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Six Smart Financial Moves for Future Millionaires

Whether your goal is to become a millionaire by a certain age or to save a set amount of money so that you can retire early, the way to get there is deceptively simple. Save more, spend less. It sounds easy, but if it were easy then everyone would do it. Here are a few tips on how to build your wealth.

6 Smart Financial Moves to Become a Millionaire

1. Clearly Define Your Goals

When you decide to start getting serious about saving money, it is a good idea to have a set of goals in mind as well as a plan for how to reach them. Think about writing down a business plan of sorts, with a timeline, goals, and small clearly defined actions that will allow you to reach those goals. It is very important to be clear about what you are trying to accomplish, whether it is retiring early with a set amount of money in the bank, saving money for your children’s future, or something else.

2. Pay Yourself First

With any income you receive, whether from your full-time job or a side hustle, pay yourself before spending money on anything else. This means to put money towards savings before you start spending your income. Some people put a set amount into savings every month, and those that have a more variable income will sometimes save a set percentage of their income towards retirement, other investments, emergency fund savings, or college savings funds.

3. Have a Side Hustle or Two

Frugal Millionaires know that while having a full-time job is a great source of income, you are not limited by your FT salary. You can always start working on the side to increase your income, and if you’ve already been living on your full-time salary alone then you can devote your side hustle income entirely to meeting your financial goals faster.

My side hustle is blogging (learn how to start your own profitable blog here!). This month, I’m on track to make close to $700, and I spent maybe 8 hours this month blogging! It took some time to build up an audience and create posts, but now my income is steady and dare I say…passive? Which leads to the next point…

4. Set Up Passive Income Streams

Passive income is money that you earn without having to do very much for it after an initial output of effort. Something like writing an eBook and self-publishing through Amazon, designing and selling a course on Udemy, or even simply selling t-shirts and stickers with a logo you designed are all ways to earn passive income.

5. Always Have Insurance

Frugal millionaires like to cut costs in order to put more money towards their financial goals, but having proper insurance will save you money if you are ever in the position of needing to use it, and is not a smart way to cut costs. Renter’s or homeowner’s insurance, good car insurance, life insurance, and health insurance are all important and well worth the cost. Visit this link to learn more.

6. Maximize Your Tax Breaks

Never pay more in taxes than you are legally required to. This means fully funding your IRA and any other pre-tax retirement accounts you have, investigating whether you should itemize your deductions or take the standard deduction, and following any other advice your accountant provides you.

Through setting clear goals, increasing your earning and saving while minimizing your effort, and protecting yourself from financial catastrophe, you should be able to meet your savings goals. With common sense and determination, you can be a millionaire.

/ Filed In: Investing, Rich, Saving Money
Tagged: financial goals, investments, making money, rich, saving money

Six Figure Business Ideas: How to Start a Six Figure Business

 

Ready to start a six-figure business of your own? Here are some great ideas to get you going!

Are you ready to start a six figure business? Do you dream of one day working for yourself and bringing in more than enough income to support your entire family? If so, now’s your chance. Don’t wait any longer; instead, let 2016 be the year you decided to make a change. Below are top six figure business ideas that you can do from home.

Six Figure Business Ideas

I’m first going to share my two favorite ways of making money: freelance writing and blogging. I don’t make six figures (yet), but I also don’t work full-time on my side hustles. They’re merely a fun hobby of mine that just so happen to bring in a few hundred to a few thousand extra dollars each month. You can view all of my income reports here.

Freelance Writing

Freelance writing can be an incredibly lucrative career. I started out making $25 per post and now make almost $300 per post. That adds up big time. I can spend just a few hours per week writing and make well over $1,000 per month on my efforts. Holly Johnson, who blogs at Club Thrifty with her husband, will invoice more than $225,000 this year in freelance writing. She recently created a course to help those that want to become a freelancer called Earn More Writing. Her course is packed full of information on how to get started freelancing, where to find jobs, how to raise your rates, and more!

earn-more-writing

Blogging

This is where I plan on building my own six-figure business. I love, love, love blogging. I started this blog in 2014 and am now making over $2,000 per month blogging. Growing a blog and earning a full-time income from it takes serious time, but it can be extremely lucrative for those that work hard and keep at. If you love writing, I highly encourage you to start your own blog. If you do so through my Bluehost link, you’ll receive an exclusive discount, a free domain name, and I’ll give you a copy of my book – The Beginner’s Guide to Blogging – for free!

1- Get Started

Have an idea for a blog name?! You can check available domain names here:

And, if you’re not sure how to make money blogging, I created a very specific course on how you can make money as a web hosting affiliate. I use and love Bluehost, so that’s what I recommend to readers looking to start a blog. When they make a purchase, I get a kickback at no extra cost to them.

My course – How to Make Money as a Web Hosting Affiliate – will show you exactly how you can make thousands per month helping other people start a blog! It’s super fun and has been very lucrative for my family and I.

Publishing

Nowadays, you can write and self-publish your own books on platforms like Amazon Kindle or Gumroad. I used Gumroad for my book, but have heard wonderful things about Amazon Kindle. Writing and uploading is the easy part; it’s the marketing and promoting of your book(s) that will take time. However, if you’re a good author and you know how to market yourself, you could easily make six figures per year from book sales.

