Category Archives: Lifestyles

Habits of the Wealthy – Part 3

The Wealthy prioritize Passive Income

It’s simple—the wealthy prioritize passive income because it saves time.

That’s because passive income streams don’t require constant time and effort to maintain. Once they’re up and running, they require minimal maintenance to keep earning.

Let’s consider a hypothetical example…

Sarah and Jim are coworkers and friends. Jim is content to work from 9 to 5, five days a week, in exchange for his paycheck. He trades about half of his waking hours for his income.

Sarah, however, is more ambitious. She wants a more effective way to create additional cash flow.

So, she starts a business selling crafts online. At first, it’s a lot of extra work—she creates the products, makes the listings, runs ad campaigns, and even ships the items herself. But she’s creative and motivated, and her business grows.

It doesn’t take long before she earns enough from her business to hire an employee to help with the marketing and shipping. She can focus on what she loves—making the crafts!

But that extra pair of hands increases her productivity even further. Now, she can hire another employee to actually make her crafts.

Suddenly, Sarah is almost totally uninvolved in her business beyond high level decision making. In addition to her day job, it’s become a source of income that requires minimum upkeep. And she still has time every evening for her family and opening up new passive income streams!

The takeaway? The sooner you can create viable sources of passive income, the better! It comes down to matching your effort to your reward. It’s a chance to create impressive returns over the long-term for an upfront investment of time, money, and energy.

If you’re interested in opportunities to create additional income streams, check out some of our past posts on the topic.

  • Side Hustle expansion

  • Passive Income: How It Works

  • Start that side hustle like a pro!

For a one-on one discussion about potential ways for you to create passive income, contact us!

What we’ve been doing on our hiatus – pt 2

How the new office started Yes we've been on hiatus & you haven't been getting your 3 weekly posts in March, but here's why

The same images but with the word descriptions that were supposed to be displayed in part 1.

And now for part 2 photos…

How the new bedroom started... did you want the director of content sleeping on the floor?

Millennials, want to catch a 🆓 version of the personal finance class your Boomer parents should have made sure was available to you when you were a kid? Click here to register for the class happening Thursday, July 1sy at 8 PM EST.

Millennials only!!! (born between 1980 and 1995)

Pro-Tips for Side Gig Beginners

We’ve all probably heard someone talk on social media about their “hustle” or “side gig.”

It’s in style; and it makes sense—and cents? Gigs are now just a click or tap away on most of our devices, and a little extra money never hurts! Here are a few things to consider when starting up a side hustle.

What are your side hustle goals? We typically think of a side hustle as being an easy way to score a little extra cash. But they can sometimes be gateways into bigger things. Do you have skills that you’d like to develop into a full time career? A passion that you can turn into a business? Or do you just need some serious additional income to pay down debt? These considerations can help you determine how much time and money you invest into your gig and what gigs to pursue.

What are your marketable skills? Some gigs don’t require many skills beyond a serviceable car and a driver’s license. But others can be great outlets for your hobbies and skills. Love writing? Start freelancing on your weekends. Got massive gains from hours at the gym and love the outdoors? Start doing moving jobs in your spare time. You might be surprised by the demand for your passions!

Keep it reasonable Burnout is no joke. Some people thrive on 80 hour work weeks between jobs and side hustles, but don’t feel pressured to bite off more than you can chew. Consider how much you’re willing to commit to your gigs and don’t exceed that limit.

One great thing about side hustles is their flexibility. You choose your level of commitment, you find the work, and your success can depend on how much you put in. Consider your goals and inventory your skills to get there—and start hustling!

Furnish Your Home Without Breaking Your Bank

Furnishing your house can be pricey.

One interior decoration blog estimated that decorating a living room from scratch could cost between $14,400 to almost $50,000!(1) The numbers for the dining room, bedrooms, and kitchen are similarly high. Furnishing an apartment averages about $6,000.(2) But is there a better way? How can you save some cash if you’re trying to furnish your home? Here are a few helpful tips to guide your decorating process!

Photo by Negative Space on Pexels.com

Plan and prioritize
Start by taking stock of what furniture you have that can be used in your new home. Some of it might work in your new home, some of it might not. Try to get an idea of what existing furniture will go where and make note of new items you’ll need.

Arrange your list of new items in order of importance and buy those first. Mattresses for your bedroom? Top of the list. Abstract modern art to hang in your bathroom? Maybe hold off on that until you’ve taken care of the essentials!

Paint
Concerned that your kitchen is a little drab? Worried that your table cloth doesn’t match your dining room? You might be surprised how far a new paint job will get you! It might be a more budget-friendly way to spice up your living situation than tossing all your old furniture out the door, especially if you do it yourself. Things like tables and wooden chairs are all potential candidates for a new coat of paint, as are the walls of your home.

Photo by Breakingpic on Pexels.com

Shop smart
But there’s no doubt that at some point you’ll need to get a new piece of furniture. What then? Cough up and pay a ridiculous price? You might be surprised by the resources available to acquire furniture at a bargain. Local thrift stores can be treasure troves for things like chairs, coffee tables, and bookcases. Craigslist and eBay are also worth investigating, as are estate and garage sales. And you can always scour the curbs for a free sofa if you’re feeling bold!

Furnishing your new house can be fun. It’s a chance to unleash your creativity and make your home a special place. Just make sure you follow these budget-friendly tips before you start indulging!

(1) https://www.kathykuohome.com/blog/budget-breakdown-how-much-does-it-cost-decorate-a-room/

(2) https://medium.com/@ColonialVanLinesInc/how-much-does-the-average-person-spend-on-furniture-8a0a6ba179ca