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Turn Your Hobby Into a Side Gig

Turn Your Hobby Into a Side Gig

Do you have a hobby that you really love? Could you use a little extra cash?

What if you could get paid for doing something that you already enjoy doing? We’re all good at something. Many people have turned their hobbies into a side business as a way to earn extra money. For nearly everyone, there’s a topic they know well or a skill they have that many other people don’t have. That niche can spell opportunity – and a chance to turn something you enjoy doing anyway into a money-maker.

Depending on the type of hobby you want to monetize, your startup expenses may be quite low. For writing, coding, or graphic design, you might only need a laptop or tablet – something you may already have. If your hobby is fixing up old cars, however, you might need a place to do the work – possibly adding to the expense. For that scenario, you could check out the possibility of putting in a couple of Saturdays per month at a local shop to help save on rent and insurance costs.

With a little ingenuity, you might be able to earn $10 to $40 (or maybe more) per hour doing work you enjoy. Artists can earn extra money by selling arts and crafts items through virtual stores on specialized websites. Freelance writers, coders, designers, and even teachers can find work as well on similar type websites that bring clients and service providers together. If you have a knack for knowing what’s valuable, you may be able to turn garage sale and estate sale buys into a rewarding online business on any popular consumer-to-consumer and/or business-to-consumer sales website. (Hint: If this is something you’d like to try, start out small. Concentrate on one type of item that might be near and dear to you, like brass musical instruments, or antique mason jars.)

The old saying that asserts “knowledge is power” applies here as well. Let’s say your childhood fascination with dinosaurs never quite went extinct. Maybe there’s a successful educational blog or a YouTube channel in your future. Technology has given us the power to reach a larger audience than ever before and to bring our knowledge to anyone who wants to learn more. Sharing what you know can be monetized in many ways and – if you love doing it – you might not feel like you’re working at all!

Do your research and understand any legal or insurance requirements that may apply to the area you want to get into, but don’t let a little legwork bar the way to your next great endeavor – even if it just starts as a side gig.



What You See Is What You Get

What You See Is What You Get

Your vision is your destiny.

If you envision a future of prosperity and abundance, congratulations! You’ve already taken your first step towards success.

But if you’re indifferent about what your future will look like, beware. You may be opening the door to subtle self-defeatism and disappointment.

This isn’t mysticism or pseudo-science. It’s (not so) common sense.

A vision for the future enables action. With an end destination, you can map out a course of action that will move you towards your goals. Furthermore, your vision can inspire you to keep pushing when you face obstacles or fears.

Think of your vision as both your compass and food supply for the adventure of a lifetime.

Without a vision, you’re a nomad wandering in an endless wilderness. No direction. No supplies. Just one fight-or-flight reaction after the other.

Soon, self-limiting and self-defeating beliefs crop up.

“This will never end.”

“This is pointless.”

“I can’t do this.”

You look into the future and see nothing but hardship, and so nothing but hardship comes your way.

Make no mistake—what you see is what you will get. If you don’t have a written vision statement, get out a pen and paper and write one out. I’ll wait!

Drawing a blank? You’ve come to the right place. In the next few days, I’ll be sharing a simple process for creating a vision statement. It may be the inspiration you need to build a better future for yourself and your family.


How NOT To Spend Your Next Raise

How NOT To Spend Your Next Raise

You walk out of the office like a brand new person.

That’s because you’ve done it—you’re going to be earning a lot more money with that raise. The first thing that pops in your head? All the fancy new things you can afford.

Dates. Your apartment. Vacation. They’re all going to be better now that you’ve got that extra money coming in.

And to be fair, all of those things CAN get substantially fancier after your income increases.

But one thing may not change—you still might end up living paycheck to paycheck.

Why? Because your lifestyle became more extravagant as your income increased. Instead of using the boost in cash flow to build wealth, it all went to new toys.

This phenomenon is called “lifestyle inflation”. It’s why you might know people who earn plenty of money and have nice houses, but still seem to struggle with their finances. The greater the income, the higher the stress. As Biggie put it, “Mo’ Money, Mo’ Problems.”

The takeaway? The next time you get a raise, do nothing. Act like nothing has changed. Go celebrate at your favorite restaurant. Keep saving for your new treat. But you’ll thank yourself if you devote the lion’s share of your new income to either reducing debt or building wealth.

Rest assured, there will be plenty of time to enjoy the fruits of your labor in the future. But for now, keep your eyes on the most important prize—building wealth for you and your family’s future.


Going the Distance

Going the Distance

Without careful planning, your money will never go the distance for your retirement.

Well, unless you win the powerball or stumble upon buried treasure.

The simple fact is that retirement can last a long, long time and often be expensive. According to the Federal Reserve, the average American can expect a retirement of almost 20 years, requiring $1.2 million.¹

How long would it take you to save $1.2 million? Even if you could stash away your entire paycheck, it would likely take over a decade. Factor in the daily costs of living, and decades may become centuries.

