Comments on: How your hobby can set you financially free! http://7million7years.com/2008/04/07/how-your-hobby-can-set-you-financially-free/ How to make 7 million in 7 years ... Thu, 24 May 2012 01:26:57 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Money Hacks Carnival #10 at Money Hacks | Money Hackers Network http://7million7years.com/2008/04/07/how-your-hobby-can-set-you-financially-free/comment-page-1/#comment-692 Money Hacks Carnival #10 at Money Hacks | Money Hackers Network Thu, 01 May 2008 00:49:36 +0000 http://7million7years.wordpress.com/?p=118#comment-692 [...] presents How your hobby can set you financially free! « How to Make 7 Million in 7 Years™ posted at How to Make 7 Million in 7 [...] [...] presents How your hobby can set you financially free! « How to Make 7 Million in 7 Years™ posted at How to Make 7 Million in 7 [...]

]]> By: AJC http://7million7years.com/2008/04/07/how-your-hobby-can-set-you-financially-free/comment-page-1/#comment-688 AJC Tue, 08 Apr 2008 02:42:11 +0000 http://7million7years.wordpress.com/?p=118#comment-688 @ blogrdoc - Not to mention that one of those 'hobby/experiments' could set you [financially] free! @ blogrdoc – Not to mention that one of those ‘hobby/experiments’ could set you [financially] free!

]]> By: blogrdoc http://7million7years.com/2008/04/07/how-your-hobby-can-set-you-financially-free/comment-page-1/#comment-686 blogrdoc Tue, 08 Apr 2008 02:29:35 +0000 http://7million7years.wordpress.com/?p=118#comment-686 One thing I've learned about making money off my hobby is that, for corporate stiffs like me, it's important to flex those 'entrepreneurial muscles' which are severely underutilized (I speak for myself as an engineer; I mainly talk to pieces of equipment all day and unhappy supervisors). To me, the value (in addition to the extra cash) also comes in the form of networking and it adds some excitement. One thing I’ve learned about making money off my hobby is that, for corporate stiffs like me, it’s important to flex those ‘entrepreneurial muscles’ which are severely underutilized (I speak for myself as an engineer; I mainly talk to pieces of equipment all day and unhappy supervisors). To me, the value (in addition to the extra cash) also comes in the form of networking and it adds some excitement.

]]> By: AJC http://7million7years.com/2008/04/07/how-your-hobby-can-set-you-financially-free/comment-page-1/#comment-690 AJC Tue, 08 Apr 2008 00:38:25 +0000 http://7million7years.wordpress.com/?p=118#comment-690 @ Thomas - Sounds great ... good luck! @ Thomas – Sounds great … good luck!

]]> By: Thomas http://7million7years.com/2008/04/07/how-your-hobby-can-set-you-financially-free/comment-page-1/#comment-687 Thomas Mon, 07 Apr 2008 23:58:15 +0000 http://7million7years.wordpress.com/?p=118#comment-687 This is a great post! I'm basically in the same boat. I'll have a full-time job very soon, but I'll always keep doing my internet side business and spend as much or as little time on it, as I can. It's fun for me, and I make money, which I can then invest into Money Making 201 projects. That way, I can save money from my job to provide myself with some security, while also risking money in other ventures to hopefully become financially independent in a shorter period of time. This is a great post! I’m basically in the same boat. I’ll have a full-time job very soon, but I’ll always keep doing my internet side business and spend as much or as little time on it, as I can. It’s fun for me, and I make money, which I can then invest into Money Making 201 projects. That way, I can save money from my job to provide myself with some security, while also risking money in other ventures to hopefully become financially independent in a shorter period of time.

]]> By: AJC http://7million7years.com/2008/04/07/how-your-hobby-can-set-you-financially-free/comment-page-1/#comment-689 AJC Mon, 07 Apr 2008 17:53:16 +0000 http://7million7years.wordpress.com/?p=118#comment-689 @ Alex - I knew I would get a response from you on this one! Thanks, Alex. @ Alex – I knew I would get a response from you on this one! Thanks, Alex.

]]> By: Alex Le http://7million7years.com/2008/04/07/how-your-hobby-can-set-you-financially-free/comment-page-1/#comment-691 Alex Le Mon, 07 Apr 2008 15:20:51 +0000 http://7million7years.wordpress.com/?p=118#comment-691 This is an easy question to answer for me. I love programming and web development. I do it for a living, I do it for a hobby, I do it for money, I do it for extra cash, I do it because I enjoy it. So far working on my hobby really pays off. My hourly rate within 2 years double because I can offer more of my expertise. Beginning this year, I started to sign on "retaining" deals, which pays a minimal amount of hours per month no matter what. My basic "extra" income is guaranteed, and if I choose to work more, I can and I'm able to bill at my set rate. Since I already allocate at least 40% of my income into different investments and savings, the extra income from the "hobby" will be used to further accelerate the plan. I'm working on my blog (just face-lifted it too) and so far, since last Friday, it is making me a whopping 10 cents a day. I'm planning to optimize my blog further for more ads and publish more contents. The only potential problem for my blog is that it's heavily technical-related so the readership is selective. I want to keep it that way and blend in with more popular contents such as personal finances, online advertising, etc.. Another venue that I am pushing hard too is implementing my ideas and projects. The upside is that I am can work as hard as I can on it. The downside is that I can work as hard as I can on it. Juggling different projects, clients, and person stuff takes a lot of my energy. But I know that if I don't actively set out a goal and work on it, I can only accelerate my investment plan slowly through passive investments. On the other hand, if one of my ideas is fully developed and start to make money, the potential is much more since I'm building my own business from scratch using sweat equity and my profit margin is indeed 100%. It's been an exciting year and I look forward to expanding my network of friends and people with same ideas and thinking. Your blog is one of my favorite places to hang out :) Alex PS: if you have a lead for business, don't hesitate to ping me. I'm still expanding so the more leads I have the better. This is an easy question to answer for me. I love programming and web development. I do it for a living, I do it for a hobby, I do it for money, I do it for extra cash, I do it because I enjoy it.

So far working on my hobby really pays off. My hourly rate within 2 years double because I can offer more of my expertise. Beginning this year, I started to sign on “retaining” deals, which pays a minimal amount of hours per month no matter what. My basic “extra” income is guaranteed, and if I choose to work more, I can and I’m able to bill at my set rate. Since I already allocate at least 40% of my income into different investments and savings, the extra income from the “hobby” will be used to further accelerate the plan.

I’m working on my blog (just face-lifted it too) and so far, since last Friday, it is making me a whopping 10 cents a day. I’m planning to optimize my blog further for more ads and publish more contents. The only potential problem for my blog is that it’s heavily technical-related so the readership is selective. I want to keep it that way and blend in with more popular contents such as personal finances, online advertising, etc..

Another venue that I am pushing hard too is implementing my ideas and projects. The upside is that I am can work as hard as I can on it. The downside is that I can work as hard as I can on it. Juggling different projects, clients, and person stuff takes a lot of my energy. But I know that if I don’t actively set out a goal and work on it, I can only accelerate my investment plan slowly through passive investments. On the other hand, if one of my ideas is fully developed and start to make money, the potential is much more since I’m building my own business from scratch using sweat equity and my profit margin is indeed 100%.

It’s been an exciting year and I look forward to expanding my network of friends and people with same ideas and thinking. Your blog is one of my favorite places to hang out :)

Alex

PS: if you have a lead for business, don’t hesitate to ping me. I’m still expanding so the more leads I have the better.

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