Yes, this is yet another article in our series of me quitting my W-2 job. It was and has been a massive change to our lives and we are still trying to process all the emotions and new systems behind it. So today we wanted to give ourselves our very own accountability partner, YOU. We are outlining all the goals we have after I quit my job. We definitely need to have an end goal in mind so I don’t go on crazy rabbit holes and create the cure to cancer or something awesome but completely irrelevant.
Take a look at our other articles in the quitting series:
Goal #1: Replace my previous take-home income
This is our number one priority for obvious reasons. The entire reason we decided I should quit was to be able to get in a position where we can scale our income much more dramatically than we could in any W-2 job. We have already worked to decrease our expenses and are saving as much as we can. Our current savings rate is 50% even though we are only on one income.
However, before I left my job, I was saving 50% and Mr. TTF was saving more than 50% of his income. So now, we need to increase our income (i.e. side hustle money) to get back to that same level of savings we had before.
In my W-2 job, I was taking home about $2,000 a month with some variance to account for the number of hours actually worked. So we will need to find a way to replace just over $2,000 every month.
We plan to replace that income from a handful of different channels all outlined below:
Blogging: Ticket to FI
We are not currently making any money on the blog but have plans to. There are many different ways for us to monetize our blog but we have our thoughts behind each.
I am adamantly against ads on our site. For many sites, this is a great method for earning some extra cash, but the amount of times an ad has made the content inconvenient for me is overwhelming and I don’t want that for our visitors.
I think affiliate marketing is a great method for making money and that will definitely be one avenue that we explore. Our main focus, though, is going to be on building products for our community that can help others reach FI. We want to share the tools that we use ourselves that actually work.
This is probably going to be the hardest way for us to initially start earning money but with me going full time we will be able to learn much quicker what works and what doesn’t.
Our earning potential for TTF is completely unlimited, that’s the beauty of it. While we haven’t actually made any of our products yet or discussed pricing or strategies, we will definitely start posting about our income for TTF once there is income to track!
We both love dogs and don’t have our own (yet)! Since I am home full time now, my availability is completely open on the site. This way I can do doggy daycare or vacations for a week, rather than just take weekend business which is where most availability is already.
This will be an easy way for us to get some extra cash while still allowing me to work on the blog. I can get some exercise in with them early in the day so they sleep all day and I can continue working. It is a nice way to earn some money without requiring a whole lot of my attention throughout the day. Much different than babysitting a kid.
My earning potential on this ranges from $12 for drop-in visits at the doggo’s home to $27 for overnights. I am thinking once I start getting some reviews and repeat clients I could be making around $250 a month, consistently.
Since this business won’t just appear on my door one day (could you imagine how great that would be? A bunch of cute dogs at your door!) we do have to spend some initial start up time getting “our name out there.” In reality, we just printed some postcards and I am going to distribute those to all our neighbors in the complex consisting of over 100 units. I’m hoping to get a bite or two since I know there are dogs that stay home all day (e.g. the dog barking at 4:00 am when his owner left for work and we was trying to get some energy out).
From there, we plan on going to local pet stores and vets and distributing our information as much as possible.
This is a new facet of potentially passive income for us. We have definitely been aiming to buy a rental home for some time but just kept putting it off due to analysis paralysis. So we finally bit the bullet and have some plans in the works.
We have been listening on and off to the BiggerPockets Podcast for a few years now, but never committed to actually purchasing a property. And we have almost all the Bigger Pockets books and discuss the idea constantly, but never sat down and looked at deals or reached out to those necessary to make this work.
Since I have been home, Mr. TTF wanted me to watch the live weekly webinars. Well, I watched one and was HOOKED. I actually went super sane and bought the BiggerPockets Pro membership so I can run numbers through their calculators (plus other great benefits). As you may have seen from my Instagram stories, I completely dove headfirst into the world of real estate. Specifically into the BRRRR strategy.
We now have a plan to own two rental properties by the end of October. We are hoping for a buy and hold rental as our first and then one that will go through the BRRRR method. This is super ambitious but there are a plethora of resources available to us and we really have no excuses not to be able to do this.
Clearly, we have discussed the outrageous housing prices in our own area so we will have to look out of state. We are considering Phoenix, Arizona and Milwaukee, Wisconsin right now as those are two places that Mr. TTF has lived and (somewhat) knows the area and/or has some connections in those areas.
Goal #1 Recap
So all in all we have three main methods of madness to ensure we reach the same income level we were at before. Two of these methods require a lot of knowledge and a lot of time, so it’s a good thing this is my full time gig.
Goal #2: Create a reputable brand in the FI community
So besides obviously trying to cover our expenses with our side hustles, we also want to actually make a difference in people’s lives. We want to help our readers and others in the community learn how they can properly manage their money and reach financial independence without working until they are 65.