Unless, of course, you leverage two simple strategies…

Strategy One: Maximize the power of compound interest.

Strategy Two: Start saving today.

These are time-proven strategies that anyone can leverage. And they can mean the difference between your savings running out of steam or lasting as long as you do.

Let’s start with strategy one: Maximize the power of compound interest…

Compound interest can supercharge your savings. Instead of taking centuries, you have the potential to reach your retirement goals just in time!

That’s because compounding unleashes a virtuous cycle. The money you save grows on its own over time.

But here’s where the magic happens—the more money you have compounding, the greater its growth potential becomes. Even a fraction of your paycheck can eventually compound into the wealth you may need for retirement.

Think of it like changing gears on a bike. Savings alone is first gear—good enough for going down hills or casual jaunts through the neighborhood.

But for reaching greater goals, you need more power. Compound interest is those extra gears—it’s an advantage that can radically improve your performance.

That leads straight into the next strategy: Start saving today.

The longer your money compounds, the greater potential it has for growth. To prove this, let’s crunch the numbers…

Let’s say you can save $500 per month. You find an account that compounds 10% annually.

After 20 years, you’ll have saved $120,000 and grown an additional $223,650 for a grand total of $343,650. Not bad!

But what if you wait another 11 years? Your money will more than triple—you’ll have $1,091,660!

The takeaway? A few years could be the difference between reaching your retirement goals and coming up short. The sooner you start, the greater potential you have to get where you want to go.

No more sporadic saving when you feel the panic. No more burying your head in the sand because you don’t know what the future holds. No more fear that your finances won’t cross the finish line.

These simple strategies can help you go the distance and retire with confidence. Contact me if you want to learn more about building wealth!


¹ “Retirement costs: Estimating what it costs to retire comfortably in every state,” Samuel Stebbins, USA Today, Feb 11, 2021, https://www.usatoday.com/story/money/2021/02/11/retirement-costs-comfortable-in-every-state-life-expectancy/115432956/


Deconstructing Wealth

Deconstructing Wealth

Wealth, simply put, is the stockpile of resources you have at your disposal.

The rarer the resource, the “wealthier” you are.

On a surface level, that definition conforms to the common stereotypes of wealth. Can we all agree that a stacked bank account is a rare and precious resource?

But dig a little deeper, and you’ll find that wealth takes many shapes and forms.

Your knack for finding the right word at the right time?

Your secret talent for creating with your hands?

Your indestructible support network that’s there for you, no matter what?

Those are all resources. Those are all rare. Those are all wealth. They just don’t have a dollar value… yet.

To be fair, you shouldn’t monetize all of your assets, especially if those assets are people. Leveraging your network for money is something that must be done with the utmost care and respect, if at all.

But the fact remains that you likely possess an abundance of resources that could be converted into increased cash flow. Your talents, your ability, and your time are all precious assets that have the potential to boost your income.

The takeaway? When you break it down, you’re wealthier than you may think. The real question is, how will you monetize the resources you’ve been given?


The Laid-Back Way to Build Wealth

The Laid-Back Way to Build Wealth

Automating your finances can take the pain out of wealth-building behavior.

You know how it goes. The thought flashes through your mind—”I need to start saving money!”

And then… well, that’s it. You read a few articles on saving and try to spend less, but after a week or two your mind has moved on.

Why? Because all forms of positive change are energy intensive, at least at first. And your brain, smart as it is, likes conserving energy.

So to jump-start saving, you need to take several one time actions that are borderline thoughtless.

Enter automation. It’s a small step with massive return potential.

It’s simple…

  • Log in to your online banking account
  • Set up a deposit
  • Choose to make the deposit recurring instead of one time

Like that, you’ve set the stage for dozens of wealth-building actions well into the future.

And what did it take? A few taps over a few minutes.

So what are you waiting for? Automate your savings right now. I’ll wait! Even if it’s $5 per month, it’s a step in the right direction—to build wealth for your future!


The Truth About Money And Happiness

The Truth About Money And Happiness

“Money can buy you happiness.”

Well, not exactly. But money CAN help remove stressors that impact your happiness.

A new study by Penn State University revealed that happiness increases with income. On the surface, that may appear obvious.

But in fact, people who equated their self-worth with money were LESS satisfied with their lives.

So it’s not the money itself that brings happiness.

Instead, money can provide security and freedom. It helps eliminate the fear of going without, and opens up choices for how to live your life.

Think of it as a foundation for investing in the things that matter most, like…

- Your relationships - Your career - Your life mission

If you only take one thing away from this article, let it be this…

Money itself isn’t the goal. It’s a tool to help you achieve your goals.

So keep your eyes on what matters most, like your family and mission. Then, take an inventory of ways money can help you safeguard and pursue the things you value. That’s how money can help you “buy” happiness.


The Closest Without Going Over Wins

The Closest Without Going Over Wins

“How many jellybeans are in the jar?” This is one of life’s serious questions.

