What part time remote jobs or location specific jobs give you 20K/yr?

[TopHatFox]

http://www.moneychimp.com/calculator/co ... ulator.htm

From the WSP post, getting to 1M sounds like a snazzy goal. I did some math, and saving around 50-60K for 5-6 yrs can get you to 500K. Then saving even 10K/yr for 10 yrs with 6% off the 500K/yr can get you to 1M. I suppose this is exactly what C40 is doing, more or less. It's what MMM did too, except his side hobby took off and now it's multiple million (along with loss of privacy). It reminds of the first become FI, then become rich post.

I'm wondering what kind of remote part time jobs, or even location dependent jobs for a year at a time, can bring in 20k/yr? I think this would be a pretty great plan. Heavy accumulation/farming in your 20's, easing off the pedal in the 30's, traveling, chasing tail part-time, but still doubling $. Have resources to raise a kid if you want in your 30's or 40's. Fit in financially with all the normies by your late 20's.

[jacob]

I did some math, and saving around 50-60K for 5-6 yrs can get you to 500K.

Insofar you assume a consistent ~20% APY

[2Birds1Stone]

If you actually did the math you would see that savings between $50-60k a year for 5-6 years would have you end up $298-$443k, even with steady 6% returns during that time. Which also drastically changes your time to $1M assumptions.

Then this begs the question of whether it's better to just continue piling up at $60k for a handful of years and calling it quits vs. having to work for a decade.

If you plan on making $20k/yr and living off of $10k/yr, why even bother savings to $1M?

Have you really thought this through? Who wants to fit in with the normies anyway?

[The Old Man]

A part time job earning $20K/year is a pretty good return. You should be looking at a business of some type. $20K over 500 hours/year works out to $40/hour which is a very good return.

[TopHatFox]

@2Birds, sorry I forgot to mention 100K original balance.

My thought is that if you don't work at all -- like no side business, no book writing, no blogging, no videomaking/photography -- there's a higher chance of depression. There are lots of retirement studies showing that keeping active in some way (employment being a good one to bolster portfolio returns) is a good idea. So why not get a lifestyle bump at 30 while also reaching a higher NW bracket in the meantime?

I don't really care about fitting in with the normal spending people per say, but it is kinda nice to be able to afford/use a car, buy meals out for people, travel internationally to places like Western Europe, and buy shared experiences with other people. Since most ppl are broke as hell, it's pretty cool to have the power/option to share experiences with them if you want to. Not that a 500K portfolio can't do that, but a 1M one does so with a lot more lee-way, even if it gets halved by market conditions at the time.

[EdithKeeler]

I used to sort of fantasize about a “small” part time job that paid a little bit and didn’t require a lot of stress, so I could do other stuff (travel, work on my business, take the dogs to the park when I want to...). But then it hit me that I’d still be controlled by others’ schedules, etc. I remember working fast food, waiting tables, working retail, etc. where I still had to be at work on certain days at certain times, and cover for Judy who was going on vacation or having a baby or whatever. In other words, I really wasn’t THAT free. Oh, I maybe took off for a week or so, but beyond that, o might not have had a job to come back to.

I think that’s the danger of a lot of small part time jobs. And if you work for yourself, you’re most likely going to be so into it you won’t want to take off.

I mean... it’s great if you can find the right set up. I just am not sure there’s a lot of jobs like that out there.

[OTCW]

National Guard

[theanimal]

-Insurance underwriting
-Freelance writing
-Uber/Lyft Driver
-Seasonal work (guide/technician)
-Seasonal business (urban gardening, shaved ice, snow shoveling)
-Oil/Mining (don't you have a geology degree?)
-pretty much any job

[Dream of Freedom]

I think if we have learned anything from watching your career path it is that you are kind of picky about jobs. Not that that is necessarily a bad thing, but it does make trying to answer a question like this a bit dicey. Besides we are talking something years away. Things change. People change. And opportunities will come and go.

[EdithKeeler]

-Insurance underwriting

Curious if you know anyone currently doing insurance underwriting part time. Just because I work in insurance (not underwriting) and our underwriters work tons of hours and are on call to accounts and agents pretty much all the time.

[Lemur]

You can work at Lowe's or Home Depot part-time. They're always looking for people to work in the lumber departments. Those jobs are very high-turnover. For good reason too...I did it for 3 months. My older brother has worked in lumber for 5 years. He says the average person sticks around for about 6 months...

[jacob]

@Lemur - Why? What's the reason?

[Kriegsspiel]

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[Gilberto de Piento]

[Why? What's the reason?

Working at hd is a lot like working at mal-wart. Inconsistent hours, low pay, close one night and open the next morning. Demanding customers. About 10 years ago department managers there were making 30 to 40k, no job security, annoying mandatory early morning weekend rah rah meetings, understaffing. They will promise you 40 per week 9 to 5 and give you 15 at random times.

Lumber annoyances would be dealing with customers who want good lumber (mostly not at HD), cutting lumber for people who don't know what they want, people digging through the piles and leaving wood everywhere to restack, trying to drive a fork lift while idiots try to sneak in the fenced off area.

[theanimal]

Curious if you know anyone currently doing insurance underwriting part time. Just because I work in insurance (not underwriting) and our underwriters work tons of hours and are on call to accounts and agents pretty much all the time.

Me

ETA: my experience is almost the opposite of your colleagues. All of it is remote and most of the work is automated so I act more like an auditor just confirming or requesting pertinent information and documents. I don't have to talk to any accounts so there is basically zero stress. It's quite nice.

[EdithKeeler]

ETA: my experience is almost the opposite of your colleagues. All of it is remote and most of the work is automated so I act more like an auditor just confirming or requesting pertinent information and documents. I don't have to talk to any accounts so there is basically zero stress. It's quite nice.

Interesting--thanks. Our underwriters work very closely with agents, work on getting the right accounts to the company and rehabilitating iffy accounts so that we can write them, coordinating with loss control, working to develop new business, etc. They also work very closely with claims (me!). It's interesting that your work is very different.

[Jin+Guice]

$20/hour at 20 hours a week 50 weeks a year = $20,000/ year so... pretty much a lot of stuff.

[Gilberto de Piento]

@ffj all your observations sound spot on to me.

One more thing about hd. Their marketing has a lot about how the employees are experts. This means that customers think that the 19 year old in plumbing is really a pro plumber. If they were a plumber, why would they be working at HD for $10 an hour? It occasionally happens but was rare.

This results in angry, disappointed customers when the college kid can't cite code and tell the customer what to do for their diy remodel job. Or gives bad advice when they try to live up to the expert image.

[Solvent]

Can I say I'm enjoying this thread just for ideas, and suggestions getting shot down?

For THF, whenever this kind of topic comes up (and it comes up a lot) I always end up feeling like the best solution is not looking for serious part-time work. It's looking for 6-12 month, full time contracts in a well-paid professional field. Sure, while you're on the contract it's more stressful and you're less flexible. But as far as I can see, the difference in pay probably more than makes up for it. So don't get to your 500k and then look for part-time. Get to 500k and then become consultant, take a couple of 6 month positions here and there, enjoy a nice 3-6 month holiday in between each. That'll be more effective at getting you to 1m if you're set on not spending your prime years in a 9-5.

[jacob]

Also, when you have 500k invested, it corresponds to pulling 500k*(3--4%)/2000hours = $7.5-10/hr tax free. I've found this factor to be somewhat debilitating on the motivation to work for money at these levels and work therefore requires another [more intrinsic] motivation... which might be hard to find for the kind of work required from ~minimum wage jobs.