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- To Do → Today!
- To Do → Later
- Avoid music with lyrics. Language hijacks your performance, even if you think you can “tune the words out.”
- Check out Spotify’s playlists under Genres & Moods → Focus. They’ve done a great job of pulling together music designed to help stimulate your brain appropriately for different tasks.
- Money Bo$$: The Millionaire Mindset: 53 Habits That Foster Wealth and Success
- Wealth Clinic's 4 Steps To Changing Your Money Mindset
- And, My Favorite Book Of All Time! Rich Dad, Poor Dad By Robert Kiyosaki
- Will take you 153 months to pay off your debt;
- You will pay $5,000 in interest; and,
- You will lose approximately 265 brain cells worrying about your credit card debt.
- Credit Karma's Article On How To Avoid Credit Card Debt
- Student Loan Hero Explores Fast Cash Options And Avoiding Credit Card Debt
- Weekly Goal: Educate myself on personal finances (you’re almost there!)
- Monthly Goal: Cut up all credit cards but one, and find a side business to start
- Yearly Goal: Begin working a freelance or side job, and earn $1,000 in supplemental income
- 5 Year Goal: Pay off all credit card debt, and earn $5,000 a year in supplemental income
- 10-Year Goal: Buy a tiger on a gold leash and chill with Mike Tyson.
- Monday: Listen to 2 podcast episodes
- Tuesday: Start reading Rich Dad Poor Dad
- Wednesday: Take a break – watch Netflix all night
- Thursday: Finish Rich Dad Poor Dad
- Friday: Call Mike Tyson’s agent (see 10-year goal above)
- Saturday: Research side hustles and ways to earn supplemental income
- Sunday: Take a break – there must be a game on!
- Nick Loper's Comprehensive List of Side Hustle Websites
- My interview with Nick Introducing the Sharing Economy
- Sharing Economy Quiz - Find Out Which Side Hustles Fit Your Lifestyle?
- Laptop Landlord's Airbnb Tips For Beginners
- Harry Campbell's Maximum Ridesharing Profits Course - For Uber Drivers
- Amazing Airbnb Case Study from Paula Pant over at Afford Anything
- Money Peach's 68 Side Hustle Ideas
- Believe In A Budget - Kristin Larsen's Side Hustle Experiment
- Your magic number is $1 million, which would be a good average for someone with a small family.
- Average return on your investments is 7% annually, which is the average stock market return.
- For all you smarty pants out there saying, well these calculations don’t account for inflation: They do! So there! (3%).
- Returns on your investments are re-invested (this should be a no-brainer!).
- Millennial Money Man: 8 Side Hustles You Can Start This Weekend
- Money Nomad Provides Awesome Tips For Getting Upwork Jobs
- Jake Jorgovan Tells You Exactly How To Make $1000 A Week On Upwork
- Airbnb Secrets Shows You How To Get Started On Airbnb
- Work At Home Wife Shows You How To Make Money From Home Online Tutoring
- Money Pantry Gives You The Best Tutoring Sites Online To Start Earning Side Income
- LearnAirbnb Brings You The Ultimate Beginner's Guide To Airbnb
- The Every Girl’s Awesome Guide To Setting Financial Goals That Stick
- The Outsourced Accountant’s 6 Lessons Learned From Robert Kiyosaki
- Even Carmichael’s Amazing 3 Lessons Learned From Robert Kiyosaki
You know you should invest.
Usually, whenever people start thinking about investing their money they typically think about traditional investing strategies, like the stock market or real estate.
Most people want to retire early, build a passive income portfolio by putting up their cash and time up front, and get rich fast.
It’s understandable. Those plans sound great, right?
Too bad that when it comes to investing, nothing is really that straightforward.
For most people dabbling in investing, using the buy low and sell high model simply won’t work.
If you want to invest in something, why not focus on investing in something that you can buy low, generate maximum profits, and then give yourself even more options: sell it to increase your profit margins, or keep the asset earning from month-to-month.
If that strategy sounds too good to be true, it’s not. This is the reality of investing in websites.
Whenever you’re investing in websites, there are quite a few different strategies you can use, whether you want to build a website from scratch or you want to purchase a website that’s already successful.
In this article, I’m going to break down both the advantages of investing in websites, and the disadvantages to help you understand exactly what goes into flipping digital real estate.
Option #1: Build The Website From Scratch And Grow It Yourself
Building the website yourself, and growing it from the ground up gives you a couple different options.
You can keep the website in your portfolio and collect the monthly earnings. Or, you can sell the website to another investor for a multiple of its monthly net profits.
