I checked with HR at Wal-Mart to find out what changes occur when I go from full-time to part-time. The main change is that I will not have sick pay and my vacation pay will accrue at a slower rate. When I get closer to going part-time I will find out exactly what I would’ve had for sick and vacation pay. Before I go part-time, I will make sure that I have that equivalent in savings.
At some point, I will figure out what I want my “benefits” to be as a self-employed woman on her way to financial freedom from passive income. I will have my benfits equivalent in its own savings account. My self-employment income goals will not include my benifit package (savings).
For now I’m very happy and excited to have more than the hours I’m cutting back at Wal-Mart covered with the income I’m getting from writing. I’m also looking forward to having more time to write which will increase my self-employment income. With just the work I have now, I’m under my earning potential due to not enough time available.
I can’t work on savings right now due to I’m in desperate need of the income, but that will pass. By the beginning of the year I plan to have one part-time job and writing full-time! By my birthday I plan to have my self-employment benefits package in savings.
Organizing has been a priority lately as more writing jobs are coming in. I wrote a post on this Wickefire thread, How do you stay organized? There are some other posts on it with good information also.
I have today and tomorrow off from one of my wage earning jobs. Tomorrow is busy with some appt and my second job. Today is time with my daughter and one meeting at church. I hope to catch up on writing jobs and writing for my own projects. I can hardly wait until Saturday when my hours will be reduced at Wal-mart! I’ve been feeling a little overwhelmed lately, but at the same time excited as my Jan’s Writing Services is growing! 
Not only was Wal-Mart a good move for the advancement opportunities, training, and raises…..it fits with becoming self-employed! I got the OK from the assistant manager that is over the department that I work in to go to 4 days. It will go into effect in about 2 1/2 weeks.
While I was waiting I got a weekly and monthly writing job. I am focusing on my one day a week that is dedicated to self-employment, mainly writing.
These steps will be fine tuned for one day a week and later I will use the same process to add other days and later apply the same process to passive income. Income is the money AFTER expenses. With writing I don’t have hardly any expenses since I already have a computer. The only expense right now is the small fees that Paypal charges to do my payments through them.
THE STEPS OF PHASE ONE
- Return to writing (May 2008)
- Promote writing services (June and July 2008)
- Updated my writing services page on blog
- Put link in my signature on Wickedfire forum posts
- Wrote a package of 5 related articles with researched keywords and offered for sale on Wickedfire (sold in less than 24 hours)
- Helped other writers (3 threads started to benefit all Wickedfire writers)
- Received orders and delivered articles (July 2008)
- Added to iTrader of clients and received iTrader points (July 2008)
- Decided I had enough work to replace one day pay a week at wage earning job (August 2008)
- Brainstorming about other self-employment income to cover one day pay-photo taking idea (August 2008)
- Create secure income (Currently working on)
- (one day wage earning pay X 2) X 12 = savings needed before I repeat process on another day per week
- Have steady and regular income from writing that equals two days pay for 3 months
- Begin plans for secondary self-employment stream
I will have the income for that one day backed up by 4 other sources of income and a 5th one in the works.
Initial day of pay will be covered by the income from writing. This is how I will make sure I have additional income to cover that SAME day in the event any income fails or drops:
- Flexible/relief shift at a second wage earning job
- Enough article writing orders to cover twice what is needed to replace the income for one day at wage earning
- Savings that is equivalent to 3 months of pay from that one day
- Secondary writing income (pre-written article packages)
I will develop my photo business plan and test it out.
This provides 5 income streams for one day and another one in the works. I could loose any one of them and my level will not change. What will I do if more than one income stream brings in money? I will enjoy 1/3 of the excess income, save 1/3 of the excess income, and reinvest 1/3 of the excess income back into self-employment business development. Once I have 3 months of savings to cover that one day, I will move towards a second day of self-employment and repeat!