Starting your own part-time business
Name: Larry
Age: 38
Occupation: Fireman
Income: $31,000 a year
Will retire wealthy: Age 53
Larry lives in Canada and loves to fish. His fireman schedule is unusual. A couple of 24 hour shifts and then several days off. Great for some fun fishing trips in the summer, but what about the winter?
In winter, Larry runs snow removal business alongside his job as a fireman. During the five months of snow. Larry nets about $300 a week after paying a part-time employee to help for those times when Larry is at work.
With net income of over $6,000 a season, Larry’s investment fund grows and grows. He chose starting a snow removal business so that it wouldn’t interfere with his summer fishing trips.
Having a part-time business doesn’t mean you have to give up your free time and hobbies. Simply pick the type of part-time business that fits your needs and lifestyle.
Here is what the extra $6,000 a year means to Larry. He started his plan about four years ago at age 34.
Duration Total Saving & Interest
present balance ( age 38 ) 27,846.00
5 more years ( age 43 ) 81,476.86
10 more years ( age 53 ) 306,954.54
At 10% return, Larry can now retire full-time. The fish had better be scared. And what about Larry’s fireman pension? Well, that will just be extra money he won’t need.
Is a part-time business the answer for everyone? NO
Many times a part-time business takes time to become profitable. Or, maybe you’re happy with your job and just prefer to work overtime to get that extra investment money you need, but it’s not the only way.
Remember, pick the road to financial wealth that’s right for you.
So far we’ve covered four ways to get that extra investment money you need by:
1, Reducing your monthly expenses
2, Earning extra money by working overtime.
3, Finding a part-time job
4, Starting your own part-time business
But these four methods aren’t the only ways to become wealthy. Let’s look some more possibilities.
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Starting your own part-time business | How To Get RiCh | How To Make Passive Income…
Larry lives in Canada and loves to fish. His fireman schedule is unusual. A couple of 24 hour shifts and then several days off. Great for some fun fishing trips in the summer, but what about the winter?
In winter, Larry runs snow removal business alon…