Don’t believe you can really make that much self-publishing your books? Check out this story in Forbes featuring a writer who made $450,000 from Amazon publishing in one year.

Buy, Refurbish, Sell

Do you love garage sale-ing, shopping for antiques or fixing up older appliances/furniture and making it like new? If so, why not start a business doing what you love? An old boss of mine made $800 per month re-selling items she found at garage sales. She spent roughly 15-20 hours per month finding old items and then listing them on eBay for a profit. By scaling the business and investing more time into it, one could reach the six-figure income level in no time.

The same goes for refurbishing furniture. I repainted a dresser I bought off of Craigslist for $15 and could have sold it for $200. I’ve also repainted our $100 Craigslist kitchen table and am about to start on a heavy-duty dresser for my daughter’s room that we got for free. Between Craigslist and Goodwill, there are gobs of stuff people are looking to get rid of for little to no money. Make it your job to fancy it up and sell it for a profit!

Make Money Doing What You Love

We all have different passions and hobbies. If you want to make big money, you have to figure out a way to leverage your talents so you can earn a six-figure income. My husband, for example, works in construction. He loves fixing up houses and making them custom. There are many routes that he could go – he could flip properties, manage his own rental properties, be a licensed contractor and hire subcontractors to do the labor, start a blog on renovating homes and make money via advertising and affiliates, or a combination of the above.

Or, perhaps you like doing a bunch of different things but don’t want to be tied down to one field. You could freelance write and bring in $2,500 per month, create and sell items on Etsy for $1,000 a month, run your own blog for $3,000 a month, manage rentals for $1,000 a month, walk your neighbors dog during the day for $500 a month, and refurbish furniture for $1,500 per month. Before you know it, you’re making six figures a year by doing what you love. (I know all of this would require a decent amount of time on your part and that everyone’s circumstances vary; these are merely ideas.)

Do you run a six figure business? If not, what type of business would you start?!

Six figure business ideas that you can do from home! Check out these top ways to make money from home. You no longer have to choose between a career and a family. Why not have both?! Let me help you get started!

/ Filed In: Blog, Careers, Freelance, Income, Rich, Small Business
Tagged: blog, freelance, freelance writing, how to start a business, income, making money, making money online, self employment, small business

Can money buy happiness? I say yes, but the reasons might surprise you

money buy happinessThere’s much debate over whether or not money can buy happiness. The Wall Street Journal recently posted a rather interesting article on this very topic. The study found that as incomes rise, happiness and overall satisfaction with life increase. In fact, 100% of those making over $500K a year consider themselves “very happy” and “very satisfied” with life.

A previous study by Princeton University found that happiness did not increase much once annual household income reached $75,000. So if you’re making $75,000 now and you get a raise or pick up a side job and increase your income to $125,000, don’t expect to feel that much happier.

I get that. Our household income will probably be right around $75K this year. If we both do well with our businesses and our income hits $100K, I really don’t see us being that much happier than we already are. But, I do still believe that money can buy happiness and here’s why:

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/ Filed In: Life, Rich, Saving Money
Tagged: happiness, life, rich, vacations

What to you is “rich?”

rich defLately I’ve been thinking about what my definition is of “rich.” According to this study, rich is an annual gross income of $160,000+ and $3.2 million in net liquid assets. I think we can all agree that that is rich, but specifically, what does it mean to be rich to you?

Rich is a subjective term – just like a lot of things in life. Think about these questions:

  • How many kids is “a lot?”
  • What temperature is “too hot?”
  • What’s “too cold?”
  • How many square feet in your ideal house?
  • What’s your ideal weight?
  • How many hours a week should you work?

etc, etc, etc. So many things in life are subjective. Most likely, no two people will answer all of those questions the same. To me, rich is a very subjective term. What’s rich to me could be poor to someone else. Of course, we can probably all agree that once you cross a certain threshold, you’re rich (like the study I mentioned above), but for the average person the term can vary greatly.

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/ Filed In: Rich
Tagged: rich

How to feel rich regardless of income

richHappy Wednesday! Before I dive into today’s topic, I don’t know if anyone noticed but I got a new theme installed on my blog! It’s from Pixel Me Designs and I could not be happier with it. Laura, the designer, is wonderful to work with. I purchased a pre-made theme but emailed her a question and she responded immediately. I am all about good customer service and Laura surpassed my expectations! For those of you new to my blog, I have a self-hosted WordPress site and am using Genesis Framework. Laura provided me with the Child Theme that goes along with Genesis Framework. You can read more on how to start a blog here.

The original theme I was using didn’t properly load “page 2” and on, making it difficult to navigate my site. I deleted that theme a few weeks ago and was just running off of Genesis Framework. I took my time purchasing my current theme because I wanted to find one that I LOVED and that was functional. Having an appealing, easy-to-navigate, fully functioning site is vital if you wish to make money from  your blog.

Anyways, on to today’s topic…

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/ Filed In: Life, Rich
Tagged: income, making money, money stress, rich, saving money, self employment

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