April 8, 2014, 5:00 am

How I earned a second paycheque in my spare time

by: The Financial Blogger    Category: Business
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This is a guest post from a blogger fella Robb Engen. After some discussion, I realized that he was running several online gigs on the side and his wife has even stopped working! He would definitely qualify for my post “Successful Double Income Stories That Don’t Lead to Quitting Your Job.” Enjoy!

 

One thing I’ve always admired about Mike is that he has managed to negotiate a four day work week so he could devote more time to his side business.  He’s struck the perfect balance between entrepreneurship and a steady paycheque.

I don’t have a four day work week but I left the job where I was working 60 hours a week in the busy hospitality industry and headed to the public sector where the hours are much more flexible and I’m home from work before 5:00pm every night.

Rather than spend my ample free time on the couch watching television or lurking on Facebook, I research and write about personal finance and investing on my blogs as well as for a national newspaper.

It all started the year my first child was born and – after she settled into a sleep routine – I found that I had nothing to do in the evenings after 7:00pm.  I started reading blogs like Million Dollar Journey and The Financial Blogger and realized that instead of consuming content all night long I could be creating my own.

Most personal finance blogs were all the same: 30-something guys trying to save and invest their way to financial independence.  I wanted something different to stand out from the pack so I talked to my mother, a former financial advisor with one of the big banks, about a tag-team approach to the blog.

The Boomer & Echo blog was launched a few months later.  We split the writing responsibilities and managed to publish five articles a week for two years.  Within eighteen months we had 100,000 page views per month and earned over $3,000 per month in advertising revenue.  The extra income allowed my wife to stay home full time to look after our two kids.

I’ve learned that you need to diversify in order to be successful online.  I went on a guest posting spree for a few months to promote my blog and got noticed by the personal finance editor at the Toronto Star.  Now I get paid to write a bi-weekly column for a major media outlet!

I also found a niche that I liked to write about – rewards cards and loyalty programs – so I started the Rewards Cards Canada blog.  The niche happened to be underserved at the time and had the potential to be highly profitable with the right affiliate partners.

Earlier this year my mom and I started a fee-only financial planning service where we help clients identify their financial goals and write a plan to achieve them.

The point is: I spread my risk from one online income source to many different ones, and even though my main blog has suffered from lower search traffic in the last year or so, my side income has continued to grow.

I expect to generate about $65,000 in revenue this year from advertising, referrals, freelance writing, and the new planning service.  The best part is that I can do all of this during the evenings and on weekends and still have plenty of spare time to play with my kids, go out with my wife, or stay home and watch Netflix.

Robb Engen is one-half of the Boomer & Echo blogging team.  He recently started a new blog called Earn Save Grow that features stories on how to earn more rather than spend less.

 

A Few Notes from TFB…

 

Last week, I discussed about four other guys doing what Robb is doing; use their free time to work harder for themselves instead of working harder for the boss. The result is always the same: more money in your pocket than you can even imagine.

 

I appreciate the insider view of the personal finance Boomer & Echo provides. I try to give a similar feel to this blog as I think people should know more about the banking and financial industry. This is definitely a great and unique angle to approach personal finance. But you can find your angle too, or find something completely different to talk about and still make money.

 

Turn off that darn TV, find something you are passionate about and start working on your website. I’ll make a bet with you: I bet you won’t quit your job with your new site but I bet you will beat your day job hourly wage!

 

If you have other stories to share like this, I definitely want to hear about them!

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