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Tuesday, October 21, 2014

Goodbye Moneysense

Posted by Tim Stobbs on June 28, 2012

So after years of it coming to my door I just got my renewal notice for my Moneysense magazine subscription and I cancelled it.  Pardon!?!

It occurred to me I had kept the subscription up because I thought I liked the magazine still.  Yet when I thought back to the last issue I realized I only skimmed the vast majority of the magazine.  This isn’t a slight against a the magazine as it did provide me with a lot of education over the years, but now I’ve realized I’ve out grown it.

I’m sure anyone who has read on a particular topic for a while is familiar with this problem.  You start reading a particular set of information sources until one day you realize you actually already know the majority of what is in the information source.  In a nut shell, you have ceased to learn anything more from that source.  I’m at that point with Moneysense magazine and actually several of the blogs that I used to enjoy reading.  In some regards I feel like I’m eating fish from these sources when in fact I know how to get my own fish now so it seem sort of pointless to continue reading.  Except perhaps for the ones I just find entertaining regardless.

But Tim, don’t you produce some ‘fish content‘ as well? Hell yes I do.  Why?  I understand not every comes to this blog at the same reading level, some of you need some of the basics which does result in ‘fish content‘.  I don’t mind doing this some of the time as long as I don’t feel like I’m repeating myself endlessly.  I also still try out new things and share those experiences with you.

So goodbye Moneysenese, I’ve enjoyed you over the years but it is time to move on.  So what have you stopped reading as you have moved along your path to financial independence? What did you start reading?

Another One Down

Posted by Tim Stobbs on May 9, 2012

So with much sadness I will report the loss of another PF blogger.  Thicken My Wallet has put up his final post after being at this for five years (actually this happened at the end of April, but I’m behind on my reading). You will be missed. Bloody hell, I’m starting to feel old here as the over five year club for canadian personal finace bloggers is getting smaller. 

With all due respect I know the feelings that lead to people shutting things down and moving on.  It has occured to me several times over the last few years myself.  Life is busy and continues to change at a rapid base and some days I really don’t feel like writing a damn thing.  I’ve even entertained the idea of selling this blog once in while.  Yet somehow I find my passion again and keep going even during the low points.

To my readers: thank you for every comment, question, and feedback you provide.  You guys are the reason I keep coming back around.

Off to CPFC12 This Fall To Talk Business

Posted by Tim Stobbs on March 22, 2012

Well in case you weren’t on the early bird list, the CPFC12 conference (Sept 21 to 23, 2012) for personal finance bloggers opened up registration recently.  They blew threw the early bird tickets at a brisk clip and as of the last time I looked there are only 7 regular tickets left.  I was one of the lucky ones to get an early bird ticket at half off.  So I’m off to Toronto this fall to talk with a great group of people about blogging and money.

Yet what really struck me as odd was this post over at Blonde on a Budget where she talks about saving up for the conference.  Why? Because literally the thought that went through my head when I was reading the post was “But why would you do that? Can’t your business cover the expense?”  At which point I realized just how far my blog has gone from hobby to business.

While these aren’t any final figures, so far my rough pre-tax calculations were my business in 2011  I had total sales of approximately $7200 last year with a profit of about $4200.  Yet that included all revenue from this blog, freelance writing and book sales (so yes, obviously I’m not getting rich writing).  Yet what struck me as surreal about those numbers was that fact that was my third job and I wasn’t putting in that much time into the business compared to my day job or school board trustee job.

Of course this got me thinking that if I can pull off that amount as my third job, just imagine what I could do with a little bit more time to work on things.  So my initial idea of pulling down $5000/year in semi-retirement situation seems damn reasonable all of a sudden.  Or alternatively if I add up 4% of my current investment net worth (to simulate a sustainable withdrawal rate), my wife’s business profit and my business profit we end up with a figure of approximately $20,000/year.  That is within striking distance of our post-mortgage expenses of $24,000/year.

While I don’t want to semi-retire with that little saved, it does provide a nice sleep at night factor to realize that once the mortgage is paid off later this year that I could lose both other jobs and still be fine looking for a new day job for years.  I suppose that is the point of either having your own business and/or planning for early retirement.  You become independent of having a day job at all.

So do you have a small business?  If so, how much time do you put into it and how do you do for sales? If not, would you consider one in your retirement years?