Entrepreneurship

Starting an online business has truly transformed my life for the better. My journey began in 2009 when I launched Financial Samurai. It wasn’t a moneymaker at first, but I persevered, and today I want to share the incredible advantages of starting an online business, especially in these trying times like a pandemic.

Before founding Financial Samurai, I hesitated for a few years, uncertain if I could dedicate myself to a long-term project. I’d heard it takes a decade to master something, and I feared committing without following through. However, the financial crisis forced my hand, and I thought it was time to act.

Fast forward over 12 years, I can’t imagine a day without this website. Some of you might think you don’t have a good business idea or knowledge to start, but let me assure you, I was in the same boat.

The secret is to launch and learn on the fly. With today’s low starting costs, it’s much easier to take a chance. Imagine trying to figure things out with a $5,000+ monthly rent for a physical store or restaurant!

Here are the top 10 compelling reasons to start an online business.

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Best Reasons To Start An Online Business

1. Being Your Own Boss As you age, following orders becomes less appealing, especially if you’ve mastered your field and have financial stability. Even the best boss can’t compare to being your own boss. The autonomy is incomparable.
2. Control Over Your Schedule Without needing to set an alarm, you can wake naturally, leading to a healthier, more relaxed lifestyle. Enjoy an afternoon game or a siesta if you desire. You can spend quality time with your kids and work at your preferred hours.
3. Increased Work Efficiency I realized working in a large corporation was inefficient due to constant meetings and bureaucracy. Startups often innovate faster. From my freelance experiences, I’ve seen deals dragged out for months that could’ve taken an hour if I were in charge.
4. No Daily Commute Commuting is a draining waste of time and money, adding stress and even danger to your day. Cutting out the commute was always one of my primary reasons for seeking a different work path.
5. Benefit from Expense Deductions While corporate cards have their perks, running an online business allows you to write-off various expenses, like team-building trips to exciting destinations. And the low operating costs give your business greater scalability.
6. Earn All Income and Equity Unlike an employee earning a salary, owning a business lets you profit directly from your success. Your equity can also be sold for a lucrative sum in the future. Equity ownership is the path to substantial wealth.
7. Effort Directly Correlates to Reward In corporate life, success often involves playing politics. Owning a business eliminates this game, rewarding you directly for your hard work.
8. Potential Tax Benefits Expense deductions can reduce your effective tax rate, allowing deductions for car payments, internet usage, travel, meals, and more.
9. Higher Pre-Tax Retirement Contributions As a business owner, you can save substantially more in your retirement accounts compared to an employee.
10. Freedom to Work from Anywhere The ability to operate from any location is liberating. Whether relocating to a more affordable country or just enjoying extended vacations, the flexibility of online business is unbeatable.

In summary, starting Financial Samurai has given me a new lease on life. It was a slow start, but the benefits I’ve reaped have been tremendous. From the freedom of being my own boss to the flexibility of location independence, the transformation has been remarkable. Whether you’re contemplating taking the plunge or just starting, I hope these insights encourage you to take control of your professional life.

The current economic downturn, seemingly triggered by policies from the Federal Reserve, has ignited frustration against those perceived to be wealthier or more successful. With this escalating resentment, the practice of Stealth Wealth becomes essential to maintain safety and contentment.

I operate a personal finance website hosting over 2,500 articles, and the increase in hostile and aggressive comments since the beginning of the bear market has been noticeable, though I will not detail them here.

Some individuals naturally resort to the internet to vent their frustrations, blaming others for their financial mishaps rather than themselves. Criticizing others or labeling them as “elitist” or “out of touch” might provide a sense of self-justification.

It’s not surprising, then, that some affluent individuals might want to portray themselves as middle class, as they want to avoid being targeted with constant insults.

This article explores a specific instance where an individual attempted to convey an average image but didn’t quite manage to pull it off. The aim here is not to demean but to learn from this experience and enhance our own Stealth Wealth strategies.

Publicly sharing one’s life requires courage, and finding the right balance between Stealth Wealth and status during the process of building wealth and credibility can be challenging.

A Study on Stealth Wealth: Missteps in Signaling

During the panic surrounding the bank run at Silicon Valley Bank (SVB), many lives and businesses were endangered. Many were concerned about ensuring SVB’s deposits above the FDIC limit, myself included.

