I’ve been stewing over something for the past few days, and I’m finally ready to write about it.
I’m not a fan of judging others and their actions. Like Atticus Finch, I believe you never really know a person until you stand in their shoes and walk around in them. But I’m human. Like everyone, there are times I can’t help passing judgment. And although I know that judging others isn’t productive, sometimes I’m at a loss to do anything else.
Rock Bottom
I had dinner with my buddy Michael last week. Michael’s moving back to Portland after several years away, and his financial life is a mess. He’s had a rough couple of years:
He lost his home to foreclosure.
He lost his job.
His wife is out of work, too.
And, last month, Michael filed for bankruptcy.
Not all of Michael’s problems are due to the economy. He’s brought plenty of woe upon himself due to a typical consumer lifestyle. He knows that.
Over a meal of southern-style fried chicken — my treat — we talked a lot about his financial situation. We’ve chatted some in the past, but I never feel like what I say makes much of an impact. I don’t want to be too pushy, for one thing, but I also get the impression that Michael isn’t ready to hear the message. Now, however, that may be changing. He has a haunting, hunted look about him.
Michael told me about the mistakes he’s made and the lessons he’s learned. He also confessed that he borrowed money from a family member, but had never repaid the loan. “It tears me up inside,” he said. “I feel so guilty.” Once he gets everything worked out, his goal is to pay that money back as soon as possible.
Michael explained how he’s hoping to set up a budget; he wants to set money aside for things before buying them. “Plus, I want to pay myself first,” he told me. “I’ve been reading about saving. I want to open a savings account and set aside $400 per month. My wife thinks we should use the money for other stuff, but I really think we should save.”
Old Habits
Because Michael is a good friend, I want to help him and his family. (Michael and his wife have two kids.) I’ve been watching for cheap rentals in the Portland area, and even found a house where he could stay for $500 a month (which is incredibly cheap). There are some drawbacks to the place, and I wouldn’t suggest that he and his family stay there long term, but it’d be an awesome temporary home be while they get back on their feet.
“Thanks for finding that place,” Michael told me as he took a bite of mashed potatoes and gravy. “But we’ve decided to rent someplace else. We found a place in Rock Creek for $1300 a month.”
“Wow,” I said. “That seems like a lot.”
“Not really,” he said. “That’s pretty good for similar places in Portland. Plus, it gives us space for our two dogs.”
I sighed inside. Sure, that may be a good price compared to similar houses, but I know there are tons of places to live in Portland for less than $1300 a month — if Michael and his wife are willing to make some sacrifices. I wanted to pursue this line of questioning — What about getting rid of the dogs? Why not look at the $500/month place I found? — but I let it go. You can only argue with your friends so much, right? We moved on to other topics.
Michael mentioned that although his wife is still looking for work, he’s managed to find a job. (He was vague about what the work entailed and how much it paid.) He even has transportation. “I’m borrowing an old beater until I have a chance to buy a new car,” he told me. Michael’s last vehicle belonged to his employer, so he came to town not only homeless and jobless, but carless as well.
“You might want to wait to buy a new car until you’re more sure of your situation,” I said. “There’s nothing wrong with driving an old beater. Heck, where you’ll be living, you could ride the light rail into work.”
“I hadn’t thought of that,” Michael said. And from the way he said it, I could tell he still wasn’t thinking of it. In his mind, he needs a car — and a new one, too.
Further to Fall
Before we parted ways, Michael gave me his new cell phone number. “What happened to your old phone?” I asked.
“It was the company’s. I had to give it back,” he said.
“That makes sense,” I said. “What did you get instead? Did you go with a prepaid phone? That’s a great way to save money.”
Michael evaded the question, but when we stood up to leave, I noticed the phone hanging from his belt clip: a brand-new iPhone. Later I learned from a mutual friend that Michael didn’t just buy a new iPhone for himself, but he bought one for his wife and for his 11-year-old son as well. (And he bought his 9-year-old son an iPod Touch so he wouldn’t feel left out.)
This is the part of the story where you now have to imagine a little black squiggle hanging over my head, like in the comic strips. This is the point at which I go from being sympathetic for my friend to judging him — and not favorably.
The Mote in My Eye
But as I began to silently judge Michael’s choices, I thought of my recent trip to Alaska. I spent ten days on the boat with my neighbor, the “real millionaire next door“, and in those ten days I often felt like I was being judged.
Before the trip, I bought a $120 backpack at REI. My goal is to use this for much of my travel during the coming years. It fits in an overhead compartment, and is a great way to limit what I carry. John frowned when he saw the new pack and asked, “What’s wrong with a duffel bag from Goodwill?”
On the first day, Mac and I tore a paper towel in half, and we each used our half as a napkin for several days. Eventually my napkin became grimy and gross, so I went to tear off another half a paper towel. When John saw me, he scolded me and told me I ought to use a cloth towel instead.
Near the end of the trip, I threw a molding orange overboard. “I wish you hadn’t done that,” John said. “I could have cut out the bad part and eaten the rest.”
On the last day, I went to the bookstore in Sitka and bought a copy of Bruce Chatwin’s In Patagonia, which I’ve been wanting to read for a long time. (After our trip to France and Italy this year, Kris and I hope to save for a trip to Argentina and Chile in 2012 or 2013.) When John saw I’d bought a new book, he shook his head. “I’ve got a lot of perfectly good books here on board,” he said, indicating his library of old paperbacks.
Throughout the trip, I felt like I was under pressure to, well, be more frugal, to make the same choices John would make. And you know what? That pressure sucked. It felt awful. I didn’t like the feeling of being judged, especially by somebody I look up to.
To Judge, or Not to Judge?
So, I’m torn. As much as I hate to judge others, sometimes I can’t help it — and now I’m judging Michael. He says he wants to change, he says he’s learned his lesson from his bankruptcy, but his actions say otherwise.
He has no savings, no car, no home. His wife is out of work, and he’s only just started a new job himself. Yet he’s decided to rent a $1300 house, is looking to buy a new car, and has signed up for at least $180/month in cell phones. (I’m ignoring the start-up costs of the phones.) These are just the things I know about. Michael is talking the talk, but he’s not walking the walk. (I’m reminded of a previous conversation with another friend.)
I know how tough it can be to change your behavior. I’ve been there before. I used to talk about changing, too, without making any actual change. I’m sure my friends just shook their heads at me. (In fact, I know that some of my friends used to wonder at my foolish choices — they’ve told me so.)
I hope Michael turns things around, but I can’t help but judge his actions right now. And I don’t know how to help him.
Footnote: During dinner, Michael told me that he’s been reading personal-finance books. “Like which ones?” I asked. “Rich Dad, Poor Dad,” he said. That should have been a big clue that things weren’t right yet. Rich Dad, Poor Dad has some interesting entrepreneurship lessons in it, but it’s a terrible, terrible book to base your financial philosophy around. If I could remove only one book from the hands of people just learning to manage money, that would be the one.
Footnote #2: Okay, folks. No need to leave any more “I can’t believe you said that about the dogs” comments. You’ve made your point. In fact, I’m now whipping up an article for Friday where we can spend all day talking about the relationship between dollars and dogs. (And cats.) So, please: Save your pet-related discussion until Friday.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
Have you ever wondered what it would be like to have a million dollars?
The first thing that comes to mind might be the ability to purchase whatever you want, whenever you want. But do not let your imagination run wild just yet! There are many things beyond material goods that come with this kind of money.
We will dive into the life experiences that come with being independently wealthy. Plus, everyone will have a different number to be classified as independently wealthy.
You have probably heard that it is impossible to be rich and independent. While others truly believe they are capable of being wealthy.
Becoming financially independent might sound like an impossible goal, but with a little bit of hard work and determination, you are capable of reaching your dreams.
Independent wealth is a life state that you can have and maintain without having to rely on your job or family.