Let’s assume that you have built the website from the ground up and have started receiving consistent traffic. The website grows to the point it is making $200 per month.
You could let the site continue on from month, to month, without growing it anymore, and collect the $2,400 a year in earnings. This is assuming that the website doesn’t continue growing. An extra $2,400 per year is a great supplemental income that happens on autopilot. You could also keep working on the site and grow it past that $2,400 per year mark.
Advantages: You can focus on new projects while this website is continuing to earn.
Disadvantages: You are banking on the notion that the website’s earnings will stay consistent and stable on their own.
Another strategy is to build the website and then sell it to an investor once it has hit a certain earnings milestone.
This is the slower, more long-term strategy where you are planning on building websites up to the point where they are profitable, and then flipping them to investors. With this strategy, you can easily sell a website that’s generating $200 per month for upwards of $4,000, or more.
The $4,000 valuation is based on investors being willing to pay a 20-month multiple of the website’s earnings.
Advantages: Quick cash influx, assuming that you sell the website through a broker, and that your website is earning a healthy income each month. This is a repeatable process that you can reinvest in over, and over again.
Disadvantages: You’re giving up the long-term potential to build the website and earn even more money if you simply held onto the website. Your investor is going to want to take the website to the next level, where the website’s earnings will help justify the initial cost of buying it.
Option #2 – Purchasing established websites.
If you have already set aside cash from your job or other investments, you can spend it on a website that is already generating revenue, and save yourself the time it takes to build a site up from nothing.
Building a website to the point that it’s earning consistent revenue can take anywhere from months to years, while purchasing a website that has already hit that point can significantly reduce the amount of time it takes.
There are two different strategies you can use when it comes to buying established, profitable websites.
You can hold on to the website after you buy it, collecting the monthly profits and reinvesting them to grow the business even further.
Advantages: Assuming that you have purchased a legitimate website that is going to continue earning from month to month, you can sit back and collect the earnings. This will help you earn more than what you’ve paid to purchase the website. You also have the option of putting additional effort into the business and generating more revenue, helping you recoup your investment much quicker.
Disadvantages: You’re going to be required to invest time and wait for the work to pay off. It could potentially be years before you see a payoff, which some investors aren’t willing to wait for.
Another strategy is to continue growing the business until it hits a certain revenue goal and then flip it for a profit.
Advantages: This strategy makes it easy to scale. You can put together a small team of people, or even outsource the process of growing the business, and then start flipping multiple websites at the same time. You’ll start earning your money back through the website’s revenue, as well as through flipping the website to another investor.
Disadvantages: In an ideal world, you’re going to want to flip the website for a high earnings-multiple. Finding the right investor, though, can be challenging, especially if you’re using a website like Flippa. This is why it’s always recommended to work with a broker that can help you get the higher earnings-multiple. Also, if you are working to keep growing the site from month, to month, your investment is no longer passive.
To Build, or To Buy
As a beginner, if you’re looking into investing in websites, you’re going to want to purchase websites through a reputable broker that vets each of the businesses they list for sale. Then, you will need to focus on learning the basics of growing a website.
You’re going to be dealing with a website that is already established and profitable, which helps reduce the chances of the website tanking.
A broker will do most of the heavy lifting, and verify that the website isn’t going to lose traffic or have the earnings become unstable from things like search engine penalties.
Of course, like other investment strategies, there are no guarantees. However, the odds of finding a successful website when you’re working with a broker are substantially higher than trying to find one by yourself through a marketplace like Flippa.
If you work on a marketplace like Flippa, you are going to have to weed through each of the listings to find diamonds in the rough, and then perform due diligence by yourself to verify that the website isn’t going to tank shortly after you buy it.
Many investors utilize Flippa because it is a well-known marketplace. However, those same investors can agree that it’s not always the best place to find trustworthy websites.
The sheer number of websites listed on Flippa means it can be nearly impossible for them to maintain a high-quality set of listings. You’re going to need to spend more time sifting through less-than-desirable websites to find one that’s worth investing in.
When it comes to buying vs building, there are great debates happening, arguing for both sides.
On one side of the equation, investing in websites require relatively low investments. This is, of course, assuming that most people don’t have massive stacks of cash piled away. In these cases, building websites from the ground up is actually a very inexpensive strategy, especially if you do the work and write the content yourself.
Even if you outsource the writing process to someone else, have a graphic designer put together a logo for you, and use a premium WordPress theme on the website, you still may only have a few hundred dollars invested into the website.
When you compare that to the thousands of dollars people devote to starting a “real” business, like a restaurant for instance, the investments are miniscule.
