Financial Panther

Financial Independence, Side Hustling, and Ebikes

Do You Rent Or Own Your Job?

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When you read about earning money and creating financial freedom, there’s often a big emphasis on creating passive income. Working a job or building a business where you’re doing all the work isn’t enough. You need to create something that runs itself so that you can cash checks and drink margaritas on the beach – or so we’re told.

I understand the appeal of creating passive income. And ultimately, it’s true. As a necessity, you have to eventually create some sort of passive income because, at some point, you can’t work anymore.  

For most of us, passive income comes in the form of our investments and retirement accounts. The money we saved there is what we live off of. If you’re lucky, maybe you have a pension that dishes out income for you. When you get older, social security becomes a passive income source too. 

Real estate is another, albeit less passive source of “passive income” that many of us can obtain. If you have a property manager handling your property, you might even be able to maintain your rental property and collect rent without having to do anything yourself. 

Finally, there are businesses, which can often become a source of passive income. For a lot of the online money and entrepreneurship crowd, this is what business is all about. You create something that can scale and run itself, then go off and do what you want while your business works for you and generates profits. 

My wife and I are both business owners. But our businesses are far from passive income sources. We both have to do most of the work ourselves and while we’re doing well for ourselves financially, we aren’t free to sit on a beach, drinking margaritas and collecting checks. We both have to work – and we work a lot. 

There’s an interesting thing I’ve realized though about creating your own business. Even if all you’ve done is create a job for yourself, creating a job that you own is very different than simply finding a job. Depending on the job you’ve created for yourself, it likely has an asset behind it – something that inherently has value. And when you own an asset, your job becomes more than a job.

Renting Your Job Vs. Owning Your Job 

The way I see it, there are two ways you can get a job. The first is to apply for a job and work for someone. This is how most people do it. You get hired, do your work, and every week or so, you collect a paycheck. When you’re done with that job, you move on to a new one. 

The second way to get a job is where you create your own job. To do this, you need to find something you can sell or find a service that you can do for money. Creating your own job is hard because there’s no roadmap. No one can tell you how to do it. You have to just go out there and figure it out yourself.

Getting hired by someone is the way I approached jobs for most of my adult life. I worked hard in school, got myself a good job, worked as long as I could stand it, then moved to a new job. Each time I switched jobs, I thought my next one would be my dream job – the one that I could stay at forever. Unfortunately, that didn’t happen for me. And when I was done working, I was left with nothing from those jobs. I left and my job went to someone else. 

This blog is a result of following the second route. I started this blog years ago, working on it during the few spare moments I had in my day. Eventually, it become more than a hobby and became a job that I created for myself. While the money I earn from this blog isn’t tied to the hours I work, I still have to work hard to keep things moving along. Even now, after more than 6 years of writing, I’m still writing all of my own posts. 

You can see the difference between the normal jobs I had compared to my current job as a full-time blogger. With my regular jobs, my income was, in a sense, rented. I was paid while I had the job, and then when I was done with it, I moved on to a new job and was left with nothing from the old job. But like with renting anything, I wasn’t responsible for any of the stuff that comes with ownership. I didn’t have to put any of my own money in or take any risks. That was all handled by someone else.

Creating your own job is different. Even when you have to work all the time, you’re working at a job that you own and created for yourself. And just like with any owner, you get to keep the underlying asset. This blog is a job. It’s not passive. But, when I’m done with it, the blog does have value. I own it – and in theory, I can sell it when I’m done with it.

Some Jobs You Create Have More Value Than Others

Of course, not every job you can create for yourself is the same. Some have an underlying asset with it. Others don’t.

My wife and I both created jobs for ourselves that come with an underlying asset – a piece of property that we could theoretically sell to someone when we’re done with it.

It’s sometimes hard for me to comprehend that a blog like mine has value. But it undoubtedly does. The domain name has value. The authority and links that it’s built up have value. And of course, the revenue it generates has value. 

The fact that I’ve created a job that comes with something is important. There are a lot of ways to create a job for yourself. Freelancing comes to mind as a job a lot of people in today’s economy have created for themselves. Being a freelancer is fine, but it has a problem. You’re selling your own skills, but you don’t own anything beyond yourself. When you’re done with it, you don’t have anything left. 

That’s why creating your own platform or having something you can sell is so important if you’re creating your own job. Some things are easier to sell than others. A hot dog stand or a food truck might be a job. It may or may not be hard to sell these things later when you’re done with it. But it’s at least something that has some value that you might be able to sell. 

I Prefer To Own My Job 

You can rent a job. Or you can own a job. It’s not easy to own a job. And there’s nothing necessarily wrong with renting a job either. It can be easier to rent your job, get your paycheck, and save your way to a great life.

But for me, owning a job is the way I’d rather do it. If I’m going to have to work, I’d rather work at a job I made for myself, even if it means I have to take all the risks. 

In Your Money or Your Life, Vicki Robin tells you to calculate your net worth by including everything of value you own. This includes things like furniture, clothes, and basically anything you could sell online or at a garage sale. 