This post will help newbies become financially independent, so you will be able to live their best lives without any external pressures.
In the last few years, many people have taken up the idea of becoming wealthy on their own, without relying on a company or organization to make money. There are numerous ways in which one can become wealthy, but oftentimes it requires a great deal of time, effort, and dedication.
Let’s make sure you enjoy a life of independent wealth with these tips for success.
What Is Independently Wealthy?
Independent wealth is a term often used to describe people who are wealthy enough that their personal finances are not impacted by the economy.
These individuals have a certain level of financial independence, which can be accomplished in a variety of ways, including through saving, investing, or business ownership.
Financial Independence vs. Independently Wealthy
Financial Independence is when you are able to live a life of your choosing (with or without a job) and not need any support from external sources.
Independently wealthy is when individuals do not have to work another day and do not need financial support from any external sources.
Either way, you are in complete control of your money and not living paycheck to paycheck. It is possible to be financially independent without being independently wealthy.
To become independently wealthy, you need to have assets that generate income whether or not you are working.
The benefits of being independently wealthy
Many people believe that becoming independently wealthy is not just a pipe dream but is possible. There are many benefits to being rich, like being able to do anything you want with your money or help others in need.
The benefits of being independently wealthy are clear.
It is possible to achieve financial wealth, and the time and patience it takes to create such wealth are well worth it. Not only that, but those who amass great wealth can also create a powerful financial legacy for their loved ones.
Here are the benefits to enjoy the most:
You can freely pursue your passions without fear of having to conform to a certain type of lifestyle or do certain things in order to be successful.
Your mental and physical health will improve. There is less stress and more time to dedicate to your health.
You have a clear vision for the future. You know it is possible to reach your full potential.
You can experience time freedom.
There are very hardly any downsides to pursuing independent wealth. More often than not, you are the one blocking your path.
Misconceptions About Being Independently Wealthy
There are some misconceptions about what it means to be independently wealthy.
Though some may think that independently wealthy people must look a certain way or act in a certain way, this is not always the case. In fact, many of these people blend in with everyday society and go about their lives just like everyone else.
Furthermore, they are still human and have feelings; they simply have more money than most.
An independently wealthy person typically lives a comfortable life but nothing too showy. They drive nice cars that most people drive, that are reliable and affordable. They work hard and put their savings first always, so they can maintain their wealth over time.
You Don’t Need Millions
You don’t need to be born into a wealthy family or have millions of dollars to be financially independent.
It is possible to build your own wealth with consistency and time.
The amount you need depends on your current expenses and the number of people in your household.
Have All The Luxuries In Life
Wealth is relative and means different things to different people. People often think of flashy things when they think of rich people, but that is not always the case.
A person can be wealthy without having a lot of material possessions.
Money gives you options in life.
Signs You are Independently Wealthy
If you are able to support yourself with a portfolio of investments that pay for your lifestyle without having to work, you are considered to be independently wealthy. This typically means having a solid net worth and not needing to rely on a day job.
What qualifies as independently wealthy? Here are many signs that you may be independently wealthy including:
More free time
No bills to pay
No mortgage
Money saved in the bank
Practice random acts of kindness
You quit your day job.
More than anything, you have built yourself a nice cushion (AKA liquid net worth) and you are able to live off your savings.
You understand how to FI.
How to Become Independently Wealthy
There is no one-size-fits-all answer when it comes to becoming independently wealthy, but there are a few basic principles that hold true for most people.
The first is that money is a tool to be used, and should not be hoarded or worshipped.
Next, realizing wealth accumulation takes time and effort.
Lastly, it’s important to remember that financial independence is about more than just money – it’s about having the freedom to do what you want with your life.
Now, let’s dig into the steps to take to be independently wealthy.
#1 – Set Goals
Goal setting is a powerful tool that can be used to achieve anything you want in life.
By setting a specific date to achieve your goal, writing down what you need to do to achieve the goal, and taking action, you are well on your way to reaching your goals!
If you do not know where you want to go, then how can you use money as a tool to get you there.
Learn: How to set SMART financial goals.
#2 – Pay Yourself First
Pay yourself first is a financial concept that suggests you should save and invest most of your income before paying personal, living expenses. If you pay yourself first and don’t overspend, the money you save will be available for future use.
People find it difficult to save money because they tend to pay everybody else first, including bills, rent, and other necessities. By committing to “paying yourself first,” you make it a priority to put money away in savings or investments so you can cover your own costs down the road.
To become independently wealthy, you should start by saving at least 15% of your income.
Choose: one of our money saving challenges to kickstart your savings journey.
#3 – Increase Your Income
Increase your income in a few steps and move your life ahead. You can do this in one of three ways: find a higher paying job, start a side hustle, or create passive income.
Most people, look to increase their income as the best way to make money. This is definitely the fastest way to make more money. You can ask for a pay raise or look for another job that pays more.
Another option is starting a side hustle, which can be anything that doesn’t take up too much time and can be monetized. A simple way to bring in more money each week.
Passive income streams are income that does not require any effort from the individual who creates it. Passive income is generated by assets such as rental properties, stocks, or investments that produce a cash flow that is higher than the person’s expenses. This is a great way to diversity and increases your income at the same time.
Learn: how to make more money fast.
#4- Know Your Net Worth
Your new worth is a financial snapshot of your personal finances.
It will tell simply calculate your assets minus your liabilities to find your net worth.
Knowing your net worth is important, even if it’s negative. This number will give you an idea of how much debt you have and what assets you own. It can help you make better financial decisions in the future.
Knowing your net worth is important because it measures how wise with money you are. As you pay off debt and invest money into solid assets, your net worth will grow over time- so make sure you’re keeping track!
Figure out your net worth with Empower!
Empower Personal Wealth, LLC (“EPW”) compensates Money Bliss for new leads. Money Bliss is not an investment client of Personal Capital Advisors Corporation or Empower Advisory Group, LLC.
#5 – Invest your Money
Investing in retirement and non-retirement funds is a way to finance your future. Though the investment strategy differs, both are considered to be asset investments because they provide you with a return on your money.
For way too many people, they shy away from investing which means they will never be able to become independently wealthy.
When it comes to investing for retirement, there are a variety of different options available. One popular option is to invest in a mutual fund. Mutual funds are collections of stocks, bonds, and other securities that are managed by a professional investment company. They offer investors the opportunity to buy into a diversified portfolio without having to purchase individual securities.
Another common retirement investment option is purchasing individual stocks or bonds. While this can be riskier than investing in mutual funds, it can also provide greater returns if done correctly.
Regardless of which option you choose, it’s important to start investing as early as possible. Compounding interest can make building wealth over time much easier.
Learn: how to invest in stocks for beginners
#6 – Educate Yourself on Personal Finance Topics
A great way to understand the complexities of personal finance is to educate yourself on how money works.
This can include learning about the following topics:
Budgeting/Finance Budgeting
Debt Management/Paying Off Debt
Investing
Retiring Early
Taxes
Income and Employment
Estate Planning (Wills, Trusts, and Estates)
Financial Freedom
This is one of the most important personal finance tips that I can give you. If you want to become a millionaire, you need to learn how money works. Period.
Check out: one of the top finance books.
#7- Stay Out of Debt
It might seem like common sense, but it is important to stay out of debt. In today’s world where credit cards are easily accessible and loans can be taken out without much thought, it is easy to find yourself in debt, and it can be difficult to get out of.
You have to make a plan to get out of debt and stay out of debt.
Until you have your debt paid in full, you will always be shackled by interest payments and unable to get much further ahead.
Learn: how to get out of debt.
#8 – Live Below Your Means
One of the most important things to understand is you must spend less than you make.
Live below your means is a phrase that was coined in the United States during the Great Depression and describes how it is possible to live on less than you earn. Live below your means refers to living on less than you make.
Living below your means is a great way to become independently wealthy.