However, buying a website helps you bypass all of the work, and dramatically reduce your learning curve, especially if you’re not necessarily tech savvy. As an investor, you are able to take an established website and offer a multiple of its monthly net profits.
In the end, it is up to you to figure out which side of the equation you want to be on and the flipping path that you want to go down.
About the author: Originally from Australia but now enjoying life in the U.S, Jock Purtle is an internet entrepreneur and business broker. He is an expert in buying and selling websites and digital businesses, and is the founder of Digital Exits.
By: Maggie Aland – Staff Writer at Fit Small Business,
Many small business owners utilize freelancers. Businesses, regardless of industry, are always looking for writers, marketers, programmers, designers, accountants, and more — all of whom they can hire on a contractual basis.
The freelance economy is booming as it offers more freedom and flexibility than having a full-time career path. However, freelancing can be quite challenging especially if you are in a very competitive field. That’s why you have to make sure that you stand out among other freelancers. You can do this by looking more valuable and professional. Here are some tips to achieve that goal.
1. Build a Credible Online Presence
When you apply for a freelance position, employers usually research you online to see your previous work. Make sure what they find is something impressive and worthwhile. The better your online reputation is, the more jobs you’ll likely secure.
Here are 3 things to have in place to ensure a credible online presence:
Have a website / online portfolio.
Having your own website with your portfolio will instantly make you look more professional. Focus on your best clients and include examples of your previous work. Don’t simply put anything and everything you’ve ever done on your site. You might have some early projects that are not up to your current standards. Make sure to include your contact details and to keep your website updated regularly.
Take advantage of social media platforms.
Almost all businesses have their own social media accounts, so you should, too. While creating a name for yourself can take time, building your presence on sites like Instagram, Twitter, and Facebook can help speed up the process. Use your social accounts to connect with potential clients across the globe. Like with your website, make sure that the information you share on your social accounts will help you build your reputation as a credible and experienced professional.
Have a powerful LinkedIn profile.
LinkedIn has become one of the most important websites for job searching. But don’t just create a profile, make sure to create a detailed and powerful one so you have better chances of standing out from the crowd.
Use a clear head-shot that makes you look professional and pleasant at the same time. Craft a compelling headline and use keywords related to your expertise. Showcase your experience by listing the best clients you’ve worked with as well as list a few of your invaluable work skills and accomplishments. Also, take the time to build quality connections and get recommendations from anyone you have worked with. Doing this will help make your LinkedIn profile stronger.
2. Create your own brand.
Developing a brand requires that you have a clear vision of your professional style as well as where you want to take your freelance work. Having a logo may not be a common practice among freelancers but this will help you in building your brand as an industry professional. There are plenty of free tools available online that can help turn your brand identity into visual art. After you developed your own brand and logo, you can print it on your business cards or use it to work alongside your portfolio.
3. Have a professional email address.
Remember that your email address is a reflection of you. Every email you send can either build or detract from your reputation. So make sure to use a professional-looking email address like email@example.com. You will definitely appear more credible when you reach out to potential clients using an email address like firstname.lastname@example.org rather than email@example.com. Plus, creating a business email is free and easy to do, so there’s no excuse not to have one.
Using an email signature will also help you make a good impression. Plus, it’s a great way to promote yourself and your services. Add your contact details such as your phone number, links to your social media profiles, and website. This will provide your potential clients with plenty of options to connect with you and will give them the impression that you take your profession seriously.
4. Utilize client testimonials.
Have previous customers write reviews that you can post on your website or on freelance sites. This will help boost your credibility and establish trust. Testimonials work because they are not strong sales pitches and they are given by unbiased voices. Using real people to show the quality of your service is an effective way to prompt potential clients to contact you. If possible, add an image next to your client’s testimonial. It will help your prospects feel more secure and confident in the review.
5. Always use a contract.
Contracts provide not only protection for you and your client, but they also a provide a great way to build trust and manage expectations. Defining what’s expected of you and your client in writing will ensure that both parties will be happy at the end of the project. Prepare a well-written contract before you start any job. You don’t need a legal professional to draft a contract. Determine what works for you and write it yourself. Make sure to include details on pricing, payment method, copyrights, revision terms, deadlines, etc. Be as specific as possible.
Having this kind of formalized agreement will not only prevent awkward confrontation down the line, but will ultimately help create a more professional image for yourself.
Being a freelancer can be both a liberating and overwhelming experience. It’s not enough that you do what you do well, you also need to project yourself in a professional light so that your prospects will choose you over your competitors. But just like with other things, a combination of good practices and determination will help you succeed.
