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Man Takes Care of the Bills for 4 Decades - After He Passes Away, His Wife Makes an Incredible Discovery
Love Stories

Man Takes Care of the Bills for 4 Decades - After He Passes Away, His Wife Makes an Incredible Discovery

*Featured image contains photos by Mikhail NilovAs one incredible final act of love, one husband made certain that his wife was taken care of long after he was gone. And if this isn't the epitome of true love, I don't know what is.Husband's Legacy of LoveIn most marriages, household responsibilities tend to get divvied up between both partners. It's not uncommon for one person to take the lead in managing household bills and expenses.For forty-one years, X (formerly Twitter) user @AriThinks' father exclusively took care of all the household bills. In fact, he took such good care of them that his wife never had to pay a bill. Now, even in death, he's still doing it. In a tweet that's gone viral with over 5.2 MILLION views (because who doesn't want a love like this??) @AriThinks shares that her father passed away a few days ago.After he died, the family made an incredible discovery. Her father had paid off all the bills six months in advance so her mother could rest easy and take the time to grieve in peace. "My Dad passed a few days ago and my Mom doesn’t even know who he makes payments to because she’s never paid a bill," she wrote. "So we call and find out that like all the bills were paid up 6 months in advance." Not only did he pay the bills six months in advance, but he also put credits on the utilities, including gas, water, and electricity, that will last her FOR YEARS. Reaction to the Viral TweetIn addition to being viewed millions of times, thousands of people came forward to offer their condolences and to praise @AriThinks' father for his selflessness and unwavering devotion to his family."He loves her. Even death couldn’t take that away. May his sweet soul rest in perfect peace."@Lewa_Forbes via X"Accept my condolences but your father is truly an amazing man, RIP to him. Not all heroes wears capes... Salute," wrote @Nueladedoyinfi1."Wow, that peace to give her. Sorry for your loss. Condolences to you & your family," said @highlyher."So sorry for your loss. R.I.P. What an amazing thoughtful gift your father gave all of you! Oh my goodness to think that far ahead knowing all would need his foresight," Karen Williams commented.True Love Lasts ForeverThe commenters are right. It's not just the fact that the bills are paid that makes the gesture so heartwarming. It's the fact that this man had the foresight to ensure that his wife wouldn't have to shoulder the responsibility alone. Losing someone we love is one of the most painful and difficult things we have to endure in life. Sometimes it's all we can do to just keep breathing, never mind having to look after the day-to-day duties. By securing these essentials for his wife, he has provided her with a sense of security and stability during a time that feels anything but.His actions reflect a level of care, dedication, and consideration that goes beyond mere financial responsibility; it is love...in its purest form.He loved her so much in life that he wanted to make sure she was still okay in his death.Grand gestures of love are great but it's in the everyday, looking out for each other kind of ways, where true love is really found. It's in the small things people do for each other, just to make life easier. It's in sharing responsibilities so one person doesn't have to carry the burden alone. Even though he's gone, this husband's love for his wife lives on in his small gestures of kindness and care. And that? Is the kind of love that lasts forever.More from Goalcast:Woman Is Diagnosed With Dementia – So Her Husband of 55 Years Makes a VowShocked Mom Finds Dozens of Notes In Her Daughter’s Drawers – Realizes Her Husband Has Given ThemWoman Wakes Up to Husband’s Dirty Dishes in the Sink – Instead of Cleaning Up, He Left Her a Note With 3 Words