You should spend money on the things that make your life more comfortable and enjoyable, rather than frivolous things that you don’t need.
Find out: how to live below your means.
#9 – Minimize Lifestyle Creep
Lifestyle creep can often be a subtle and dangerous thing.
As your income goes up, you may find yourself spending more money in other areas like vacations or entertainment. Most people do not even recognize it until it is too late.
Minimize lifestyle creep by setting specific boundaries and sticking to them.
However, it’s important to remember that you don’t need to completely avoid lifestyle creep and live on the same budget forever – you just want to make sure that your expenses are rising much slower than your income is rising. This will give you the best chance of reaching your long-term goals.
Learn: the signs to watch for lifestyle creep.
#10 – Think Long Term
The key to wealth is thinking long-term. When you have a clear vision for the future and are able to plan accordingly, you set yourself up for success both financially and in other areas of your life.
If you want to be successful in the long term, you must study and learn as much as you can.
Furthermore, if you’re looking to amass wealth over a period of years or decades, playing the long game is your best bet.
There will be ups and downs along the way, but with patience and perseverance, you can achieve great things.
Understand: the difference between rich and wealthy
How to Know if You’re Independently Wealthy?
The first step to knowing if you are independently wealthy is to determine your net worth.
There are a few signs that can help you determine if you are independently wealthy.
For one, you have enough money to cover all of your expenses without having to rely on anyone else. Additionally, being independently wealthy means that you can afford anything and everything you want without needing to rely on any type of income – whether it be passive or active.
You can go out and buy something just because you want to and not worry about the price tag.
Reasons to Strive for Becoming Independently Wealthy
There are many reasons to strive for independent wealth.
Achieving independent wealth is not impossible. Though it takes time, hard work, and patience, any person can do it by following a plan and taking specific steps.
Reason #1 – Enjoy Time Freedom
It’s a very rewarding feeling to be financially independent and know you’ll never have to work again.
You’ll gain more control of your life and finances, which will allow you more freedom to do what you want when you want.
This is something very few people actually get to enjoy.
Reason #2 – Less Stress
One of the main reasons people want to become independently wealthy is to avoid the stress that comes with full-time jobs.
Wealth can provide a sense of freedom and control that reduces stress and allows people to live happier lives.
Financial independence is a goal that many people strive for and when they achieve it, they find that the stresses of money-related problems are no longer a part of their lives. While achieving financial independence doesn’t mean all stress goes away, it does help with the stresses of not having enough money
Reason #3 – More Control
When you become financially independent, you gain a sense of control over your life and your finances. You are no longer at the mercy of others to provide for you or make decisions about your money. There are many ways to gain control over your finances, including creating a budget, investing in yourself, and automating your finances.
There are a lot of benefits to having more control over your finances.
One of the most important is that you can set money aside for emergencies without having to rely on credit cards. This means you won’t have as much stress if something unexpected comes up, and you’ll be less likely to fall into debt.
In fact, check out these billionaire morning routines to find quick success.
How Much Do You Need to Become Independently Wealthy?
It is difficult to determine how much money you would need to become independently wealthy because the amount of wealth that different people have requires an estimate.
For example, someone who earns $50,000 per year and has $100,000 in savings would be considered financially independent. However, they would need investable assets to cover their living expenses to be independently wealthy. Many experts say 20x your income, so approximately a million dollars.
There is no exact amount of how much money should someone have to be considered wealthy.
Everyone’s situation will be unique to them. Thus, your number will be different than mine as well as everyone around you.
Becoming independently wealthy does not happen overnight. It takes work, dedication, and a lot of patience. The first step to becoming an independent millionaire is by saving money in the bank account; this is the most important step in becoming an independent millionaire.
How to Become Wealthy in 5 Years?
Independent wealth means having the freedom to make choices based on what you want, not what you need. And that’s a goal worth striving for.
This is something you can achieve in 5 years or even 10 years.
In order to become wealthy in five years, the first step is to get a good education in personal finance.
In addition, one must work hard and avoid making dumb decisions. In order to become wealthy, you should be able to prioritize your goals and work towards them instead of wasting time on distractions.
There are many ways to become independently wealthy, but it takes time and patience to build up your assets.
You are in control of your destiny, so you must be willing to save more money and spend less money.
We gave you tips to make it happen. You must take action to make it a reality.
Know someone else that needs this, too? Then, please share!!
Service members have access to some incredible benefits, including the VA loan. On today’s podcast with “Military Millionaire” David Pere, we dig into the benefits of VA loans and discuss where to get started with real estate investing. David also shares his system for earning six figures annually from real estate referrals. Later in the show, we offer our real estate market predictions and explore how personality should impact an investor’s property purchases. Don’t miss it!
Listen to today’s show and learn:
When David first got into real estate [3:49]
How David met Brandon Turner [7:20]
Working as a referral-based real estate agent [10:16]
How to generate real estate referrals with targeted content [12:38]
A hack for getting the notifications that matter most for your business [16:26]
The pros and cons of the VA loan [18:19]
David’s real estate portfolio and goals [23:35]
David’s advice on getting started with real estate investing [26:15]
Finding turnkey properties with targeted marketing [34:56]
David’s real estate predictions [39:33]
More about Military Millionaire [45:09]
Final thoughts on the VA loan [46:49]
David Pere
David’s passion is to teach, lead, and give. He wants to help other military and veteran entrepreneurs, and Christian business owners flourish in their business by finding their highest and best purpose!
David believes that if you create financial freedom for you and your family, you will be able to do so much more with your life. It starts with building your assets and creating passive income to give you the freedom of time to go serve others and do amazing things.
David is an active duty Marine with over 11 years of experience. He is a transportation and logistics specialist who has gotten to see all aspects of the Marine Corps from combat deployments to recruiting duty. David loves leading Marines and helping develop them mentally, financially, and physically. He believes that your network IS your net worth!
David is the Co-founder of the RE War Room Mastermind Group and help manage a private network of military and veteran investors seeking to grow.
Related Links and Resources:
Thank You Rockstars!
It might go without saying, but I’m going to say it anyway: We really value listeners like you. We’re constantly working to improve the show, so why not leave us a review? If you love the content and can’t stand the thought of missing the nuggets our Rockstar guests share every week, please subscribe; it’ll get you instant access to our latest episodes and is the best way to support your favorite real estate podcast. Have questions? Suggestions? Want to say hi? Shoot me a message via Twitter, Instagram, Facebook, or Email.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
It is no secret that the internet is changing how money is made forever.
This has caused a boom in many businesses and people the ability to make money online, which is a huge benefit for you!
This trend will only continue as technology improves. If it feels daunting to jump onto this new bandwagon right now, don’t worry; we have some tips that can help you double your 10k in the next few weeks or years.
I am going to show you how to double your money so that you can retire early, pay off debt and invest in the stock market.
A lot of people would say this is impossible, but I’m not just showing it–I’m proving it!
We all have said it takes money to make money and while that is true. It is easy to start doubling your money with just $10K.
What if, right now, you decided to double your 10K by the end of the year? Maybe, you want to hit a major goal and make a huge change in only 8 short weeks?
Making money is not a difficult task. Too often, people become impatient and think that they can simply make money without putting in the effort. This is not true.
Cash is a tool and nothing more. Once you understand this concept, you can begin to figure out how to make more money. Additionally, it’s important to appreciate that it takes time to make money – don’t expect to become a millionaire overnight.
Here is a realistic guide to help you work towards that goal.
Be sure to decide which strategic way to double $10k quickly works best for your personality.
The 10K of your dreams seems impossible.
How can I double $10000 fast?
There is no one-size-fits-all answer to this question, as the best way to double your money will vary depending on your individual circumstances and goals. However, some general tips include developing a growth mindset around money, finding ways to make more money, and investing in yourself and your skills.
Keep in mind that $10,000 is not a lot of money to double in a short period of time.
How long does it take to double 10k?