You know how it works. If your guess is the closest without going over, you win the prize. And whether it’s a cash pot, a season pass for your hometown’s team – or even just the jellybeans themselves, it’s a situation with a lot at stake. You’ve been presented with a ripe opportunity to prove your keen intellect, not to mention maybe winning some free candy!

You may start pulling out your old high school algebra equations. You may laboriously count the visible jellybeans so you can extrapolate the total. You may even pick the jar up and hold it to the light – shaking it and assessing any gaps in area coverage.

Take your time. It’s a big decision.

Unfortunately for many people, it seems not as much thought goes into estimating how much a life insurance policy may cost. Can you guess how much a policy might cost?

LIMRA’s 2021 Insurance Barometer study shed a little light on just how off these guesses can be: When Millennials surveyed were asked how much they thought a healthy 30-year-old would pay for a term insurance policy, their median guess was $1,000 – more than 6 times the actual cost!¹

That stat is pretty revealing: odds are that the number you have in mind is a lot higher than what you might actually end up paying for your policy. As a result, it may feel like you’re saving money right now by not having life insurance. But in the case of a sudden illness, the passing of a breadwinner, or an unexpected loss of income, not having (what is potentially affordable) protection for your loved ones feels as silly as writing down a guess of 1,000,000 jellybeans next to the mathematician’s answer of 1,086.

The bottom line: Have you overestimated how much a well-tailored life insurance policy could cost you? Not sure? Reconsider your guesstimate with a financial professional who knows the in’s and out’s of your needs and what coverage may be available that fits your budget. (It’s like knowing how many jellybeans are in the jar before you have to guess!)


¹ “Top Misconceptions About Life Insurance,” LIMRA, https://www.limra.com/siteassets/research/research-abstracts/2021/2021-insurance-barometer-study/2021_barometer-infographic.pdf.


Matters of Age

Matters of Age

The younger you are, the less expensive your life insurance may be.

Life insurance companies are more willing to offer lower premium life insurance policies to young, healthy people who will likely not need the death benefit payout of their policy for a while. (Keep in mind that exceptions for pre-existing medical conditions or certain careers exist – think “skydiving instructor”. But in many cases, the odds are more in your favor for lower premiums than you might guess.)

At this point you might be thinking, “Well, I am young and healthy, so why do I need to add another expense into my budget for something I might not need for a long time?”

Unlike a financial goal of saving up for a downpayment on your first house, waiting for “the right moment” to get life insurance – perhaps when you feel like you’re prepared enough – is less beneficial. A huge part of that is due to getting older. As your body ages, things can start to go wrong – unexpectedly and occasionally chronically. Ask any 35-year-old who just threw out their back for the first time and is now Googling every posture-perfecting stretch and cushy mattress to prevent it from happening again.

With age-related health issues in mind, remember that the premium you pay at 22 may be very different than the premium you’ll pay at 32. The reason is simple—most people physically peak by the time their 30.¹

If you’re feeling your mortality after reading those numbers, don’t worry! You’re probably not going to go to pieces like fine china hitting a cement floor on your 30th birthday. But there is one certainty as you age: your premium will rise an average of 8-10% on each birthday.² Combine that with an issue like the sudden chronic back problems from throwing your back out that one time (one time!), and your premium will likely reflect both the age increase and a pre-existing condition.

If you experience certain types of illness or injury prior to getting life insurance, it often goes in the books as a pre-existing condition, which will cause a premium to go up. Remember: the less likely a person is going to need their life insurance payout, the lower the premium will likely be. Possible scenarios like the recurrence of cancer or a sudden inability to work due to re-injury are red flags for insurance companies because it increases the likelihood that a policyholder will need their policy’s payout.

A person’s age, unique medical history, and financial goals will all factor into the process of finding the right coverage and determining the rate. So taking advantage of your youth and good health now without bringing an age-borne illness or injury to the table could be beneficial for your journey to financial independence.


Sources:
¹ “A map of the ages when you peak at everything in life,” Digital Information World, March 16, 2021, https://www.digitalinformationworld.com/2021/03/a-map-of-ages-when-you-peak-at.html#
² “How Age Affects Life Insurance Rates,” Investopedia, June 29, 2021, https://bit.ly/2L7P0x6.


How To Make A Budget You Can Stick To

How To Make A Budget You Can Stick To

Some people love to live a life of thrift.

It’s a challenge they tackle with gusto. Shaving down expenses with couponing, hunting the best deals with an app on their phones, or simply finding creative ways to reuse a cardboard box, gives them a thrill. For others, budgeting conjures up images of living in tents, foraging for nuts and berries in the woods, and sewing together everyone’s old t-shirts to make a blanket for grandma.

To each their own! But budgeting doesn’t have to be faced like a wilderness survival reality TV competition. Sure, there might be some sacrifice and compromise involved when you first implement your budget (giving up that daily $6 latte might feel like roughing it at first), but rest assured there’s a happy middle to most things, and a way that won’t make you hate adhering to your financial goals.

Simplifying the budgeting process can help ease the transition. Check out the following suggestions to make living on a budget something you can stick to – instead of making a shelter out of sticks.

