I will celebrate the new year in 2019 by quitting my job. That’s not a typo. That’s 15.5 months from now. By doing so, I’ll forego my salary as a cybersecurity director. Not to mention the annual bonus I would receive in March. That’s gonna hurt.
Why Quit a High-Paying Job in Cybersecurity?
If you aren’t familiar with my story, please take a few minutes to get to know me!
- I’m a VP and It’s for the Birds
- Why I Don’t Save for My Daughter’s College Education
- 5 Benefits of Being Debt Free
I love working in information technology and security. There’s no question. I’m a geek until the day I die.
But I want to live life on my terms, and I can’t imagine doing it as an employee, even a high ranking one. My wife and I must call all the shots. Period.
What About FIRE (financially independent, retire early)?
Passive income, financial independence, early retirement. These are all terms I see and hear every day, and they sound great. Who wouldn’t want to be retired at 35?
I certainly want to reach FI in my 30s, but I want to do it as my own boss. I’m 100% confident that I can make my current salary (in a few years time) working for myself.
So, we’ve decided on a date to pull the plug.
Enter Flexible Passive Income
We love passive income, but it mostly doesn’t start out that way. And a lot of it is “semi-passive” or not really passive at all.
We’d like our income to be FLEXIBLE, meaning that it happens on our schedule. We can travel while we do it, or take a break from it if needed.
I want to be able to take a three week trip in the Spring and not have to use most of my “vacation time” to do it, or feel guilty for leaving my department for such a long time. And my job doesn’t cater to travel/remote work.
We’d like our income to be PASSIVE, this is obviously the best type of income. Certain digital products we create as well as our real estate investments should fall into this category.
I’d like to offer my conclusion:
I want diversified streams of increasingly passive income with a more flexible schedule to work and live as I choose.
Does this sound good to you? Want to watch as we grow our income and prepare to quit my job? Sign up below and follow my journey!:
Here are some examples of income streams we’ll undertake, in order of preference and least time invested:
We’d obviously love to have 40 rental units right now, but that’s not real life. We’ll have to work our way up to that. Nothing in life worth doing is free or easy.
So the progression will initially require income streams with higher time requirements. As our wealth and businesses grow, decreasing levels of time will be required.
As you can see, we still want financial independence. The biggest difference is in how we will reach FI: on our own terms and schedule.
Our Flexible Passive Income Target
Our flexible passive income goal is $3,500 per month by January 2019.
So welcome a new post to the mix. This will be a short update each month on our progress towards that goal.
I’ll try to keep them detailed yet concise so that I can provide you some value (our numbers and insights) while keeping it a small investment of time for you.
Interested in seeing monthly updates on our flexible passive income growth? Sign up to get my updates straight to your inbox:
Flexible Passive Income for August 2017
For the month of August 2017, here is our gross revenue:
- Debt Free Geek: $0
- Online Retail Business: $170
- Real Estate: $0
Debt Free Geek: $0
This site (and personal finance in general) is a passion of mine, but it costs money!
MY GOAL: Break even by Christmas. I don’t care how, but I want this site to break even, whether it’s by cutting expenses or increasing income. I’ve been paying for the site’s expenses using another side hustle (tutoring on Wyzant.com), but I want this site to be self-sufficient.
NET INCOME: -$120.08 after blog expenses (hosting, advertising, several paid plugins)
Online Retail Business: $170
My wife, Alison, started this business in April, and it is picking up steam. She’s spent countless hours researching this business and building her products. Probably as much time as I spend on this blog. If you have a blog, then you’ll understand!
HER GOAL: $1,000 per month by February 2018. I don’t know all that much about this arena, but she’s done the research, and she thinks it’s possible.
NET INCOME: $170, no expenses due to the platform/model
Real Estate: $0
The best for last. This area has HUGE earnings potential.
We’ve been analyzing deals left and right, and we just haven’t found the right one yet. We’ve mostly been looking at multiplexes, but we’ve also started to look into mobile home parks recently.
We have an offer in on a duplex that has a lot of potential, but it hasn’t turned into anything yet. The offer/counter-offer are still pretty far apart. I’m hoping some time on the MLS will soften their position a bit.
I’m convinced that the key is not to be in a hurry or to try to make a deal work, especially if the math doesn’t support it. It’s very easy to get emotionally attached to a deal and believe that you “have to have it” and it’s “the only one.”
OUR GOAL: Buy our first investment property by end of year 2017.
NET INCOME: $0
Why Flexible Passive Income?
Freeing ourselves of the constraints of a 9-5 job will give us the opportunity to travel, live and work on our own terms. It’s not going to be completely passive income until later in life, and we’re fine with that.
The idea is to have diversified streams of increasingly passive income with a more flexible schedule.
What about you? Do you guys prefer the 9-5? Are you also working toward a different life/work reality? What are you doing about it?