The answer to this question is dependent on a number of factors.
The most important factor is the amount of time it takes for your investments to double.
If you are investing in stocks, you can quickly double 10K with an options contract within 2-3 days. If you are looking at other avenues, it will depend on how you choose to double your money.
Typically, people start seeing results in approximately 4 to 6 months to double 10k.
If your eyes are set on this, then make sure to write down one of the millionaire quotes for motivation.
What to do with 10k?
Now that you’ve earned an extra 10k, you may be wondering what to do with it.
You could save it, spend it, or invest it, but there are a few other things you could do as well.
Here are some ideas on how to make the most of your money and grow it even more.
How can I Double my Money?
There are many ways you can double your money in a short amount of time.
I am passionate about exploring the best ways to make money online. In this article, I will share some tips on how you can double your money relatively quickly. However, please keep in mind that these are general ideas to get you started.
Specifically How to Double 10k Quickly?
If you are serious about how to double your 10k fast, you will need to dedicate time on a regular basis to the tasks needed to reach your ambition. The key is to do it daily in order to keep the momentum of your progress going.
Earning money is a mindset.
To double 10k quickly, learn how to change your mindset about money.
Although doubling $10,000 may seem difficult, it can be done with the right approach.
If you have $10,000 and want to double it within a month or a few months, here are a few realistic strategies to help you reach your goal.
Idea #1 – Swing Trading with Stocks
Swing trading is a technique that allows investors to hold onto stocks for a period of time, typically two to four days. During this time, the trader watches for specific price patterns and buys or sells shares based on their analysis.
One former assistant principal, Teri Ijeoma, changed her life when she left her job as an educator and become an active trader.
Check out: My Personal Trade and Travel Review
This type of trading can be very profitable if done correctly, as it allows the trader to make twice their investment in a short amount of time.
The key is you must learn how to invest in stocks for beginners. This is one step many people overlook when they are focused on doubling their money. Either you will get lucky or you will have a huge loss. Take time and become educated on swing trading stocks.
Related Reading: How Fast Can You Make Money in Stocks?
Idea # 2- Cryptocurrencies
Cryptocurrency is a digital or virtual asset that uses cryptography for secure transactions. Cryptocurrencies are growing in popularity and may become a major part of society. Bitcoin, the first and most well-known cryptocurrency, has seen its value skyrocket in recent years.
Cryptocurrencies are often unstable because they are not regulated by any government or financial institution, and thus their value can change rapidly. However, the potential for reward is high, making cryptocurrency an attractive investment option. Because of this, cryptocurrency investments are often seen as riskier than traditional investments, but also have the potential for greater returns.
Before investing in cryptocurrency, do your research and be sure you understand the risks involved. There are many educational resources available to help you get started.
Idea # 3 – Flip Items for a Profit
Retail arbitrage is a practice where an individual or company purchases a popular product at a discounted price and then resells it for profit at another online retailer. This can be done on marketplaces like Craigslist, eBay, and Facebook Marketplace.
This is a great way to make some extra money on the side. You need some time and a willingness to invest, but if you find the right deals, you can make a good return on your investment.
Many people have great success by flipping items from auctions, free groups, or local goodwill store.
Check Out: Flea Market Flipping
Idea #4 –Resell Products on Amazon FBA
Amazon FBA is a service for independent entrepreneurs who want to start their own e-commerce business. They can offer products on Amazon and work with Amazon directly to fulfill orders, collect payments, and provide customer service. By doing this, they don’t have to worry about the inventory and can focus on other aspects of their business.
This is another avenue for selling your flipping treasures.
There are a few ways to make money through reselling products. You can either find products to sell on Amazon or Ebay, or you can dropship products from a supplier. If you want to find your own products to sell, you’ll need to do some research on what is selling well and what prices are competitive. If you want to dropship, you’ll need to find a supplier and create an account with them.
Idea #5 – Start a Business or Invest in a Franchise Company
Starting a business is not easy. It requires a lot of work and effort, but if you’re willing to put in the time and effort it can be very rewarding.
Starting your own business is one of the most difficult things you can do, but it’s also one of the most rewarding. There are many different businesses you can start that have low overhead costs, so it’s a great way to get started.
Think of the things you enjoy doing or any hobbies you have. Look for business opportunities that line up with your interests. Then, it makes working much easier.
Here are great ways to make money on the side:
It is possible to make more money on your business than you make more money in your current job or career.
Idea # 6 – Real Estate Portfolio
Real estate is a recession-proof business.
There will always be people who need to rent or buy dwellings in boom or bust economic times.
Real estate can be a lucrative investment, but it is not without risk. A lot of people have invested in real estate and lost money, but an investor who does their research and finds a good deal can make a lot of money.
Idea # 7 – Increase Your Income
If you’re not happy with your current income, don’t worry! You can increase it this year.
This is the year that many experts are predicting will see the biggest wage growth in years. So start planning now and you could see a significant increase in your take-home pay.
More than likely, this could be your seed money of $10k to fund the start to doubling your money and making $20k.
Related Reading: How Much Do I Make Per Year?
Idea #8 – Advertise and Gain Clients
If you are a small business owner, then this one is for you. Start advertising as a way to gain more customers.
There are a number of ways to make your services more accessible and appealing to potential clients. One way is to spend money on promotions and advertising. Advertising can be effective in reaching your goals, surpassing your double your money goal of $20,000 in revenue.
There is no doubt that advertising your services will increase the number of customers you have. The more people who know about your business, the more likely they are to use it. And as we all know, the more customers you have, the quicker you earn more money.
It’s a simple equation: More customers equals more money.
Idea # 9 – Invest in Stock Market – ETFs & Index Funds
Investing in the stock market is a process that requires careful consideration and research. Index funds have become an increasingly popular investment option for many investors. ETFs are known as Exchange Traded Funds, which are also a popular investment option.
Both index funds and ETFs provide investors with the ability to invest in a diverse range of stocks, making them ideal for any investor who is looking to diversify their portfolio.
Investing in an index fund is one of the best ways to build wealth over time.
This is probably the slowest way to make money quickly in the stock market, but it comes with less risk.
With a mutual fund, you are essentially investing in many different stocks, which means that you get to choose how much your investments grow each day. This can be a great way to ensure that your money is working for you – and growing – even when you’re not able to actively monitor it yourself.
Just to know, investing in bonds will eventually double your money, but it will take more time as the rate of return is less.
Idea #10 – Start a Mining Farm
Cryptocurrency mining is a process by which new coins are introduced into the market. In order to do this, miners use computers to solve complex mathematical problems in order to receive rewards in the form of new coins. A cryptocurrency mining farm is a way to pool together multiple computers in order to increase the chances of solving these problems and receiving rewards.
Starting a mining farm is a process of investing in cryptocurrency or blockchain technology.
Mining farms can be started with as little as $500, and they are commonly used to mine cryptocurrencies like Bitcoin, Ethereum, and ZCash. Although the process of mining cryptocurrency is not always easy, it can be lucrative for those who invest in the process.
Starting a cryptocurrency mining farm can be lucrative, but it’s important to do your research first. The farm will require a lot of power and will have a rate of return of around 18% (source).
Idea #11 – Share Cash with P2P Loans
Peer-to-peer lending is the act of lending money to borrowers through a P2P lending website. These websites act as an intermediary between lenders and borrowers, and most sites allow you to lend money to a dozen or two applicants. The interest rate you earn on your loan depends on the P2P website you register with, but it typically falls between 3% and 36%.
When considering a P2P loan, it is important to remember that you are entrusting your money to a stranger. Because of this, it is crucial to take the time to review and assess as many applicants as possible in order to find someone who you feel is most likely to pay back their loan.
P2P loans can be arranged without any collateral or credit check.
Idea #12 – Buy Initial Public Offerings
When a company decides to go public, it sells shares of its stock to the public. This is a way for the company to get more money, and it also allows people who invest in the company early on to make a lot of money if the stock prices rise.
