Welcome to PFI and the weekly updates – The Outsource Edition. This week’s edition highlights a topic that I have been focusing a lot on recently. One of the issues that I consistently struggle with is having enough time to balance a full time job, a family with two young boys, and building passive income streams. I eventually plan on phasing out my full time job as I continue to grow and build passive and alternative income streams so that I can spend more time with my children and wife.
I currently spend about 10 – 12 hours per day at work, 3 – 4 hours working on passive income streams, and 1 – 2 hours with my wife and children during the week. On the weekends, I normally have a few more hours to devote to building passive income and make sure I spend the remaining time with my family. As a result of these long hours, I have sacrificed sleep (which is not good), and any social life outside my family.
How do I plan to move on? At this current rate, I would probably burn out after a while. I have been working this schedule for well over a year and eventually it will catch up to me. As a result, I plan to focus a lot of attention on outsourcing some of my work. While some tasks I will keep working on myself, other tedious tasks that seem to take up a lot of my time will be considered for outsourcing. I plan to post updates and my outsourcing adventures and will provide any tips and tricks I figure out along the way.
What experience have you had with outsourcing some of your passive income work?
Personal Finance Blog of the Week
As part of my effort to meet my personal finance goals for 2009, I plan to visit other personal finance blogs and help promote the good ones anyway I can. Each week I will write a short review of a site that I believe is worthwhile checking out.
- One Caveman’s Financial Journey – Over a year ago when I first started PFI, one of my favorite personal finance blogs was One Caveman’s Financial Journey. In fact, one of my all time favorite posts ever was written by That One Caveman which gives tips on vermicomposting. If you have any interests in gardening or landscaping, I suggest you check this post out. Besides writing about little red worms, the site contains a lot of great articles about frugal living and personal finance. If you haven’t had a chance to check out this site, be sure to stop over and take a look today!
Carnivals
I participated in the following carnivals over the past week. Please check out some of the great reads from these carnival!
- Carnival of Personal Finance: Vacation-time edition – (June 1, 2009) Tips on How to Be Frugal at the Zoo – hosted by Funny about Money.
- Carnival of Pecuniary Delights #10 – Summer Storm Edition – (June 4, 2009) 3 Keys to Creating Passive Income – hosted by Counting My Pennies. Thanks to Counting My Pennies for including my post as one of the Editor’s Picks!
Articles I liked
Here are a couple articles I enjoyed over the past week. Please check them out and enjoy.
1 – Money Energy – “No-Spend Days:” How Many of Them Can You Fit In A Month?
2 – Fiscal Fizzle – 7 Tips For Turning a Hobby Into a Side Income
3 – Fighting Foreclosure – Frugal Gardening
4 – The Simple Dollar – How to Organize and Host a Frugal Block Party
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Thanks for the mention! Glad you like that article. I also remember reading One Caveman when I started blogging…. his was one of the “big blogs” that I always hoped I’d have as much success as. Congrats on your editor’s pick!
MoneyEnergy’s last blog post..How Many Economists Does It Take To Build A Successful Blog? One, if it’s The Weakonomist
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