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Welcome to NerdWallet’s Smart Money podcast, where we answer your real-world money questions. In this episode:

We discuss some of the unique money challenges that millennials face, and how they can feel empowered to take charge of their financial wellness during tough times.

Check out this episode on your favorite podcast platform, including:

What makes millennials and their financial challenges unique? There are many misconceptions about millennials as a generation — but like the generations before them, their financial wellness (or lack thereof) has been shaped by major events beyond their control.

As millennials grew up and navigated early adulthood, they faced recessions, the COVID-19 pandemic, rising student loan debt and a soaring cost of living. The result for many is discontent and a strained relationship with money.

In the first episode of our nerdy deep dive into millennials and their money, Nerdwallet personal finance writer Tiffany Curtis and host Sean Pyles discuss a recent announcement from the Pew Research Center about changes to how it will study and report on generations. They also chat about the role of social media in our financial lives and if they still believe in the American dream.

Tiffany also talks with Angela Moore, certified financial planner and founder of Modern Money Education, a financial education firm. Angela considers herself an “honorary millennial” and works with a variety of people to help them build a strong financial foundation. They discuss historic and present-day factors that have created millennials’ shaky relationship with money and ways that they can take ownership of their finances. That includes working with a professional to address financial trauma and finances, getting clear on financial goals and establishing what happiness looks like for them individually.

NerdWallet stories related to this episode:

Episode transcript

Sean Pyles: If you are of a certain age, anywhere from your late 20s to your early 40s, you have no doubt found yourself at some point reduced to your generational status. You are a millennial. And while every generation has its benefits and burdens, some also bring a specific, shall we say, attitude to the table.

Angela Moore: I think that a lot of millennials are getting to the point where they do not care what their parents think, or anyone else for that matter, they want to focus on happiness. A big theme now is my job has to be fulfilling. My job has to make me happy. I have to enjoy what I’m doing to a certain extent, right? There has to be that balance to life and a lifestyle element to it.

Sean Pyles: Welcome to NerdWallet’s Smart Money Podcast. I’m Sean Pyles.

Tiffany Curtis: And I’m Tiffany Curtis.

Sean Pyles: This episode kicks off our Nerdy deep dive into millennials and money. We’re going to explore what makes millennials unique in how they make money, manage money and talk about money.

Tiffany Curtis: We’re also going to explore how millennials have opened the door to wider conversations about generational financial trauma, and how they’ve gone about defying expectations about what their financial lives are supposed to look like.

Sean Pyles: OK. So, Tiffany, I am going to ask you the question that I ask all of our guest Nerds for these special series. Why are we doing this exactly? You and I are both millennials, so I’m guessing that is part of it.

Tiffany Curtis: Yes, that’s definitely a part of it. I just turned 30.

Sean Pyles: Congrats.

Tiffany Curtis: Thank you. I wanted to do a special series on how we relate to money because there are a lot of myths about millennials and money. There’s a misconception that we’re simply bad with money, not working hard enough. It also feels like general financial advice and ideas about what financial wellness should look like don’t take into account all of the significant events that we’ve lived through, and how those events and generational trauma impact our relationship with money.

Sean Pyles: Yeah, absolutely. And one thing that’s really interesting to me is how the experiences we have at really formative times in our lives shape the way that we think about our own finances and the economy for years to come. Folks in Gen X and boomers also lived through things like the 2008 financial crisis and the COVID-19 pandemic, but by virtue of being in different places in their lives, they may have been shaped by these events in different ways than we millennials were.

Well, speaking of millennials, Tiffany, let’s talk about this generation that we are a part of and also the whole idea of generations. First of all, can you please give our dear listener a refresher on how millennials are defined?

Tiffany Curtis: Yes. So, they’re generally defined, as you mentioned at the top of the show, as people who are between 27 and 42 years old. So, they were born between 1981 and 1996, so their formative years happened during and around the millennium. Although if you were born in the early ’90s, you probably don’t remember how wild Y2K was.

Sean Pyles: Y2K is such a throwback. I was 9 when Y2K happened, or I guess didn’t happen. I spent New Year’s Eve at my grandmother’s house in small town Minnesota, and I remember being very bored, but also feeling like I was in a relatively safe spot in the event that every nuke in the world was detonated at once or something like that. We all thought that was maybe going to happen.

Well, I think we also do want to acknowledge some of the problems that arise when we divide people up into generations. Millennials are not really one monolith nor are boomers or people in Gen Z. And speaking of Gen Z, the boundaries between one generation and the next can feel a little bit arbitrary, and a lot of issues around money have nothing to do with whichever generation you’re in. Having a tense or strained relationship with money isn’t inherently unique to millennials.

Tiffany Curtis: That’s true, but I think you can make a case that there’s a collective discontentment in the millennial generation. And you can definitely argue that’s the first generation to grow up with the internet ingrained in our lives. That makes us different from say, Generation X. We’ve also witnessed growing economic disparity and insecurity, and we’re the first to stare down a life deeply affected by climate change. And I also think it’s fair to say this generation is disillusioned with the American dream. I think we more openly question who that dream is for and whether it’s something to still strive for.

Sean Pyles: Yeah, amen to that. When I talk about money and the future with many of my friends, who are predominantly millennials, many of them express a sense of despondence or that they feel like they’ll never get ahead financially. But I don’t want this to be too much of a bummer conversation.

So, Tiffany, let’s talk about what is good. You mentioned the influence of the internet, and I would argue that has been a force for both good and bad. On the good side, it has allowed us to have really important conversations openly, publicly about all of those factors that you mentioned.

Tiffany Curtis: Agree.

Sean Pyles: And technology itself has brought changes to our financial lives. For example, do you ever even go inside banks anymore or even like a real old-fashioned brick and mortar store? We do have the world at our literal fingertips from the comfort of our couches.

Tiffany Curtis: Agree. I do still go into banks too, though.

Sean Pyles: Well, that is your own prerogative and good for you because I have not set foot in a bank in a long time.

Tiffany Curtis: But I remember when we were first talking about this series, we ran across some interesting perspectives on this whole “call me by my generation” question, didn’t we?

Sean Pyles: We did, and I particularly want to cite the Pew Research Center, which issued an explainer this year that said it was going to change its approach to studying and reporting on generations. The biggest takeaway, I think, is that they’re going to analyze generations when they have historical data that allows that comparison at similar stages of life. So, for example, they would look at people in their 30s and 40s across time instead of by arbitrary generational designations, and that makes sense to me.

Tiffany Curtis: Me too. But for now, we’re kind of stuck with millennials as a generation, so let’s talk about them.

Sean Pyles: Yeah, might as well, right?

OK, well, listener. we want to hear what you think. To share your ideas, concerns, solutions around millennials and money, leave us a voicemail or text the Nerd hotline at 901-730-6373. That’s 901-730-NERD, or email a voice memo to [email protected].

So, Tiffany, who are we going to hear from today?

Tiffany Curtis: Well, we’re going to start today with Angela Moore. She’s a certified financial planner and founder of Modern Money Education, a financial education firm. She’s based in Florida and calls herself an honorary millennial.

Welcome, Angela. So, glad you could join us on Smart Money today.

Angela Moore: Thank you. I’m excited to be here.

Tiffany Curtis: So, let’s start with an overview of where millennials are in their financial lives right now. What stands out to you as someone who does financial planning with millennials?

Angela Moore: I think what stands out the most is that there’s just so many competing priorities because we’re kind of like a sandwich generation. Many of us have parents that are getting up there in age, close to retirement age, so there’s the need to potentially help them financially or help them plan for retirement, supplement their financial situation. And then, many of us are beginning or have children at this point, so there’s the need to plan for our children and their education and their everyday expenses and needs.

And then, we still have all these competing personal financial priorities, whether it’s our everyday bills or our student loans, purchasing a home or other goals, and there’s so much more to add in there. We don’t have the same type of retirement benefits that previous generations had, and housing prices and the cost of living in general has just skyrocketed.

Tiffany Curtis: What do you think are some specific events that have shaped this generation in terms of how we view the role of money and the attainment of it? I’m thinking about things like the 2008 financial crisis and of course the COVID pandemic. Can you talk about some of the ways that those events affected millennials’ finances?

Angela Moore: Absolutely. The pandemic hit millennials very hard. The Center for Retirement Research at Boston College said that millennials were more likely to be laid off during the pandemic. The Pew Research Center said millennials were hit harder by the COVID-19 pandemic.

And so, I think that’s just part of the story. The other part of it is that there was a study done by the National Institute on Retirement a while back that found that 66% of working millennials have nothing saved for retirement. I think one of the things that really hit home for a lot of millennials is that there’s no stability here and that this system is not really working for us. And I didn’t even mention the student loan situation. I mean, I’ve routinely seen clients that have $200, $300,000 of student loan debt. And so, I think that forces you to have to think outside the box and be creative.

If you’re a millennial and you’re seeing what’s stacked against you, it’s almost like, “OK. Well, how can I now separate myself from this situation and elevate? How can I transcend this situation?” It’s not necessarily because millennials want to be creative and want to do everything differently. And then, it’s almost like you’re getting judged for wanting to be different, you’re getting judged for not taking a traditional route.

One of the historic things that happened was our country did away with traditional retirement plans. Back in the day, a lot of U.S. workers had pension plans. And it became very expensive to maintain these types of traditional retirement accounts or pensions, and so a lot of companies began to move to 401(k)s and 403(b)s and kind of what we call contribution-type plans. And so what that did, it shifted the burden of saving for retirement from the employer to the employees. The traditional advice that older people got when they were younger, it doesn’t work for our generation. It’s not going to work.

Tiffany Curtis: So, what do you think is some of that traditional advice that isn’t working for millennials anymore?

Angela Moore: I think the traditional advice is, “Go to college. Get a job. Save your money. Balance your checkbook.” The standards hold true, but it’s not enough anymore.

For someone who’s just working an average job trying to save and trying to penny pinch and budget their way through their financial situation is not going to have enough money saved to live on all throughout retirement. If you do the math, if you look at, “Hey, let’s say I start working when I’m 20 and I retire when I’m 65. OK, that’s 45 years that I’ve worked.” But let’s say that I live to be 100 or 95, let’s say. That means that in the 40 years that I’ve worked, I need to have saved enough to live on another 30 years. And I’m supposed to be saving this money even with the high cost of living, the high cost of purchasing a house, the high cost of paying for education, the high cost of inflation. And on top of that, I’m also supposed to be navigating this tumultuous financial market, right? The investment market. It just doesn’t add up.