Maggie Aland is a staff writer for Fit Small Business, a website that provides small business owners with information to help their businesses succeed. She writes on a variety of marketing topics, ranging from newspaper ads to how to market your business on Facebook. Before joining Fit Small Business, Maggie worked as a marketing associate at a niche publishing company.
I’ve spent a lot of time obsessing over productivity. As an entrepreneur with a psychology background, I find the topic fascinating! One year I even kept a log of how I spent each day, breaking the 24 hours down into 30-minute slots to see where I was wasting time and where I could improve.
Thankfully, I’ve been able to apply this obsession, because most days I work from home, where distractions run amok and I’m the only one responsible for my work. Below are the tips and tricks I’ve found to be most helpful for my productivity, and I hope they’ll be just as helpful for you!
1. Prioritize rest
I won’t tell you to only work 4 or 6 hours a day, and spend the rest of your time relaxing by the pool. It’s true that working fewer hours helps you do better work during that time. But even if you’re twice as productive in those 4 hours, it doesn’t make up for the 10-hour days that are so typical for people who work from home.
There’s a lot to be done, and we can only condense so much. However, it’s well documented that defined times of rest and recuperation help us work smarter and harder. (I’d recommend the book Rest by Alex Soojung-Kim Pang.)
To maximize productivity while working from home, get your full 8-10 hours of work in, but be intentional to about creating time for walks, reading, meditation, sleep, eating, and other rejuvenating activities before, during, and after your work day.
2. Keep an updated list
The best “trick” I have to getting more done at home is constantly updating my to-do list. Almost daily, I write out all the things I need to get done, which fall into 1 of 2 categories:
This process does 2 great things for me.
It gets rid of the Zeigarnik Effect
The Zeigarnik Effect is that feeling of stress we get when there are 101 things to do running through our minds. We can’t shut off this stream of thoughts, because our brains are trying to complete all the tasks.
It turns out the simple solution to the Zeigarnik Effect is writing down your thoughts – in this case, the things you need to do.
So writing down my to-do list helps me remove stress and clear my mind. This allows to better focus on one task at a time, which boosts my productivity (and my quality of work).
It prioritizes my tasks
Writing down what I need to do today helps me wade through my tasks to determine what’s most urgent and is the best use of my time. And since I refresh the list every day, I’m constantly refreshing my priorities, too. This goes a long way towards more productivity.
3. Play the right music
Music has profound effects on cognitive performance, and I’m fortunate to have studied these effects for several years. In short, every sound has a different effect on the brain, as does its tempo. And the more instruments or sounds there are in a song, the more it will impact your performance.
More beats in a minute through more instruments means your brain has more to process, which takes cognitive resources away from the task at hand. This is important, because listening to some music (e.g. Top 40) can negatively impact your work, while other music (mostly instrumental) can stimulate your brain just enough to improve your performance.
I could go into more detail, but it’s probably better if you do 2 simple things:
4. Forget your phone
I’m a huge advocate of how helpful smartphones can be for both work and leisure, but all those apps and emails are really good at stealing our attention.
You might feel productive checking your email for the 30th time today, but you’re not. Every time you check your phone – or browse the same sites on your computer – you’re allowing yourself to be distracted.
Did you know it can take 25 minutes or more to regain focus after a distraction? So if you check your phone after every notification, how productive can you really be?
I’ve found best results from leaving my phone in the other room on silent. I check it periodically throughout the day, and that’s pretty much it. This lets me stay fully invested in the task at hand, which inevitably boosts my productivity.
5. Set goals and deadlines
When there’s no one around you telling you what to do and when, as is often the case when working from home, it can be very easy to procrastinate. We have a tendency to say, “Well, I’ll get to it later,” or “But I’d rather do this first,” and then we get behind. At the very least, we don’t reach our potential.
I spend a lot of time creating content, and I learned that others’ publishing deadlines helps me get things done sooner without adding much stress. So I’ve begun setting my own goals and deadlines for projects and tasks, and it’s done wonders for my pace.
Also, telling someone when I’ll have it finished, and creating that accountability, motivates me to reach or excel the goals I create for myself. So it becomes a virtuous circle.
6. Create a separate office space
You need to be aware of contextual cues and triggers. For instance, if you normally sit on the couch with a blanket when you watch TV, it can be difficult to then sit on the couch with a blanket and focus on your work.
The brain and body are great at recognizing context. So when you put yourself in a typically relaxed context and try to do something not relaxing, everything gets confused and suffers.
But, if you can create a separate portion of your home that’s only for work, like a spare bedroom or office nook, then you can use this work context to enhance your productivity.
