyle's suggestion to work, you do not have to start out making an extra $1000/month. If you are spending (to use Adrian's example) 160 hours a month or 40 hours a week at a job then you would only spend 16 hours a month on your side business. Is it possible to make $1000/month in only 16 hours?...absolutely, but it is more realistic and easier to comprehend that 16/hours of work will generally result in something more like $200/month. What could you change or improve with an extra $200/month or 2,400/year? If you can produce an extra $200/month doing something you love, then you can eventually get to that $1000/month marker and then even replace your 14k/year job. Because you will be doing what you love, not just punching a clock. When you are passionate about your job or business the money is not what is most important. The thing that matters the most is the difference you are making and the happiness you are experiencing. Point B. Our income does not determine our potential. What one company is willing to pay you does not mean that is all you are worth! You are the only person that can truly determine your worth. Sure you can buy into your bosses opinion of you and assume he is right, your not worth that raise, or your only worth a 50 cent raise every year. Or you can happily accept the money your employer pays you and determine to expand your worth by making more money working 10% of the time doing the thing you love the most. Some people I work with are only interested in finding a way to make an extra $500/month because their salary is just a little short each month to cover their needs. Some people want to get way from the grind and the rate race. Some want to be able to stay home with their children and need to find a way to replace their income and work from home. Some people love their 9to5 and just what to start a small business they can run on the side. They have no intentions of quitting their jobs, they just want to do more. For example, I work with a lot of Dr.'s and they love their careers and are not going to quite practicing medicine, but they have written a book and they want to startup and online business for selling their book. Whatever the reason or motivation behind you applying Kyle's idea, you can be successful at it, if you are willing to work hard and plan out your success. Get help form people who have done it before, ask questions (I am happy to help @chrisegg), and read some books. I suggest two books: CRUSH IT! by. Gary Vaynerchuk Making Ideas Happen by. Scott Belsky You may also find these two post on my blog helpful: This one I wrote after reading Kyle's post for the first time: http://blog4biz101.com/blog/business/leaving-a-legacy-its-not-to-late-act-now/ This one is my stance on economic recovery and how anyone with a passion can be part of the solution: http://blog4biz101.com/blog/consulting/economic-recovery-it-starts-with-passion/ Best of luck to you all! -Chris First of all I love this post! The way that Kyle laid out the idea and concept turned on a lightbulb in my mind. The idea was not new to me. Something I had heard people say for years. I guess I just never completely understood it until I read this post a few months ago. I come back and read it again and again, to help keep it fresh in my mind.

I noticed a comment made here by Adrian in February and I do a lot of consulting for people that are interested in starting a business, but just need some guidance.

The question posed by Adrian:
“I make 14k / year.. sooo… how can I even make 1k / month on a side gig if that’s what i earn working 160 hours a month?”

This question is the same question I get every time I start working with a new client. My follow up question is always, “are you passionate about what you do at your day job?”. The answer is usually, NO! I then ask a second question, “do you think you could make an extra $200 a month doing something you absolutely love to do, even if you only spend 2-4 hours a week working on it?”. The answer is typically, YES!

What I think happens to us all is that we do two things, (a). we think to hard and too big about the money, and (b). we let our income determine our potential.

Point A.
In order for Kyle’s suggestion to work, you do not have to start out making an extra $1000/month. If you are spending (to use Adrian’s example) 160 hours a month or 40 hours a week at a job then you would only spend 16 hours a month on your side business. Is it possible to make $1000/month in only 16 hours?…absolutely, but it is more realistic and easier to comprehend that 16/hours of work will generally result in something more like $200/month. What could you change or improve with an extra $200/month or 2,400/year?

If you can produce an extra $200/month doing something you love, then you can eventually get to that $1000/month marker and then even replace your 14k/year job. Because you will be doing what you love, not just punching a clock. When you are passionate about your job or business the money is not what is most important. The thing that matters the most is the difference you are making and the happiness you are experiencing.

Point B.
Our income does not determine our potential. What one company is willing to pay you does not mean that is all you are worth! You are the only person that can truly determine your worth. Sure you can buy into your bosses opinion of you and assume he is right, your not worth that raise, or your only worth a 50 cent raise every year. Or you can happily accept the money your employer pays you and determine to expand your worth by making more money working 10% of the time doing the thing you love the most.

Some people I work with are only interested in finding a way to make an extra $500/month because their salary is just a little short each month to cover their needs. Some people want to get way from the grind and the rate race. Some want to be able to stay home with their children and need to find a way to replace their income and work from home. Some people love their 9to5 and just what to start a small business they can run on the side. They have no intentions of quitting their jobs, they just want to do more.

For example, I work with a lot of Dr.’s and they love their careers and are not going to quite practicing medicine, but they have written a book and they want to startup and online business for selling their book.

Whatever the reason or motivation behind you applying Kyle’s idea, you can be successful at it, if you are willing to work hard and plan out your success.

Get help form people who have done it before, ask questions (I am happy to help @chrisegg), and read some books.

I suggest two books:

CRUSH IT! by. Gary Vaynerchuk
Making Ideas Happen by. Scott Belsky

You may also find these two post on my blog helpful:

This one I wrote after reading Kyle’s post for the first time: http://blog4biz101.com/blog/business/leaving-a-legacy-its-not-to-late-act-now/

This one is my stance on economic recovery and how anyone with a passion can be part of the solution:
http://blog4biz101.com/blog/consulting/economic-recovery-it-starts-with-passion/

Best of luck to you all!
-Chris

]]> By: And Thus The Plot Thickens « Hyperkind's Blog http://earlyretirementblog.com/set-aside-10-of-your-work-for-retirement-not-10-of-your-income/comment-page-1/#comment-191 And Thus The Plot Thickens « Hyperkind's Blog Tue, 09 Mar 2010 02:26:27 +0000 http://earlyretirementblog.com/?p=144#comment-191 [...] for a way to earn a secondary income as referenced on some sites such as lifehacker and the early retirement blog.  Well actually the lifehacker links to the early retirement blog somewhere in it…but [...] [...] for a way to earn a secondary income as referenced on some sites such as lifehacker and the early retirement blog.  Well actually the lifehacker links to the early retirement blog somewhere in it…but [...]

]]> By: sanme98 http://earlyretirementblog.com/set-aside-10-of-your-work-for-retirement-not-10-of-your-income/comment-page-1/#comment-145 sanme98 Sun, 14 Feb 2010 02:49:42 +0000 http://earlyretirementblog.com/?p=144#comment-145 Never too diversify. Anyway, have extra 1 beside current job is quite OK. Never too diversify. Anyway, have extra 1 beside current job is quite OK.

]]> By: adrian http://earlyretirementblog.com/set-aside-10-of-your-work-for-retirement-not-10-of-your-income/comment-page-1/#comment-139 adrian Sat, 13 Feb 2010 04:54:17 +0000 http://earlyretirementblog.com/?p=144#comment-139 I make 14k / year.. sooo... how can I even make 1k / month on a side gig if that's what i earn working 160 hours a month? teach me master.. I make 14k / year.. sooo… how can I even make 1k / month on a side gig if that’s what i earn working 160 hours a month?

teach me master..

]]> By: Kyle http://earlyretirementblog.com/set-aside-10-of-your-work-for-retirement-not-10-of-your-income/comment-page-1/#comment-129 Kyle Thu, 11 Feb 2010 13:39:31 +0000 http://earlyretirementblog.com/?p=144#comment-129 I would argue that if you're spread thin with your time, you're probably not all that highly productive. I would argue that if you’re spread thin with your time, you’re probably not all that highly productive.

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