Use that smartphone. Your parents may have used a system of labeled envelopes to budget for various upcoming expenses. Debit cards have largely replaced cash these days, and all those labeled envelopes were fiddly anyway. Your best budgeting tool is probably in your pocket, your purse, or wherever your smartphone is at the moment.

Budgeting apps can connect to your bank account and keep track of incoming and outgoing cash flow, making it simple to categorize current expenses and create a solid budget. A quick analysis of the data and charts from the app can give you important clues about your spending behavior. Maybe you’ll discover that you spent $100 last week for on-demand movies. $5 here and $10 there can add up quickly. Smartphone apps can help you see (in vivid color) how your money could be evaporating in ways you might not feel on a day-to-day basis.

Some apps give you the ability to set a budget for certain categories of spending (like on-demand movies), and you can keep track of how you’re doing in relation to your defined budget. Some apps even provide alerts to help keep you aware of your spending. And if you’re feeling nostalgic, there are even apps that mimic the envelope systems of old, but with a digital spin.

Plan for unexpected expenses. Even with modern versions of budgeting, one of the biggest risks for losing your momentum is the same as it was in the days of the envelope system: unexpected expenses. Sometimes an unexpected event – like car trouble, an urgent home repair, or medical emergency – can cost more than we expected. A lot more.

A good strategy to help protect your budget from an unexpected expense is an Emergency Fund. It may take a while to build your Emergency Fund, but it will be worth it if the tire blows out, the roof starts leaking, or you throw your back out trying to fix either of those things against your doctor’s orders.

The size of your Emergency Fund will depend on your unique situation, but a goal of at least $1,000 to 3 months of your income is recommended. Three months of income may sound like a lot, but if you experience a sudden loss of income, you’d have at least three full months of breathing room to get back on track.

Go with the flow. As you work with your new budget, you may find that you miss the mark on occasion. Some months you’ll spend more. Some months you’ll spend less. That’s normal. Over time, you’ll have an average for each expense category or expense item that will reveal where you can do better – but also where you may have been more frugal than needed.

With these suggestions in mind, there is no time like the present to get started! Make that new budget, then buy yourself an ice cream or turn on the air conditioning. Once you know where you stand, where you need to tighten up on spending, and where you can let loose a little, budgeting might not seem like a punishment. In fact, you might find that it’s a useful, much-needed strategy that you CAN stick to – all part of the greater journey to your financial independence.



Why People Aren't Going Back to Work

Why People Aren't Going Back to Work

It’s official—Americans aren’t going back to work.

Even though there were 10 million job openings in June of 2021.¹

If you’ve been out and about, you’ve seen firsthand that jobs aren’t getting filled.

You may have noticed the signs at your local grocery store. Or the longer wait at your favorite restaurant. Or slower service from businesses you depend on.

They all stem from the same source. Americans aren’t rushing back to work.

But why? The COVID-19 pandemic caused mass unemployment and havoc for millions of American families. Wouldn’t they want to start earning money again, ASAP?

It’s not the unemployment benefits holding them back. Those dried up months ago, and the numbers still haven’t budged.

And again, it’s not that there aren’t jobs. There are millions of opportunities out there!

Here’s an idea—many people have woken up to the fact that most jobs suck.

Most jobs leave you completely at the mercy of your boss. If they mismanage the business, your job’s in danger. If you want a bigger bonus, your job’s in danger. If another pandemic breaks out, your job’s in danger.

They give you no control over your hours, your income, your location, or your future.

Who would want to go back to that?

Instead, Americans are looking for a better opportunity. They want control of their future, their wealth, and their hours. They want to replace the insecurity of a 9 to 5 with more reliable sources of income.

If they see an opportunity that checks those boxes, they’ll be willing to re-enter the workforce.

Americans are looking for a better path. The million dollar question is, who will provide it for them?


¹ “Many Americans aren’t going back to work, but it’s not for the reason you might expect,” Paul Brandus, MarketWatch Aug 14, 2021, https://www.marketwatch.com/story/many-americans-arent-going-back-to-work-but-its-not-for-the-reason-you-might-expect-11628772985

² “What states are ending federal unemployment benefits early? See who has cut the extra $300 a week,” Charisse Jones, USA Today, Jul 1, 2021, https://www.usatoday.com/story/money/2021/07/01/unemployment-benefits-covid-federal-aid-ending-early-many-states/7815341002/


Entrepreneurship Will Change You

Entrepreneurship Will Change You

Starting your own business can be a challenge.

It will test your talents, your mental toughness, and your ability to adapt. And those tests—if you pass them—can spark extraordinary growth.

Here are four ways entrepreneurship will change you.

You’ll develop self reliance. Entrepreneurs need to learn to solve their own problems, or fail. They don’t have a team to handle the daily grind of running a business.

Instead, new entrepreneurs handle everything from product development to accounting. It’s a stressful and high stakes juggling game.