When you step into that office, your brain and body recognize the context and prepare you to start working, which helps you be more productive.
7. Minimize communications
I’ve seen too many freelancers, remote workers, and other work-from-home types put a lot of effort into communicating with team members and employers. It’s like a process of validation.
If I’m communicating with you about work, you know I’m working, even though we’re not in the same office together. The problem is most of these communications – Slack messages, emails, texts, etc. – offer little value while creating constant distractions.
This was a big issue I dealt with early on, because I wanted to make sure the people I worked with could trust me to produce even though I wasn’t physically with them. Over time, I learned the best way to build this trust is by bringing them a great finished product quickly.
If I finish a project 2 days early, and that’s the first time anyone’s heard from me in a while, they’re all still happy. This has actually built more trust in the process while removing distractions, which lets everyone be more productive.
There are so many things we can do to maximize productivity while working from home, from drinking coffee at a certain time to choosing the right wattage for our home office light bulbs.
But these 7 steps are what I’ve found have the most positive impact on my day. They help me do more and better work each day, and I’m sure they can help you do the same!
1. Don’t Be Afraid To Work For Free – Rick Lauber of RickLauber.com
2. Understand What Client Wants – Elizabeth Gibson – Chief Content Officer, EZLandlordForms
3. Join Groups And Network – Stephen Gibson – Founder of Vyteo
4. Write A Lot – Steve Replin – Lawyer at Replin Law Group
5. Sign Contracts – Stephanie Caudle – Black Girl Group
6. Think Like A Marketer – Holly Rodriguez – Richmond Free Press
7. Don’t Give Up – Curtis Bizelli – CurtBizelli.com
8. Learn Marketing – Don Allison – Faded Banner Publications
9. Guest Post Like Crazy – Lauren Fonvielle – LaurenFonvielle.com
10. Become The Expert – Richard Heby – LiquidSpace
11. Don’t Sell Yourself Short – McKinzie Brocail – Medology.com and McKinzieWrites.com
12. Read Your Niche – Donna Kaz – DonnaKaz.com
13. Freelancing Is A Business – Dr. Helen Okoye – Drokoye.com
14. Freelance Writing Is A Numbers Game – Natalie Hornyak – Garfield Group Branding
15. Freelancing As A Professional Practice – Joanne Cleaver – jycleaver.com
16. Write What Sells – Alina Adams – AlinaAdams.com
17. Don’t Be Lazy – Ellie Shoja – Embold Media
18. Don’t Accept Every Offer – Steve Hatmaker, Jr – Ridgefield Media
19. Answer Clients Quickly – Piotr Kulczycki – Photler
20. People Need To Be Able To Find You Online – Kenneth Burke – Text Request & KennethBurkeWriter.com
21. Build Your Portfolio By Taking Lower Paying Freelance Writing Jobs – Samantha Cortez – DrFelix
22. Consider Working For Free – Amy Kilvington – Naturally Content
23. Be Easy To Work With – Sally Kane – PaperStreet
24. Always Pitch – Kristi Porter – Signify
25. Perfect Your Pitch – Travis Vengroff – John Dossinger Publishing
Perfect and practice your elevator pitch. If you want to gain readers you’ll need to really be able to turn their heads in two sentences or less.”
26. Go The Extra Mile – Hope Alcocer – HA Media
27. Sort Out Your Finances First – Jennifer Bright Reich – Mommy MD Guides
28. You Don’t Have To Be An Expert – Crystal Kline – Crystal Kline Consulting
Who doesn’t love having money? If you’re like most, you’re looking to stretch your dollars as far as you can.
The thing is, though, that taking control of your finances can sometimes be easier said than done.
These money management tips will put you ahead of the curve and help you gain an even greater level of financial freedom.
Money Management Tips #1: Consider A Budget
For beginners, this one’s non-negotiable.
It’s a relatively simple process, yet only 32% of Americans take this basic step to help themselves out.
It goes a long way in giving you control over your money, helps you keep specific goals in your crosshairs, and gives you greater overall awareness of how you’re spending and how you can potentially cut back.
Money Management Tips #2: Set Goals
Goals are how we grow. This philosophy applies just as equally to money as it does to other aspects of our lives.
They don’t all have to be far-fetched, long-term goals either. Small, manageable goals that you can achieve at a quicker pace will help you stay motivated and keep your focus on managing your resources as well as increasing your cash flow.
Money Management Tips #3: Start Saving
It’s easy to put this step off. “I’ll start next month,” we continue to tell ourselves. Money management tips like this are more effective when you do them now.
The sooner you start saving money, the more you’ll have for yourself later on, as your accounts will have more time to grow.