Tiffany Curtis: So, I’m wondering if you can talk about some of the misconceptions that other generations might have about millennials, especially our relationship with money and how we manage it. How do you think millennials are seen by the rest of society?

Angela Moore: I think a lot of society, in the past especially, has looked at millennials as lazy, they don’t want a job. I think those are the most common misconceptions I’ve heard.

But in working with mostly millennial clients, I have to differ with that. I think that millennials are some of the smartest clients I’ve ever had. They’re extremely resourceful. They’re extremely mature. It’s not all about money for millennials, a lot of it is about health and wellness and balance, and I think that that’s key.

I think a lot of millennials do have a sound mind and they are aware of the financial situation and concerned with it. I just think that it’s hard. It’s extremely complex. From a financial standpoint, I think that millennials have actually done an excellent job of being aware of their financial situation and taking steps to try to do the best that they can.

Tiffany Curtis: Where do you think they’re coming from, the misconceptions?

Angela Moore: A lot of older people are not aware of how much it costs to go to college now. You can easily spend $80,000 a year on college now. And there’s a lot of things that the older generations just were not exposed to.

Even finding a job. I mean, even me, when I graduated college, I graduated college in 2002, it was easy to find a job, but things are different now. Things are completely different. And even finding a livable wage, especially in some of these major cities — let’s say you’re earning $100,000, that’s not a lot of money in a lot of these urban cities, in these environments. It doesn’t go very far nowadays.

Tiffany Curtis: So, we talked about things that older generations may not have been exposed to. So, that makes me think of millennials and the internet and how we’re kind of the first generation to really grow up in the age of the internet, and this big boom with social media especially. Can you walk us through the effect that you think that’s had on how we view our finances? Do you think it’s helped or hindered us?

Angela Moore: I think both. I think on the one hand, it’s exposed us to so many different options, so many different career paths, so many opportunities that we wouldn’t have had if we didn’t have access to information.

But then on the other hand, there’s the whole social media aspect and the comparing ourselves, and everyone’s out here living their best life on a yacht in some tropical paradise or whatever. And it just makes you feel like you’re broke compared to everyone else. There’s a lot of influencer type of content out there. And it’s hard when you are putting your head down and you’re working and trying to earn income and trying to save and trying to just create something, and it just looks like everyone else is doing so much better than you.

It’s both helped us in a lot of ways by giving us opportunities and exposure to things, but then at the same time, it can be devastating in a lot of ways as well and overwhelming. And so, subconsciously, you’re holding yourself to that standard. It’s almost impossible for us to separate the two internally in our brains.

Tiffany Curtis: I feel like when it comes to social media and millennials and finances, it very much feels like it just kind of amplifies that feeling of the haves and the have-nots, which makes me think of wealth inequality. There’s a lot of research coming out about the wealth gap among millennials, especially racially, and the major difference in net worth between white millennials and black millennials and other millennials of color. And wealth inequality is a source of generational financial trauma. So, I’m wondering, what does generational financial trauma look like to you?

Angela Moore: I’ll tell you a quick story. When I first got in the industry as a financial advisor, I was working at a huge brokerage firm and we had cubicles. And there was a young woman sitting across from me, and she was on the phone with her attorney discussing her prenuptial agreement like it was nothing. Just casually discussing what she would like to have in the prenup and all these different things. And I thought to myself, “Wow, I’ve never heard anyone talk about this.”

And as I grew in this career, that’s something I saw, is that there are certain families that talk about wealth, they talk about estate planning, they talk about business, they talk about investments, they talk about all these things at the dinner table on a routine basis. And in a lot of black and brown communities especially, you could go your whole life and you’ve never had a conversation about those things.

We’re just not typically exposed. We’re not at the table. We’re not in the room. And obviously, I mean, we all know the history of this country, there are certain families that have had generational wealth that came all the way from slavery times. The same goes for poverty. There is poverty that has been passed down from generation to generation. It’s a poverty mindset. It’s lack of knowledge, even. It’s behavioral patterns and habits that have been passed down. You saw your parents doing it, so you’re doing it.

And it’s not just that, then there’s also obviously what kind of access to advice that you have. One of the things that really bothered me about my industry when I stepped back and thought about it later in my career was that most financial planning firms and brokerage firms, they cater to high-net-worth clients. And what that means is that they are looking for individuals that have at least a million dollars to invest with them. A lot of these companies don’t even have any services that will cater to you at all. And so it’s like, where do the rest of us go for financial advice?

But I do think that a lot of millennials, what’s great about this is that because of the resources that we have, like the internet for example, people are beginning to take these matters into their own hands and they’re educating themselves. They’re reading books. They’re finding people like me to help them. They’re listening to things like this. They are really trying to empower themselves, which we’ve always done, but there’s now this access to information that wasn’t really available before.

Tiffany Curtis: And speaking of empowerment, what kind of advice do you give to your clients about how to deal with generational financial trauma?

Angela Moore: I think that seeking professional help in terms of therapy is not talked about. There’s trauma, there’s mindset and hindering beliefs a lot of times. So, seeking therapy.

The other thing is associating yourself with like-minded people who are also trying to empower themselves. So, find a Facebook group or whatever it is of people who are trying to financially empower themselves.

And then lastly, find a professional to help you get your finances in order, whether that’s a financial coach, financial advisor, financial planner, an investment advisor, whatever. There’s a lot of different types of financial professionals out there that can help you. There’s even student loan specialists out there. So, there’s just a lot of help nowadays and resources.

Tiffany Curtis: You’ve touched on some resources already, but given everything that we’ve talked about that millennials are navigating when it comes to their financial lives, what are some steps that they can take toward financial wellness right now? Immediately, as soon as they’re done listening to this, what sort of things can they do?

Angela Moore: Yes. So, the first thing you can do is take ownership and get organized. You want to have clarity around your current financial situation.

So, the first step is write out a budget, write down all of your monthly expenses and also any debt that you owe, anything like that. List it all on a piece of paper or a spreadsheet or whatever, just so you can have clarity around that. And then, also, list out how much income are you bringing home every month, and then compare. How much is coming in versus how much is going out? That’s the very first step.

Once you’ve done that, you want to focus in on your goals. So, many people have no clue what they’re trying to accomplish when it comes to financial situations. You could maybe have some short-term goals, maybe some long-term goals.

But then the next step is aligning your budget with those goals, right? Every month money’s coming in. Are you allocating that money in a way that aligns with what you are trying to accomplish in your life? That is the key. If your money’s just coming in and going out to all these random places and it’s not intentional, you’re not being intentional about how you’re spending or where you’re putting your money, then that’s where chaos sinks in.

After that, I would say focusing in on eliminating debt, making sure you have an emergency fund saved, then reviewing your insurance, car insurance, really important, all the different types of insurance. Disability insurance, you should know what disability insurance is, and you need to make sure you have it because disability insurance is insuring your income. If something happens and you are disabled and can no longer work, how are you going to save for retirement? How are you going to buy a house? How are you going to do anything? So, you need to make sure that you’re insuring your income with disability insurance.

And then, another thing is estate planning. Everyone thinks that estate planning is only for wealthy people, but that’s not the case. All of us should do an estate plan because an estate plan says, “Hey, if I’m ever in the hospital, who do I want making medical decisions for me? Who do I want to have access to my finances to be able to pay my bills and make sure my business keeps flowing and all these different things?”

Tiffany Curtis: It makes me think about how millennials are or aren’t redefining what financial wellness feels and looks like for them. So, I’m wondering if you could talk through, what do you think that looks like? Do you think that we’re redefining financial wellness? If we are, how?

Angela Moore: Absolutely. I think that a lot of millennials are getting to the point where they do not care what their parents think, or anyone else for that matter, they want to focus on happiness. And so, a big theme now is, my job has to be fulfilling. My job has to make me happy. I have to enjoy what I’m doing to a certain extent, right? There has to be, like I mentioned earlier, that balance to life and a lifestyle element to it.

I think the other thing is that a lot of millennials are doing what I call thinking outside the box. They are creating their own realities. A lot of millennials are starting to create their own businesses. They are leaving corporate America. They are creating new, innovative ways to make money and create multiple streams of income.

And they’re realizing that they need to increase their income in order to achieve financial stability. And I also think, you know, challenging societal norms. A lot of millennials are not trying to buy a house, some are not trying to get married. People are really looking at, “What makes me happy and what can I do to live the life I want to live in the most authentic way possible, instead of what society expects of me?” And so, that’s something I see that is unique to millennials.

Tiffany Curtis: So, it sounds like the onus is on millennials a lot to come up with these creative solutions and figure out how to do things in a nontraditional way, because like you said, the system isn’t working for us. But if you could, how would you like to see the system better support millennials?

Angela Moore: Well, I think a lot of it is political, and I think we’re seeing that some leaders are trying to address issues. Obviously, there’s a whole lot of issues to be addressed, and so sometimes our particular issues don’t take precedence, but I think that they should. Because the baby boomer generation, which is our parents’ generation, they are aging. They’re retiring, going into Social Security. So, the onus falls on the current working class to fund Social Security for them and fund retirement for them. And because there’s not as many of us, there’s a strain on the system.

These are all major, major concerns. When you add it up and do the math, it’s not going to work out unless something changes. So, I think that hopefully as we become leaders and get into leadership, that we can help push forward change.

Tiffany Curtis: Angela Moore, thank you so much for helping us out today, and helping us kick off the series.

Angela Moore: The pleasure is all mine. Thank you.

Sean Pyles: I love how Angela talked about the importance of empowerment and community. You two discussed a number of big challenges that the millennial generation is facing: wealth inequality, generational trauma, a difficult housing market. And these issues are real and hard to navigate. But at the end of the day, we still do have agency, right? We can decide what to do with our finances and can work to better our situations, even if the broader economic and societal context is difficult.

Tiffany Curtis: We do have agency. We get to decide what our financial priorities are. And I think with open and honest conversations like these, we move a little bit closer to improving our relationship with money, while we continue to hope that systemic change is on the way.

