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Added on the 18/01/2021 17:55:01 - Copyright : Wochit
Business Insider contributor Kevin L. Miller II has vowed to give his children a running start to their adult life, by building wealth for them as they age. Within weeks of bringing each of his children home from the hospital, they all had a 529 college savings plan and a custodial account. In fact, Miller says that by the time his son turns 18, he'll have 75 times more in savings than he had at that age. To build generational wealth, Miller says it must start with communication. Speak with your children about saving, investing, and earning. Start early. Assuming a 7% annual return, by investing just $100 per month when your child is one year old, he or she could be a millionaire at age 61. But starting at age 25, Miller says, it takes $550 per month to hit the millionaire mark by 61, or $1,200 per month starting at age 35. Finally, don't just 'set it and forget it.' Keep a close eye on your finances and do an annual update to account for your life changes.
Achieving financial independence means building enough wealth that you don't ever have to work again. Whee! Of course, getting to financial independence, or FI, requires resilience and perseverance. However, there's more to escaping the rat race than that. According to Business Insider, author Sarah Stanley Fallaw says most millionaires follow a similar path. And she bases her conclusions not on hunches, but on her interviews with over 600 millionaires from all walks of life. They share three traits: spending below their means, finding a side hustle, and moving to self-employment. Ultimately, the three factors work together to allow them to build wealth more quickly and reach financial independence sooner than most.
If you're struggling to pay off debt, consider what one waitress did to clear up $6K of student loans in just eight weeks. Business Insider reports Chelsea Clarke started waitressing upon graduating from college, and immediately adopted four key financial strategies. Business Insider reports she hustled for side gigs first. She picked up extra shifts and networked with her customers to land website design jobs. Next, she kept her money in cash. Paying for things in cash immediately caused her to reduce her spending. Then, she used a spreadsheet to track every bit of income and expenditure. That kept her on track so she could adopt her fourth strategy. The fourth tactic was to use her spreadsheet to set weekly goals and, if she met them, to celebrate in an affordable but meaningful way!
Business Insider contributor Jannese Torres-Rodriguez was laid off from a job she hated in 2014. But it was a blessing in disguise. While unemployed, she began monetizing her food blog to pay off her student loans. Growing her business netted her $167,000 in just a few years. Now, if you want to build your own digital side hustle, you don't half to reinvent the wheel. Sites like Etsy and Podia provide sophisticated platforms to sell digital content, and have built-in user interfaces. Likewise, social media platforms like TikTok and Instagram can help you advertise and validate your service or product-based business. Don't want to sell anything at all? In that case, build wealth by providing content that gets a ton of traffic, and embed ads and affiliate links in your copy. That way, you can build a passive income stream that earns money 365 days a year.
Seven pairs of mothers and daughters share their thoughts on money, revealing their biggest splurges, whether they're more driven by wealth or happiness and their thoughts on the gender pay gap
U.S. President Barack Obama attends an outdoor arrival ceremony in heavy rain, as the first sitting U.S. president to visit Laos. Rough Cut (no reporter narration).
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