Hello FI people! In today’s interview we meet Stanley, a smart guy from the Netherlands we met at the FI-Europe Retreat in Portugal. We’ve been quite impressed with his unique mix of day job and side hustles in the field of medical research, so we hope you will enjoy listening as he explains how he manages all of that and what possible evolutions it can have.
We also talk about:
- Saving rates and targets
- Flat advertisement model
- Balancing day job and side hustles
- Innovating conference styles
- The importance of actually starting a project
- Focusing on the target audience
Getting to know the FI movement
Stanley is 31 year old and works as a medical specialist in the Netherlands: like a lot of other people, he came in contact with the concept of financial independence through the Mr. Money Mustache blog at the end of his studies, but the call to entrepreneurship came much earlier when, at 16, he found “Rich Dad, Poor Dad” in his cousin’s library – herself a successful entrepreneur who gave Stanley the first money-related advice. From there he focused primarily on setting up passive income streams.
Passive income to speed up the journey to FI… and have fun!
Following the steps of Tim Ferriss, Stanley sees passive income as the main path to reach FI, because with active income you only work that many hours. In addition, the side hustle he has built around a website is mainly a passion project that he enjoys, and the process of building something from scratch is definitely more enjoyable and ultimately fun, something he couldn’t achieve by extending his day job to the entrepreneurial side.
Time management for web-based side hustles
In the first year of his entrepreneurial project Stanley did about everything by himself: setting up the website, contacting advertisers and potential partners, a lot of time and effort went in the project. He then recruited a collaborator to do a part of the writing job for the website and event planning and found freelancers for the financial administration part: now he has outsourced almost 90 per cent of the work, and spends about 1-2 hours a month on the project. A 4-hours workweek would be too much!
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