5 Steps to Deal with Financial Anxiety
Finance

5 Steps to Deal with Financial Anxiety

If worrying about your finances keeps you up at night, you're not alone. According to a recent survey, a whopping 73% of the U.S. population rank finances as the number one source of stress in their lives.Financial anxiety is common for a good reason. It can be incredibly challenging to save up for financial milestones like buying a home, sending kids to college and retirement while paying bills and managing current expenses. RELATED: Regular Workouts Keep Improving Your Memory and Brain Function — Here’s HowAs the old saying goes, worry is like a rocking chair – it gives you something to do, but it doesn't get you anywhere. This article will explore financial anxiety – what it is, why it happens and actionable steps to take control of your finances and improve your financial future. What is financial anxiety?Worrying about money every now and then is common. But for those who suffer from financial anxiety, the fear can be obsessive and debilitating. People with financial anxiety are constantly stressed about paying bills. They feel fear when logging on to their bank account – even when there's nothing that should be upsetting about the recent transactions made. Those with financial anxiety may be so upset about finances that taking actionable steps toward financial planning feels too scary or stressful – to the point that they continue to ignore their finances even when they know addressing financial issues is in their best interest. How to Overcome Financial Anxiety(Photo by Alexei Maridashvili on Unsplash)Overcoming financial anxiety is as much about self-care and fortifying mental health as actively managing finances. Financial stress and anxiety are prevalent for many reasons. The main one is that our finances can be affected by things out of our control. Even when finances are on track and everything is stable, a job loss or stock market crash can throw off the best laid financial plans. Here are a few tips for overcoming financial anxiety. 1. Learn how to manage stress. Negative events are par for the course when it comes to finances. Instead of trying to control what you can't, learn techniques for managing the stress that can come with financial uncertainty. An effective way to do this is to start taking note of the thoughts that come up around finances, then practice stress management techniques to work through these difficult feelings. RELATED: Open-Mindedness: 5 Practical Steps To Open Your MindThis can be done through journaling, cultivating gratitude toward your current situation and looking toward the future with a more positive outlook. If financial anxiety has become stressful enough to exhibit physical symptoms such as insomnia, headaches or lack of appetite, it may be beneficial to find coping mechanisms that help alleviate the physical responses to financial stress. One method that can help is the 4-7-8 breathing technique, which mental health professionals often recommend to help regulate the nervous system. 2. Focus on physical health. Prolonged periods of stress can impact our overall health and well-being. The more time you spend focusing on improving your physical health, the better your mental health will be, which can help alleviate symptoms of financial anxiety. If you've suffered from financial anxiety for a long period of time, chances are it has started to impact you physically – whether that's a compromised immune system, digestive issues or trouble sleeping. To work toward improving these symptoms, start incorporating exercise into your daily routine. This can be as simple as starting off with a walk around your neighborhood or at a local park. Exercise releases endorphins, the feel-good chemical in our brains, which can help improve mood and keep negative thoughts at bay.3. Speak to others. When dealing with financial anxiety, it can be easy to feel that you're the only person experiencing these negative thoughts and concerns over money and future financial outlook. But worrying about finances is a common issue, and in reality, very few people feel entirely financially secure all the time. Feeling alone can actually increase our stress levels, so speaking to other people in your life about your financial anxiety can make your fears feel valid and normal. Finding support within your social circle can be a powerful way to help manage and alleviate financial anxiety – however, talking about money and finances can also be uncomfortable. If you'd rather speak with someone you don't know personally, there are resources available for people who are specifically stressed over managing debt, such as the National Foundation for Credit Counseling.4. Create a financial plan(Photo by Christin Hume on Unsplash)You've learned how to manage stress levels, made changes to improve your physical health and confided in others about your financial anxiety. Once you've implemented these changes, you're in the right frame of mind to start slowly evaluating your current financial state. You can work toward putting a plan together that will make you feel more financially secure now and in the future. The first step in creating a plan to stop financial anxiety? Creating a budget. To do this, take a look at the last three to six months of your spending history and identify superfluous costs. The trick to creating a budget you'll stick to is not to omit every expense that isn't an absolute necessity but rather to build a budget that helps you save money that can be allocated toward your financial goals that doesn't leave you feeling deprived. RELATED: What Is Groupthink? How To Avoid This Common BiasFrom there, focus on building an emergency savings fund to have in case something unexpected, like a job loss, happens. Ideally, having three to six months’ worth of living expenses saved is an ideal place to start. To do so, use the money saved from your budgeting exercise, and see if there are other ways to earn additional income to help build the fund more quickly.5. Meet with a financial advisorThere's plenty of work you can do on your own to help manage financial anxiety but meeting with a financial advisor to discuss your future financial goals and current financial stressors can help take things to the next level. Once you've managed your budget and built up a savings account, a financial advisor can help identify low-risk investing methods to slowly grow your money. This can help you feel more financially secure and help alleviate financial anxiety. Summary(Photo by Josh Appel on Unsplash)Financial anxiety is, unfortunately, a very common experience. Though it can be difficult to break the cycle of negative thinking and worry associated with financial anxiety, it's possible to cultivate a positive mindset around finances by following the proper steps. Identify stressors that trigger financial anxiety, learn how to manage them and take steps to improve your physical health. Then, get to work on building a financial plan that makes you feel as secure as you can with what you can control regarding your financial future.KEEP READING:Train Your Brain to Shed Distracting Habits and Concentrate Better

