Retire Early with Etsy as your side hustle

Retire Early with Etsy as your side hustle

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Etsy are always telling us to ‘Quit your day job’ but that seems out of the reach of many of us, but how about if we think of our Etsy shop differently? What if we see our Etsy shop as a side hustle to let us retire early as they talk about in the FIRE comunity ( financial independence, retire early)

can you use Etsy as your site hustle to
retire early Etsy has always pushed this dream of quit your day job and people
can feel like a failure if they're just not earning enough to do this given that
95 percent of sellers on Etsy have not yet reached 1,000 sales and the average
monthly earnings on Etsy is only a hundred and fifty dollars a month this
sounds like it's only the exceptional shops that can just quit their day job
and live off of Etsy Only the top three percent of sellers on Etsy earn
the national minimum wage but there might be crafty ways that you can use
your Etsy shop to work towards leaving the rat race and before we get started I
want to remind you all that I'm not a financial advisor these videos are for
education and entertainment purposes only so if anything they say here rings
a bell resonates a bit with you don't forget to check out with a qualified
person before taking the jump have you heard of the fire community financial
independence retire early this is a community of people working towards or
have actually achieved early retirement and how they do it is by fat fire and
lean fire lean fire what this means is you cut down your living expenses you
minimum you become minimalist in your spending so that you don't need so much
money so you can get out of the rat race and fat fire is ways to make more money
so that you can build up a bigger nest egg and leave quicker now we all know a
good balanced diet has a mixture of both so let's think about what we can take
from fat fire and lean fire and use our Etsy shop I know if you look deeply
into this fire community it does seem like it is not for the majority of Etsy sellers this is generally populated with fairly young people with fairly
good jobs which most of us are not it's talking about and empowering people to
actually bill to retire in their 20s I might I might have missed the boats just
a touch for that but if we borrow some ideas from them we might better focus
what we're doing and head towards a goal of at least being more financially
independent one principle that many people talk
about is aiming to take 4% of your savings and live off that every year and
even taking yearly inflation into account if this is invested wisely it
should be able to last you forever as you're removing less then interest is
growing your lump sum so you need to figure out a sensible amount your annual
wage what you can live on for a year and then you multiply this by 25 and this
would be the amount of savings you would need to bail to quit work and just live
off that 4% now a more minimalistic life for a crafty person doing what you love
might be more rewarding than 40 years in the rat race so what expenses can we cut
away on that are not cutting our quality of life perhaps a smaller house or if
we're not having to go to work in an expensive area perhaps we could move to
a cheaper area or rent out rooms in the house that we have and do you really
need that brand-new Lamborghini in fact if you're even thinking about buying a
Lamborghini perhaps this journal is not for you but
the car loses the most of its value in the first three years
so perhaps is worth thinking about who are you trying to impress by getting a
brand new car when maybe a three year old one will do you just as well so if
we imagine we need $20,000 to get by that's more than the minimum wage many
people could manage comfortably on that for the 4% rule we would need half a
million dollars okay that's quite a lot but can we get that down any now if
every day on the way to work you pop in to Starbucks for a $5 coffee that alone
means you need $50,000 less in your lump sum if you decide not to have that
Starbucks coffee and if your suspend a favor at lunchtime getting sandwiches
and snacks that's another 50 grand down we're already down to nearly 400,000
we've taken nearly a hundred thousand off that lump sum we need and the only
loss in quality of life is you've got to make a coffee in the sandwich at home
but think about other things I know many of my friends
talk about taking expensive foreign holidays because they feel they have to
because they're so burnt out with work so if you're not doing a job that you
hate a job that stresses you so much if you're a bit more your own boss I mean
yeah I get jealous when I look at my friends brilliant pictures of their
holidays but at the same time if it's a beautiful sunny day like it was today I
can take an hour off and go paddling in the river I can have my own mini
holidays whenever I want them so an average for a lot of people is about
2,000 pounds a year in holidays if we even cut that down a bit we can get down
to about three hundred and sixty thousand metres in a lump sum and
another thing a lot of people are paying a lot out in overpaying insurance when
was the last time you checked your house insurance your car insurance all these
insurances they creep up slightly year-on-year so if you just take a
minute to phone round you can actually save yourself quite a bit there this
last year I've saved myself three hundred and fifty quid so we're down to
three hundred and fifty thousand we need in our final lump sum and if we just add
on to this taking Etsyas our side hustle for a hundred and fifty dollars a
month that takes us down to just over three hundred thousand where needed but
this figure of this one hundred and fifty dollars a month this is averaged
over everyone this isn't taking out the massive amounts of people that just quit
straight away as we figured out last week if we keep plugging away at this if
we keep working hard if we keep at it and improving then we've got a good
chance in being doing a little bit better so let's imagine that this is
gonna grow a little bit I think five hundred dollars a month is not
unrealistic so that having an Etsy shop bringing in five hundred dollars a month
has taken us down to two hundred thousand dollars that's sixty percent
less than that half a million total we were talking about at the beginning it's
only for many of us that's still a huge figure but for some that's achievable
and this could be we could have a much better quality of
life because working for $500 a month on Etsy and cutting out a coffee here
and there a big deal and where else can you make changes do you know the average
American has $38,000 in debt if you can pay that off then you're not
losing all that money and interest and also over time the battery to get on
your eat see shop the more you Etsy shops lately to grow so while you're
saving up for your two hundred thousand dollars to put into savings your shop is
making more money you're able to put more in the bank and you bath ahead for
this goal a little bit sooner so if you hate your job and you're really wanting
out of the rat race there's perhaps a little window of opportunity in using
your Etsy shop as a side hustle rather than thinking you're a failure if you
just haven't been able to quit your day job I hope that helps don't forget click
on my we face to subscribe and come back often thank you so much