The share price of a company can be very volatile when it first goes public. This can lead to significant growth for the company as investors buy and sell shares rapidly. However, this volatility can also lead to losses if the share price falls abruptly.
You must know the underlying stock value before looking at IPOs as a way to double your money. Many current stockholders are required to hold their stocks for a certain number of days after the IPO. Typically, the stock price falls after the hold period expires.
Idea #13 – Make Money with Airbnb
There are a number of ways to make extra money, and renting out a room at Airbnb is one of them. You can also learn how to make money from home by becoming an Airbnb host.
By doing this, you can provide a valuable service to people who are looking for a place to stay, and you can also make some extra money on the side.
Learn how to start hosting with Airbnb today.
Idea #14 – Flip Some Furniture
Flip furniture is very trendy right now. There has been a recent resurgence in popularity for antique and vintage furniture, and people are buying pieces and restoring them themselves. This can be a great way to make additional money without spending a lot of money.
There are a number of ways to quickly turn a profit by flipping furniture.
Spend some time researching the best methods and finding a niche in the market that you can exploit. With a bit of hard work, you can easily double your investment in no time.
When you are looking for furniture to flip, it is important to do your research and become familiar with the different places you can find quality pieces at a low cost. Local antique stores will often have hidden treasures, so be sure to check them out. Additionally, watch for yard sale notices in your area; people are often willing to sell high-quality furniture at a fraction of the price. Finally, estate sales can be a great place to find unique furniture pieces that you can resell for a profit.
There are many ways to sell furniture, but when you are starting out, it is best to use popular platforms like Facebook Marketplace, NextDoor, Craigslist, and others. Once you have more experience, you may want to create a website and online storefront.
This can be a fun and lucrative way to grow your money.
Idea #15 – Pay Off Debt Strategy
This idea of getting out of debt may seem backward, but this is one of the fastest ways to find extra money in your budget.
There is no doubt that paying off your debt is one of the smartest things you can do for your financial future.
Not only does it reduce the amount of interest you are paying each month, but it also frees up more money to save and invest. Additionally, by paying off high-interest debt first, you are essentially making an investment with a very high return rate.
Once your debt is paid off, you can save your first $10000 which you can now use to quickly double to $20000. This will help you achieve your financial goals faster.
Idea #16 – Online Courses & Coaching Programs
Coaching is a huge business – reaching $11 billion in 2022 (source). People are actively searching for coaching and online courses for personal development.
Coaching programs are designed to provide guidance and support for individuals in order to improve their skills, knowledge, or habits. Coaching programs can take the form of one-on-one sessions or group sessions. Some coaching programs are designed for specific topics like career development, personal growth, or relationship issues.
If you don’t want to work one-on-one as a coach, you can create an online course that can be viewed at any time.
If you have passion, you can likely find people that want coaching.
Idea #17 – Buy a Fancy Car and Uber
You could buy a new, luxury car and become an Uber driver. This would allow you to make money while driving people around in your fancy car.
If you’re looking to make some extra money, driving a luxury car for Uber could be a great way to do it. Not only will you make more per trip, but you’ll also get to drive a nicer car. Keep in mind that if you drive full-time, you could easily double your $10,000 investment.
Driving a luxury car for Uber can get you up to 50% more fares. The extra money can be great for those looking to upgrade their lifestyle or simply want to make some extra cash on the side.
If you want to buy a fancy car and use it for Uber, make sure you have the appropriate insurance. This will protect you in case anything happens while driving.
Idea #18 – Learn a New Skill
A new skill can help to increase your income by allowing you to do things that you couldn’t do before. For example, learning how to code can allow you to start a new career in tech or programming.
Additionally, many skills have the potential to double your income quickly if you are able to find a way to use them in high-demand areas.
It is always a good idea to invest in learning new skills.
There are many places where you can learn, including online and in-person courses. The key to success is jumping in with both feet and really dedicating yourself to learning the skill set. Once you have it down, new opportunities for income will be available.
Idea #19 – Work More Overtime
Working overtime is a great way to earn extra money. You can earn up to double-time pay for working more than 8 hours in a day or 40 hours in a week.
Overtime is becoming more common, so be sure to ask your employer if you can work some extra hours.
In order to make $10,000 in one month from overtime, you would need to figure out how many extra hours per work you need to work.
Idea #20 – Some Gambling?
This is the RISKIEST option of all of them. And highly not recommended as a strategic way to double $10k quickly.
Gambling is a way to risk cash in the hopes of making more cash.
While it can be thrilling and exciting, it’s important to remember that gambling is also a form of entertainment that comes with risk. If you’re able to afford it, gambling can be a way to double your money- but be aware that you could also lose everything you put in.
What is the quickest way to double your money?
How to double your money quick is simple. You need to side hustle and start a business.
Also, the stock market is a simple way to double your money with the rule of 72.
Following billionaire morning routines can be helpful in setting up solid habits for success.
How can I double my money in 24 hours?
The answer to this question is simple… Doubling the money in 24 hours is not practical or doable. You might be able to double your money in 24 hours, but it’s also possible that you could lose everything in one day.
Pay attention to scams if you think you can double your money in 24 hours.
You are better off learning how to make 10k a month.
Which investments are the safest and which are the riskiest?
First of all, it depends on your education, experience, and background.
The best way for someone to double their income is by leveraging their time with the right strategies.
Investments that are considered safe are investments that have an average return on investment of about 8-12% per year. Investing in index funds and ETFs typically have a lower risk. Investing in individual stocks is riskier, but they have an average return on investment of about 10-75% per year.
The riskiest option is the idea that you don’t understand how to double your money and you could end up losing more money.
Best Way to Invest 10K
The best way to invest 10,000 is through stocks. Investing in stocks can be risky and make you lose money, but it also has a high potential for gaining value.
As such, this topic needs to be done in more depth to understand how investments in the stock market work. For now, here are some articles to start to understand the returns of stock investing.
Learn all of the ways you can learn how to invest 10k.
You must do your research on companies, know your risk tolerance, understand the volatility of the markets, and be wary of the news.
Which Strategic Ways on How to Double my Money Quickly will you Pick?
You can choose from many classic way and options, but here are a few that we think would be the most effective.
Thankfully, there are many ways to make money online. But when it comes to making a quick buck, which approach should you take?
In this post, we have outlined the 20 popular routes to double your $10k fast. Your retirement plan relies on your investment of 10k.
However, any of these options is a time-consuming process that takes a lot of hard work and dedication. So, you cannot quit halfway through when things get tough.
This is what you want to do in order to be financially secure and take care of all your needs.
Be successful in doubling your 10k by setting a deadline to make it happen.
Then, your next goal will be how to turn 10k into 100k.
Know someone else that needs this, too? Then, please share!!
The internet is a great source of information about personal finance.
But if you want to dig deeper into a money mindset or financial philosophy, there’s still no substitute for a good old-fashioned book. That’s why even successful bloggers and TV personalities also publish books — it gives them an opportunity to flesh out their worldview in a comprehensive, detailed way.
I’ve had something of an obsession with finance books for most of my adult life, and I’ve waded through my share of mediocre writing. Unfortunately, being a finance expert doesn’t make you a good writer, and being a good writer doesn’t mean you know jack about finance.
But when you find a book with a well-articulated and thought-provoking perspective, it can change your life forever. Here are some of my favorite personal finance reads.
What’s Ahead:
Overview: best finance books
Best book for beginners: Get Good with Money by Tiffany Aliche
Tiffany Aliche doesn’t assume any level of financial savvy in this book. It starts at the beginning and goes from there. Get Good with Money teaches simple techniques for getting control of your finances in a way that works for you.
This book lays out the author’s 10-step guide to “financial wholeness.” She describes financial wholeness as all aspects of your life working together for the greatest good.