How to Set Financial Goals and How to Reach Them
Finance

How to Set Financial Goals and How to Reach Them

Your number one financial goal in life should be, simply put, the achievement of financial wellness. We’ll discuss what we mean by financial wellness in a moment, but first, let’s say this: financial health does not mean being rich; it means being content.When you are setting financial goals, you are not planning for a future where your bank account is overflowing, you are rather setting yourself up to meet future financial obligations with ease and confidence, to weather financial emergencies, and to have an overall healthy financial life. And really, that alone is a pretty huge goal. But it need not be a daunting one.The secret to hitting that big financial – financial health, e.g. – goal is to establish multiple smaller goals and then make a plan and put in the work to hit them. And as you hit those goals, a sense of financial wellness will materialize.What Is Financial Wellness?To be clear, again, financial wellness does not mean achieving significant wealth – you can very much achieve financial wellness without amassing more money than you ever dreamt of or generating wealth such that your financial situation is one of riches. So, what do we mean by financial wellness? Think of achieving financial wellness as reaching a place in life free of financial stress and in which your financial situation is balanced and improving, even if only slowly and steadily.Financial wellness is a state of existence in which you are able to meet your current financial responsibilities like paying bills, buying groceries, and even having some discretionary cash on hand, and in which you are accounting future financial obligations, like paying down a mortgage, sending the kids to school, and planning for retirement.(Photo by Wonderlane on Unsplash)RELATED: 5 Daily Habits to Steal from Google Co-Founder Larry Page Including His Controversial Leadership StyleIf we want to trust the financial experts at the Consumer Financial Protection Bureau, then the four factors needed for financial wellness are:1. Stable daily/monthly finances (expenses vs. income/savings, e.g.)2. A financial cushion capable of absorbing a sudden expense3. A financial situation allowing for freedom of choice4. Progress toward a stable financial futureMakes sense, right? It’s really all about being comfortable now, financially speaking, even with some bumps in the road, and having a roadmap for financial comfort in the years ahead. And it’s about having enough money to have a bit of fun, too.Why Is Financial Wellness Important?If you enjoy enjoying your life, then financial wellness is important. Perhaps that sounds a bit flippant, but it’s entirely true. Without your proverbial financial house in order, you cannot truly enjoy your life, because one major aspect of your life is a constant threat to the well-being of its other areas. Without proper funds available, you lose control over so much of your life: you cannot be as selective with the hobbies you pursue, the foods you eat, the places you visit, the clothes and accessories you buy, and on it goes. And until you are in control of your finances, you cannot be as selective when it comes to major points in your life, either, such as where you live or the job you work. Financial wellness is critical to emotional wellness and really to overall wellness.So, how do we get to a state of financial wellness so our mental and spiritual wellness can be supported?Understanding financial literacy(Photo by Alexander Mils on Unsplash)Financial literacy does not ensure financial wellness, but without financial literacy, you’re unlikely to get there. Fortunately, financial literacy does not require a degree in accounting or years spent working at an investment bank or anything of the sort. Being financial literate just means you grasp the importance of saving, of planning for both short-term and long-term financial goals, you understand that avoiding or getting out of debt is imperative, and you know the value of proper budgeting. RELATED: Regular Workouts Keep Improving Your Memory and Brain Function — Here’s HowFinancial wellness improves with good