Money Archives

How and Why to Build a Financial Safety Net

Why is it important to have a financial safety net? How many months’ worth of living expenses should your safety net cover? No matter how much money you earn, it’s important to have a financial safety net—a savings account with money you can use for emergencies—to prepare for worst-case scenarios. To start building your safety net, figure out how much you need to save to cover your living expenses so that you can decide how much money to set aside each month. In this article, we’ll explore how to automate contributions toward your safety net to ensure that you’re prepared

Why Are You Poor? Because of Negative Conditioning

Do you feel powerless when it comes to money? How did you inherit your limiting beliefs about money? What attitudes and ideas about money did your parents model? If you’re not happy with the state of your finances, it’s because you’ve been negatively conditioned to have a poor mindset. This negative conditioning is the main reason you are poor: it impels you to act in ways that move you away from financial success. In this article, we’ll explore how negative conditioning works, and how negative conditioning may have led you to develop a “poor mindset.”

Business Model Canvas: Revenue Streams Explained

What is a revenue stream? What are the two types of revenue streams? A revenue stream is simply a source of profit for a business—where the money comes from. Defining your revenue streams is one of the key elements of designing a business model for your company. There are two types of revenue streams in Business Model Canvas: 1) profits from single transactions, and 2) profits from ongoing payments such as subscriptions. We’ll discuss both of these elements below.

What Is a Tax-Deferred Retirement Plan?

Mastering Investments and Taxes To Build Wealth

How much money do you set aside towards your retirement savings? What can you do to minimize how much taxes eat away from your retirement fund? According to David Bach, the author of The Automatic Millionaire, you need to contribute to your retirement account before you pay your taxes to make the most out of your income. You can achieve this by using a tax-deferred retirement plan—a plan that allows you to send money to your retirement account without having to pay tax on it. In this article, you’ll learn how paying taxes impacts your retirement savings, and how you

The 8 Ways to Monetize Your Personal Brand

Are you growing your personal brand and want to know how to monetize it? What steps can you take to turn your passion into a business? In his book Crush It!, Gary Vaynerchuk gives advice on how to create and grow your personal brand. He also provides some tips on how to monetize it once it’s up and running. Here are Vaynerchuck’s tips along with a discussion about the growth of online influencers.

How to Build Your Net Worth: Leverage Your Money

How do rich people grow their wealth? What role does mindset play in wealth building? The route to wealth is to leverage your money through investments that create long-term growth. Building your net worth starts with adopting a future-oriented mindset about money: you need to think of the money you earn as seeds that you can plant in order to grow more money for your future wealth. Here is how to build your net worth in five steps, according to financial educator T. Harv Eker.

How to Start Saving for the Future

Do you struggle to save money? Can you think of some things you buy on a consistent basis that you could do without? How much money could you potentially save by cutting out your unnecessary expenses? Many people struggle to save money on a consistent basis. However, saving for the future is essential if you want to accumulate wealth and retire comfortably. The first, most basic step to start saving money is to identify where you can (realistically) cut your spending—your unnecessary expenses. In this article, we’ll discuss why people often avoid saving for the future, and how you can

The Difference Between the Rich and the Poor Mentality

What is the difference between the rich and the poor mentality? In what ways do the rich and the poor differ when it comes to handling money? Your thoughts and beliefs about money tend to fall into either a rich mindset (an attitude that moves you toward financial success) or a poor mindset (an attitude that moves you away from financial success). In this article, we’ll explore the difference between the rich and the poor mentality.

Review of The Automatic Millionaire by David Bach

Is The Automatic Millionaire worth reading? What is David Bach’s process for automating wealth-building? The Automatic Millionaire provides a simple but powerful action plan for you to quickly automate your finances, build your wealth, and achieve financial freedom. David Bach argues that, with just a few dollars a day, you can immediately benefit from this book’s advice and start growing your finances. The following The Automatic Millionaire review will cover the book’s context, the author’s background, and critical reception.

How to Start Contributing to Charity

Do you want to start contributing to charities? What charity causes do you want to support? While it certainly feels good to spend your wealth on new gadgets and luxuries, the real value of money comes from how you use it to help others. Consider donating a portion of your income to a cause you care about. Not only will you feel good about yourself, but you’ll also actually feel wealthier and your pursuit of money will feel more meaningful. Let’s explore how you can share your good fortune with others and contribute to a better world.