But it can teach you a critical lesson: You’re far more resourceful than you thought. You’ll learn to stop waiting for help and start looking for solutions.

You’ll discover loyal friends. One of the downsides of entrepreneurship is that it may expose toxic people in your circle. They’re the ones who might…

  • Mock your new career
  • Feel threatened by your success
  • Try to one-up you when you share struggles

As you and your business grow, you may need to limit your interactions with them. They might be too draining on your emotional resources to justify long-term relationships.

Rather, your circle should reflect values like positivity, encouragement, and inspiration. Those new friends will support you through the highs and lows of entrepreneurship.

You’ll learn how to manage stress. Late nights, hard deadlines, and high stakes are the realities for entrepreneurs.

To cope, you must build a toolkit of skills that can carry you through the hardest times. Otherwise, you may crack under the pressure and lose any progress you’ve made.

It comes down to one key question: Why do you want to be an entrepreneur?

Are you driven by insecurity? Or by vision?

If you’re trying to prove a point to yourself or others with your business, you may fall apart at the first hint of failure.

If you’re driven by vision, you’ll see failure as part of the process.

Examine your motivations. Over time, you’ll grow more aware of your insecurities. Talk about them with your friends, families, and mentors. As you bring them into the light, you may find they have less and less power.

Entrepreneurship can spark an explosion of professional personal growth. You’ll grow up. You may start with an employee mindset, but you’ll mature into a leader. That’s how entrepreneurship will change you.

P.S. If this seems daunting, start with a side hustle. It can ease you into the role of entrepreneurship without throwing you into the deep end too soon!


Too Much of a Good Thing

Too Much of a Good Thing

Diversification is a key strategy for anyone who’s serious about building wealth.

That’s because no single source of income or wealth is perfect. They’re all subject to ups and downs, highs and lows.

Think of it like going to the golf range and handing the caddie an armful of drivers. You’ll make powerful drives every time, but what happens when it’s time to putt? Even worse, how will you escape bunkers?

It’s a classic case of too much of a good thing. If you’re a serious player and plan to play for the long run, your golf bag needs a variety of clubs—a few different irons, wedges, and putters—to handle whatever challenges you’ll face during the game.

The same is true of building wealth.

You need…

  • Different accounts that each leverage the power of compound interest.
  • Income streams besides your main job.
  • Savings that feature at least some protection against loss.

It’s not a silver bullet. But diversification can offer a layer of protection against the ups and downs of the economy. It can also provide you with supplemental income during lean times.

So how can you start diversifying today? Here are two ideas…

Start a side hustle. This simple strategy can diversify your income sources. Regardless of what’s happening at your 9-to-5 job, you can count on your side hustle to help generate cash flow.

Meet with a financial professional. A licensed and qualified financial professional can help you implement diversification in your savings. This could make a huge difference in protecting your wealth from the ups and downs of a changing economy.

Contact me if you want to discover what this strategy would look like for you. We can review what you’ve saved thus far and check your opportunities for diversification.


Passive Income Requires Work

Passive Income Requires Work

“I want passive income!”, said the community of struggling entrepreneurs (and retirees).

“But what exactly is passive income?” they asked. A simple Google search revealed thousands of articles with a common theme—passive income is money you make while you sleep!

But is passive income really possible, or does it just live in the dreams of people looking for a way to make money without working?

To answer that question, let’s look at what passive income is (and isn’t). Then you can see if it will work for you!

Passive income, generally speaking, is a product or service that requires an upfront investment of time, effort, or wealth to create.

Examples include…

- Rental properties that require wealth to purchase, and are cared for by a property manager while creating rental income - Books, music, and courses that required time and creativity to create and now generate income without regular upkeep - Investing wealth in a business as a silent partner and taking a slice of their revenue

Can those income sources generate cash flow while you sleep? Of course! But notice that all of those opportunities require either work or resources that can only be acquired by work.

Does that mean you shouldn’t prioritize passive income sources? No! They can sometimes provide the financial stability you need.

Just don’t expect a passive income stream to effortlessly appear in your lap.

Remember, there is no such thing as free money. All wealth building opportunities require time, effort, and energy to reach their full potential.

If you want to learn more about creating passive income sources, contact me. We can review your talents, your situation, and your dreams to determine smart strategies for developing passive income.


Common Sources of Retirement Income

Common Sources of Retirement Income

Does retirement income sound like an oxymoron? It’s understandable—most people’s only source of income is their job.

But by definition, your job ceases to become your source of income once you retire.

Instead, you’ll need to tap into new forms of cash flow that, most likely, will need to be prepared beforehand.

Here are the most common sources of retirement income. Take note, because they could be critical to your retirement strategy.

Social Security. It’s simple—you pay into social security via your taxes, and you’re entitled to a monthly check from Uncle Sam once you retire. It’s no wonder why it’s the most commonly utilized source of retirement income.

Just know that social security alone may not afford you the retirement lifestyle you desire—the average monthly payment is only $1,543.¹ Fortunately, it’s far from your only option.