Let’s be honest, there are a million other ways for us to make money from home. Especially if we just focused on real estate. We can get 20 units, each making $100 in cash flow a month and make the $2,000 needed. Don’t get us wrong, we will do this with real estate, but we do really want to focus on teaching the community.
We are passionate about everything personal finance and financial independence. We want you to have the freedom to choose what you do with your day. No one should be miserable because of money and we hope to make an impact in changing this mentality for our society. We are just two people but even if we only help two other people, we can call that a success.
So everthing thus far has been career/income related which makes sense as this is a personal finance blog. But, I do have some personal goals since I won’t be using the better parts of my week for a W-2 or commute. With so much time in a day and no true daily time commitments, I can find time to focus on some more personal areas of opportunity.
This is my biggest one. And unfortunately, almost a month into this adventure, I’ve only worked out 5 times. Pathetic, I know but this is the most I have worked out this year. And honestly probably the most I have worked out in the last 3 years combined… it’s bad.
I am the worst at motivating myself to work out and I truthfully shouldn’t have to be motivated, I should just fricken do it.
Mr. TTF always gives me a hard time because I have good metabolism but I am ridiculously out of shape. I climb a flight of stairs and I am winded. So with me quitting, I want to get in shape and be able to go on a hike and not be incredibly embarrassed by myself dying. I’ll need to find something I like doing and someway I can do it for free because I am not ready to drop $400 on a 2 year membership to a gym like Mr. TTF does.
#2: Improve cooking skills
Mr. TTF can attest to how much better my skills have gotten since we started dating. There was this one night I was trying to be all sweet and make him dinner for when he got home from work. I made chicken tacos, and come on, that should be SO EASY. But I overcooked the chicken by honestly like 30 minutes, it was so dry you could break it. It was absolutely positively horrible, but Mr. TTF was so supportive and actually ate the whole meal and I have no clue how. That’s love!
But I have gotten so much better since then. I am by no means where I would like to be, but I do see progress so that is fun. And clearly, Mr. TTF will eat anything so I have become my own critic and I am tough on myself. I end up not liking the majority of things I make. They are edible but just so bland. I am excited to start experimenting so more with my time and maybe I can even bake my own bread!
And as our Opportunity Fund’s name suggests, we now have a plethora of opportunities available to us. Although, not at the forefront of our radar, no longer having a job does allow us to consider the following with less work-arounds:
1. Ability to move
We are not actively looking for anything right now. However, eventually we would like to be closer to my folks. They are only 2 hours north of us, but the proximity would allow us to see each other much more often and not have to put 200 miles on our cars. With me being flexible to work anywhere with a Wi-Fi connection, I could move to Thailand and still be okay. That may not work for Mr. TTF’s job at the moment, but once we are able to find him a job we won’t have to worry about also finding me a job. This way we can find housing as close as possible to his work so we can reduce his commute time as well.
2. Get a dog
This is something we have been talking about for a while but with both of us at work all day, we just couldn’t do that to the pup. Now that we have the opportunity to properly take care of the dog with me being home, we can discuss the idea in more detail. But dogs are pretty expensive so we’ll see how it fits into the puzzle. But it is an opportunity more so than it ever was before!
3. Sell my car
With me no longer driving 34 miles a day to work and back, I really haven’t been driving too much. Just to the grocery store and back really.
I was actually taking Mr. TTF to the airport this weekend and I was driving on the freeway and realized that I hadn’t been on the freeway in over 2 weeks! I thought I was speeding and I was only going 65 mph. I now understand why older people don’t speed!
Since we started out reading Mr. Money Mustache, he always advocated for getting rid of extra cars. He got around town on a bike with a bike trailer to carry all the groceries. I could definitely do this or just wait until Mr. TTF is home with the car to run errands. So we really do have the opportunity to sell one of our cars and just go down to one car. This would save us money on gas and maintance and we could cash in on the actual sale of our car. May be something we have to discuss some more.
Lastly, we now have more of an opportunity to travel. Although we probably won’t start traveling until Mr. TTF is able to leave his job. At least, we will only need to get approval for one PTO request and I will still be able to work on while we travel.
We have goals to travel the entirety of this world and hopefully we can bring both of our families along to enjoy it with us. For now, we’ll stick to as much travel as we can around us. Like this September we are heading to Washington DC for the first time! Maybe we’ll see some of you at FinCon.
Wrapping it up
So now that we have outlined all of our goals after I quit and am home full time (and Starbucks part-time), we hope to have you keep us accountable! We will reach all of these goals, we just may need to be a little patient because it doesn’t happen overnight. Maybe you will find some inspiration in all of this and be able to take that leap you have been mulling over in your mind. It’s scary for sure, but you’ll never know if you don’t try.