Opening a savings account isn’t difficult, and the interest that you accrue over time will ensure that your wealth continues to increase.
Money Management Tips #4: Monitor Credit
Your credit score is one thing that can make or break you when it comes time to make substantial purchases.
You should consistently monitor yours to ensure that it’s on the up and up. Numerous services will assist you in checking your score and setting up credit monitoring.
These include Credit Karma, which is my favorite and happens to be free.
You’ll also get the added benefit of detecting and correcting any potential errors that could be hurting your score.
Money Management Tips #5: Credit Use
Do you know your credit utilization rate? It’s the amount of total credit you have versus the amount you’re using.
If it’s too high, you could be putting a dent in your score inadvertently.
Ideally, you’ll want to get that rate below 30% across all of your cards, as exceeding that ratio can potentially drag down.
Remember to use your credit smart, and, as we mentioned in our first point, keep a budget to help you stay on track.
Money Management Tips #6: Insurance
There are plenty of unexpected events that could put a serious hamper on your financial goals if you’re not protected against them.
Having insurance for various potential scenarios can help keep you secure in the event of a “rainy day,” so to speak.
Of all the money management tips, this is one of the easiest to overlook.
Consider speaking to an insurance professional about home, life, and auto insurance options.
Money Management Tips #7: Use Cash
It will keep you from overspending!
When you consistently rely on your cards, you’ll have a tendency to overindulge.
Practicing the “all-cash” routine isn’t as difficult as it might sound, and you’ll find the incidental benefits far outweigh the minor inconveniences.
Money Management Tips #8: Be Discerning
About your purchases.
Do your research to make sure that you’re getting the best deals on the things that you purchase.
Take care not to purchase things that you don’t need, and don’t invest unnecessarily in items that you don’t currently need.
Money Management Tips #9: Exercise
This is one of the few money management tips that will also improve your body!
Exercising helps you stay productive and positive, which will, in turn, help you realize your goals more easily. On that note…
Money Management Tips #10: Stay Positive
Beating yourself up is no way to get control over your finances.
If you’re pessimistic about paying off your debt, you’re less likely to stay in the pocket and get it done.
Adopt a can-do attitude and watch your fortunes improve.
If you’re a baby boomer (born between 1946 and 1964), then you’re quickly approaching retirement age (if you’re not in it already).
That means making smart decisions with your money is of utmost importance. Because most people have a somewhat fixed income in retirement, it’s beyond essential to use a solid financial plan to effectively stretch your money as far as possible.
Here are the top 5 money tips for baby boomers to help you make the most of your hard-earned savings.
Money Tips for Baby Boomers: Plan Now!
In a perfect world, you’ve been following a detailed financial plan for decades. But we all know that we don’t exactly live in a perfect world.
Those that haven’t spent much time on a financial plan would be wise to create one now. In fact, it’s never too late to make financial planning a priority.
According to Work 911, consulting a financial planner is one of the best steps you can take when creating a financial plan. Navigating the world of finance is difficult to do on your own, even for those that have been following a decent plan for years.
A financial planner can help point you in the right direction and make the most of your investments.
Money Tips for Baby Boomers: What’s Your Budget
With retirement quickly approaching, it’s necessary to come up with a set monthly retirement budget.
Much like a traditional budget plan, a retirement budget plan helps you keep your expenses in check against your retirement income. Take all of the income you expect to make into account (including that from investments and real estate) when creating your budget plan.
Bank Rate insists that part of planning your retirement budget is making sure it holds up against the most common expenses that ruin retirement plans.
This will allow you to tweak your plan, before retirement, so that you preemptively plan for any emergencies that are likely to come up.
Money Tips for Baby Boomers: Withdrawal Plan
Most of your retirement income will likely come from your savings account. So it’s essential to create a savings withdrawal plan to stretch your savings throughout your retirement.
As one of the top money tips for baby boomers is creating a saving withdrawal plan helps ensure you receive enough to cover all your expenses outlined in your budget plan each month.
It also helps minimize tax consequences and protect your principle.
Principal.com states that creating a savings withdrawal plan is one of the top things your financial planner will help you do.
Bank Rate offers a handy savings withdrawal calculator that can help you have an idea of what your withdrawal plan should look like before you talk to your financial planner.
Money Tips for Baby Boomers: Sharing Economy
According to the AARP, approximately 8 in 10 baby boomers plan to work at least part-time in retirement.
Why not utilize the sharing economy as your part-time flexible retirement job? Working a few hours per week for a platform like Uber or TaskRabbit allows you to set your own hours and make some serious money in the process.