The importance of the situation was illustrated by a 23-tweet thread, arguing that saving SVB was not about benefiting the elite but ordinary people across America. This included Lindsey, an Ohio mother of four, startup founder, and Honda minivan driver. Her husband is in manufacturing, and she seems to present herself as someone far removed from the elite class.

Lindsey’s tweet hinted at several aspects, including:

• Ohio’s more grounded population compared to California.
• Honda Odyssey as a middle-class vehicle.
• The nobility of manufacturing compared to investment and coding.
• Parenting, especially having four children, as a superior choice.

While portraying oneself and possessions in an ordinary light is good Stealth Wealth practice, going too far can cause resentment. Also, implications about parenthood superiority can be offensive to some.

To improve Lindsey’s middle-class portrayal, she could have concealed her bio and company’s nature. However, that would defeat the purpose of Twitter to promote profiles or businesses.

How Stealth Wealth Strategies Went Wrong

To enhance status, one must project it to build upon it and achieve greater success. But in Lindsey’s case, certain strategies backfired:

Mistake #1: Her Twitter bio, mentioning her position at a prestigious organization like McKinsey, worked against her Stealth Wealth image. This consultancy firm is known for its high salaries and tough selection process, making it a status symbol.

Mistake #2: Her business, StrongSuit, which provides executive assistants to busy families, caters mainly to affluent customers. A service that costs $500 a month for family assistance does not align with her appeal for the average person.

Mistake #3: Listing her education at DePauw University and Duke University contradicted her Stealth Wealth image. These institutions are expensive and typically associated with the affluent.

Consistency in signaling is crucial for a strong argument.

Lessons from the Analysis

Showcasing one’s achievements and background can be important when building a company or personal brand. But if the aim is to present oneself as an ordinary person needing support, it may be wise to remove markers of status and wealth.

While some may view Lindsey’s actions critically, it is clear she is working to solve a real problem and showing immense courage in juggling her entrepreneurial efforts and family life. Her example provides valuable insights into the careful balancing act required when trying to convey a particular image.

Starting a Business: Why Haven’t You Done It Yet? A Deep Dive into Entrepreneurship and Lifestyle Enhancement

Ever wonder why you haven’t started your own business yet? For many, the idea took root during the pandemic, when creativity soared, leading to an unprecedented rise in business formation since 2020. Let’s take a closer look at what drives this trend and what it means to be an entrepreneur.

My Personal Journey

When I embarked on my journey with Financial Samurai in 2009, it wasn’t initially intended to be a business venture. During the financial crisis, it served as a therapeutic outlet for me, as I was grappling with significant losses in the stock and real estate markets. Yet, this hobby morphed into a passion.

By 2012, I had left my day job in finance, fully embracing my love for writing. Now, 13 years later, I continue to write thrice a week and publish a free weekly newsletter. Financial Samurai has become a thriving business that supports my family of four in San Francisco.

The Philosophy Behind My Business: Leading a Better Life

The core goal of my online media company is to enhance my life quality. This means engaging in fun activities and caring for my family, all while balancing profits and expenses, since my money is at stake.

Contrast this with investor-funded startups, where growth often overshadows profits. If you’re looking to get rich, joining such a startup might not be the right path for you.

I’ve always believed in bootstrapping because relying on external funding is risky.

A Case Study: Buffer

Buffer, a company that allows scheduling social media shares, provides an interesting example. Valued at roughly $40M and having raised $4M, Buffer’s transparent financials offer a learning opportunity for aspiring entrepreneurs.

Business Income and Expenses: A Closer Look

• Salaries: They are a significant expense, accounting for 65.6% of monthly expenses with an average of $3,445 per person per month.
• Revenue per Employee: Buffer averages about $5,000 in revenue per employee – decent, but not extraordinary.
• Profits: They are relatively small, with a 4.6% operating profit margin, significantly lower than the industry standard of 20%+. Imagine spending over $300,000 a month for a mere $15,666 in operating profits before tax!
• Lifestyle Business Profit Margins: On the other hand, running your own website could yield operating profits of $5,000 a month for less than $50 a month, resulting in a 98% profit margin.

Buffer’s Retreats Versus Profits

Buffer spends more on retreats ($17,588 a month) than they make in profits ($15,666 a month). Their financial strategies and public transparency may guide other entrepreneurs.

