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Is It Attainable?

9 June 2010 No Comment

I recently completed a few days vacation at Siesta Key beach in Florida – recognized as one of the world’s best beaches (hopefully the oil stays away).  Each time I take a few days off and spend it relaxing on the white sandy beaches of Florida, the idea of completely escaping the rat race pops into my mind.  I start to ask myself the following questions:

  • What would it take to achieve full income/financial freedom?
  • How much money do I need to make online to work from anywhere?
  • Can I accomplish this with 20smoney.com?

A few years ago, this discussion was primarily about the unhappy nine-to-fivers attempting to escape the rat race and enjoy a better lifestyle of freedom, flexibility, and spending time and energy on things worthwhiel.  Nowadays, with so many unemployed and so few career options for young people, an alternative income setup might be more of a necessity than a luxury.  Either way, the question of earning enough money through alternative sources to support oneself is an interesting one.  I know a few people who have accomplished this, and I know a few people who have successfully launched their own businesses in their mid-20s.  I tend to take bits and pieces from both types of scenarios when putting together my strategy for achieving this freedom.

Let’s be clear, I’m not trying to avoid work.  I like work when it’s the type of work that I want to do (if that makes sense).  What I don’t like is having to sit in an office from 9-5, monday through friday, regardless of my work load or responsibilities.  What I do like is building things (such as a website or blog) and growing something of my own (this blog in particular).  Creating a viable income stream from scratch is a beautiful thing.  I’m very excited that I’ve created something myself from scratch that now earns over $1,000 each month.  For now, this is supplemental to my main income stream.  Maybe in the future, it can continue to grow to become a replacement for my main income stream.

In order to achieve full income replacement with online income (I focus on online income because it’s what I know – yours doesn’t have to be online income), I need to basically grow this website or grow a group of websites.  This primarily comes in the form of traffic which often leads to revenue.  I believe in order to grow it to the level where I need it to be (maybe $10,000 per month in income?), I need to successfully transition 20smoney.com from a hobby or a side project to a viable business.  This might mean reinvesting money into the blog in the form of partnerships, staff writers, you name it.  I’m currently exploring these options as I’ve become frustrated with the plateauing of my traffic.

Some strategies I’m brainstorming:

  • Hire staff writers
  • Implement mutually-beneficial partnerships with other websites
  • Increase the volume of my writing – This isn’t a long term solution since I’m not looking to add to my work load permanently but it might be a way to get to the next level – I’m curious to see the connection between traffic growth and article frequency.
  • Other offshoots like a newsletter, membership sub-section to the website
  • An entire separate business (web business consulting?) that I might be able to market through 20smoney.com

It’s an exciting journey, that I enjoy just being on.  Hopefully, the hard work continues to bear fruit and get me closer to attaining the ultimate goal of working from the beach whenever I feel like it!

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