Last years I posted my financial freedom 2020 progress so it’s time to make an update a year later as it’s almost end of the year of 2021. Those interested in watching my webinar financial freedom Power BI dashboard can watch it here.
My savings are on track of around £50k extra in 2021, my contract at HS2 changed from outside IR35 to Inside so I had to pay more tax, but I also bought a flat and rent it 6 months a year as I spend 6 months in the UK and 6 months in Poland that gives me around £8k extra after tax.
My Power BI consulting business has officially started in October 2020 and as much as there are few projects, I did manage to find a suitable team to deliver projects and work out recruitment process and other things and I did have several enquiries that may turn into slightly bigger projects, which I hope will provide extra revenue, I do hope for at least £50k extra from consulting in 2022 but if things go well it might be much more.
I also plan to invest my savings in properties and generate about £10k passive income extra after tax, which means my passive income should be around £18k/year in 2022 which is half of my yearly spending.
I have also decided to set up a charity in 2022 called KOKORO intelligence which aim is to help 1,000 unemployed get a job in BI in 2022, we’ll see how that goes. I’m hoping to get donations however I have decided to reinvest 100% of donations and also put a bit of my own money into it, so this will not be another source of income for me, as I’m doing it purely to help others and achieve my charity vision.
2022 looks positive and hopefully I’ll be very half way to achieving financial freedom by end of 2022, and if things go well by end of 2023 I should be financially free with passive income exceeding my normal yearly spending.
Take care
Emil