My FIRE Journey: Making More Money
When I started my FIRE journey a few months ago, I realized straight away that I needed to bring in more money. Why you might ask? Well, the purpose of FIRE is to retire early, and in order to do that, you need to have a certain amount of money invested and saved (subjective to each person depending on your retirement goals) that you can live off for the remainder of your life.
Not only is my income modest, but I am a single mother of one teen who didn't think much about retirement until I hit my 40s. Now, not only as I enter the last bit of that decade of my life, but having a paltry (by most standards) amount of money invested in retirement accounts, I realize that I need more money coming in than what has been in order to achieve my goal of retiring in 10 years.
There are several ways to make more money. These include, but are not limited to:
- Getting a second job
- Selling unwanted/unused items
- Engaging in various side hustles - this could range from personal shopping, driving for Lyft/Uber, dog walking, etc.
- Negotiating for a raise
- Getting a higher-paying job
As of right now, these are the ones I'm focusing on:
- I'm working a second job. This is currently paying off debt but will provide extra income that I can invest after my student loans are paid off.
- I'm selling unwanted/unused items. This is working for me in a few ways. Not only am I getting rid of things I no longer want nor need that are taking up space, but I am also making money as I move towards a desired minimalist lifestyle.
- I'm working on doing some side hustles. Right now, this is minimal, but I have a few plans.
Unfortunately, due to Covid, we are not receiving raises where I work - we are a state entity - so that's not an option for me. I have looked at a few higher-paying positions within my organization as I'd like to stay there. I've been there for a long time, I love the organization I work for, and my benefits are nearly unbeatable. I will keep my eyes open, though. One never knows!
As I navigate my way through FIRE, I'm learning so many things. My only regret in this pursuit is that I didn't start sooner! If you're interested in FIRE, there are so many articles and videos out there to help you learn more and start your own journey, if you're so inclined. I'll be sharing my journey with you as I go along.
Have a great weekend!