Grab Get Good with Money here.
Dave Ramsey has been a personal finance legend for decades, starting with the 1997 publication of his book, “Financial Peace.”
If becoming debt-free is your number one goal, then The Total Money Makeover is where you should start. It gives solid step-by-step directions to pay off your debt. Dave Ramsey coined the term “debt snowball” and this method is widely regarded as the most effective way to pay debt off.
Grab The Total Money Makeover.
“The Simple Path to Wealth” is a book about the incredible power of index funds. That sounds about as boring a topic as you could imagine, but it’s surprisingly easy to read.
JL Collins explains how index funds work and why they are a great place to get started when investing in the stock market.
If you are nervous about investing in the stock market this book will soothe your fears. You’ll walk away from this quick and easy read with a solid understanding of how index funds work.
Grab The Simple Path to Wealth.
Author John Bogle is the founder of The Vanguard Group, an investment firm famous for its index funds.
He believed that index funds, which track a specific index like the S&P 500, provide a better return than individual stocks.
This book will give you an in-depth education on stock investing, but be warned that it is not an easy read. However, it’s pretty much required reading for anyone who is serious about investing.
Plus, who better to learn from than the founder of one of the largest investment firms in the world?
Grab The Little Book of Common Sense Investing
Best book for easy money management: The Automatic Millionaire by David Bach
This book takes the adage “pay yourself first” to a whole new level. David encourages you to put your money on autopilot so you can be sure you are saving what you need to save without having to rely on willpower or complicated budgeting systems.
If you are looking for a plan to manage your money with as little effort as possible, while still meeting your goals, this is worth the read.
Grab The Automatic Millionaire.
Best book for spenders: I Will Teach You to be Rich by Ramit Sethi
Along the same lines as David Bach, Ramit is a proponent of setting up automatic systems for your money so you don’t get caught up in the small details.
He also encourages the idea of earning more money rather than paring down spending as a way to build wealth. He despises extreme frugalism and instead encourages you to spend lavishly on the things in life that are important to you while cutting back ruthlessly on the things that are not.
Grab I Will Teach You to be Rich.
Best book for early retirement: Your Money or Your Life by Vicki Robin
Your Money or Your Life is a rallying point for the FIRE (financial independence, retire early) community.
This book will challenge your relationship with money and encourage you to look again at your current lifestyle.
Some critics disagree with the investment advice in the book, so read this book if you are looking to change your relationship with money and consumer culture — and consider getting your investment advice from another book on this list.
Grab Your Money or Your Life.
Best book for simple finances: The One-Page Financial Plan by Carl Richards
Famous for his financial doodles in The New York Times, columnist and financial planner Carl Richards demystifies the financial planning process in his second book.
He says that a great financial plan has nothing to do with what the markets are doing and everything to do with what is most important to you. Pick up this book if you are looking to create a simple, values-based financial plan.
Grab The One Page Financial Plan here.
Best book for 20-somethings: The Millionaire Next Door by Thomas Stanley and William D. Danko
Stanley and Danko analyzed the behavior and habits of millionaires to show how they save, spend, and invest money.
The findings were surprising.
It turns out that people with a net worth of $1 million or more tend to live in middle-class neighborhoods, not in gated communities. It’s a fascinating look at how real people create and keep wealth.
Grab The Millionaire Next Door.
Best book for motivation: Think and Grow Rich by Napoleon Hill
One of the original personal finance books, Think and Grow Rich was published in 1937, in the aftermath of the Great Depression. The book’s lessons are distilled from interviews with the most successful people of the day, including Henry Ford, John D. Rockefeller, and Charles M. Schwab.
Hill takes their lessons and reworks them into bite-size formulas that the everyday layperson can follow. It’s not necessarily solely geared toward making someone financially successful, but successful in all aspects of life. He wants you to chase after your wildest dreams, no matter how crazy they might sound.
Grab Think and Grow Rich.
Summary
Nothing beats an old-fashioned book when it comes to learning about a specific topic, and these 10 books can help you get started on your journey into personal finance.
NFTs or non-fungible tokens have gained a lot of momentum in the last few months. Whether it’s because of the digital art, the technology behind them, the money-making potential, or a simple case of FOMO, people can’t get enough of them.
Each day, we wake up to stories of artists and celebrities buying and selling NFTs for insane amounts. Case and point? Eminem recently shelled out 123.45 Ethereum (currently worth over $400K) for a Bored Ape NFT — and that’s not even the most expensive one in the market.
As someone who’s crawling herself out of student debt and on a budget, paying six figures for a digital asset is simply out of the question.
But are all NFTs that expensive? Or is there a way to start small?
I talked to NFT trader investor, consultant, advisor, and founder Ish Verduzco to find out, and, to my surprise, his answers were very promising.
What’s Ahead:
Do you have to be rich to invest in NFTs?
Last March, digital artist Mike Winkelmann, better known as “Beeple,” made headlines when an NFT of his work was sold for a record-breaking $69 million.
Then, we saw Snoop Dogg and Grimes buying and selling NFTs for six and seven figures, while Paris Hilton joined forces with Bill Ackman to back a $300 million NFT Foundation.
With figures like that, it’s easy to think that NFTs are some sort of exclusive investment that only the rich can afford. However, that couldn’t be further from the truth — at least that’s what both Verduzco and the data say. Verduzco says:
“Yes, there is some level of barrier to entry at the moment. But I wouldn’t say that they’re for the ultra-rich either…I think there’s an opportunity to get in.”
What makes NFTs more expensive than your average investment is that most of them are minted through smart contracts that live in the Ethereum blockchain, which Verduzco says is one of the most expensive ones, partly due to the gas fees.
Gas fees are basically the transaction fees of the Ethereum network. These fees are non-refundable, and must be charged to cover the costs of the energy used by the computers when validating and recording each NFT transaction. Verduzco says:
“To give you a very quick overview, it can cost like $50 to a few $100 just to transact, plus the cost of the NFT itself.”
So, how much money do you need to start investing in NFTs?
A recent study by Canadian concept artist Kimberly Parker, which analyzed public API data from sales on popular NFT marketplaces, like OpenSea, Nifty Gateway, Rarible, SuperRare, and MakersPlace, found that most NFTs are actually sold for under $200.
That’s right, you don’t need six figures — not even four figures, to own an NFT.
Verduzco says that a good amount to get started would be $500, which isn’t outrageous. After all, popular investment firms, like Wealthfront and E*TRADE, require minimum deposits of that same amount for you to start investing in their automated portfolios.
Read more: What Is An NFT? – How Nyan Cat Was Sold For $600,000
Why now may be a good time to get into NFTs
Many crypto and NFT experts — Verduzco included, think that the blockchain and smart contract technology behind NFTs will spread like wildfire across multiple industries, changing the world as we know it.
“It’s going to be integrated into almost everything we do,” Verduzco says.
“It’s not just going to be just art, it’s going to go into music, it’s going to go into film, it’s going to go into transacting things like deeds to houses, and anything that has to do with verification of ownership.”
Here’s a quick example of how this could work:
When you’re buying a house, the bank needs to make sure that the title is free and clear before closing on the loan. This process alone can take two weeks, and you’ll have to pay additional fees to the third-party company conducting the search.
But if the house was registered and sold as an NFT, for example, each transaction pertaining to that property would’ve been accounted for and recorded in the blockchain. So, clearing the title would only take a couple of hours instead of weeks, and you’d be able to get rid of the middleman and unnecessary fees.
Although the concept of NFTs is still in its early stages, Verduzco says that “it’s better to be ahead,” and — if possible — invest in it, so you learn the inner workings firsthand.
This will allow you “to spot more opportunities to make money, or find other people that are in this space who compliment your strengths and weaknesses in order to build projects based on needs.”
How to start investing in NFTs when you’re on a budget
As part of my convo with Verduzco, we bounced off some ideas on how you can get into the NFT game without breaking the bank. These are a few of them.