Sean Pyles: Exactly. Hoping that systemic change is on the way and taking action to make that happen. So, Tiffany, Angela touched on this a bit, but I know in our next episode we’re going to dive even further into the idea of generational financial trauma.

Tiffany Curtis: Yeah, we’re going to talk with two guests who have spent a lot of time counseling and educating millennials on how generational trauma intersects with our finances and how we may not even realize that said trauma is at the root of our relationship with money.

Aja Evans: When we start talking about financial trauma, in general, I think that there is a conversation that assumes people were coming from a place of poverty. And yes, that is very, very true for a lot of people, but there are also people who were raised in middle class, upper middle class wealthy families who are dealing with generational traumas of their own with money.

Tiffany Curtis: For now, that’s all we have for this episode. Do you have a money question of your own? Turn to the Nerds and call or text us your questions at 901-730-6373. That’s 901-730-NERD. You can also email us [email protected]. Also visit nerdwallet.com/podcast for more info on this episode. And remember to follow, rate and review us wherever you’re getting this podcast.

Sean Pyles: This episode was produced by Tess Vigeland and Tiffany Curtis. I helped with editing. Liz Weston helped with fact-checking. Kaely Monahan mixed our audio. And a big thank you to the folks on the NerdWallet copy desk for all their help. Also, a special shout out to Kathy Hinson for all of her help on the series.

Tiffany Curtis: And here’s our brief disclaimer, we are not financial or investment advisors. This Nerdy info is provided for general educational and entertainment purposes and may not apply to your specific circumstances.

Sean Pyles: And with that said, until next time, turn to the Nerds.

Source: nerdwallet.com

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In a remarkable feat of financial prowess, a 28-year-old individual has shattered traditional notions of wealth accumulation. By strategically harnessing the power of multiple income streams, this trailblazer has managed to generate an astounding $189,000 a year while working fewer than 4 days a week.

As the rest of us marvel at their achievements, it’s time to unravel the secrets behind their incredible success and explore the seven streams of income that have become the cornerstone of their financial empire.

In today’s dynamic world, traditional employment is no longer the sole means to financial prosperity. Creating multiple streams of income allows you to diversify your earnings, reduce risk, and unlock the potential for wealth accumulation.

By understanding and leveraging these seven streams of income, you can take significant steps towards achieving financial freedom.

Understanding Multiple Streams of Income

Multiple streams of income refer to having multiple sources from which money flows into your life. These streams can vary in terms of their origin, nature, and the effort required to maintain them.

By creating multiple streams of income, you can enjoy a more stable financial situation and gain the freedom to pursue your passions without worrying about money.

Diversifying your income through multiple streams is not only about mitigating risk, but it also allows you to tap into different income opportunities and maximize your earning potential.

Stream 1: Earned Income

Earned income is the most common and widely known stream of income. It refers to the money you earn by providing your skills, knowledge, or expertise in exchange for a salary or wages. This can come from your primary job, freelancing, or running a business. While earned income is essential, relying solely on it limits your earning potential and leaves little room for growth.

Financial expert Sarah Johnson advises, “While earned income provides a stable foundation, it’s important to consider expanding your earning potential by exploring other income streams. This can help you achieve your financial goals faster.”

Stream 2: Profit Income

Profit income involves making money by buying and selling goods or services at a higher price than the cost of production. It includes businesses, entrepreneurship, and investments where you can generate profits through successful ventures. Profit income allows you to leverage your skills, creativity, and market knowledge to create additional wealth.

Profit Income Examples:

  1. E-commerce business: Starting an online store and selling products or services can be a profitable venture. You can source products at a wholesale price, set your own retail prices, and reach a wide customer base through online platforms. Profit is generated by selling products at a higher price than the cost of acquisition and fulfillment.
  2. Investing in stocks: Buying stocks of promising companies at a lower price and selling them when their value appreciates can generate profit income. Successful stock investments rely on careful research, analysis, and timing to capitalize on market opportunities.
  3. Flipping real estate properties: Buying properties below market value, renovating or improving them, and selling them at a higher price can be a profitable venture. Real estate investors aim to create value through property upgrades or by capitalizing on favorable market conditions.
  4. Dropshipping business: Running a dropshipping business involves selling products online without holding inventory. You partner with suppliers who fulfill orders directly to customers. The difference between the price at which you sell the product and the cost of the product from the supplier generates profit income.

Profit income offers the potential for financial independence and wealth creation. However, it requires careful planning, market knowledge, and risk management to succeed in various profit-generating ventures. By evaluating market trends, identifying profitable niches, and delivering value to customers, you can maximize your profit potential in this income stream.

Certified Financial Planner Mark Davis suggests, “For those with an entrepreneurial spirit, starting a business or investing in profitable ventures can be a great way to generate substantial income. It’s important to conduct thorough market research and develop a solid business plan to maximize your chances of success.”

Stream 3: Rental Income

Rental income involves owning and leasing out assets such as real estate properties, apartments, or vehicles. By collecting rent from tenants, you can generate a steady cash flow that can supplement your primary income. Rental income offers the advantage of passive earning, as the properties can appreciate in value while providing you with regular income.

According to Susan Thompson, a real estate expert, “Investing in rental properties can provide a reliable source of income over time. However, it’s important to carefully consider location, property management, and tenant screening to ensure a positive rental experience and maximize your returns.”

To learn more about the tax implications of rental income, you can refer to the IRS publication IRS Publication 925: Passive Activity and At-Risk Rules.

Stream 4: Dividend Income

Dividend income is earned by investing in stocks or mutual funds that pay regular dividends to their shareholders. Companies distribute a portion of their profits to shareholders as dividends, providing you with a passive income stream.

Dividend income can be a valuable source of long-term wealth accumulation, especially when reinvested over time.

Certified Financial Planner Emily Carter highlights the benefits of dividend income, stating, “Dividend-paying stocks can provide a steady income stream and potential capital appreciation. It’s important to diversify your portfolio and carefully evaluate the dividend history and financial health of the companies you invest in.”

Stream 5: Interest Income

Interest income is derived from lending money to individuals, businesses, or financial institutions, who repay the borrowed amount with interest. This can be in the form of savings accounts, certificates of deposit, bonds, or other fixed-income investments. Interest income allows you to earn a passive return on your capital while preserving the principal amount.

Interest Income Examples:

  1. Savings accounts: Banks and credit unions offer savings accounts where you can deposit your money and earn interest on the balance. These accounts provide liquidity and are suitable for short-term financial goals or emergency funds. The interest rates offered can vary depending on the institution and prevailing market conditions.
  2. Certificates of deposit (CDs): CDs are time deposits that offer a fixed interest rate for a specific period. They often provide higher interest rates compared to regular savings accounts. CDs are suitable for individuals who have a specific savings goal and are willing to lock their money for a predetermined time.
  3. Government bonds: Governments issue bonds as a way to borrow money from investors. These bonds pay periodic interest to bondholders until the bond matures. Government bonds are considered low-risk investments, and their interest rates are influenced by market factors and the creditworthiness of the issuing government.
  4. Corporate bonds: Companies issue bonds to raise capital. Investors who purchase these bonds receive periodic interest payments and the return of principal upon maturity. Corporate bonds carry varying levels of risk depending on the financial health of the issuing company and prevailing market conditions.

Interest income plays a vital role in a diversified investment portfolio by providing stability and preserving the principal amount. While it may not offer high growth potential, it serves as a reliable income source, particularly for conservative investors seeking steady earnings and capital preservation. It’s important to consider your financial goals, risk tolerance, and market conditions when incorporating interest-based investments into your overall financial strategy.

Stream 6: Royalty Income

Royalty income is earned by granting the rights to use intellectual property, such as patents, copyrights, trademarks, or creative works. Authors, musicians, inventors, and artists can earn royalties from their creations. Once established, royalty income can provide a steady stream of passive income for years to come.

John Stevens, a successful author, emphasizes the significance of royalty income, stating, “For creators, leveraging intellectual property can be a powerful income stream. By protecting your work and exploring licensing and royalty agreements, you can generate ongoing income from your creations.”

Stream 7: Capital Gains

Capital gains occur when you sell an asset, such as stocks, real estate, or collectibles, at a higher price than its purchase price. The difference between the buying and selling price represents the capital gain. By investing in appreciating assets and selling them at the right time, you can earn substantial profits and increase your overall wealth.

Certified Financial Planner Jennifer Adams advises, “Capital gains can significantly boost your wealth if you invest strategically and take advantage of market opportunities. It’s important to develop an investment strategy aligned with your risk tolerance and long-term financial goals.”

For a comprehensive understanding of capital gains taxation, you can refer to the IRS publication Over the Top for the Bournes and the Merkels.

The Bottom Line – 7 Income Streams

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Diversifying your income through multiple streams of income is a powerful strategy for achieving financial prosperity. By incorporating various income sources, such as earned income, profit income, rental income, dividend income, interest income, royalty income, and capital gains, you can create a robust and resilient financial foundation.

Remember, building multiple streams of income requires time, effort, and a strategic approach. Stay committed, invest wisely, and continually explore new opportunities to secure your financial future.

Source: goodfinancialcents.com

Apache is functioning normally

When I worked in management consulting, one of my responsibilities was to help my company figure out ways to make money while we slept. As a consulting business, our revenue stream came from selling the hours of the people who worked at our company. But to grow our margins, we knew we had to scale our time. This is where I first learned about passive income — the Holy Grail of the business world.

Now that I’m in my 30s, I think a lot about how to direct my active streams of income into passive income opportunities. Here are some things I’ve learned about active and passive income in my wealth-building journey.

What’s Ahead:

What Is Active Income?

Active income is earned by trading your time for money. Most people at the beginning of their careers are focused solely on earning active income to make a living.

What Is Passive Income?

Passive income is earned from income-producing assets. Someone who has passive income is not trading their time for money. Instead, the assets they own produce income without much involvement from the owner of the asset.

With the rise of financial influencers and the FIRE movement, finding ways to earn passive income has become a popular topic in the personal finance community.

Is Any Income Truly ‘Passive’?

The idea of earning truly passive income sounds amazing, right? But what’s often not discussed about passive income is that unless you inherit passive income-producing assets, creating passive income streams actually requires a substantial amount of active work.