Airbnb is another popular option to pull in extra cash without holding down a “real” job.
Our sharing economy income calculator shows you how much you can make from these powerful platforms.
Money Tips for Baby Boomers: Your Will
According to Forbes, only 25% of Americans have a will.
Yet a will is one of the most important financial documents can have. Creating a will is also the last of our top money tips for baby boomers.
A will helps your heirs make sense of your finances after you pass away. It ensures that they won’t have to probate your will.
In short, a will outlines how you want your estate to be handled to prevent headaches for family members and other heirs.
Luckily, creating a basic will is easy. There is plenty of affordable software available that allows you to create a basic DIY will on the cheap.
Wealth Management also states that your financial planner should be able to help you with the basics of estate planning.
Money Tips for Baby Boomers: Final Thoughts
There’s no time like the present to get your financial life in order, especially if you’re a baby boomer quickly approaching retirement.
These top 5 money tips for baby boomers discussed will help you set the groundwork for an effective retirement plan.
Did you know that according to the Urban Institute, a third of Americans are facing debt collectors?
You may not believe this, but one of the best kept secrets among the wealthiest 10% is that…
So let’s get started.
Money: It’s All Mindset
Hold on jerk! People don't choose to be financially disadvantaged!
And, you can’t just wave a magic wand and make someone financially stable.
So what the hell are you talking about? Some people just don’t have the right circumstances to do what you’re suggesting.
Choose right now the be the master of your own destiny, and you'll be amazed at the long-term outcome via @casual_glenn
Can How Do We Achieve A Money Mindset?
Evernote is my work wife – but don’t tell my real one!
Top Money Mindset Resources
Millionaires? They’s Are A Dime A Dozen
How many do you think of these became millionaires overnight? Probably zero. Except for this guy.
Earning money is easier than ever. That's right: the streets are practically paved with gold, yet one in three of us has debts and unpaid bills that have been reported to collection agencies.
Millionaire Mindset: Action Disclaimer
Top Resources To Help You Take Action
Millionaire Mindset: 10 Commandments
1 – Avoid Credit Card Debt
Top Resources To Help You Avoid Credit Card Debt
2 – Plan and Write Down Goals
3 – Automate Savings
4 – Magic Number
5 – Educate Yourself and Others
Top Money Resources
6 – Protect Yourself
7 – Live Below Your Means
Live below your means – Porter Stansberry – Financial Author
Top Resources To Help You Live Below Your Means:
8 – Understand The Difference Between an Asset and a Liability
9 – Know and Act on the Difference Between a Want and a Need
10 – Create Assets: Find Side Hustles that Fit Your Lifestyle
Top Resources To Help You Live Below Your Means:
The Math: How To Become A Millionaire (Not Overnight!)
Scenario 1 – Start Saving at 20
Scenario 2 – Start Saving at 30
Scenario 3 – Start Saving at 40 (You Can Still Do It!)
Scenario 4 – Fast Tracking: More Side Hustles
The Help: Resources You Need
Philosopher Glenn: Final Thoughts on Financial Freedom
Seniors have found that technology improves their quality of life. As such, today we want to discuss the absolute best apps for seniors and baby boomers.
The right mix of apps for seniors on their smartphones or tablet promotes significant lifestyle improvements.
Baby boomers don’t always get the credit from the younger generation for being tech savvy. Yet research clearly indicates that they have embraced technology.
Retirees can use smartphone apps to keep in touch with family and friends, manage their health, and keep updated on local and international news.
Technology also allows them to easily organize their travel arrangements, keep their minds engaged and entertained, plus a host of other benefits.
Today we explore the top five best apps for seniors, retirees, and baby boomers that they can use to improve their quality of life.
Best Apps for Seniors #1: Skype
Skype changed the way we keep in touch forever.
With the tap of a button seniors with this app installed on their smartphones or tablets can talk face-to-face with children and grandkids miles away.
There are no more excuses for missing the milestones in your friends and family lives. Skype is low cost and supports voice calls and texting as well.
Best Apps for Seniors #2: Mint
Worried about your finances in retirement? Install Mint.
It is hands-down one of the best apps for seniors.
The Mint app lets you manage money in one convenient place. Set alerts for bills and other financial obligations.
Mint also comes with activity alerts to prevent the financial abuse prevalent for this generation. CDC estimates that as many as 500,000 cases of financial abuse and scams affect seniors and others of the older generation.
With Mint, you can get alerts inreal-timee and mitigate against the abuse or at least get someone to look at the suspicious activity.
Best Apps for Seniors #3: Medisafe
Health issues are a leading concern among retirees and people in the older generation.
