Today we have Jim from AcceleratedFI, Jim maintains that a ton of personal finance sites out there focus too much on the saving money part of budgeting and not enough on the income producing side. He uses his site AcceleratedFI as a means to document his side hustles and provide educational material to others out there.
Welcome!
[3:19] If we were invaded by aliens and we had to give up one flavor of ice cream and you had the final say, would you give up vanilla or chocolate and why? (ice-breaker)
Chocolate
[4:6] Let’s chat about having a business on the side, you have a section on your website all about Amazon FBA, what is that and what does it entail?
Prime shipping – Fulfilled by Amazon
You source your own factories and goes straight to amazon
5 years ago company that Jim worked at started doing downsizing
Give people a reason to buy your product
Entirely done on amazon
[8:37] How do you find the balance between FI and spending money on your businesses? Has it been challenging at all?
Amazon you rely on a factory and they fulfill it
[10:23] How hard is it to build up a niche website and get up to speed with everything you need to know to make money online?
Nice to buy existing websites, you can make money from the first day
Probably takes 4-6 months to get going
Jim tried to do investing and then tried to buy the websites instead
[11:59] There are a ton of misconceptions about FI, is there anything you would tell the younger version of yourself, knowing what you know now?
Start when you’re younger
Look for other asset classes
Sponsor
[14:49] Sponsor: Check out the Chain of Wealth Money Minute, available on Alexa, iTunes, Stitcher and Google Play
Value Link Round
[15:25] What is your saving or retirement plan?
Max 401k – plan to retire early by 45 years old
[18:47] Do you have any other books or podcasts you can recommend?
The Side Hustle Show
End of jobs by taylor peterson
[21:38] Favorite Quote you like to live by?
You shouldn’t follow your passion you should follow your pain
[22:23] Parting piece of advice?
Find a side hustle today and just start it, there never is a good time or a free time, the best thing to do is jump in