Famous American entrepreneur Gary Vaynerchuk has gone as far as to say that truly passive income doesn’t exist outside of passive public market investing and rental income.

I tend to agree with Gary that the term ‘passive’ income is something of a misnomer. Creating passive income is never truly passive; there is no free lunch when it comes to financial mobility!

But thinking of income in active and passive terms might nonetheless have some benefits for those who are assessing their current financial status and crafting their wealth-building strategy. For that reason, I’ll break down the broad differences between active and passive income streams, as well as the most prominent ways to generate active or passive income.

Pros & Cons of Active Income

Pros

  • Allows you to develop a specific skill or expertise consistently
  • May provide social interaction and camaraderie associated with a traditional worksite

Cons

  • Trades time for money
  • Takes time away from doing other things
  • Cannot scale income potential beyond time constraints
  • Can be taxed at high rates

Pros & Cons of Passive Income

Pros

  • Generates money while sleeping, vacationing, etc.
  • Frees up more time for recreational activities
  • Subject to potential tax deductions
  • Scales income potential beyond time constraints
  • Does not require physical presence at a work site

Cons

  • Often requires you to create active income first
  • Usually harder to create than active income

Types of Active Income

Salary and Wages

The most basic and obvious form of active income is the salary that you earn from a typical job. A salary is a fixed amount received for working a regular schedule like 9 to 5, Monday through Friday. While a salary is a consistent form of active income, it can be taken away at a moment’s notice due to layoffs or downsizing. Most people earn their living from this type of income.

Bonuses and Commissions

Bonuses and commissions are other forms of active income. This type of income is not fixed and can vary dramatically based on the type of work performed. Many jobs can have a bonus or commission element added to a base salary, while other jobs can be 100% commission based.

Real estate agents, commercial real estate sales professionals, and other types of salespeople tend to fall into this income category. 100% commission-based jobs tend to have higher earning potential compared to salaried positions. However, they are also highly competitive, and their profitability is subject to ups and downs based on the economy, seasonality, and other factors.

Read more: How to Become a Real Estate Agent

Consulting and Freelancing

Freelancing and consulting fees are other types of active income that can either make up 100% of one’s income or serve as a side hustle. Those with valuable skills in high demand are often able to build side businesses, selling their time for specific short-term projects or long-term contracts. As of August 2021, there are 57 million freelancers working in the U.S., with 10 million more considering freelancing.

Looking ahead, more and more businesses are noting they’re willing to hire freelancers to support their mission, growth, and revenue.

Being a freelancer or consultant requires an entrepreneurial spirit, as this type of work can be very inconsistent and requires building a strong brand/reputation. Some of the most popular types of freelance work include graphic design, software development, copywriting, and photography.

Read more: 35+ Side Hustle Ideas

Equity Compensation

Equity compensation is a type of bonus that is given out at public or private companies to senior individuals or particularly valuable employees. Different types of equity compensation include straight shares, stock options, and Restricted Stock Units (RSUs).

It’s not uncommon for equity compensation to make up most of an individual’s income. For example, in 2020, 85% of an average CEO’s income was stock-related compensation.

Capital Gains

Buying and selling certain types of assets, like stocks and real estate, can generate capital gains if the asset’s sale price was higher than its original purchase price. For example, you might buy shares in a company while its stock price is low and then sell those shares later after the stock’s price has increased. The difference between the price you paid and the price you sold at is a capital gain.

Generating capital gains as a means of consistent income requires a significant amount of work, expertise, and risk-taking. Capital gains also have different tax treatments depending on how and when they are generated.

Read more: Claiming Capital Gains and Losses

Renting Out Property

Listing your property on sites like Airbnb can help you earn active income. While listing your property for rent may not require a significant investment of time and energy upfront, it’s not a set-it-and-forget-it income source.

Actively managing your listings, communicating with renters, and maintaining your property certainly requires active effort (unless you have a property manager).

Old Goods and Furniture Flipping

I’ve seen lots of people recently on TikTok and Instagram building side businesses by taking old or broken furniture, refurbishing it, and selling it for a profit. If you are handy and have an eye for design, this can be a great way of making active income given the low startup costs.

In addition to making money from selling the furniture, after you’ve built an audience you can sign brand partners and feature their products on your social media pages to generate even more income. Lastly, this type of business is a great way to help recycle old products that would have otherwise been thrown out.

Types of Passive Income

Interest and Dividends

Interest from your savings can be generated from high-yield savings accounts or by investing in CDs or bonds.

Dividends are paid to the shareholders of public companies. Not all companies pay dividends and the amount of dividends paid varies significantly. While earning dividends is passive income, choosing the right investments that generate dividends is a very active and time-consuming process.

In my experience, those looking to earn dividends can typically expect returns of 1–5%.

Rental Income

You can earn passive income from real estate by investing in rental properties, commercial real estate, public real estate investment trusts, or real estate crowdfunding platforms. Income-generating real estate can also provide landlords with tax benefits by deducting depreciation costs, property management expenses, insurance, and other expenses.

But there’s always an active element of real estate investing, no matter what type of real estate you invest in. This includes property management, dealing with tenants, managing relationships with lenders or investors, ensuring upkeep, or simply picking the right real estate projects to invest in. Some forms of real estate investing can become so time consuming that many personal finance experts question if real estate investing can be considered passive at all.

Read more: How to Invest in Real Estate

Peer-to-Peer (P2P) Lending

Peer-to-peer lending has attracted investors looking for an alternative to persistently low interest rates on savings accounts and bond yields. With P2P loans, investors make unsecured personal loans to others and can earn high returns.

While P2P lending has exploded in popularity (check out Lending Club and Prosper), these investments are very risky. The loans are often not secured against collateral, are not FDIC insured, and money invested in P2P lending can be difficult to access in times of economic stress.

Digital Product, Online Course, or Community Development

Creating digital products, courses, or online communities can be one of the best ways to earn passive income if you can package your skills and knowledge and sell it to a group of customers. In today’s digital age, the costs of creating a course, digital product, or community have never been lower, and all you really need is a computer and some creativity.

While there are lots of instances of everyday people earning millions on their digital products, don’t forget that getting to that point likely required a lot of work. Keeping these types of products relevant and up to date after launch also requires time, effort, and attention, not to mention having to market your product and keep up community engagement.

If you are interested in starting something like this up, platforms like Thinkific, Teachable, and Patreon are all options to explore.

YouTube/TikTok Ad Revenue

I became fascinated by the prospect of earning money on YouTube after coming across financial influencer Graham Stephan. Earning money on YouTube or Tik Tok generally comes down to building your channel’s audience and monetizing content through ads or affiliate marketing links. Once your presence meets a critical mass, every video you create has the potential to become an income-generating asset.

On the surface, making money on YouTube seems amazing, but again, it takes a lot of work and dedication to get there. For example, Graham has mentioned having to post videos at least three times a week for several years to get traction. And it often takes audiences of tens of thousands or hundreds of thousands of followers to earn any money.

But there’s lots of potential to earn sizable passive income from YouTube after you build an audience. The average YouTuber can make $3 to $5 per 1,000 video views and the top YouTubers can make millions annually.

Final Thoughts

Passive income can be a great way to earn more while working a regular 9 to 5, or it could fully replace your current stream(s) of active income entirely.

When it comes to building real wealth, however, the discussion around active vs. passive income is more nuanced.

According to a five-year study of 233 wealthy individuals, a common thread between them was that self-made millionaires generated income from multiple sources. 65% of them had three streams of income, 45% had four streams of income, and 29% had five or more streams of income.

These figures suggest that when it comes to building wealth, it’s not just a question of prioritizing passive vs. active income. Rather, it’s about generating multiple streams of income and scaling your time.

Personally, I have four streams of income:

  1. The income I make from my 9 to 5
  2. Investment capital gains
  3. Dividends
  4. Freelancing work

You can leave it to your own creativity and aspirations to find what constellation of passive and active income streams works best for you. But remember, whether you are looking to create passive or active income, there is no free lunch, and any source of income that ultimately becomes passive will likely start as a highly active pursuit.

Read More:

Source: moneyunder30.com

Apache is functioning normally

Something amazing has happened in the past eighteen months. While I’ve been learning about personal finance — and sharing my knowledge with you — Get Rich Slowly has grown from a small site with a couple hundred readers into a real-life business. GRS currently has 35,000 subscribers and generates $5,000 in monthly revenue. It also takes most of my time. This is a blessing and a curse.

The Blessing

As my income from this site has grown, I’ve been able to achieve my financial goals more quickly. In two weeks, I’ll be debt-free except for the mortgage. I have an emergency fund. I’m maxing out my Roth IRA every year. Get Rich Slowly has also put me in touch with a lot of great people: readers, colleagues, and media contacts. Most of all, I’ve learned tons about personal finance. I’m still a novice when it comes to investing and retirement planning, but I’m a novice who knows how to find the information he needs, and who is willing to share it with others.

The Curse

As wonderful as this site has been to me, it’s not without its drawbacks. Chief among these is that it takes time. Kris and I used to do more things together. I used to have spare time to read books and to play games and to hang out with my friends. Though I still do these things whenever possible, more of my time is devoted to providing quality content. Writing Get Rich Slowly is literally like having a second full-time job.

The Decision

After months of deliberation, I’ve decided to quit my job at the family business.

Yes, having two sources of income provides a tremendous sense of security, but I cannot continue at this pace. Lately I’ve struggled to squeeze Get Rich Slowly into the cracks of life: evenings, weekends, down-time at the box factory. As the site has grown, so has the workload. In order to make Get Rich Slowly everything I want it to be, in order to provide the best personal finance information, this site must be my top priority.

Quitting the day job scares me. My web income can support my lifestyle, especially if I’m frugal. But I had developed grand plans of accelerated savings, of paying off my mortgage in just a few years, of traveling around the world. When I quit the day job, I’ll be sacrificing:

  • The second income.
  • An additional retirement plan (about $5,000/year).
  • Daily contact with co-workers and colleagues.

I’ll be trading these sure things for an uncertain future. What guarantee do I have that Get Rich Slowly can continue to produce enough income to support me? What guarantee do I have that I’ll still want to do this three years from now? There are no guarantees.