Running the Business Your Way

Whether choosing to make more profits and pay more taxes or spend more on employees for their well-being, like Buffer, you’re in control.

For example, Buffer planned to spend $400,000 on a company retreat to Berlin – an incredible way to use business funds!

Lower Taxable Income

Buffer utilizes various expense categories, like Tools, Kindle Books, Culture, and Others, to reduce monthly taxable profits by around $17,000, leading to approximately $5,100 in tax savings.

A Hybrid Business Model

Buffer finds itself in a unique position, attempting to blend big business aspirations with a lifestyle business. While some may argue they’re overspending on certain items, they’ve maintained a balance that suits them.

Building the Business You Desire

Understanding expenses as a percentage of total costs and revenue helps you gauge the reasonableness of your spending.

Like Buffer, I enjoy business retreats. They offer a chance to rejuvenate, build relationships, and foster creativity. Here’s a sample of my estimated business retreat budget:

• Two Economy Plus roundtrip plane tickets to Honolulu from SF: $1,100
• 9 nights at The Kahala Hotel & Resort: $5,400
• Food for 10 days for up to four people: $2,500
• Team bonding activities: $2,000
• Total: $11,000

Though $11,000 for a business retreat might seem hefty, the benefits of relaxation, relationship-building, and creativity are priceless. Additionally, if structured properly, a portion of travel can be considered a business expense, leading to potential tax savings.

Running a Business to Enjoy Life

Extended work retreats, better tax management, and controlling your schedule constitute some of the biggest advantages of being your own boss.

Profit generation might not be instantaneous, but with the correct direction, you’ll eventually get there.

One final thought on starting a business revolves around providing career insurance for your children. The competitive world of work can be brutal, and by owning your business, you can teach your children valuable skills and offer them opportunities if needed.

In conclusion, starting a business is not just about making money; it’s about building a lifestyle that enables you to do what you love while taking care of your family. Whether it’s the creativity that entrepreneurship encourages or the financial independence it can provide, the question isn’t just why to start a business, but rather, why haven’t you started one already?

Doubts from others can be a fuel for victory, rather than a hindrance. Keep winning, and the doubters may fall silent or even become admirers. But for a real victor, prestige is often not the goal; it’s the pursuit of success.

A friend of mine is a prime example of this spirit. After a decade of hard work, he sold his self-funded business for $73 million at just 32 years of age, pocketing over 80% of that amount. Can you believe it? His response was not to rest on his laurels but to take a brief surfing break before launching a new software business. When I asked him why he got back to work so quickly, he told me he wanted to prove that his success wasn’t a one-time thing.

In my financial journey, I’ve met many individuals who’ve achieved great success and yet continue to toil day and night. They believe they were fortunate and aim to recreate their success, perhaps to overcome feelings of guilt. Their drive and self-awareness are both inspiring and concerning, but I relate to them deeply as I, too, have the need to prove my doubters wrong.

Repeated Victory Silences Doubts

I can share a personal story about continuous doubt and eventual triumph from my experience coaching high school tennis. In my first year, we reached the division finals, something never before achieved at my school. Yet we lost, and friends teased that it was a fluke. The following year, we won the championship, but my friends still doubted us. In the third year, we successfully defended our title, beating a formidable team, proving that we were more than one-hit wonders.

The teasing finally ceased after our second division title, and my friends started to acknowledge my role in the victories. Some even asked for my advice, both on the court and off.

Winning is a satisfying feeling, but it wasn’t just limited to the tennis court. When criticized online, I used the disapproval as motivation, resulting in a boost in traffic to my site, Financial Samurai.

Turn Doubts Into Wins

Doubts from others can spark enthusiasm and energy. Learn how to use these doubts to your advantage and create small victories. When you prove your doubters wrong repeatedly, the only critic left to silence is yourself. This can lead to incredible self-confidence and help you tackle greater challenges.

As a hiring manager, I always appreciated candidates who could share stories of overcoming adversity. It didn’t matter how small the triumph; consistent small wins can translate into significant achievements.

Your journey to financial independence may start with small wins like paying off a car loan. But these small victories can snowball into substantial successes, such as becoming a Wall Street Journal Bestseller like my book, “Buy This, Not That.”

