Would you quit your full time job if you were making 4k a month on ebooks?
A job that's stressful and underpaid if you are now making 4K a month via writing and selling ebooks?
| Yes | 15 | |
| No | 6 |
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Comments ( 18
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Lusty-Argonian
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litelander8
100%
If the full time job does absolutely nothing for you but provide a paycheck, fuck it.
But if you really have that much time, try finding something you enjoy doing part time or something. Good for you!
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BleedingPain
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RoseIsabella
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[Old Memory]
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1WeirdGuy
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Anonymous Post Author
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darefu
That's only 48k a year and not necessarily dependable income. I'd still need another source of income.
If you can get it to 100k and keep it there for a couple years, then I'd quit the other job.
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Anonymous Post Author
Do you earn more than 48k?
My current full-time is $37k a year but it's 50 hours a week. I earn average income for my area. My rents $650 a month for my current apartment and I have enough on my $37k a year job to go to Disney for a week every year and for gas, utility and weekends out with friends. Maybe you live in an expensive town?
I would love to reach $100k but don't think I'll reach that. I don't even know anyone who earns 100k from any job here unless you're a doctor. I don't need a mansion anyway my two bedroom apartment is enough for me.
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darefu
$650 for a two bedroom apt. Wow! That's very cheap rent!
If you're happy where you are and 37k is enough to keep you in the standard you want, then 48 should give you enough to pay the extra taxes (income as well as self employment) and still invest maybe 10 to 15%.
Questions are; are you happy with current life style for a while, how long do you think the income will continue, can you do both write and work, these should be answered before you give up the dependable income.
37k may seem good right now but, take out around 7 to 10 for taxes 8 for housing and you are already down to around 20k. Without savings, investments, food, utilities, insurance, transportation. I'm impressed your satisfied and able to live on that income. Average rent here for an efficiency or 1 bedroom is about 750 in the small communities and 12 to 1400 US dollars per month in the city, and Spain is considered low, compared to the rest of Europe.
The US averages, are even higher with 1400 being the national figure for a one bedroom, and the national average family income for the United States for FY 2021 is $79,900. I know you said single but about two thirds of that is what is figured for a single person.
We're back to about 48k, and most Americans live in debt.Sorry to go so long, but you sound young and not fully aware of what it cost to live decently and not payday to payday.
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olderdude-xx
No; at least not yet. You have no idea if that income from the eBooks will continue in the future.
Without increasing your lifestyle much, pay off debt and then bank that $4K (or what's left of it after taxes) until you have at least 2 years of your cost of living in a range of typically 90 days immediately available cost of living, and the rest in very conservative investments where you can get the money out in 30-60 days.
At that point you can re-evaluate your situation.
The long term concept is that in the end you would like enough money in various balanced investments to be able to live off the interest. I know people who have done that in 5-10 years; and then they quit their jobs.
Think of your long term financial future... Not just the next few months or the next year.
I wish you well with this,
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Anonymous Post Author
Thank you for the advice.
How do you invest? I don't even know where to begin. I tried watching some YouTube videos on it and they all say different things and recommend different apps.
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olderdude-xx
I think Techpe gave you good advise. Stick with decades old well known companies for starting off. But 1st pay off your debts and have 90 days of money in the bank. That gives you time to research.
Having a good financial advisor - one who understands your long term goal also helps. You want one where you pay them up front for their services. You do not want one that earns their money primarily from commissions from what they sell you (I lost all of my early investments in those schemes - as those "advisors" find it most profitable short term to sell you into investment products that pay them the most).
Do some research on how to find a good investment advisor. There are good internet articles out there.
Another thing; if you really want to understand key things about your finances and your financial future: Get and read the book: "Cashflow Quadrant" by: Robert Kiyosaki
You've got a lot to learn - even about ordinary living - to set up your finances for your future.
I wish you well with this,
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techpc
Go for something reliable, meaning NOT A SMARTPHONE APP(Robinhood, WeBull, etc). They generally have a long record of crashes and glitches.
I personally use Fidelity for my investment and retirement accounts, and I've had no issue with it.
Invest in index funds if you are inexperienced, as they are generally safe and provide pretty good returns across the years.
If you want to go the live-off-the-dividends route, then you will need a crazy amount of money invested- it takes $1.2 Million to make $3k a month in dividends, according to freshdividends.com.
Best of luck.
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SkullsNRoses