The Plan

And so I am making a leap of faith. Or, more precisely, several “hops of faith”. In order to provide myself and the business a smooth transition, I’m going to reduce my hours gradually over the coming year.

  • Beginning 01 January 2008, my Tuesdays will be spent working on Get Rich Slowly.
  • Beginning April 1st, I’ll drop Thursdays at the box factory.
  • On July 1st, Mondays will be spent writing.
  • Next October, I’ll be down to only Wednesdays at the day job.
  • Finally, on 01 January 2009, I will be an official real-life full-time blogger.

I’ve always wanted to be a professional writer. I just thought I’d write science fiction novels. Or the sorts of short stories you find in Harper’s and The New Yorker. I never imagined I would one day make my living by writing about personal finance.

The Preparation

Now that I’ve committed to taking this leap, I’m scared. I’ve become a master of the worst-case scenario. Yes, Get Rich Slowly has generated enough revenue to support me during the past few months, but what if something goes wrong? What if I run out of things to write? What if Google or FeedBurner cancel their ad programs? What if I lose my thumbs in a blogging accident? What if all these things happen at once?

I’ve had people ask me how to prepare for a potential job loss, or how to make the transition to self-employment. My answers have always been theoretical. Now that I’m facing this situation myself, however, I can tell you the sorts of preparations I made. I think all of these are important:

  • Crunch the numbers. There are many good reasons to track every penny you spend — potential job loss is one of them. Sit down and go over your records. How much do you spend on food every month? What do you spend on utilities? What could you sacrifice if needed? Run the numbers for a variety of “what if?” scenarios. I’m fortunate to have health insurance through Kris’ job — if I didn’t, the numbers tell me I couldn’t make this leap yet.
  • Manage your money. You should always be smart with your finances. But when you’ve lost your job, or are about to make a career change, this becomes even more important. I can’t imagine making the move to full-time writer if I wasn’t debt-free (except for the mortgage). If I still had spending problems, this transition would be even more frightening.
  • Embrace frugality. I’ve done a great job of developing frugal habits over the past two years. I need to maintain these. I need to make use of the library. I need to walk and bike on my errands instead of driving. I need to follow the tips I share with you.
  • Kill the lifestyle inflation. As my debt-free date approaches, I’ve begun to loosen the grip I’ve had on my spending. We’ve been dining out more often. I’ve been buying toys and gadgets. I had even begun planning to purchase expensive furniture for the living room. All of this needs to stop now.
  • Bolster the emergency fund. I’m generally an advocate of smaller emergency funds — $500, $1000, $5000. But as I consider my upcoming transition to full-time blogging, I’ve realized I want to have more in savings. Much more. Though it seems like an impossible goal, I’m going to strive to save $20,000 by the end of 2008. (My mind boggles just to type that number.)
  • Seek professional advice. Consult with an accountant, and maybe even an attorney. There are tax and legal implications that come with starting your own business. Take the time to speak with somebody who knows the rules. Get things right from the start.
  • Pursue multiple streams of income. Most people have a single stream of income — their job. The more income streams you have, though, the more secure you are. My current situation is a perfect example. When I leave my job at the box factory, I need to pursue other income sources as well. I might consider a part-time job. I might pursue computer consulting work. More likely, however, I’ll start additional web sites (such as Get Fit Slowly, which I hope to have ready for launch by the first of the year). The more sources of income I have, the safer I’ll feel.
  • Define goals. It’s always good to know which direction you’re headed. In the face of an uncertain future, this becomes even more important. I’ve thought a lot about this lately. Where will I be in five years? In ten? In twenty? I need to decide what my objectives are, and be sure that my other choices align with these.
  • Focus on what’s important. Because I’m placing all of my faith behind this web site, I need to work to make it the best it can be. I need to provide more useful information, offer more tips, help readers find more answers.

The moment I decided to quit my day job, my entire mindset about money changed. It was as if somebody had thrown a switch in my brain. It’s more important than ever to practice what I preach. I’ve entered Ultra-Frugality Mode. I sat down the other day and crafted a new spending plan. I listed exactly what my monthly obligations are, and what my expected income is. The surplus is earmarked to boost my emergency fund as high as it can go.

It feels good to know that I’ve made some smart money decisions over the past eighteen months. These now serve as a sort of safety net. I don’t have a lot of fixed monthly expenses. I’ve eliminated my debt. I’ve developed the saving habit. These things will help me as I make the transition to working on my own.

The Dream

This decision has been difficult. The box factory is a safe, comfortable environment. It’s a sure thing. By leaving the business, I’m sacrificing stability.

On the other hand, I have to consider what I’m gaining: time. I’m going to gain time to exercise, time to actually respond to e-mail, time to research more extensive articles, time to begin writing the book I’ve had in mind for the past year. I’m going to have a chance to live the pastoral lifestyle I’ve always dreamed of.

I’m finally following some of my own advice: I’ve gathered the guts to pursue my dream. I’m glad to have you along for the ride.

Edit: In the comments, I answer the question, “How much time does running this blog really take?“

Source: getrichslowly.org

Apache is functioning normally

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.

You are here because you want to vent, so you searched “I hate my job.”

We all have that one job we hate. We might work at a place where the boss is mean, the workloads are too heavy, or maybe there’s been an issue with company culture for some time now and no amount of persuasion has worked to fix it.

If you’re reading this article right now, then you likely know exactly what I’m talking about; something just doesn’t feel as if it’s clicking anymore. The hours and days drag on trying to find your spark again and you’re just not getting anywhere.

You hate your job.

This is why it’s important to ask yourself if a career change might be the answer, or at least offer some insight into whether or not your job is worth keeping.

You hate answering the question, “what do you do for a living?”

While this may seem like an easy or daunting task, there are a few things that should help you figure out if the time has come for a change.

Are you at that moment that marked the end of any hope you may have to continue to work the job you have?

Is it normal to absolutely hate your job?

No, it’s not normal to absolutely hate your job.

Most people experience some level of dissatisfaction or unhappiness at some point in their careers.

What do you do when you hate your job but can’t quit?

You need to find a way to make this job work for you.

While it may be difficult to focus on anything other than how much you dislike your job, there are ways to make the job work for you and improve your situation.

Most importantly, you may need to adjust your expectations or find a way to deal with the negative aspects of the job.

If this is not possible or if it is not feasible, then it might be best to look for another job or transfer to a new boss.

How do you deal if you hate your job?

If you hate your job, it can be difficult to deal with. You may feel like you can’t escape or that your situation is hopeless.

However, there are things that you can do to cope and make the best of the situation:

  • You may find it helpful to talk to friends or family about what’s going on and see if they have any advice.
  • You can also try looking for other jobs or exploring options for transferring or quitting your job.
  • If all else fails, consider seeking professional help.

There are many ways to cope when you hate your job, and each person will react differently depending on their individual circumstances and personalities. However, most people find some way to get through tough times by proactively taking steps to find joy in their job.

How long should I stay in a job I hate?

Well, the answer depends on what your situation is and your personal options.

Staying in a job you hate pays the bills, but probably doesn’t help in the work-happiness balance.

You have probably run through all of the good excuses to miss work.

Below, you will find tips on how to cope, but more importantly, steps to change your situation for the better.

I Hate My Job – How You are Feeling in That Place

This is a difficult situation to be in.

You feel like you should love your career! You spent money on a college education, maybe this job is a transition for you, or possibly you took the job everyone expected from you.

Regardless of how you got here, you need to look for the right role and work environment for you going forward. Life stratification means something, right?

1. You’re Suffering from Workplace Burnout & It is a Problem

Workplace burnout is a condition in which an individual has reached the end of their rope. They’re no longer able to take the stress and demands of their job and are overwhelmed.

How You Feel: Workplace burnout can happen to anyone, but it’s particularly common among employees who are stressed out by demanding deadlines or unrealistic expectations from their boss. When you reach this point where you are no longer able to cope with the stress at work, you may experience symptoms such as mood swings, fatigue, and decreased productivity.

What to Do: If you feel like you’re struggling to keep up with your job and you’re starting to suffer from workplace burnout, there are some steps that you can take to get back on track. First, talk to your boss about what’s going on – explain that you feel overwhelmed by the demands of your position and ask for help adjusting your workload. If that doesn’t work, consider looking for another job – even if it means taking a pay cut in the short term.

Workplace burnout is a condition that can be debilitating, so don’t wait until it’s too late before trying anything else!

2. Your Work Is Overlooked and Undervalued

When people feel like their work is overlooked or undervalued, it can lead to a number of negative emotions. These emotions can include frustration, anger, and sadness. You want to hear “I appreciate you or get a letter.”

How You Feel: You feel like your work isn’t given the credit it deserves. This might be because the job is boring or mundane, or because you feel the work isn’t appreciated by others in the workplace. When this happens, it’s easy for these feelings to simmer down and fester.

What to Do: If you’re feeling frustrated at your job and don’t know what to do about it, consider talking to your boss. Discussing your concerns might help them see how important your work is and spark some ideas for how you could improve it. Additionally, contacting professional organizations that focus on career development can give you advice on where to go from here.

3. You’ve Been Stagnant for Some Time & Not Given Growth Opportunities

When you’ve been stagnant, you’re not moving forward or improving in any way – especially if you haven’t been offered a promotion. This could mean you’re stuck in a job you don’t like, haven’t taken any steps to improve your skills, or just aren’t making any real progress climbing the corporate ladder.

How You Feel: Stagnation can be frustrating and discouraging especially if you have been a loyal employee for a while. You are tired of being looked over for that promotion by a work colleague. You are wondering if you should dust off that resume and start drafting cover letters for a new job.

What to Do: There are many proactive things to do on your own when you feel stuck.

  1. Take stock of where you are right now. Sit down and make a list of all the accomplishments and successes that are linked to your current job. What does this say about how satisfied you are with your position?
  2. Evaluate what kind of skills you need to advance in your career. Do some research online or attend relevant training courses offered by your company or industry association.
  3. Think about what kinds of changes would make the biggest impact on both you and your company/organization that employs you. Are there new technologies available that could help streamline operations? Could new policies be put into place that would benefit the organization as a whole?
  4. Be proactive. Start reaching out to other professionals within your field and see if there’s anything you can learn from them. Networking is one of the best ways to grow your career, and it won’t take much effort on your part.
  5. Be patient. Things may not change overnight, but over time they will improve. Don’t get discouraged; stay positive and continue working hard towards your goals.