Celebrate the Small Wins and Aim for Bigger Ones

Embrace your small victories; they might transform into massive successes. You don’t need anyone’s approval to pursue what brings you joy. Though losing can be painful, regret for not trying is worse. With determination, you might find yourself winning on a grand scale.

Building Wealth Through Online Businesses

In an era marked by the coronavirus pandemic and a new business landscape, owning an online business has emerged as a strong strategy to build wealth. This has been demonstrated by the success of certain online businesses, such as those selling nutrition and home exercise equipment, that not only survived but thrived during the lockdowns.

The Impact of Lockdowns

The forced closures dealt a heavy blow to many local establishments like restaurants, gyms, and dental practices, and other industries such as travel and hospitality. Unemployment reached unprecedented levels, illustrating the vulnerability of these businesses.

How Business Valuations are Calculated

Businesses are typically valued by the net present value of future cash flow or based on multiples of revenue, profit, or net profit. The more certain the earnings of a business, the higher its valuation. In the post-pandemic world, online businesses are expected to be rated higher due to their resilience against potential future global pandemics.

Online Business Valuations on the Rise

Online businesses encompass a wide variety, including e-commerce, social media, and newsletters, among others. Despite the diversity, online businesses generally stand to gain value compared to traditional ones that face higher shutdown risks.

The experience of recent lockdowns suggests that politicians are more inclined to use them in future crises, emphasizing the need for businesses to plan defensively against these risks.

The Importance of Owning an Online Business

Owning an online business provides a solution to one of the greatest challenges for parents: securing their children’s future. Despite significant investments in education, parents cannot control employment opportunities for their children due to anti-nepotism policies in reputable firms. This leads to a scramble to secure favorable positions, sometimes through questionable means.

Online businesses offer a way to bypass these challenges, allowing parents to employ their children and ensuring a path to financial stability.

The Comparison: Corporate Employees vs. Online Business Owners

Comparing a senior corporate employee earning $1 million a year to an online business owner earning $300,000 with full ownership provides insight into the value of control and flexibility. Though earning less, the online business owner enjoys numerous intangible benefits and long-term financial advantages, including financial security for their children.

The Future: Embracing Online Businesses

The world has changed, and so must our approach to business and education. With global competition and a shifting economic landscape, it’s crucial to adapt and seek new opportunities. Online businesses offer a practical path, with many benefits including:

• Difficult to shut down
• More robust earnings
• Greater profit margins
• Flexibility in operation
• Educational opportunities for family
• Employment possibilities for loved ones
• Increased internet usage and penetration
• Capital interest in online businesses

Conclusion

While starting an online business might seem daunting, the process has never been more accessible or affordable. The success stories of others provide inspiration, and the benefits are tangible. Online business valuations are poised to climb, and now is the time to seize the opportunity. Thank you, America, for the chance to try, and if you’re interested in starting your own venture, here is a guide to get you on your way.

San Francisco’s tech startup scene has coined the phrase “trough of sorrow” to describe a complex feeling that is part sadness, part emptiness, that often comes after a significant accomplishment or setback.

Facing Setbacks After hitting a wall or stumbling in the business, a startup might find itself in a critical situation with a restricted cash flow. The search for the perfect balance between the product and the market becomes essential to survival. This phase can be overwhelming and demoralizing, filled with the temptation to just give up after repeatedly falling.

Experiencing Big Wins Conversely, after achieving a major success, a new question looms: What comes next? The realization that future endeavors may not measure up to the triumph can create a sense of disappointment and emptiness.

Personal Trough of Sorrow Paul Graham of Y Combinator extends the concept of the trough of sorrow to individual pursuits. Rather than a constant increase in happiness, life often presents a series of highs and lows. Emotions can be fickle and hard to control, and the human drive for more can lead to valleys of sorrow.

Managing Expectations If you put more into a task, you may find yourself set up for greater disappointment. Therefore, it’s often wise to manage not just expectations but also the level of commitment to avoid this sorrowful pitfall.

Personal Reflections and Struggles Reflecting on a recent funk, the writer shares personal experiences of feeling worn out, especially after living through the pandemic. Balancing work, parenting, and personal goals can be exhausting, and sometimes the desire to take a break feels overwhelming.

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Finding Balance The writer’s goal to “have more fun” in 2022 seems elusive due to excessive work. Once financial challenges hit, the need to keep working hard becomes more pressing. But at what cost? The pressure to provide, especially when family depends on you, only increases.

