For those of you looking to retire early with financial freedom, think about what your bare minimum retirement would look like. Could you move to a place with a lower cost of living? Would you give up going out to dinner? Work towards a nest egg that will support this bare-bones lifestyle. You probably will decide against moving to that cabin in the woods without running water, but it might be nice to know you could. Considering your bare minimum retirement, and knowing you have enough money saved to at least cover some standard of living in your early retirement, will also influence other life choices you may make along the way.
Great article but #8 is a little light on sourcing and selling ideas for physical products: If you have unwanted clothing and/or broken/used electronics and accessories, eBay is still the top marketplace to turn that into cash. You can sell new/used electronics, toys, and books on Amazon for top dollar. If you’re crafty (get ideas from most-pinned holiday craft photos on Pinterest), you can sell on Etsy.com. Sellers on each platform can get started on a shoestring. Good luck!
Let’s say you have a promotions page where you’re promoting a product via affiliate links. If you currently get 5,000 visits/month at a 2% conversion rate, you have 100 referrals. To get to 200 referrals, you can either focus on getting 5,000 more visitors, or simply increasing the conversion rate to 4%. Which sounds easier? Instead of spending months building domain authority with blogging and guest posts to get more organic traffic, you just have to increase the conversion rate by 2%. This can include landing page optimization, testing your calls-to-action, and having a conversion rate optimization strategy in place. By testing and optimizing your site, you’ll get far better results with much less effort.
I would argue that, if you can increase the value of your full-time gig, it's probably not necessary to get a side gig. I do think people need some free time to enjoy themselves. Sometimes we get so caught up in raking in an extra $200/mo from side hustles that we don't realize they're not always worth the time. So know the most efficient way for you to earn money, first of all. Slashing expenses like a madman doesn't hurt, either! That's what enabled us to pay off our debts so quickly.
Affiliate marketing has grown quickly since its inception. The e-commerce website, viewed as a marketing toy in the early days of the Internet, became an integrated part of the overall business plan and in some cases grew to a bigger business than the existing offline business. According to one report, the total sales amount generated through affiliate networks in 2006 was £2.16 billion in the United Kingdom alone. The estimates were £1.35 billion in sales in 2005. MarketingSherpa's research team estimated that, in 2006, affiliates worldwide earned US$6.5 billion in bounty and commissions from a variety of sources in retail, personal finance, gaming and gambling, travel, telecom, education, publishing, and forms of lead generation other than contextual advertising programs.