When you think about it, that means the businesses you own – any job you created that you can sell – should be included in that net worth. This blog might not be worth millions. But it’s worth something. It’s a job I work at every day, but unlike all of the other jobs I’ve ever had, it’s worth something on my balance sheet.

Even my six-figure biglaw job I had – when I made the most money per year I’ve ever made – was worth $0 on my net worth sheet.

Final Thoughts 

I think this concept of renting versus owning your job is a useful one. There’s not one right way to do it, just like there isn’t one right way to deal with housing. Some people find more value in renting. Others find more value in owning. 

Financial Samurai has talked about how renting means you’re shorting the housing market because the return on your rent will always be zero. After years of paying rent, you will always have nothing in the end. 

Perhaps the same can be said about jobs. If you don’t own your job, the value of your job will always be zero. You can still save a lot of money from your income and be fabulously wealthy, but your job itself isn’t worth anything. 

But when you own your job, you can collect income and have a chance that the job you created is worth something in the end. 

More Recommended Ebike/Scooters

Check out these other ebikes/scooters I've had the chance to do a review for:

  • GEN3 Outcross Bike – The GEN3 Outcross is a solid, affordable fat tire ebike that does a good job of doing what I need it to do. It works great for city riding, giving me a smooth ride in all conditions. It’s works really well as a winter ebike since the fat tires give it good traction over snow and ice. Check out my GEN3 Outcross Review.
  • Himiway Escape Bike – The Himiway Escape is an interesting bike for anyone looking for a moped-style ebike. If you’re a gig economy worker, the Himiway Escape is particularly interesting and it’s possible to think of it as an investment, especially if you can opt to do deliveries with the Himiway versus using a car. It’s not cheap, but you can definitely make your money back when you compare the mileage you’ll put on your car versus using an ebike. Check out my Himiway Escape Bike Review.
  • Espin Sport Bike – The Espin Sport is a good ebike for someone who is looking for an ebike that feels and rides more like a regular bike. There are many ebikes that are really only bikes in name. In reality, they’re basically electric mopeds. The Espin Sport, by contrast, is a bike you could probably ride without the battery and you’d feel like you’re just riding a regular bike. Check out my Espin Sport Review.
  • Varla Eagle One Scooter – The Varla Eagle One is an excellent scooter that can make sense for a lot of people. It can work as a primary mode of transportation. You can use it to work on gig economy apps like DoorDash, Uber Eats, and Grubhub. And it can also be a recreational vehicle if you’d prefer to use it for that. Check out my Varla Eagle One Review.
  • Fucare H3 Scooter – The Fucare H3 is a fun scooter and I’ve enjoyed testing it out. For a daily commuter or quick trips or errands, the Fucare H3 is probably the scooter I’ll use. It’s portable and easy to maneuver, so it’s just easier to take on the road when I need it. Check out my Fucare H3 Scooter Review.

More Recommended Investing App Bonuses

For additional investing app bonuses, be sure to check out the ones below:

  • M1 Finance ($100) – This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $100 for opening an account. Check out my M1 Finance Referral Bonus – Step-By-Step Guide.
  • SoFi Invest ($25) – SoFi Invest is an easy brokerage account bonus that you can earn with just a few minutes of work. Use my SoFi Invest referral link, fund your SoFi Invest brokerage account with $100 and you’ll get $25 of free stock. I also have a step-by-step guide for the SoFi Invest referral bonus.
  • Moomoo (15 free stocks, $100 cash reward, 1 stock of Tesla or Google) – Moomoo is a free investing app currently offering 3 different referral bonuses if you open an account using a referral link. Read my Moomoo referral bonus guide for more information.
  • Webull (24 free stock shares) – Webull's current promotion gives you 24 free shares valued between $3-$3,000 each if you open an account using my referral link. Here’s a guide I wrote about how to earn your free shares using Webull.
  • Robinhood (1 free stock) – Robinhood gives you a free stock valued between $2.50-$225 if you open an account using my referral link.
  • Public (1 free stock) - Public gives you a free stock valued between $3-$70 if you open an account using my referral link.

Recommended Bank Account Bonuses

If you’re looking for easy bank bonuses, check out the below options. These bonuses are all easy to earn and have no fees or minimum balance requirements to worry about.