Stress and Anxiety in Work Marketing a new book brings both joy and stress. The structured schedule feels alien, and live TV can be nerve-wracking. A once-retired lifestyle turns hectic with numerous meetings and emails, reminiscent of the years before “fake retirement.”

Breathing Room and Understanding Needs While on a well-deserved vacation, the author comes to a realization about their inability to relax. Guilt plays a part in this, stemming from a deep-seated desire not to disappoint. But to find happiness or at least lessen misery, understanding what’s “good enough” becomes essential.

Wealth, Work, and Balance Contrasting attitudes toward wealth-building and contentment are shared through the lens of two friends who retired early. One, content with enough, leads a relaxed life, while the other, burdened by guilt, often works beyond the point of happiness. This reflects the struggle to find the right balance between wealth and well-being.

Letting Go After Achieving Enough Finding the sweet spot where you feel you’ve done enough is key to minimizing guilt. Appreciate what you’ve done and let go. It’s not about doing the bare minimum but recognizing when it’s time to take a step back without losing perspective.

Parenting Challenges and Triumphs The writer shares poignant experiences as a father, detailing the guilt and the struggle to find time and joy with his children. Balancing work, personal passion projects, and being a present father becomes a profound journey, with highs and lows akin to the trough of sorrow.

A touching encounter at a park with a little girl brings comfort and realization. Sometimes, reassurance comes from unexpected places, and it’s essential to recognize that parents are doing the best they can.

Making Parenting Choices Strategies for fathers, like spending solo time with children or finding guilt-free time for themselves, are suggested. The writer’s personal experiences, both painful and joyful, provide insight into finding a healthy balance.

The Passion Project: A Personal Journey The writer’s book, “Buy This, Not That,” represents a two-year-long passion project, not aimed at wealth but filling a void in the market. A meaningful conversation with Srini Rao, host of The Unmistakable Creative podcast, brings to light the common emptiness authors feel after publishing. The trough of sorrow can linger, leaving a void that begs the question, “What’s next?”

The above content paints an intricate picture of the “trough of sorrow” concept, both in the business world and personal life. It’s a narrative filled with reflections, wisdom, struggles, and triumphs, offering insights into finding balance, contentment, and the courage to keep going in the face of both successes and failures.

The Present and Future of Independent Contracting in America

A Glimpse at the Numbers

According to government data, nearly a third of American workers are functioning as independent contractors. In a study conducted by Intuit, it was predicted that by 2020, approximately 60 million people, or 40% of the workforce, would become freelancers or temporary workers. Given that we’re now beyond 2021, the surge of interest in freelancing, especially with the global pandemic’s impact, is undeniable.

The Shifting Trend

There’s no mistaking the growing movement towards freelancing and independent contracting, enabled by advancements in technology and the Internet. Traditional company perks like pensions and 401k matching are on the decline. More and more individuals are embracing the freedom and autonomy that comes with breaking free from full-time work constraints.

Happiness in Independence

79% of independent contractors report increased satisfaction from working autonomously, according to MBO Partners’ 2019 State of Independence report. As someone who has been consulting for the financial tech sector through my own website for the last seven years, I am convinced that freelancing will soon surpass traditional full-time employment. The potential earnings for a skilled freelancer can easily exceed a regular employee’s salary, provided they manage their schedule efficiently.

The Perks of Being an Independent Contractor

Here’s a rundown of the benefits of working as an independent contractor or freelancer:

1. Freedom to Pursue Interests: You can select projects that genuinely interest you, rather than being trapped in repetitive tasks. If you build a solid freelancing career, numerous opportunities will open up.
2. Potential for Higher Pay: Contractors often command higher hourly rates, sometimes 30%-100% more than full-time employees, since they don’t receive standard benefits like healthcare or paid vacations.
3. Flexibility in Work Location: Many contracting positions offer the flexibility to work remotely. My personal experience in the financial tech world assures me that a quiet, distraction-free space often leads to greater productivity.
4. Pursue Your Passion Projects: Freelancing offers the flexibility to work on projects you love. For me, Financial Samurai has been a passion project that continues to generate revenue and provide enjoyment.
5. Quality Time with Loved Ones: The flexibility allows you to spend more time with family and friends. My personal experiences have taught me the importance of prioritizing relationships over work obligations.