4. Your Workplace Is Toxic or Hostile

A workplace is considered toxic or hostile when employees feel uncomfortable, unsupported, or threatened. This can lead to decreased productivity and morale, which in turn can result in negative impacts on the business.

In fact, the toxic culture is driving the Great Resignation we are seeing right now (source).

How You Feel: When you don’t feel like you can open up about your concerns, it creates an environment of mistrust, tension, and poor communication between all of the employees and your managers. This type of environment is difficult to overcome, and will eventually lead to burnout.

What to Do: The best way to avoid a toxic workplace is by creating a culture of transparency and trust. By airing out any problems early on, you give yourself the opportunity to work together harmoniously towards common goals instead of against each other.

5. Be Careful About What You Say and to Whom

Be careful what you say to whomever you talk to online and in-person, as your words could potentially be taken out of context and used against you.

How You Feel: It can be tempting to share your frustrations with your job with friends or family. But before you do, make sure that they’re comfortable talking about work too. If they’re not comfortable discussing their jobs openly, it may not be the best idea to bring up yours either. And if someone does overhear you speaking negatively about your job, don’t worry – they probably won’t repeat what you said!

What to Do: When you talk to people, be careful about what you say and to whom. It’s important not to offend anyone, especially not your boss. You never know who might be listening in on your conversation – or recording it!

6. Take a break

Sometimes it’s tough to keep going when you’re feeling down about your job. But sometimes it’s important to take a break and focus on other things in life.

How You Feel: You feel like you are grinding and going in a million different directions. As soon as you feel like you get ahead, something knocks you down and you feel like you need to start over.

What to Do: Taking a break can be helpful in many ways. It can help you clear your head, refocus on your goals and come back with a new perspective.

Sometimes all we need is some time away from our job to get back on track.

If taking time off isn’t an option or you don’t think it will help, there are other things you can do to improve your situation once you feel a little more refreshed. Thus, why adult coloring books have become so popular.

7. Miserable in the Work Building

You want to feel happier and more productive at work, but that may happen by taking steps at home and with your family.

How You Feel: When you’re feeling miserable at work, it’s harder to focus on your job and perform at your best. You are counting down the seconds until your shift is over.

What to Do: Taking steps to improve your well-being outside of work can help you feel happier and more productive. This includes things like exercising, eating a healthy diet, getting enough sleep, etc. By improving one aspect of your life, you’ll be better equipped to handle stress in the workplace and achieve success.

8. Your Projects are Underappreciated

Many people believe that their work is just a necessary evil, something that they have to do in order to get by. But the truth is, your work is incredibly important – it’s what allows us to live our lives. Without a job, we would be unable to pay our bills or afford food.

How You Feel: According to a recent study, almost three-fourths of employees feel their job isn’t very important and receives little recognition from their employers. This is difficult when you pour your heart and soul into an assigned project at work.

What to Do: If you’re unhappy with your current situation and don’t think your work is receiving the recognition it deserves, there are probably some things you can do about it. Start by talking to your boss about what you’d like to see change – maybe there’s room for improvement in how your department is managed or prioritized. And finally, make sure you’re giving your best effort every day – if you’re putting in the extra effort but still aren’t satisfied with your career path, it might be time for a change.

9. Your Talents are Wasted and the Effects are Feeling Undervalued

When you feel like your skills and talents are not being appreciated or utilized to their fullest potential, this can lead to feelings of depression, stress, and burnout. Oftentimes, these negative emotions are compounded when we don’t have a clear idea of what we want in life.

How You Feel: Chronic undervaluedness can have serious consequences on our mental health. It can lead to feelings of low self-esteem and insecurity, which in turn can lead to problems such as depression and anxiety. Furthermore, undervalued employees are less likely to pursue career opportunities that may be better suited for them. This leaves businesses struggling to find qualified candidates and increases the chances that they’ll need to recruit externally in the future.

What to Do: The good news is that it’s possible to overcome feeling undervalued by focusing on celebrating yourself. In fact, I recently finished this book and realized I contribute to putting myself down more than others around me. Start by taking awareness of negative thoughts and make a swift change to change them to the positive.

10. There Has Been an Uncomfortable Change in Leadership

This tends to lead to the most job-hopping because of an uncomfortable change in leadership, which can lead to a number of different emotions.

How You Feel: More likely, you feel one of the most common reactions of sadness, confusion, and anger. When a leader is replaced or leaves a position of power, it can be confusing for the people who work under them. This can lead to feelings of sadness and loss, as well as confusion about what’s going on. You may also become angry because they feel like your position is threatened.

What to Do: It’s important for leaders to communicate with their employees about the changes so that everyone understands what’s happening and feels comfortable using the new leadership structure. This will help reduce the amount of confusion and chaos at work, which will ultimately improve morale. If this doesn’t happen, then try to sit down with your new and old boss for a discussion.

11. Your Values No Longer Align

This can happen when new management comes into the work environment or a personal shift in life notification for you. When your values no longer align with those of the job, it can be difficult to stay motivated.

How You Feel: When you first accepted the job offer, everything felt right. You were excited about the challenge and the new opportunities that this new position would bring. However, after a few months, you start to notice some discrepancies between your values and what is required of you in your current role.

For example, you may not feel comfortable using profanity at work or participating in unethical behavior. In fact, you may even feel morally opposed to these behaviors.

What to Do: If your values are no longer aligned with those of the job, it can be hard to stay at the job because you no longer see any value in what you’re doing. This can lead to feelings of frustration and dissatisfaction.

Additionally, consider job-hopping and start scheduling interviews for another job that better aligns with who you are as a person and what matters most to you. When you find a job that you love and feel passionate about, it will be much easier to stay motivated and happy in your work environment.

12. Your Confidence Is Dwindling

It is deflating when work is off sync and nothing seems to be working out how your hopes. You know their adjustments to be made, but you aren’t sure where to start

How You Feel: When you’re feeling down about your job, it can be hard to believe that anything could make things better. But the truth is, there are plenty of ways to get through a tough time.

What to Do: Here are four ways to boost your confidence and start thinking positively again:

  1. Talk to someone you trust. Talking out your problems with someone who will listen without judgment can help you feel more relieved and less stressed.
  2. Take some time for yourself. Whether that means taking a walk outside or indulging in a favorite hobby, spending time alone can help relax your mind and body and clear your head.
  3. Set goals for yourself and work towards them one step at a time. When you have something concrete to aim for, it becomes much easier to stay motivated during challenging times.
  4. Believe in yourself! Even if the world seems like it’s against you right now, remember that everything will eventually work out as long as you keep fighting for what’s important to you.”

13. I Really Hate My Job & Think It Is Time for a Job Search

There are a few different ways to quit your job and make the switch to a new career. You can search for job openings online, contact your local employment agency, or speak with an advisor at a career center.

How You Feel: Quitting your job is not always easy, but it’s worth it if you’re unhappy with the situation. There are many benefits to quitting your job, including increased income (yes, a raise!) and more time for yourself.

What to Do: Searching online is the fastest way to find jobs that match your skills and interests, but be sure to read all of the applicable links before applying. If you’re looking for advice on how to quit your job without ruining relationships or getting fired, speak with an advisor at a career center. They can provide guidance on how best to proceed and minimize potential damage.

15. When you Hate Workplace – Don’t Burn Bridges

Burning bridges can have serious consequences, both for yourself and your career. By staying neutral in confrontations, you may be able to salvage your reputation and future relationships.

How You Feel: When disagreements arise at work, it’s important not to take the bait and lash out. Doing so could lead to long-term damage that could complicate your job situation and future career prospects.

What to Do: Instead, try to remain calm and diplomatic – this will show that you have good judgment and aren’t easily provoked. If you need to speak up, do it constructively and with the goal of resolving the issue rather than hurting someone’s feelings or damaging their relationship.

16. Your interests & skillsets have changed

If you’ve been working at your job for a while and it’s not fulfilling you anymore, it might be time to consider a change. Maybe you have been learning a new skill set that you find more interesting.

How You Feel: Your interests may have changed since you first started working, or you may have outgrown your current position. It’s important to remember that there are plenty of other opportunities out there – even if they don’t involve a nine-to-five schedule.

What to Do: When we’re unhappy with our work, it can be tough to discuss the situation with our boss or coworkers. But if we’re not happy, they’ll eventually notice and it’ll create an uncomfortable work environment. Change can be difficult at first, but it can lead to greater satisfaction in the long run.

17. Know It’s Not Just You

There’s a lot of talk about the recession and how it’s affecting everyone, but what about the people who are just trying to survive? This is a common struggle people are facing at work.

How You Feel: Work can be challenging, especially during tough economic times. Many people are feeling stressed out and depressed at their jobs, and there doesn’t seem to be an end in sight.

What to Do: However, there are ways to cope with the stress and difficulties of work. You need to learn strategies to balance the work-life situation. Talking to friends or a trusted professional will help you get back on track.

I hate my Career – Ways to Cope

Everyone hates their jobs sometimes.

This is especially true when you are stuck in a career that doesn’t serve your values and goals, or one with very high-stress levels. If this sounds like the case for you, then it is time to evaluate your next move.

However, many people are reluctant to make such changes because of the risk involved and uncertainty about what comes next.

It is important to be aware of what is driving your internal hatred about your job, your boss, or your situation.

1. Assess Your Situation & the Industry

If you’re feeling depressed or lost in your career, it’s important to take some time to assess where you are and where you want to be. This is a process of looking at your current situation and making a plan for how to get there.

  • Are you unhappy with your current job because it is not fulfilling, or are you just bored?
  • Perhaps the work environment is too stressful for you to handle?
  • Do you believe you should be making more money?

The first step in coping with a negative career outlook is taking the time to reflect on where you are right now. You can use this assessment to figure out what needs to change in order to improve your situation. Once you have a good idea of what needs improvement, it’s easier to make the changes that will get you closer to your goals.

Also, look at the overall industry trends to you see industry-wide trends affecting job quality and life satisfaction. More often than not, it might be others in your field feeling the same.

2. Have the Tough Conversations

Tough conversations can be difficult, but they’re essential if you want to improve yourself and your career. Every time you have a tough conversation with yourself or someone else in your work life, you’ll learn something new and make progress.