Retirement Saving Accounts. These types of accounts might be via your employer or you might have one independently. They are also popular options because they can benefit from the power of compound interest. The assumption is that when you retire, you’ll have grown enough wealth to live on for the rest of your life.

But they aren’t retirement silver bullets. They often are exposed to risk, meaning you can lose money as well as earn it. They also might be subject to different tax scenarios that aren’t necessarily favorable.

If you have a retirement savings account of any kind, meet with a licensed and qualified financial professional. They can evaluate how it fits into your overarching financial strategy.

Businesses and Real Estate. Although they are riskier and more complex, these assets can also be powerful retirement tools.

If you own a business or real estate, it’s possible that they can sustain the income generated by their revenue and rents, respectively, through retirement. Best of all, they may only require minimal upkeep on your part!

Again, starting a business and buying properties for income carry considerable risks. It’s wise to consult with a financial professional and find experienced mentorship before relying on them for retirement cash flow.

Part-time work. Like it or not, some people will have to find opportunities to sustain their lifestyle through retirement. It’s not an ideal solution, but it may be necessary, depending on your financial situation.

You may even discover that post-retirement work becomes an opportunity to pursue other hobbies, passions, or interests. Retirement can be about altering the way you live, not just having less to do.

You can’t prepare for retirement if you don’t know what to prepare for. And that means knowing and understanding your options for creating a sustainable retirement income. If unsure of how you’ll accomplish that feat, sit down with your financial professional. They can help you evaluate your position and create a realistic strategy that can truly prepare you for retirement.

This article is for informational purposes only and is not intended to promote any certain products, plans, or policies that may be available to you. Any examples used in this article are hypothetical. Before enacting a savings or retirement strategy, or purchasing a life insurance policy, seek the advice of a licensed and qualified financial professional, accountant, and/or tax expert to discuss your options.


¹ “How much Social Security will I get?” AARP, https://www.aarp.org/retirement/social-security/questions-answers/how-much-social-security-will-i-get.html


5 Things to Consider When Starting Your Own Business

5 Things to Consider When Starting Your Own Business

Does anything sound better than being your own boss?

Well, maybe a brand new sports car or free ice cream for life. But even a state-of-the-art fully-decked-out sports car will eventually need routine maintenance, and the taste of mint chocolate chip can get old after a while.

The same kinds of things can happen when you start your own business. There are many details to consider and seemingly endless tasks to keep organized after the initial excitement of being your own boss and keeping your own hours has faded. Circumstances are bound to arise that no one ever prepared you for!

Although this list is not exhaustive, here are 5 things to get you started when creating a business of your own:

1. Startup cost

The startup cost of your business depends heavily on the type of business you want to have. To estimate the startup cost, make a list of anything and everything you’ll need to finance in the first 6 months. Then take each expense and ask:

  • Is this cost fixed or variable?
  • Essential or optional?
  • One-time or recurring?

Once you’ve determined the frequency and necessity of each cost for the first 6 months, add it all together. Then you’ll have a ballpark idea of what your startup costs might be.

(Hint: Don’t forget to add a line item for those unplanned, miscellaneous expenses!)

2. Competitors

“Find a need, and fill it” is general advice for starting a successful business. But if the need is apparent, how many other businesses will be going after the same space to fill? And how do you create a business that can compete? After all, keeping your doors open and your business frequented is priority #1.

The simplest and most effective solution? Be great at what you do. Take the time to learn your business and the need you’re trying to fill – inside and out. Take a step back and think like a customer. Try to imagine how your competitors are failing at meeting customers’ needs. What can you do to solve those issues? Overcoming these hurdles can’t guarantee that your doors will stay open, but your knowledge, talent, and work ethic can set you apart from competitors from the start. This is what builds life-long relationships with customers – the kind of customers that will follow you wherever your business goes.

(Hint: The cost of your product or service should not be the main differentiator from your competition.)

3. Customer acquisition

The key to acquiring customers goes back to the need you’re trying to fill by running your business. If the demand for your product is high, customer acquisition may be easier. And there are always methods to bring in more. First and foremost, be aware of your brand and what your business offers. This will make identifying your target audience more accurate. Then market to them with a varied strategy on multiple fronts: content, email, and social media; search engine optimization; effective copywriting; and the use of analytics.

(Hint: The amount of money you spend on marketing – e.g., Google & Facebook ads – is not as important as who you are targeting.)

4. Building product inventory

This step points directly back to your startup cost. At the beginning, do as much research as you can, then stock your literal (or virtual) shelves with a bit of everything feasible you think your target audience may want or need. Track which products (or services) customers are gravitating towards – what items in your inventory disappear the most quickly? What services in your repertoire are the most requested? After a few weeks or months you’ll have real data to analyse. Then always keep the bestsellers on hand, followed closely by seasonal offerings. And don’t forget to consider making a couple of out-of-the-ordinary offerings available, just in case. Don’t underestimate the power of trying new things from time to time; you never know what could turn into a success!