Keys to Success as a Rockstar Contractor

For those seeking to thrive as an independent contractor, here are some tried-and-true strategies:

1. Add Value Respectfully: Always aim to contribute positively, but also know when to keep opinions to yourself to maintain harmony.
2. Understand Your Role: Recognize that contractors and employees are treated differently. Stay professional and understand your place in the organization.
3. Set and Manage Expectations: Work according to your contract, set boundaries, and maintain your work-life balance. Overworking without pay might not pay off.
4. Continuously Network: Keep building and nurturing professional relationships. Opportunities often come from connections within the industry.
5. Know Your Value: Research market rates and assess your worth honestly. Charge appropriately for your services, considering the benefits that full-time employees receive.
6. Maintain Gratitude: Always appreciate your clients and opportunities. Show respect and thankfulness, as you never know when a connection might become valuable again.

Final Thoughts

The YOLO (You Only Live Once) economy is here, and it appears to be here to stay. The allure of being a rockstar contractor continues to grow, attracting those who seek freedom, flexibility, higher earnings, and the ability to pursue passions. While there are challenges and risks involved, the rewards can be significant for those who navigate this path wisely.

Remember to read my book for additional insights, and always be aware of your worth, manage expectations aggressively, never stop networking, and above all, be grateful for the opportunities you have.

In this evolving economic landscape, the prospect of freelancing as a primary career choice is more feasible and appealing than ever before. It’s a journey filled with potential and fulfillment for those willing to take the leap.

The Importance of a Strong Professional Network

Having a robust professional network is key to achieving both professional and personal success. People within your network will champion and support you, creating opportunities for growth. But building such a network is no easy task, especially in a competitive environment.

A Mentor’s Perspective

For a decade, I mentored analysts and associates at investment banks. This experience allowed me to provide guidance, particularly about the importance of selling yourself both internally and externally, a ratio I suggest as 50/50.

I saw firsthand how those with strong networks advanced faster in their careers, even if they weren’t the best producers. Many believe that hard work alone should suffice, but in reality, networking is essential to outpace others.

Building a Network: A Journey

A network’s main purpose is survival, and having a supportive group makes life’s challenges more manageable.

When I launched Financial Samurai in 2009, I faced obscurity and rejection, prompting me to start my own blogging network. It was a collaboration that allowed us to promote and support each other, eventually growing to 120 bloggers.

But this venture wasn’t without its setbacks. Some members acted selfishly, leading to rival factions and reduced contract prices. Despite the disappointing behavior, I pivoted towards focusing on Financial Samurai, which is now thriving.

Where Are Those Bloggers Now?

Interestingly, the two bloggers who branched off are no longer around. They prioritized money over value, a strategy that often leads to failure. On the other hand, I continue to engage in private blog campaigns and run The Financial Samurai Underdog Tour and the FS Forum to help others grow.

Five Key Relationships to Cultivate

Building a network requires focusing on quality, not quantity. Here are five types of relationships that can make you richer, happier, and more successful:

1. The Life Giver: Someone with the influence to provide jobs. They may be a C-level executive, celebrity, or business owner.
2. The Golden Retriever: Individuals who can connect you to a Life Giver. They are often close confidants or assistants to influential people.
3. The Educator: Teachers, coaches, or board members who can boost your child’s education opportunities.
4. The Healer: Health professionals like doctors, nurses, or therapists who can provide medical advice and assistance.
5. The Unfiltered Genius: Smart people who offer candid and clear insights on significant life decisions.

Assessing Your Relationships

Evaluate your existing relationships, categorizing them into the above archetypes. Focus on nurturing relationships that offer real value and support.

If you cannot find these archetypes within your network, strive to become one. It will open doors to more influential circles.

A Note on Career Transition

If contemplating a career change, consider negotiating a severance instead of quitting outright. It can provide financial support during the transition, including healthcare, deferred compensation, and training. For more details, check out my book on how to navigate such negotiations.

Imagine a future that’s not driven by a pandemic or even something as fantastical as a zombie apocalypse or World War III. The urgency of these extreme situations pushes us to explore our options for financial stability from the comfort of our own home. Whether it’s personal financial emergencies or new family expenses, the need to secure our financial future is clear.