  • GO2Bank ($100) - GO2Bank is an easy bank bonus that I recommend people take advantage of if they have an easy way of meeting the direct deposit requirement. I like that it’s easy to open the account and that the bonus pays out quickly. Check out my step-by-step guide on how to earn your GO2Bank $100 referral bonus.
  • Chime ($100) - Chime is a free bank account that offers a referral bonus if you use a referral link and complete a direct deposit of $200 or more. In practice, any ACH transfer into this account triggers the bonus. This bonus is easy to earn and posts instantly, so you’ll know if you met the requirements as soon as you move money into the account. I wrote a step-by-step guide on how to earn your Chime referral bonus that I recommend you check out.
  • US Bank Business ($750) – This is a fairly easy bank bonus to earn, since there are no direct deposit requirements. In addition, you can open the Silver Business Checking account, which comes with no monthly fees. Check out how to earn this big bonus here.
  • SoFi Money ($275) – SoFi Money is a free checking account from SoFi. They’re currently offering a $25 referral bonus if you open a SoFi account with a referral link and deposit $10. You can also make an additional $250 as well if you complete a direct deposit. This is a good bank that is also 100% free, so you won’t have to worry about managing this account. Here’s a post I wrote with instructions on how to earn your SoFi Money bonus: SoFi Money Referral Bonus: Step By Step Guide.
  • Fifth Third Bank ($225) – This offer is limited to customers in the following states: Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, Tennessee, West Virginia, and South Carolina. If you don’t live in one of those states, you won’t be able to open an account online but you can still open an account in-branch if you happen to be visiting a city that has a branch. This is a fairly easy bank bonus to earn, especially since there are plenty of data points showing what will trigger the direct deposit requirement. In addition, you can open the Fifth Third Momentum Checking bank account, which comes with no monthly fees or minimum balance requirements. Read my guide on this bonus here.
  • Fairwinds Credit Union ($100) – Fairwinds Credit Union is offering a referral bonus for users that sign up using a referral link. Fairwinds has no fees or minimum balance, so this is a particularly easy bonus to earn. Since this is a smaller credit union, my gut instinct tells me this offer won’t be around long, so if you’re in a position to meet the bonus requirements, grab this bonus before it’s gone. Here is my step-by-step guide on how to earn your Fairwinds Credit Union bonus.
  • Netspend ($40 + 5% Interest Savings Account) – Netspend is a company that provides 5% interest savings accounts. If you sign up using my referral link, you’ll get a $40 signup bonus once you make your first deposit into your Netspend account of $40 or more. That means you get a 5% interest savings account and a free $40 to start! Make sure to check out my in-depth guide on how to set up these accounts.
  • Current ($50) – Current is a free fintech bank that’s offering new users a $50 referral bonus after signing up for an account using a referral link.Current is an easy bonus to earn and also gives you access to three savings accounts that pay you 4% interest on up to $2,000. That means you can put away up to $6,000 earning 4% interest. That’s very good and makes Current an account I recommend to everyone. Check out my step-by-step guide on how to earn your Current Bank bonus.
  • Digital Federal Credit Union ($20) – Digital Federal Credit Union (DCU) is a free, nationwide credit union that I recommend to readers for two reasons. First, DCU has a $20 referral bonus if you open a free DCU checking account with a referral link. Second, DCU has a saving account that gives you 6.17% interest on your first $1,000. Check out my in-depth post on how to set this account up.
  • Novo Bank ($40) - Novo bank is a free business checking account that’s currently offering a $40 bonus if you open a Novo business checking account using a referral link. In addition to being a good bank bonus, Novo is also a good business checking account. It has no monthly fees or minimum balance requirements and operates a good app and website. Indeed, it’s the business checking account I currently use for this blog. Check out my post on how to easily open a Novo account.
  • Varo ($35) – Varo is a free fintech banking app similar to Chime or Current. It’s currently offering a $35 bonus to new users that open a new Varo account with a referral link. The bonus for this bank is very easy to meet, all you need to do is spend $20 within 30 days of opening your Varo account. Check out my step-by-step guide to learn how to earn this bonus.
financial panther

Kevin is an attorney and the blogger behind Financial Panther, a blog about personal finance, travel hacking, and side hustling using the gig economy. He paid off $87,000 worth of student loans in just 2.5 years by choosing not to live like a big shot lawyer.

Kevin is passionate about earning money using the gig economy and you can see all the ways he makes extra income every month in his side hustle reports.

Kevin is also big on using the latest fintech apps to improve his finances. Some of Kevin's favorite fintech apps include:

  • SoFi Money. A really good checking account with absolutely no fees. You'll get a $25 referral bonus if you open a SoFi Money account with a referral link, and an additional $250 if you complete a direct deposit.
  • US Bank Business. US Bank is currently offering new business customers a $750 signup bonus after opening a new account and meeting certain requirements.
  • M1 Finance. This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $100 for opening an account.
  • DCU. Digital Federal Credit Union (DCU) is a free, nationwide credit union that I recommend to readers for two reasons. First, DCU has a $20 referral bonus if you open a free DCU checking account with a referral link. Second, DCU has a savings account that gives you 6.17% interest on your first $1,000.
  • Personal Capital. One of best free apps you can use to monitor your portfolio and track your net worth. This is one of the apps I use to track my financial accounts.

Feel free to send Kevin a message here.

Reader Interactions

Comments

  1. Mrs. Dink says

    Thanks for this perspective! I like it – I currently rent my job but am using the freedom I gain from renting to do more passion side projects. I think about freelancing all the time, and I like the idea that I’d be shifting from renting to owning my job. A fun way to think about it!
    I can also totally relate to “always thinking your next job will be your dream job”. When I finally let go of this mindset, it was so freeing, and now I just use my job as an income stream to pay for my real dreams 🙂 Thanks again for this post!

    Reply

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