(Hint: Try to let go of what your favorite items or services might be, if customers are not biting.)

5. Compliance with legal standards

Depending on what type of business you’re in, there may be standards and regulations that you must adhere to. For example, hiring employees falls under the jurisdiction of the Department of Labor and Federal Employment Laws. There are also State Labor Laws to consider.

(Hint: Be absolutely sure to do your research on the legal matters that can arise when beginning your own business. Not many judges are very accepting of “But, Your Honor, I didn’t know that was illegal!”)

Starting your own business is not an impossible task, especially when you’re prepared. And what makes preparing yourself even easier is becoming your own boss with an established company like WealthWave.

The need for financial professionals exists – everyone needs to know how money works, and many people need help in pursuing financial independence. WealthWave works with well-known and respected companies to provide a broad range of products for our customers. We take pride in equipping families with products that meet their financial needs.

Anytime you’re ready, I’d be happy to share my experience with you – as well as many other things to consider – when becoming an associate with WealthWave.



What to Do First If You Receive an Inheritance

What to Do First If You Receive an Inheritance

In many households, nearly every penny is already accounted for even before it’s earned.

The typical household budget that covers the cost of raising a family, making loan payments, and saving for retirement usually doesn’t leave much room for extra spending on daydream items. However, occasionally families may come into an inheritance, you might receive a big bonus at work, or benefit from some other sort of windfall.

If you ever inherit a chunk of money (or large asset) or receive a large payout, it may be tempting to splurge on that red convertible you’ve been drooling over or book that dream trip to Hawaii you’ve always wanted to take. Unfortunately for many, though, newly-found money has the potential to disappear quickly with nothing to show for it, if you don’t have a strategy in place to handle it.

If you do receive some sort of large bonus – congratulations! But take a deep breath and consider these situations first – before you call your travel agent.

Taxes or Other Expenses. If you get a large sum of money unexpectedly, the first thing you might want to do is pull out your bucket list and see what you can check off first. But before you start spending, the reality is you’ll need to put aside some money for taxes. You may want to check with an expert – an accountant or financial advisor may have some ideas on how to reduce your liability as well.

If you suddenly own a new house or car as part of an inheritance, one thing that you may not have considered is how much it will cost to hang on to them. If you want to keep them, you’ll need to cover maintenance, insurance, and you may even need to fulfill loan payments if they aren’t paid off yet.

Pay Down Debt. If you have any debt, you’d have a hard time finding a better place to put your money once you’ve set aside some for taxes or other expenses that might be involved. It may be helpful to target debt in this order:

  1. Credit card debt: These are often the highest interest rate debt and usually don’t have any tax benefit. Pay these off first.
  2. Personal loans: Pay these off next. You and your friend/family member will be glad you knocked these out!
  3. Auto loans: Interest rates on auto loans are lower than credit cards, but cars depreciate rapidly – very rapidly. If you can avoid it, you don’t want to pay interest on a rapidly depreciating asset. Pay off the car as quickly as possible.
  4. College loans: College loans often have tax-deductible interest but there is no physical asset you can convert to cash – there’s just the loan.
  5. Home loans: Most home loans are also tax-deductible. Since your home value is likely appreciating over time, you may be better off putting your money elsewhere rather than paying off the home loan early.

Fund Your Emergency Account. Before you buy that red convertible, put aside some money for a rainy day. This could be liquid funds – like a separate savings account.

Save for Retirement. Once the taxes are covered, you’ve paid down your debt, and funded your emergency account, now is the time to put some money away towards retirement. Work with your financial professional to help create the best strategy for you and your family.

Fund That College Fund. If you have kids and haven’t had a chance to save all you’d like towards their education, setting aside some money for this comes next. Again, your financial professional can recommend the best strategy for this scenario.

Treat Yourself. NOW you’re ready to go bury your toes in the sand and enjoy some new experiences! Maybe you and the family have always wanted to visit a themed resort park or vacation on a tropical island. If you’ve taken care of business responsibly with the items above and still have some cash left over – go ahead! Treat yourself!


Transforming Your Relationship with Wealth

Transforming Your Relationship with Wealth

Wealth… how does seeing and hearing that word make you feel?

Excited? Afraid? Disappointed? Nothing?

Those feelings can reveal deeper truths about your relationship with money. And that relationship can influence your financial future.

That’s because, despite what people say, money is often wrapped up in feelings about…

  • Success
  • Status
  • Stability
  • Self-worth

That’s why people’s behavior with money is often not well-reasoned. Instead of making measured decisions based on the numbers, people find themselves on autopilot. In other words, they react instead of respond.

Let’s look at some examples…

Let’s say your relationship with money is primarily fear based. Maybe you saw your parents struggle with their finances, and you constantly worry about reliving their experience.

The autopilot response? Frugality and risk-aversion, even if you earn a comfortable wage.

There’s nothing wrong with either of those qualities in moderation. But taken too far, they may seriously damage your personal relationships and prevent you from taking advantage of financial opportunities.