Read more: How To Create And Sell NFTs – The New Way To Sell Your Art
Explore NFT projects that use cheaper cryptocurrencies
If you visit OpenSea, which is currently the world’s largest NFT market, you’ll see that the vast majority of NFTs listed there use the Ethereum network (aka the most expensive NFT blockchain).
But just because most NFTs use this blockchain, that doesn’t mean that there aren’t other options.
Blockchains like Solana and Polygon (which was created as an efficient solution to the Ethereum network and is compatible with it) use cryptocurrencies that are much cheaper than ether, which is Ethereum’s currency.
Here’s an example:
At the moment this article was written, one SOL, which is Solana’s cryptocurrency, was worth $0.26, while one MATIC, which is Polygon’s cryptocurrency, was worth $2.13. But, if you wanted to purchase one ether, which is Ethereum’s cryptocurrency, you’d need $3,121.93 to do so.
So, yeah, there’s a huge difference there.
These alternative blockchains are also rising in popularity. JPMorgan recently released a report in which it states that the Ethereum blockchain is losing a chunk of its market share to Solana, as the blockchain is less congested (aka faster) and cheaper to invest in than Ethereum.
If you’re interested in buying NFT projects that use the Solana network, you can check out marketplaces like Solsea and Solanart, to find them.
When it comes to projects that use Polygon, you can find them just by visiting OpenSea. To see all the NFTs you can place bids on or buy using this network, simply click on the “Chains” option on the left panel, and select “Polygon.”
Mint a project
When you mint a project, you’re basically investing in it before it actually goes live. So, you could think of it as the Kickstarter of an NFT project. Verduzco says:
“The initial mint is usually like 0.05 Ethereum, which is a relatively small amount. If you happen to make it in that initial mint, then you pay only 0.05 Ethereum, versus if the project goes up in value, and then it costs 0.7, or much higher.”
One good example of an NFT project that is currently in its minting phase, and that I happen to like a lot is the Lucky Goat. You can currently mint this project for 0.0777 Ethereum ($243.43).
What has me rooting for the Lucky Goat (besides the art, of course) is that they donate some of their profits to Heifer International, which is a nonprofit whose mission is to help eradicate hunger and poverty.
So, how do you find projects to mint?
Twitter. If you enter “#mint” or “#NFT” on Twitter’s search bar, you’ll find countless threads of founders and artists sharing their upcoming NFT projects.
Discord. In case you don’t know what Discord is, it is a group-chatting app, where users join servers (aka private groups) to chat about a specific topic. Many NFT founders use this app to talk about their upcoming NFT projects, to get both support and feedback from users.
rarity.tools.Although this website is mostly used by NFT traders to vet projects and find rankings based on their rarity or unique traits, it also has an Upcoming NFT Sales section, where you can check projects to mint.
OpenSea’s homepage. They often share new mints, and you can easily browse through their huge NFT market.
But be careful…
Before minting a project, Verduzo says it’s super important to ensure its legitimacy, so you don’t get rugged (NFT lingo for “scammed”). Sadly, just like in any space, there are always bad players that are just there to do a quick cash grab and disappear.
To avoid this, make sure you research the project thoroughly by finding out all you can about its community, founders, and mission, as well as how long they’ve been around in this space.
Why?
If the project disappears into the mist, your NFT most likely will lose all its value, unless someone else decides to take over the project.
Time your purchase
Unlike the stock market, which is open for transactions Monday through Friday, from 9:30 a.m. to 4:00 p.m. ET, the NFT market is a global market that is open 24/7.
“So, it’s not just you and everybody else in the United States that you’re transacting with, it’s everybody in the entire world who has access to the Internet,” Verduzco says.
And, the more people that are trying to conduct transactions on the Ethereum network, the more congested it will be, which automatically translates to higher gas fees. This will hopefully be improved once Ethereum 2.0 (also known as the consensus layer) is fully rolled out.
One way to spend less money when buying NFTs is to ensure you conduct your transactions during the time of the day when the network is less congested.
Verduzco says that 11:00 a.m. to 1:00 p.m. PST is probably the worst time of the day to buy NFTs because that’s when most people around the world are awake. He suggests timing your transactions to random hours when most people are sleeping, like 2:00 a.m. or 5:00 a.m. PST. Though not always practical, it can help save a good amount of money.
You can also track gas prices by visiting the ETH Gas Station.
Become an NFT expert
Since NFTs are still an emerging concept, Verduzco says that one way you can make money in this space, without being an investor, is by learning all you can about them.
“It doesn’t always have to be investing in an NFT collection, in order to get a return,” Verduzco says.
“Understanding everything about the NFT space and becoming very good on one specific skill set, whether it’s social media marketing, community management, creating Discords, branding, or content creation, is going to provide value because, all of a sudden, you open yourself up to many job opportunities.”
In other words, you’ll be able to profit from your NFT knowledge as this technology becomes more widespread, and companies start searching for people who know their way around this space.
Before investing in NFTs…
Make sure your finances are in order
Investing in NFTs represents a higher risk than investing in traditional stocks or bonds, as their value is determined by speculation, so it fluctuates more than with your average investment.
Besides that, once you purchase an NFT, the transaction is final, and flipping them or reselling them could take a while. That’s why it’s so important you only invest money you have to spare, and not money you’re going to need short-term, as this could result in a financial disaster.
Learn as much as you can
“I would suggest investing your time and energy on learning before putting your money up,” Verduzco says.
“Find really cool projects that you like, and then join the Discords, listen to conversations, ask questions, watch a bunch of videos, read a bunch of blogs before you even think about putting Ethereum in your wallet to spend.”
Learning as much as you can about NFTs will give you a realistic idea of what to expect, plus determine whether you’re ready to take the plunge, or if you should wait a little longer before investing in this space.
If you’re curious about learning, you can check out podcasts, like a16z, which has extensive information on this topic, as well as reading books, like The NFT Handbook: How to Create, Sell and Buy Non-Fungible Token, to get started.
Additionally, Verduzco’s Twitter account is like a gold mine of NFT info, as he frequently shares projects, articles, and tips to help people learn more about this space.
Summary
You don’t have to be a millionaire to invest in NFTs, however, there’s a learning curve to be successful in this space.
The most important thing is to learn as much as you can about it, vet projects carefully, understand the risks associated with investing in such a volatile space, and make sure you don’t use money you’re gonna need. This will allow you to make the most out of your experience.
To hear the storage industry tell it, every kitchen needs plastic containers in a dozen sizes. You need specialized storage, too: triangles for wedges of pie, say, or deviled-egg sarcophagi with little divots to cradle each demi-oeuf. Oh, and lots of foil, waxed paper, and plastic wrap and bags to hold sandwiches and snacks or cover bowls of leftovers.
My boxes of foil and plastic wrap last me up to a couple of years each. And while I’ll cop to owning a few Tupperware and Rubbermaid pieces, it’s all hand-me-down stuff — and note that I said a few. I don’t need much, and I don’t use much commercial wrapping, because there are plenty of other ways to store food.
Note: Before I share these frugal hacks, I need to address the issue of plastic. Some people are very nervous about chemicals leaching into their foods. If this is you, then ignore all mention of plastics below and focus on the other ideas.
Use What You’ve Got
Don’t automatically assume you need special food-storage containers. Why not just put leftovers in a bowl with a saucer or bread-and-butter plate on top? If it fits snugly, it’s no different than aluminum foil or a plastic lid. (What? You thought that “burping” a Tupperware container got all the air out?)
Glass food-storage dishes are all the rage now, but glass jars work just as well. The next time you finish up some jam, pickles or spaghetti sauce, save the jar. (Quart canning jars are good for food storage, too, if you can get them cheaply. More on that below.)
The upside: They’re free. The downside: They don’t hold as much as those big Tupperware bowls — and they don’t stack like them, either, so they take up quite a bit of room in the cupboard. I keep only a couple of them around and recycle the rest.
