Investing might sound scary or intimidating, but really it’s about one simple idea:
How to make your money work for you.
You earned it once, now how can you multiply it in a way that aligns with your risk tolerance?
It’s weird, but I sit on both ends of the spectrum on this, at once having made big bets on my own business and experimenting with “alternative” investment platforms, and on the other hand being paralyzed into sitting on the sidelines by fear the market might go down.
In this section of the site, you’ll find information on real estate investing, peer-to-peer lending, and even buying businesses.
Know your net worth. Your net worth is the sum of all your assets (cash, savings, mutual funds, equity in your home, etc.) minus your liabilities (student loans, credit card debt, mortgages, etc.).
One tool I like to help calculate your net worth is Personal Capital. It’s free!
Know your objective. What’s the goal of your investment? A goal of accumulating wealth to retire in 30 years is very different than a goal of earning $1000 a month in positive cash flow.
Have you ever done a juice cleanse or a “Whole30” challenge?
While I haven’t ever gone to that extreme, I DO always feel better physically and mentally after even just a few days of clean eating.
So if a quick “cleanse” can work for our health, why not try it with our money?
Just 30 minutes with Josh saved me thousands of dollars, so you owe it to yourself to listen to this episode and see if you can put some money back in your pocket too.
Josh Bauerle is the CPA on fire at cpaonfire.com. Josh specializes in tax preparation, tax planning, bookkeeping, and general consulting services for online entrepreneurs.
Try as I might to do all my shopping online, I still find myself running errands around town at least on a weekly basis.
And my guess is you’re in the same boat.
With Christmas and the holiday season coming up, I wanted to share a few cool apps and resources that can help you save money while you shop, make a few extra bucks, and even invest your change.
Here’s how The Side Hustle Snowball works:
You itemize out your expenses and then aim to come up with side hustle income to cover them, starting with the smallest and working your way up.
Once you reach the bottom of your list, you don’t need your job anymore!
As you know, I’m excited about alternative investments like peer-to-peer lending. And if your aim is to replace your income, I think it makes sense to invest for cash flow.
This week’s Side Hustle Show guest argues when you want something in other areas of your life, you go out and buy it: a pair of shoes, a computer, a new car. You don’t make it from scratch!
So why are we so insistent on building income from scratch? He says there’s a faster way, and that’s to “buy” assets that are already generating positive cash flow.
Regular Side Hustle Nation readers and listeners have a whole brain full of strategies on how to get paid.
The question is:
What do you do with the extra income?
What if your savings could pay you growing passive income every year? This article covers how to make your side hustle earnings continue to hustle for you – without doing anything.
Your tax return will show you your total income, your adjusted gross income, and your taxable income, but those numbers don’t show the most important figure of all.
Your “taxable income” is meaningless.
So what’s the most important number the IRS doesn’t care about but you should?
Your net profit.
This is the second in what will (at least) be a 2-part series on side hustlers earning income from their land investment endeavors.
In this special Friday edition of the show, I’m joined by Chris Pritchard. Chris is a software developer by day, but has built his land investing business up to $1500/mo in recurring revenue.
In addition, Chris does the occasional cash flip and also has more than $70,000 worth of land payments under contract. Not bad for a year of dedicated focus and effort!
In episode 108 of The Side Hustle Show last year, we met Mark Podolsky, a real estate investor specializing in raw land. He called it “The Best Passive Income Model,” because there are no products to build, no tenants or toilets, and you can start without a huge upfront investment.
This year, I wanted to feature a couple listeners who took action based on that episode. The first is my friend Josh Brooks, an Army Battalion Commander and founder of The Enduring Charity Foundation.
My experiment with peer-to-peer lending at Prosper.com continues, and it’s been another busy year.
The platform has seen some impressive growth, both in terms of the number and volume of “originations,” and the number of lenders competing for the most attractive loans to lend on.
I used Lending Robot to automatically deploy idle cash for all of 2015, which has worked out pretty well so far.