I love talking about side hustling! It’s a great way to make extra money while diversifying your income streams. But even though side hustling has a lot of upside, it can easily go no where fast without the right guidance. So here are some things you can do to get your side hustle off to the right start. via GIPHY get feedback early Did you know that nearly 20% of all new businesses fail within the first two years? With all the new businesses popping up, 20% probably doesn’t sound so bad, but by year 5 this number reaches 50%, and continues to grow as the years progress. So what makes businesses fail? It turns out that the top reason for business failure is selling a product that the market doesn’t want. To not fail then, you need to quickly find out if the market wants what you’re selling. Believe…
Paper or plastic? That’s usually not what you think of when it comes to spending money, but its something you should absolutely think about each time you reach for your wallet. Credit vs cash is an important financial decision and its definitely something you should understand. Let’s take a look at the benefits and drawbacks to making a purchase with cash and credit. Credit Card Pros Easy to track expenses Credit cards are great because they make it really easy to track your spending. Did you really eat at Chipotle 17 times this month? Wait… you ordered 11 lattes in the past two weeks? Small purchases like these can get lost when you’re always using cash. With a credit card, you get an unbiased view of your spending trends. Plus, linking your credit card with apps like Personal Capital (my personal fave) and Mint, make it easy to track your overall financial health.…
When you first start your financial journey, there is so much excitement about the path to becoming financially independent. But it’s also very easy to get stuck along the way. Here are three things to learn on the path to financial wellness. Stay Clear of the Busy Trap via GIPHY Many of us are so busy that we can’t focus on the things that would really help us get further. We are consumed with things like household chores, emails, and long commutes. Here’s the honest truth: if you’re serious about building wealth to gain freedom, you need to limit the amount of time spent on busy work. What is busy work? Busy work is anything that doesn’t create new value, is easily replicable, and/or is more draining than energizing. Let’s say you’ve got 5 recurring bills (*numbers below are estimates): Cable + Internet: ~$130.00 Electric: ~$50.00 Rent/Mortgage: ~$1,000.00 Cell Phone: ~$50.00 Water/Gas/Trash: ~$40.00 Each bill is due…
What separates the middle class from the rich? By all accounts they have lots in common. Hefty paychecks, education, big homes. But there’s something different about the rich. How are they able to bypass the middle class, and create enormous amounts of wealth? Why does it seem like they are working less hard than the rest of us? Well, it turns out that there are subtle differences in beliefs that keep the rich getting richer and the middle class in the financial slow lane. *These following beliefs are drawn from Steve Siebold’s book How Rich People Think. The commentary is my own. Rich vs middle class 1. The Middle Class thinks hard work creates wealth. The Upper Class thinks leverage creates wealth. We’ve always been taught that working hard at school or work is the keys to financial success. Sometimes to the point that we think it’s wrong to ask for help.…
Have ever stopped to think about how the rich get rich? How college dropouts become wealthy and successful, while others who follow the traditional path do just ok but not great? You probably thought you did everything right by going to school and getting a good job. Turns out many of us have been holding on to common misconceptions about what it takes to be financially successful. In this post, I’ll show what mistaken beliefs can keep you from getting financially ahead. Misconception #1: “I don’t need friends, just a strong will” Our society is bombarding us with the idea of the lone entrepreneur. From the movie The Social Network, to anything ever written about Steve Jobs, we’re quietly absorbing the idea that being financially successful is an individual sport. We get this idea that the path to financial freedom means locking yourself in a basement and hustling alone to…