According to one research study by IMS Institute for Healthcare Informatics, Americans ages 65 – 75 get an average of 27 prescriptions per year.
Keeping track of the dosage and times can get daunting even for people with lower prescriptions and no problems with memory loss related problems.
Medisafe is a pill reminder app for the smartphone with pleasant visual touches which display the pill one is supposed to take and at what times. Additionally, it can send alerts to a caregiver or family member if you miss a dose.
Best Apps for Seniors #4: SkyScanner
Retirement is a time to kick back, relax and enjoy life. And travel is one way retirees choose to do just that.
Skyscanner is an app that makes it easy to quickly search for, compare and book flights and hotels. It simplifies the logistics and hectic planning that go into making a trip successful.
Whether you are traveling alone or you want to surprise your kids with a dream vacation, SkyScanner has you covered.
It also features customizable searches to make finding that flight to your dream destination much easier. Just don’t get too trigger happy with the cheap deals on flights!
Best Apps for Seniors #5: Kindle & Audible
Even in retirement, one has to keep their brains sharp.
Reading accomplishes just that and has the added advantage of keep Alzheimer’s and other dementia-related problems at bay.
The Kindle is not only a physical device on its own but comes as an app for the smartphone. With it, you have access to a plethora of reading resources.
Best of all, it has accessibility features like enlarged text and the ability to adjust screen brightness.
If you have sight problems or prefer to listen to your books instead, Audible is the perfect app for you. It features more that 180,000 titles you can select from for your enjoyment.
Bottom line, with these best apps for seniors, retirees and baby boomers can improve the quality of their lives and achieve more independence and autonomy.
You can save money in more ways that one, and it’s easy. No secret tips or detailed strategies are needed.
You don’t even need to change the way you live or drastically cut back on your spending.
All it takes is a little motivation and know-how.
The below easy ways to save money outlined below show you how to sock away more cash each month without being cheap.
Easy Ways to Save Money: Budget
A recent Gallup poll shows that only one-third of Americans use a budget plan.
Yet using a budget plan is one of the top time-tested money-saving tips. Creating a budget plan takes your income and expenses into consideration so you know exactly how much money you have to spend on certain things.
A budget plan, as well as tracking your expenses, helps you see exactly where your money is going. It allows you to make necessary changes. It also keeps you honest.
Easy Ways to Save Money: Groceries
The Bureau of Labor Statistics lists groceries as the third top expense among Americans.
Yet all too many people go about their grocery shopping willy-nilly. Utilizing smart grocery shopping habits is one of the best ways to save money.
The number one smart grocery shopping tip is to plan ahead. Check your refrigerator, freezer, and pantry before writing a grocery list so you don’t buy any items you already have.
Using a list at the store helps ensure you only buy what you need.
Easy Ways to Save Money: Utilities
The Energy Information Administration lists the average monthly electrical bill as $110.21 in the United States.
Like grocery shopping, changing a few habits can greatly cut down on that figure. Chief among them is actually using less electricity.
Turn off the lights when you’re not at home, invest in a smart thermostat (like Nest), and limit use of the AC in the summer.
Another of the easy ways to save money on utilities is to invest in energy efficient appliances.
Sure, replacing your washer and dryer might be expensive upfront, but it will save you huge amounts of money in the long run. Zillow estimates swapping out an old-fashioned washer and dryer with a new energy saver model saves roughly around $110 per year on utility bills.
Easy Ways to Save Money: Impulse Buying
Impulse buying is one of the worst spending habits of all. Fortunately, it’s relatively easy to replace with better habits.
The Simple Dollar suggests using the 10-second rule for small purchases. Whenever you pick up an item at the store, spend at least 10 seconds thinking about whether you actually need it.
You’ll often find that you don’t need it nearly as much as you originally thought you did.
LifeHacker recommends pairing the 10-second rule with the 30-day rule. Wait at least 30 days before making a big purchase.
Use that 30 days to reflect on whether you actually need that item or not. You’ll often find that the urge to buy that item passes after a month of waiting.
Easy Ways to Save Money: Automate
Automatic transfers are one of the easiest ways to build up your savings account. Many people describe it as “paying yourself first.”
Set up automatic transfers so that a set amount of money is transferred to your savings account each month without thought. It ensures that money is actually saved and helps build better financial habits in the process.
Saving money is easy when you break it down piece by piece. Implement one or two of the top easy ways to save money discussed above and you’ll notice immediate changes.
The key is to stay motivated and not to overdo your efforts.
Trying to do too much at once will only have negative effects in the long run.