Plus, the constant stress and fear of losing everything might impact your mental and physical health if not properly managed.

There’s also the opposite extreme. What if you use wealth to establish your social status?

You’ll be far more likely to buy things you don’t need to show off to your peers. You may even begin compulsively shopping to cope with stress.

In other words, you may be using money in unhealthy and damaging ways. And the stress and guilt that come from such behavior can seriously harm relationships and your ability to accomplish your goals.

So what’s the solution? What should your feelings toward wealth be?

The starting point must be that money is primarily a tool. It doesn’t define you. It isn’t evil. It’s simply a tool that empowers you to pursue things that you love.

Simply put, money isn’t an end unto itself. It’s a means to an end.

The question is, then what do you love? What do you want to do and see and pursue? And what role will money play in achieving those goals?

Once you reorder your relationship with wealth along those lines, a whole world of possibility may open up like…

  • Building wealth without guilt
  • Freedom from compulsive and unwise spending habits
  • Leaving your family a financial legacy

But it all starts with understanding your current feelings towards money, and then deciding on what you want your future to look like.

If you need someone to process those feelings with, contact me! I’m here to offer you guidance and support on your journey towards financial stability.


Are You Ready For Entrepreneurship?

Are You Ready For Entrepreneurship?

Entrepreneurship can be a huge risk.

There’s no way to guarantee that it’ll pay off because there are so many unknowns that go into starting a business. But one thing is for sure: If you’re the adventurous type and aren’t afraid to give it your all, you won’t be able to resist the urge to try!

So if you’re thinking about entrepreneurship, here are some factors to consider…

Do you have enough experience in your field?

It’s a fact—entrepreneurs with at least three years of experience in their industry are 85% more likely to succeed.¹ If you haven’t met that threshold, you might not be ready for entrepreneurship just yet! Are you equipped to handle the stress?

Entrepreneurship can be intense. You’re going to be the one who has to problem solve payroll, bookkeeping, marketing, sales, customer service…the list goes on and on.

If you aren’t ready for this kind of pressure, entrepreneurship might not be for you. It may be better to begin developing stress coping strategies now that could serve you well if you pursue entrepreneurship in the future.

Have you developed a professional and personal support network?

Starting your own business is tough. Having a support network can make it easier. Without a positive, supportive circle (in person and online), you run the risk of…

  • Facing both relational and business stress
  • Constant undermining by friends and family
  • Overwhelm, isolation, and burnout

People you know who have already started businesses are great contacts for advice. And if they’re extremely successful, they may even be willing to mentor you as well.

It’s also critical to surround yourself with inspired individuals who can support you in your moments of self-doubt or when you’ve had a failure. These are the people that can help you keep going when things get tough!

Are your personal finances in order?

If you’re paying off massive amounts of debt, have no savings, and are living paycheck-to-paycheck (or worse…borrowing from friends or family), entrepreneurship would likely stress your finances even more. How would you pay your rent or put food on the table if your business underperformed? That’s why it’s best to discover how money works before—not after—you start your business.

This article isn’t meant to discourage you from going out on your own and forging your own business path—entrepreneurship is an incredible opportunity to chase your dreams and build wealth! Rather, it’s supposed to help you succeed. The sooner you start addressing the factors in this article, the sooner you can start building the business you’ve always wanted!


¹ “The Average Age Of A Successful Startup Founder Is 45,” Entrepreneur Middle East, George Hojeige, Feb 5, 2020, https://www.entrepreneur.com/article/345884


How Chasing Your Mission Changes Your Life

How Chasing Your Mission Changes Your Life

“He who has a why to live for can bear almost any how.”― Friedrich Nietzsche

The power of chasing your mission is that it creates almost limitless resilience.

That’s because a mission gives you a framework in which to understand your situation. And that can be invaluable when you’re faced with setbacks.

If you have no mission, you can become lost in thoughts like…

“Why am I doing this?” “This is pointless.” “I should just give up.”

And it makes perfect sense why! If the obstacles you’re facing aren’t part of a larger struggle to accomplish your mission, then why should you face them?

Without a mission, you render yourself potentially unable to overcome any challenges or obstacles! The “why” is missing, and you’re left with nothing but seemingly futile efforts.

What happens when you flip the script and live a mission-driven life? Here are some thoughts you may have when you encounter a setback…

“I don’t know how, but I know I can do this.” “If I can just get over this hump, my goals will be in reach.” “This sucks for now, but I’ll keep fighting until it gets better.”

So what can you do if you don’t have a mission? Here are a few ideas…

Take a poll of trusted friends, family, and loved ones about your talents. If there’s an overwhelming consensus, consider developing those talents into a mission statement.

Notice when you’re in the zone. That’s a sign that you’re doing something you find meaningful and purposeful. It’s worth integrating that activity into your mission.

Surround yourself with mission-oriented people. Inspiration is contagious. You might be surprised by how quickly the excitement of others rubs off on you.

If you’re seeking opportunities to chase a greater mission, contact me. I’d love to chat about what that could look like for you!


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