Before the world was turned upside down by the virus, many of us were already attempting to navigate our way through the online financial jungle. In my family’s case, my son’s second birthday in 2019 marked the beginning of a new expenditure: preschool fees of $1,950/month. Add to that a monthly healthcare premium of $2,200, and I felt a heavy burden settling on my shoulders.

Preschool was not just a childcare solution; it was an environment where our son could learn vital social skills. With another child on the way, and the anticipation of further challenges ahead, preschool was our planned support system for 2020. But then, the virus hit.

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With the online world at your fingertips, the opportunities to earn from home are virtually limitless. In my personal journey since 2009, running a personal finance website has proven to be the answer. The scalability of starting your website is immense, making it an apparent choice. If you’re looking to dip your toes into the online world, a blog is the simplest place to begin.

My experience with Financial Samurai, which I’ve been nurturing since 2009, allowed me to face the pandemic’s uncertainties with a steady workflow. Even after 11 long years, the disruptions of 2020 didn’t throw me off balance.

Having children, though a joyous experience, brought its own upheavals. It’s not a decision to make lightly. I encourage you to define your financial goals and evaluate your relationships before taking the plunge into parenthood. Raising children is a beautiful but demanding journey!

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While the pandemic did briefly hinder our lifestyle and income flow, I maintained my thrice-weekly publishing routine without a hiccup. The ever-changing world never ceases to be fascinating, and quitting was never an option.

Indeed, earning money online seems to be the path of the future. I encourage more people to grasp the opportunities now, build their websites, and embrace virtual consulting.

The Sustainability of Online Income

The fluctuating advertising rates during the pandemic highlighted the resilience of Revenue Per 1,000 sessions (RPS). After initial declines in March and April 2020, advertisers bounced back to normal spending levels. It’s worth noting that RPS generally peaks during the holiday season.

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The defensibility of online income underlines the attractiveness of blogging as a viable money-making option. If writing is your passion, any earnings from online advertising are icing on the cake. The intrinsic value of writing can be rewarding in itself, and the ability to create a stable income source is an added bonus.

The Pleasure of Earning from Home

During the pandemic’s most terrifying phase, I penned three articles to help make sense of the chaos:

• How To Predict A Stock Market Bottom Like Nostradamus (3/18/20)
• The Economy Or Maybe Your Life: How Much Pain Are You Willing To Endure? (3/22/20)
• FIRE Confessionals: How A Bear Market Has Impacted The Financial Independence Movement (3/27/20)

These posts were not only a joy to write but also a balm for my troubled soul. I initiated Financial Samurai in the thick of the 2009 global financial crisis, and writing has been a therapeutic way to articulate my worries.

Even the dip in online advertising during March and April 2020 didn’t dampen my spirits. Since the ads are programmatic, I could concentrate on what I love the most – writing.

Persist in writing with passion and belief, and your website will inevitably resonate with others. In a world populated with almost 8 billion people, you’ll undoubtedly find your audience.

The Ideal Work-from-Home Job

While the easiest way to make money from home might be through a website, the best work-from-home job requires more nuanced considerations. Running a blog demands a multifaceted approach, including dealing with spam comments, website design, content optimization, tech glitches, plagiarism issues, social media posting, business development, and even more.

These tasks consume time, often diverting attention from the primary joy of writing. That’s why the most rewarding work-from-home job may lie in activities that enhance a website’s growth or user experience.

Ranking the Best Work-from-Home Jobs

1. Author or Writer: The timeless value of written communication makes authors or writers a top choice. Freelancing or self-publishing offers promising income potential.
2. Editor: As online content proliferates, there’s a growing need for editors to polish and perfect content.
3. Virtual Assistant: Offer administrative services from home, such as email handling or social media management.
4. Graphic Designer: Design engaging visuals for websites, social media, or advertising.
5. Online Teaching or Tutoring: Utilize your expertise to teach subjects online. Platforms like VIPKid and Coursera are notable examples.
6. Search Engine Optimization (SEO) Specialist: Help businesses or individuals improve their online visibility.
7. Social Media Manager: Manage, create, and publish content on social media platforms.
8. Financial Advisor or Consultant: Offer financial advice or consulting services remotely.
9. Life or Business Coach: Guide clients towards personal or professional growth from the comfort of home.
10. Medical Transcriptionist: Transcribe medical records from home, a growing field with the continuous expansion of healthcare services.