In the summer of 2019, I decided to retire from my main occupation. I have worked in banking for the past 30 years, mostly in audit and compliance roles.
Instead of just retired, I decided to come out with a personal challenge. Supposed that I have to earn a certain amount of money every year, but I can only do it online. Can I achieve the income goals listed below while respecting the Rules of Finance Notebook?
I have started to gear up Finance Notebook in November 2019, but the challenge will officially begin January 1, 2020. There will a little money earned in November and December 2019. For simplicity, I will consider as if that money was earned in 2020.
These are the rules:
This is a true challenge for me as I’m not a techie person or internet expert. I have a degree in accounting and my prior experience is in banking, specifically compliance, and audit.
- I can only make money online. That is, at least 80% of the activity has to be online. For example, if I sell something on E-Bay, I can walk to a thrift store, purchase an item, and then sell it online. I can not do Uber, Postmates, or any of the other gig-economy activities that are done outside.
- I can not be hired by a company as an employee. That means, whatever I do, I have to be treated as an independent contractor.
- I can not earn money from banking, audit or compliance. It would be very easy for me to be hired by a bank or as an auditor and make money remotely. That is not allowed.
- I can not use personal income for business purpose. I have open a Chase business account with $3,000 as a start-up. These funds will help with the initial expenses. Any other business expenses will have to be funded with business income. That is, if I need a new computer to be more efficient, for example, I can’t buy it with personal funds.
Gross Income Goals:
These are the annual gross income goals. I have decided not to disclose net income because I don’t want to complicate this too much. However, if I sell a product I have purchased, I will only count the net profit for that product as income.
|Total (5-year goal)||$150,000|
I will write blog posts about every activity I attempt and disclose the income I make with each activity. As the blog grows, income generated with the blog itself will also be included.
I will update the How Much Money I Have Made Online page weekly and write income progress reports quarterly.
Good luck to me! 🙂
📖 Please include your comments or questions below.