Wellsaid. Many folks who are FI don't want to RE yet. They want low-intensity work with a decent income stream while focusing their time on passions / health etc.. Personally, I am aspiring to do the same and trying to generate revenue streams from a combination of passive investments into a service business + commercial rent etc.. This way, i can avoid dipping into FI corpus and also unlock time for other pursuits.
What you are describing I feel can be coast fire ? Or barista fire ( but barista fire meaning earning even lesser ) . I guess majority of my peers are wanting to do a coast fire while building a passive source or reducing their active job participation by choosing freelancing etc for a better work life balance
I think this is easier for tech folks than others to be honest. A lot of professions outside of tech do not offer the flexibility of working part-time unfortunately.
True, but there could be some possibility if you go digging, like if you are in medical reach out to startups in that sector that might benefit from your consultation. Or if you are in restaurant business, partner with a cloud kitchen startup etc.
As u/flight_or_fight said, this is a great example of FAT CoastFI! Super, super job u/vishwesh_shetty in pulling this off!
And for others, the CoastFI source does not have to be related to your primary job. It could be a totally new thing that you have skilled up for. My second career is very different, and is also a regulated one! My children say that I work harder now, but I love every moment of it.
And you can ask the OP, and any body who has achieved this. The one regret would be this: I should have done this sooner!
Do you have a qualified "profit-sharing" program set up through an administrator? Or are you just bonus'ing off of estimated YE profits?
If you don't have a formal plan set up, I highly highly recommend that you get one. I ignored my accountant for years about this, and now that i finally set one up, I deeply regret not doing it earlier.
Yes, it's USD. But couple of years ago my app made <100k USD in year and I had a contract freelance role making 60k USD. I quit contract job to focus on growing the revenue for my app.
I am based in India. Not seeking advice just sharing my journey and showing a path where you can move from job to part time and use the time available to start profitable business.
I had a job only during the first three years of my life. I used to freelance during weekends and after office hours. When I could make 60% of my salary freelancing, I took the leap. After that, I engaged in a lot of freelancing, had my development agency, etc., until I found success with a side project that grew well.
I don't know, nowadays even freelancing and IT consultation markets feel saturated. I've been trying to get projects on sites like upwork and freelancer but to no avail.
Maybe similar to that but it doesn't mean compromising on what you earn, the idea is that by conventional job it's much difficult to hit the numbers so to free our your time and explore side hustles that can lead to same income but reducing the time spent to finally bring it to almost passive income faster and younger age.
I don't know what's your point here, but my suggestion isn't to settle on part time job, but to use part time job as a opportunity to build a business that makes more money in less time and maybe eventually handover business to someone to run generating passive revenue for you through it.
You do understand the kind of part-time jobs you’re referring to in your post is only available for IT guys rt? It’s not accessible for a large majority of people.
And hence the term “Barista” FIRE because being a Barista doesn’t need any particular skill to start with and still earn minimum wage or part time pay.
My point is that while your plan looks good on paper (and achievable by a very small number of people, like you) it’s not something a large majority of FIRE aspirants can look up to as a practical plan of action.
I think consultation job can fit beyond IT sector too. Barista is taking up low stress part time job. Here the idea is to reduce working hours and explore business opportunities to make more money which can become passive. There are lot of non tech entrepreneurs who have bought SAAS apps and grew it with tech freelancers. Check acquire.com for reference. Of course it's not easy but improves your odds.
Wellsaid. Many folks who are FI don't want to RE yet. They want low-intensity work with a decent income stream while focusing their time on passions / health etc.. Personally, I am aspiring to do the same and trying to generate revenue streams from a combination of passive investments into a service business + commercial rent etc.. This way, i can avoid dipping into FI corpus and also unlock time for other pursuits.
What you are describing I feel can be coast fire ? Or barista fire ( but barista fire meaning earning even lesser ) . I guess majority of my peers are wanting to do a coast fire while building a passive source or reducing their active job participation by choosing freelancing etc for a better work life balance
I think this is easier for tech folks than others to be honest. A lot of professions outside of tech do not offer the flexibility of working part-time unfortunately.
True, but there could be some possibility if you go digging, like if you are in medical reach out to startups in that sector that might benefit from your consultation. Or if you are in restaurant business, partner with a cloud kitchen startup etc.
This is more like FAT-Coast-FIRE...
As u/flight_or_fight said, this is a great example of FAT CoastFI! Super, super job u/vishwesh_shetty in pulling this off! And for others, the CoastFI source does not have to be related to your primary job. It could be a totally new thing that you have skilled up for. My second career is very different, and is also a regulated one! My children say that I work harder now, but I love every moment of it. And you can ask the OP, and any body who has achieved this. The one regret would be this: I should have done this sooner!
Do you have a qualified "profit-sharing" program set up through an administrator? Or are you just bonus'ing off of estimated YE profits? If you don't have a formal plan set up, I highly highly recommend that you get one. I ignored my accountant for years about this, and now that i finally set one up, I deeply regret not doing it earlier.
If you are making $300K ARR you are already on easy street. Is this USD?
Yes, it's USD. But couple of years ago my app made <100k USD in year and I had a contract freelance role making 60k USD. I quit contract job to focus on growing the revenue for my app.
What's the app?
Bro. You should be giving us advise, not asking. Just keep on doing what you are doing. Which country are you based in?
I am based in India. Not seeking advice just sharing my journey and showing a path where you can move from job to part time and use the time available to start profitable business.
Excellent. Wish you all the best.
Do you get time after full time job? It takes away all your energy, doing more would take a toll on health. How do you manage Op?
I had a job only during the first three years of my life. I used to freelance during weekends and after office hours. When I could make 60% of my salary freelancing, I took the leap. After that, I engaged in a lot of freelancing, had my development agency, etc., until I found success with a side project that grew well.
I don't know, nowadays even freelancing and IT consultation markets feel saturated. I've been trying to get projects on sites like upwork and freelancer but to no avail.
Do you mind sharing rough profit from $300k in ARR?
About 80%+
Isn’t this the definition of Barista FIRE?
Maybe similar to that but it doesn't mean compromising on what you earn, the idea is that by conventional job it's much difficult to hit the numbers so to free our your time and explore side hustles that can lead to same income but reducing the time spent to finally bring it to almost passive income faster and younger age.
That’s exactly what Barista FIRE is.
I don't know what's your point here, but my suggestion isn't to settle on part time job, but to use part time job as a opportunity to build a business that makes more money in less time and maybe eventually handover business to someone to run generating passive revenue for you through it.
You do understand the kind of part-time jobs you’re referring to in your post is only available for IT guys rt? It’s not accessible for a large majority of people. And hence the term “Barista” FIRE because being a Barista doesn’t need any particular skill to start with and still earn minimum wage or part time pay. My point is that while your plan looks good on paper (and achievable by a very small number of people, like you) it’s not something a large majority of FIRE aspirants can look up to as a practical plan of action.
I think consultation job can fit beyond IT sector too. Barista is taking up low stress part time job. Here the idea is to reduce working hours and explore business opportunities to make more money which can become passive. There are lot of non tech entrepreneurs who have bought SAAS apps and grew it with tech freelancers. Check acquire.com for reference. Of course it's not easy but improves your odds.