There are three types of tough conversations you need to have:

  1. The “What If” Conversation – This is the conversation where you ask yourself what would happen if X happened. This helps you prepare for possible challenges and makes sure that everything is in order before taking action.
  2. The “Doing Better” Conversation – This is the conversation where you commit to doing better next time, regardless of the results so far.
  3. The “I’m Sorry” Conversation – This is the conversation where you apologize for how things turned out and vow to do better next time.

Tough conversations are not easy, but they are essential if you want to achieve your career goals. Be brave enough to have them and take advantage of all that they can offer!

3. Switch Your Perspective

If you’re feeling down about your career, take a step back and think about how you can see it from a different perspective.

When we’re upset or unhappy with something in our life, it’s easy to focus on the negative aspects. However, by switching our perspective, we can start to see the situation in a new light.

For example, if you hate your job but don’t want to change careers, try thinking about how you could see it as an opportunity for growth. Instead of focusing on what you don’t like about your job, consider all the ways you’ve learned and grown since starting work there.

We all have moments when things don’t go our way – by changing our perspective, we can start to feel better even when things are tough. In fact, this is why we stress mindset is everything.

4. Vent About It

When people feel frustrated or overwhelmed with their job, they may want to share their feelings with others. This behavior is often referred to as “venting.”

Venting can be helpful in relieving stress and tension. It can also help people process their thoughts and emotions, which can lead to positive changes in their lives.

Many people use social media to vent about their career frustrations. This is especially common among millennials, who are more likely than any other generation to use social media platforms for self-expression. One of the benefits of using social media for venting is that it allows you to connect with like-minded individuals who understand your situation. This network of support can be incredibly helpful in overcoming challenges in your career path.

5. Get Your Finances in Order

When you’re feeling down about your career, it can be tempting to think that you have no other choice but to continue to work at a job you hate. However, by getting your finances in order you can start to feel more optimistic about your future.

Especially for those in the, I don’t want to work anymore boat, this is the time to start saving money to invest for your future self.

Setting money aside will provide a cushion if you choose to leave your job unexpectedly or breathing room when changing jobs.

This is something we personally did when my husband wanted to change jobs due to being overlooked for promotion after promotion.

6. Do Your Best Work

Doing your best work means putting your all into whatever you’re doing. It means giving it your all, no matter what the task or situation. This may be hard, but it is essential!

When you do your best work, you put in the effort and energy that’s necessary to be successful.

You don’t half-ass things because you’re worried about how people will think of you. You go all out and give it 110%, no matter what. And that goes for everything in life – from your career to relationships to anything else that matters to you.

There are a lot of times when we don’t feel like doing our best work because we’re doubtful or scared. But if we keep pushing through those tough times, eventually we’ll reach a point where doing our best work becomes second nature. And then success will follow naturally as a result!

So don’t wait – start doing your best work today and see the amazing results for yourself!

7. Brainstorm Your Dream Job

Brainstorming your dream job is a great way to get inspired and motivated. It can also help you identify skills and interests that you may not have known you had.

When brainstorming your dream job, it’s important to be open-minded and think about any career possibilities that interest you. This could include fields that are completely new to you or areas of your current job that you don’t enjoy as much.

Once you’ve come up with a few ideas, it’s time to start thinking about what qualifications would be necessary for the job. Do some research into the specific requirements of the position and see if any of your skills or interests align with those requirements.

By brainstorming your dream job and taking these steps, you’ll be on your way to finding the perfect career fit and a happy you!

8. Start Making Connections & Build Relationships

Making connections is a key part of coping with a negative career situation. It can help you find comfort in the fact that you’re not alone and connect with people who have gone through similar experiences.

When things are tough, it’s often easy to feel like you’re all alone in your struggles. But by making connections with other people who are going through the same thing, you can start to feel less isolated and more supported. You’ll also be able to share your experiences and learn from others, which can help you overcome obstacles faster.

There are many ways to make connections online – through social media platforms, online communities like Reddit, or even just talking to friends or family members face-to-face. The important thing is to find an outlet that feels comfortable for you and allows you to express yourself freely.

Also, this avenue may lead to a new job opportunity for you.

9. Develop Other Sources of Income

Around here at Money Bliss, we stress the importance of having multiple streams of income.

While your 9-5 may pay your bills, you need to investigate other types of income to really improve your financial situation.

This can be done in a few ways:

  • Finding new (or returning) employment or 2nd job.
  • Starting a business.
  • Freelancing.
  • Make money with a gig economy job.

Each option has its own benefits and drawbacks, so it’s important to weigh them all carefully before making a decision.

When considering other forms of income, it’s important to keep in mind the following factors: how much time you have available, what you’re willing to sacrifice (including your free time), your skills and experience, and the marketability of your skill set.

I Hate my Boss – Resign With More Class

If you’re unhappy with your job, there’s no need to stay in a situation that is causing you distress. You can resign with class and maintain the respect of your coworkers and boss. Here are some tips on how to do it:

1. Address Your Issues Clearly

When you decide to leave, be clear about why you’re leaving and what your plans are for the future. It’ll help everyone involved understand the reasons behind your decision and avoid any misunderstandings or hurt feelings.

2. Be Polite When You Resign

Don’t make a scene or give anyone the impression that they were wronged in any way. Simply express your appreciation for all they’ve done for you over the past few months or years, thank them for their time, and let them know that you wish them all the best in future endeavors.

3. Most Importantly – Keep Your Work Adjustment Quiet

Your personal life doesn’t have to intersect with work-related decisions until after everything has been finalized – don’t announce your resignation at work or start bargaining terms before actually deciding if it’s what you want to do!

4. Make Sure You Have The Right Legal Documents At Hand

You’ll need documentation confirming your employment status, your dates of employment, and the terms of your separation. Make copies for yourself and store them in a safe place – you may need to refer to them during the negotiating process.

5. Give Yourself Time To Adjust to a Happier Well-Being

Don’t expect everything to fall into place overnight; give yourself plenty of time (perhaps several weeks or even months) to adjust before getting back into the workforce. During this time, it can be helpful to take some time away from work altogether, focus on relaxation techniques like yoga or meditation, or read about career options that interest you.

Which Step Are You Going to Focus on When you Hate Working?

In this article, we discussed some common struggles that people face at work and offer some advice on how to cope. We hope that by sharing our knowledge and experience, you’ll find relief or guidance in dealing with your own job problems.

There are many reasons for workplace unhappiness and changing careers may or may not be the solution to your issues.

When looking for another position, keep in mind that employers are always searching for talented individuals who will fit into their team and contribute positively.

Finally, don’t forget… Talking about your struggles openly can help ease them and give you some ideas for solutions.

Just keep moving forward and don’t give up on your dreams!

Do Your Job With Less Stress Job Ideas:

Maybe it is time for a shift change and moves to one of these careers.

Know someone else that needs this, too? Then, please share!!

Source: moneybliss.org

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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.

Do you want to make $10,000 a month?

I was struggling with this question for days. I wanted more money now and the thought of making $10,000 seemed like a dream spurred on by advertisements in magazines promising “easy” earnings opportunities.

But then again, it may have been too good to be true. And that’s why I’m writing this article: because so many people are looking for these quick ways to earn big bucks online without a lot of work – and I’m here to deliver.

I’ve been browsing the internet for years and have found a few ways to make $10,000!

There are a lot of ideas out there, you just have to decide what works well for you. So don’t get too excited just yet.

When you follow these easy-to-follow steps, you’ll be on your way to earning yourself some greenbacks that will take care of all those bills and more than pay off your student loans (or at least buy you a new car).

I have provided links to each of the sources I used for this article, so you can check them out for yourself and decide if they’re worth your time.

So without further ado, let’s get started.

What is the quickest way to make $10,000 a month?

Getting started on a side hustle has never been easier. But how do you know where to start?

Check out these six ideas that can be done in hours and make money like crazy!

  1. Become a freelance writer
  2. Start an Etsy shop
  3. Create and sell digital courses
  4. Drive for Uber or Lyft
  5. Become a virtual assistant
  6. Learn how to day trade

Three Ways to make $10000 a month

Everyone wants to make money and get rich quickly, but the truth is that it takes time.

There are many ways of making a living today; you can choose the traditional route, make money online, or look at passive income.

Option #1 – Make $10,000 a month by earning a high income

There are a few ways to make a high income. You can work in a high-paying profession, like a lawyer or doctor.

Working in a high-paying profession is the most common way to make a high income. If you want to earn a six-figure salary, you’ll need to choose a career that pays well. Some of the highest-paying jobs include doctors, lawyers, investment bankers, and CEOs.

Starting your own business is another great way to make a high income. If you can build a successful company, you’ll be able to earn an impressive salary. Of course, starting a business is risky and it takes hard work to be successful.

Option #2 – Make $10,000 a month by working online

There are many different types of work that you can do online in order to make $10,000 a month. Some examples include writing articles or blog posts, designing websites, freelancing, selling products or services, and much more.

How much you can expect to make depends on a number of factors including the type of work you do, how much experience you have, and the amount of time and effort you put into it. However, if you are willing to put in the time and effort, it is possible to make $10,000 a month by working online.

For many people, however, the quickest way is by starting an online business. The good news is that most of these businesses are easy and sustainable because they don’t require a lot of startup capital.

Learn how to make money online for beginners.

Option #3 – Make $10,000 a month with Passive Income

Investing money in assets that generate passive income is another option for making a high income.

With this approach, you will use your capital to purchase assets such as rental properties or dividend stocks. These investments will provide you with regular income, which can help you reach your goal of making $10,000 per month.

Best Ways to Make 10k a Month

The internet is a great place to make money if you know how. The best part is that there are no huge upfront costs like starting a brick-and-mortar store or subscription business, so the sky is the limit on how much you can make.

That is why you will see many of the best ways to make 10k a month are online, and I’ve listed some of my favorites below. They all work in different ways, but they all have one thing in common: you can get started with no upfront costs.

Want to make money online but don’t know what to do? This guide will show you the quickest and easiest ways possible.

Invest in Stock Market with Mutal Funds or ETFs

There are a few things to consider before investing in stocks.