9 thoughts on “Retire Early with Etsy as your side hustle

  1. Hi Pam! Thank you very much for such interesting video! I enjoyed its every minute 😉
    I have a question. Where did you get those figures? Is there some official statistics on this topic? I mean the sellers revenue level on Etsy

  2. Ahhhhh Pam Duthie. This is the most inspiring video yet. I have been saving my Etsy income since I started a year eight months ago so this video is the perfect video to me. I still work my nursing job on the weekends and I have Monday-Thursday off. On those days, I have been focusing on my online business and how to understand SEO, grow my boutique and one day surpass my income for my regular job. With time, patience and alot of hard work, that day will come!!. Thank you once again for an amazing video.

  3. Great topic❣️Enjoyed that Nest Egg graphic to get the point across.

    Some folks can't exist without spending money that they don't have. It took me a while to realize the importance of budgeting and paying off credit card interest. It works and I'm building a Nest Egg of my own, finally!

    These are exciting times with so many marketing ads and enticing things to tantalize our senses and lead us right into temptation.

    I recently dropped my commercial insurance by not renewing. I saved $800.00/year. Since I am not merchanting at events lately or teaching classes in my studio, I don't need that type of policy. There is crafters (event) insurance available elsewhere, should I need it on the go.

    So now the challenge is to remove what doesn't work in my Etsy shop and market the items that are good sellers. Instead of spending on more supplies, I am investing in production time and recycling materials that I have on hand. That savings will take care of Etsy fees and studio utilities.

    I have enjoyed a Staycation or two.

  4. "I might have missed the boat a bit on that" haha, me too! Already at the age I could get Social Security, I know I will be working right up to the day I'm smelling the daisies from the wrong end. Etsy helps my sanity, if not my pocketbook.

  5. I've been catching up on your vidoes the past couple of days, I think I am now up to date! I like this one as I think Etsy is a great place to earn extra income. I'm very fortunate to be a ful time 'crafter' and enjoy my work so much that at this point I dont think I would ever want to retire. I think if you do what you love then it's not 'work' anyway. Thanks Pam, you always put out wonderful informative and entertaining videos. Sorry I have been missing your live streams recently but I always enjoy watching your videos live or not! (they are often on in the background while I 'work')

  6. I could live on very little as I imagine many people already do in modern society. Its housing cost and bills that really make it hard on everyone. I have a full time job and would need another one just to cover cost of rent. I am VERY lucky I dont have to do this and enjoy fasting a lot too so my money is love but I dont spend that much. Most of my money is spent on supplies for my shop like mount boards and props for photography. I know it will take a long time before I will be free of the rat race and be my own boss but I am in no hurry. My life is very comfortable right now and I still have TONS to learn. Great topic Pam.

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