When cream cheese goes on sale, I stock up on the soft variety. Not only is it easier to spread, it comes in a sturdy and reusable container. I use these for small amounts of leftovers, or fill them with individual servings of pudding. (I’m also using one for odd nails, screws and other bits of miscellaneous hardware.)
Empty margarine tubs work much the same way. They tend to be larger, but that’s fine — you can put small leftovers in a large container, but you can’t put large leftovers in a small container.
Bonus: If you’re sending food home with dinner guests, you don’t worry about getting the Gold’n Soft container back. Nobody’s walking out the door with my Tupperware, though, because it belonged to my mother.
I buy Wyler’s sugar-free lemonade, which comes in little packets inside a plastic container. These containers have proved useful for stacking Christmas cookies as gifts. When I’m making jam and have a small amount left over, I’ll put it in a Wyler’s container and give it to my sister or a neighbor.
It’s in the Bag
I broke my toe last spring. When I looked for a plastic bag to use as an ice pack, I was amused by the variety of choices. I had bags that once held hot dog rolls, bread, and frozen soybeans, corn and mixed vegetables. I had the inner liners from boxes of cereal and crackers. I even had a number of Ritz cracker sleeves.
Here are a few ways I’ve used these items:
Plastic bags. I use these to store leftover meatloaf, chicken or pork chops and to keep home-baked goods fresh (I don’t have a cookie jar). Sometimes I slip a bowl of leftovers inside one of these bags.
Ritz cracker wrappers. Cut up, they’re good for wrapping and freezing the hamburger patties I make when ground beef goes on sale. I secure them with rubber bands — since I still subscribe to a newspaper, I have tons of those things. A cracker wrapper is rubber-banded over the glass measuring cup of bacon fat sitting in my fridge. And I’m writing this from a house-sitting job; I used a Ritz cracker wrapper around the toothbrush in my toiletries bag.
Frozen vegetable bags. I use them to freeze chili — or spaghetti-sauce-sized portions of cooked ground beef or chicken. Or I cut off the ends and cut the bag in half lengthwise; each half is the right size for wrapping those hamburger patties. (Originally I offered these to my sister, who owns a Golden Retriever. She declined because she prefers a bag she can tie shut and also because big dog = big poop. Bigger than 16 ounces? Yikes! Another reason I don’t have a dog.)
Cracker/cereal liners. These are good for storing chicken or chops bought in bulk and then re-wrapped into smaller portions. If you cut the liners open, you wind up with what’s essentially a big piece of waxed paper. It can be cut into smaller pieces to wrap hamburger, whether cooked or in patties. Each summer I cut one of the large cracker liners to fit the cookie sheet on which I freeze gleaned blackberries. I freeze them until they’re solid before putting them in bags, to keep them from becoming one big lump.
And then there are the washed and re-used Ziploc bags. You just knew I’d bring that up, didn’t you? An MSN Money reader suggested buying only the freezer bags, which seem to be made of sterner stuff and will last longer. I can attest: Some of my zipper-type bags are on their fourth tour of duty for frozen blackberries.
However, if a bag has held raw meat then I tend to throw it out. Campylobacter and other nasties are nothing to fool with; to me, it’s worth occasionally tossing a bag vs. risking food poisoning.
Possible Frugal Hacks
Why pay retail? Here are some other ways to save on food storage:
You can often find Tupperware and other storage containers in the “free” box at yard sales. Empty jars, too.
I bought aluminum foil at an estate sale. Or, rather, I tried to buy it: The woman running the sale just gave it to me. If I’d paid, it would have been a quarter and it was one of those big boxes, too.
Once I found waxed paper in the half-price bin at the dollar store. If you are very lucky there will be a clearance bin at your dollar store, too.
Keep an eye on the Freecycle network — I’ve seen Rubbermaid, Tupperware and canning jars offered. Don’t see any? Put up a “wanted” ad.
You can paint these tactics as extremely green/frugal, or you can use them as an easy opportunity to make fun of extremely green/frugal types. Personally, I prefer to look at it as giving “throwaway” plastic at least one more use — and, yes, I’m saving money because I don’t have to pull a length of foil or plastic wrap off the roll. Have you checked the price of commercial wraps lately?
J.D.’s note: Donna’s right: It’s easy to make fun of frugal tactics like this. But remember how last May I spent ten days on a boat with my real millionaire next door? Well, he does all of these things and more. And the photo illustrating this article? That’s our own kitchen drawer — Kris has a vast library of re-used plastic bags and containers.
Learning how to manage your money is a huge part of “adulting,” but it’s not something most of us were taught in school. Luckily, TikTok is here to bring you up to speed. If you’ve been sleeping on TikTok like I have, let me fill you in. There’s an entire subgenre of TikTok dedicated to … [Read more…]
Appearing as a guest on Good Morning America this week, Barbara Corcoran answered several questions from viewers, ranging from when the right time to buy a home is to how to win a bidding war. As for the former, Corcoran said now is the time to buy.
“It’s a good time to buy because the minute interest rates go down, everybody’s waiting for them to go down even by a point, and when they do, they’re going to come rushing back in the market,” Corcoran said. “Prices are going to explode, and you’re going to be paying more for the same house. And you can always refinance, remember, when and if interest rates come down.”
It’s not Corcoran’s first time advising against even attempting to time the market. Previously, on the Chicks in the Office podcast, Corcoran said to forget about the timing, again stressing that now is always the time to buy.
The self-proclaimed “NYC Real Estate Queen” founded the Corcoran Group with a $1,000 loan in 1973, which she famously turned into $66 million after selling her business in 2001. She’ll always be a powerhouse within the real estate industry, but now most people know her as the spunky, blunt, and well-dressed shark on ABC’s Shark Tank.
Another viewer asked Corcoran how to win bidding wars, saying that he and his fiancee have been looking for a house but have been out bid every time they’ve found one they like. Corcoran said the key is to look like the “best deal in town,” while playing on the seller’s emotions.
“You have to be prequalified for your mortgage so you can go in there as an all cash deal. I’m an all cash deal, it’s not contingent, I already got my mortgage—you want that power behind you,” Corcoran said. “You also want to go in and realize it’s never just a financial deal. Get a nice piece of stationery and handwrite a note to that owner, and tell them how much you love the house. It makes a difference because people like to sell homes to people who love their house.”
As for the different types of mortgage loans that buyers can choose from, Corcoran said it depends on how long you’re going to live in that home. If you’re going to live there a long time, or at least except you are, Corcoran said a conventional rate mortgage at the shortest term you can afford, is the best option. On the other hand, if you’re only going to be living there for a short period of time, likely under five years, she said you’ll want to get an adjustable rate mortgage because it’s cheaper.
When Corcoran was then asked if there’s any way to get relief as someone who’s “house poor,” a term used to describe someone that’s spending more than 30% of their income on housing, she answered: “you don’t get relief from that.” In coastal cities, Corcoran said, people are spending more than 40% of their income on housing. But there’s a light at the end of the tunnel, in her view—people are forced to save by paying off their mortgage.
“When it comes time to retire, for most of us, it’s the only money we have to retire on,” Corcoran said.
Now if you want to make the most out of your home purchase, she said you’ll always get the best return in a high-traffic area. And if you want to make a killing, buy a home in an up and coming area. Corcoran’s formula for doing so? Follow the creative community and see where they’re living, and check out the nightlife.
And of course, a Corcoran Q&A couldn’t be complete without touching on rentals and renting. As for rent prices, Corcoran said they’re going to continue to go up, and there won’t be any relief. When interest rates go up and chase people into the rental market, rents generally go up. But when interest rates go down, that doesn’t mean rent follows. Corcoran said she’s never met a landlord that brings down their rent, ever. And, most of us know how she feels about renting—that it’s a “no-win game.”