First, you need to have a clear understanding of what stocks are and how they work. It’s also important to understand the different types of stocks, such as blue chip stocks, growth stocks, value stocks, small cap stocks, and penny stocks. This will help you decide which mutual funds or ETFs, you want to invest in.

With this buy-and-hold approach, you are looking to make returns in the long run and are not worried about the up-and-down movement of your portfolio.

You need a 1.5 million portfolio to make $10k a month passively (source). This is the intrigue of how to FI and why many people pursue it.

Make Income in Trading Individual Stocks

There are a few things to consider before actively trading in stocks. You need to understand what stocks are and how they work. You also need to know the risks involved in investing in stocks as an active day trader or swing trader.

Stocks are shares of ownership in a company. When you buy a stock, you become a part-owner of the company. The value of your stock will go up or down depending on how well the company does. Once you have a basic understanding of the stock market, you can begin researching specific companies that interest you.

Stocks are bought and sold on the stock market. The price of a stock is determined by supply and demand. When more people want to buy a stock than sell it, the price goes up. When more people want to sell a stock than buy it, the price goes down.

It is possible to make money fast with stocks.

Create a blog

Blogging is a great way to make money because it gives you the opportunity to share your knowledge and expertise with a wide audience. If you have a knack for writing and are passionate about a particular topic, then starting a blog is definitely a good way to make money.

There are several ways to make money from blogging, such as selling advertising space, affiliate marketing, or selling products and services. However, the most important thing is to build up a large enough audience so that you can monetize your blog effectively.

Become a Virtual Assistant

A virtual assistant is an online personal assistant who can help with a variety of tasks, including administrative tasks, social media tasks, and even customer service.

A virtual assistant can help with a variety of tasks that business owners and entrepreneurs need assistance with. You are able to have a non phone work from home job and work during the hours you want. This is why so many people find becoming a VA so appealing.

Use Your Expertise as a Virtual bookkeeper

A virtual bookkeeper is an individual who provides bookkeeping services to clients from a remote location.

To become a virtual bookkeeper, you will need experience in bookkeeping and accounting, as well as strong organizational and communication skills. You will also need to be proficient in using accounting software, such as QuickBooks or FreshBooks.

Create a Course on Teachable and earn $10k a month online

Teachable is an online course platform that allows you to create and sell your own courses. You can use Teachable to earn extra income or even make a full-time living from your courses.

In fact, Teri Ijeoma is one of Teachable’s top course creators and easily surpasses this threshold.

Etsy shop in just a few minutes. This is a great way to use your graphic design skills and easily make money from $1-3 printables.

Write Articles with a Freelance Writing Business

Freelance writing is a great way to make a comfortable living from your writing. Whether you have a passion for writing or you simply enjoy writing for fun, freelance writing can be a great way to make a living from your work.

Copywriting is a type of freelance writing that requires more specialized skills and offers higher ROI for clients. This is because copywriters are responsible for creating compelling and persuasive content that can drive conversions.

Build a Coaching Business with Clients

An online coach is a professional who provides guidance and support to clients through online communication tools such as email, chat, video conferencing, and social media.

Engage in a social media management

A social media manager is a professional who helps businesses grow and interact with their customers through social media.

Social media managers typically create and post content, monitor and respond to comments and messages, run ads, and analyze data to track results.

Drop Shipping

Drop shipping is a business model where you don’t keep any inventory and instead outsource the production of products to a third party. When someone orders a product from your store, you simply contact the supplier and have them ship the product directly to your customer.

This is a great way to earn passive income, as you don’t need to do any of the work yourself. You can also hire freelancers to do all of the low-value tasks for you, such as customer service, order fulfillment, and marketing.

Amazon FBA

Amazon FBA is a service that allows you to sell products on Amazon.com and fulfill orders through the Amazon fulfillment center.

For example, Amazon FBA is an online store that Amazon handles a lot of the stuff that causes headaches for most e-commerce store owners, such as shipping and customer service. This means that store owners can focus on more important aspects of their business while still benefitting from Amazon’s massive user base.

Customers are more likely to buy from you if they see that your product is eligible for Prime shipping.

Affiliate Marketing

Affiliate marketing is when you promote other people’s products and services to make a commission. The easiest way to get started with affiliate marketing is through Amazon.

You can sign up as an Amazon Associate for free and then use the Amazon Associates link generator to create links for the products you want to promote. Amazon will pay you a commission on anything that is purchased through one of your links, even if it isn’t something that you promoted.

Make a Salary Off Flea Markets

There are many ways to make a salary off flea markets and search through other people’s junk. It is completely possible to make an income from selling items online.

You can start by finding a market that you are interested in and looking for items that are in high demand. Then, you need to know what to look for when you are shopping. When you are ready to start selling, you will need to find a place to sell and know your profit margins.

Invest Your Money to Make More

Investing is the act of allocating resources, usually money, with the expectation of generating an income or profit.

The first step is to understand what you want to achieve with your investment.

Once you know your goals, you can start researching different investment options and choosing the one that best suits your needs. It’s important to remember that there are risks involved with any type of investment, so be sure to do your homework before making any decisions.

Learn all the best ways how to invest 10k.

How hard is it to make $10k a Month?

There is no one-size-fits-all answer to this question, as the amount of work required to make $10,000 a month varies depending on the individual’s circumstances and career path.

However, in general, making $10,000 a month requires a significant amount of hard work and dedication.

For example, someone who is self-employed may need to put in long hours to build up their business before they start seeing a return on their investment. Similarly, someone who is employed by someone else may need to put in extra effort to stand out from the crowd and get promoted.

How much money is required:

Again, there is no definitive answer as the amount of money required varies depending on the individual’s circumstances. However, in general, making $10k a month usually requires having a good income from employment or from other sources such as investments as you build your side hustle. It’s also worth noting that saving up enough money to live on while you’re working towards your goal can also be helpful.

Also, spending money on online courses to jumpstart your process is helpful!

How long does it take:

The time it takes to make $10k a month also varies depending on the individual’s circumstances. For example, someone who already has a well-paid job may only need to save up for a few months before reaching their goal, whereas someone who is starting their own business may need to work for several years before seeing a return on their investment.

How to make $10k a month FAQs

Many people are interested in earning a high income, but they don’t know how to get started. In this section, we go over many of the frequently asked questions.

There are many ways to make money without a job. You can start your own business, work as a freelancer, or find odd jobs.

How much you can make depends on how much time and effort you put into it. You could potentially make thousands of dollars a month if you’re willing to work hard.

If you have the right skills and connections, you can make a lot of money in a short period of time.

To earn 10k a month, you need to average making $333.33 per day (assuming a 30 day month).

If you plan to work a normal 9-to-5 schedule, you must earn $500 a day.

There are many jobs that pay $10,000 a month. Some of these jobs include:

  • CEOs or any C-level executive
  • Investment bankers
  • Lawyers
  • Doctors

Different jobs require different skill sets. For example, CEOs need to be good at managing people and finances, while lawyers need to be good at research and writing.

The cost of living varies widely depending on where you live – yes the debate of HCOL vs LCOL. But $10,000 a month is generally enough to cover basic expenses and leave some room for savings.

Of course, if you have a family or other financial obligations, your expenses will be higher and you may not be able to save as much.

How to make $10000 a month from home?

There are many ways to make money from home. You can start a blog and sell advertising, write eBooks and sell them online, or even start a YouTube channel and sell products through affiliate marketing.

The amount of money you can make from home will vary depending on the method you choose. For example, if you start a blog and sell advertising, you could make a few hundred dollars per month starting out. However, as you grow and expand into other niches like affiliate marketing, you could easily make over $10,000 per month.

Tips for success:

No matter which method you choose to make money from home, there are some tips that will help you succeed.

  1. First, be sure to choose a niche that you are passionate about so that writing or creating content is not a chore.
  2. Second, be consistent with how you plan on making money from home.
  3. Finally, invest in online courses to jumpstart your learning.

What are some tips for making $10,000 a month?

In the past few years, there has been a shift in how people get rich.

People are now making money six-figure salaries by doing what they love and starting their own businesses or becoming influencers.

Here are the best tips to make sure you have success in how to make 10k a month.

Tip #1 – Set a Goal

Setting a goal is important because it gives you something to work towards. It can also help motivate you to take action and stay on track.

When setting a goal, it is important to be specific and realistic. You should also make sure that your goal is measurable so that you can track your progress.

Example goals:

  • Enroll in online course to expand your earning potential
  • Earn an extra $500 per month from side hustles
  • Have your side gig income to take over your 9-to-5 income
  • Be able to retire and enjoy time freedom

Tip #2 – Make a Plan

As James Clear, the author of Atomic Habits says, “Many people think they lack motivation when what they really lack is clarity.”

You have to start by making a plan. You can daydream all you want about making $10000 in a month.

Here are a few steps to get you started:

  1. Brainstorm ideas for a side hustle
  2. Research the market and start small
  3. Figure out which online courses to take to jumpstart your learning
  4. Study. Study. And study.
  5. Stay consistent with your plan.

However, the best way to find out if a side hustle will work is to start small. You can always build up your business and make more money later on.

Tip #3 – Be Patient

You need to be patient if you want to make $10,000 a month. It takes time and effort to make this much money.

Don’t think you can walk away after a few hours and make $10k each month.

It takes time to be consistent in making $10k month after month.

However, if you put in the work, you can make $10,000 a month.

Tip #4 – Take Action

In order to make $10,000 a month, it is important to take action.

Each and every day, you should be working on something that will help you reach your financial goals.

Whether it is watching a Youtube video, listening to a podcast, or actually putting reach work in.

Taking action will help you reach your goals quickly.

How to make 10k a week

Making 10k a week is definitely possible, but it’ll take work and dedication to see results.

You’ll need to have the right money-making idea and put in the time and effort to make it successful. Additionally, having multiple streams of income can help you reach your goal faster.

Which Income Stream will you choose to Start with?

So there you have it! A few different ways that you can start earning an extra $10,000 a month.

Which one will you choose to start with?

There are many ways to make money quickly and easily, but not all of them are created equal. In this guide, we’ve outlined some of the quickest and most effective ways to make $10k a month.

Choose the option that best suits your skills and interests, and get started today!

Let us know in the comments below.

Know someone else that needs this, too? Then, please share!!

Source: moneybliss.org

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