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Finances Health

Self-Analysis

Last night I face-planted into my computer keyboard.

That was a definite sign of why I’ve become so grumpy and frustrated as of late. I’ve pushed myself a bit too hard again, sacrificing sleep for my goals.

I have really got to establish some limits here. While I’m happy that I am more productive than I’ve been in quite a while, I do not want to push myself so hard that it negatively affects my health.

On another front, a friend of mine has decided to create some goals of her own. Like mine, her goals include increasing her current income and establishing passive income.

She has heard about some local factories that may be hiring, so we have made plans to apply together at several places as soon as our days off match up. We can split the cost of fuel if we work the same shift, which will buy me some time to build up the extra funds needed to comfortably purchase a vehicle and pay for the higher insurance that I’ll be charged for the first year.

This has the potential of helping both of us if we work together. It would propel both of us income-wise, into “lower middle class.” While she is currently right on the border of that based upon her gross, I make a bit over half of her current income, so the financial change would be dramatic for me.

I would be forced to work a bit less on my studies (and my book project) but the increased income would greatly benefit my long-term goals.

That is a sacrifice that I am willing to make.

In the meantime, I clocked out early from work today since we were really slow, came home, and took a long nap. I need to start taking care of myself if I want to do this.

Categories
Finances Frugality Investments

Potential Paths to Success

The kid got her permit today.

She’s over the moon with the achievement. She intends to acquire her driver’s license, invest in a vehicle, and get a better-paying job.

Late last night she discussed her options with me. She asked if I would mind if she lived with me, splitting the expenses until some time in 2020. This would allow her to have a support system when her fiancée is deployed overseas this year.

While the mom in me was like really? the frugalista in me was cheering.

It opens another option line for my future.

If the kid remained living here my bills would continue to be low. I could piggyback off of her, using her vehicle to re-acquire the license I gave up while writing The Car Free Experiment. This would allow me to get one step closer to my long-term goals.

We discussed the option of getting a factory job together. We would both save money by splitting transportation costs. We could almost double our hourly income with this route; the extra hours we would receive would mean that our weekly income would more than double.

I could invest $500-$1,000 a month if we went that route.

In order to receive a base amount of money to live on ($500/month), I need to have $60,000 invested in dividend stocks at a 10% return. Not including rolling over my dividends and chipping in my royalties, I could have that socked away in less than 10 years by simply investing that minimum $500 a month; less than five years if I managed to invest $1,000 monthly.

I could work in a factory job for 10 years. It would be rough, but I could do it. I may not even have to work in one for that long, depending upon how my overall investments, my book royalties, and other options pan out.

No one knows the future, of course, but I find that exploring options is a worthwhile exercise. It allows me to brainstorm potential paths towards my long-term goal and to weigh potential pitfalls as well as what steps I would need to take in order to hedge my bets.

If anything, this path would allow me to turbo-charge my investments and allow me the income needed to acquire a vehicle of my own, as well as the money needed for any classes as I work out the best career to settle in for the long-term. I have no real desire to work in a factory until the day that I die.

What options are you considering to achieve your long-term goals? Please share your stories in the comments below.