financial literacy, and financial literacy improves with regular reviews of your money situation compared with your financial obligations. Achieving Financial Health Means Setting and Hitting Financial GoalsDon’t think of financial goals as having the wealth to buy a mansion or a sports car or spend three weeks a year vacationing in the Mediterranean or on Fiji. Those things would be nice and may well come in life, but they are aspirational rather than actionable financial goals, and fixating on distant financial goals like that can cause two issues: one, it may set you up for failure unnecessarily, which can damage your mental health and overall health as well based on stress and a lack of satisfaction. RELATED: Open-Mindedness: 5 Practical Steps To Open Your MindAnd two, setting overly lofty financial goals that are hard to hit may mean you don’t see all the successes you are actually having. Because in reality, financial goals should not be the big house or fast car, but the establishment of emergency funds that can float you through rough patches, retirement planning that feathers the nest for a comfort later in life, and the creation of a budget that lets you manage your personal finances properly week to week, month to month, and year to year. Financial goals are not riches, in other words – though at some point wealth may come thanks to hard work and good planning – but are simply actionable metrics that can help you achieve financial freedom and establish good and lasting financial habits.The Importance of Eliminating DebtIt’s easier said than done, of course, but you simply have to work toward getting out of debt if you’re ever going to achieve financial wellness. Whether it’s student loan debt, credit card payments, a hefty mortgage, or any other source of debt, while you owe more than you can pay, you cannot thrive financially, and let’s be honest: doing well financially is closely tied to doing well emotionally. When you can grow your finances, you can grow your sense of self-esteem and your happiness in life. It’s almost impossible to get into a positive growth mindset while you have that burden of debt on your back.Yes, you do need to plan your budget(Photo by Giorgio Trovato on Unsplash)There are a slew of reasons people avoid planning out a budget for their lives. Maybe you think they are just too hard to create. Maybe you worry you’ll never stick to one. Or maybe you don’t want to know the hard truths about your finances that will come when you calculate your budget.First, budgeting is not that hard: you don’t have to be precise to the penny to figure out about how much you spend each week on bills, gas, food, fun, and so on, and it’s not that hard to figure out how much you earn and what you have saved and invested. And guess what? You just made a budget.RELATED: What Is Groupthink? How To Avoid This Common BiasSecond, you will likely find you are already living within your means; sticking to a budget might be easier than you expect, and if it’s not, the trouble was already brewing and now you can create new ways to keep yourself in line.Third, it’s always better to know. If you have allowed in the thought that you don’t want to know your budget because it may be frightening or depressing, you are already being nibbled at by negative emotions; once you know, you may see they were needless, or you may see you were right, but then you can take action.Does Achieving Financial Wellness Mean Not Thinking About Financial Wellness?So in one way of thinking, you’ll know you have reached a true state of financial well being when thinking of your financial life doesn’t cause you even a bit of stress or worry, and may even elicit some contentment or even excitement.Perhaps the best financial wellness definition is the state of being where financed aren’t even on your mind at all.KEEP READING:Train Your Brain to Shed Distracting Habits and Concentrate Better

What Is 'The Gambler’s Fallacy' and How Can It Negatively Impact Your Mind?
Finance

What Is 'The Gambler’s Fallacy' and How Can It Negatively Impact Your Mind?

The Gambler’s Fallacy is a mistaken belief that “if an event occurr[s] more frequently than expected in the past then it’s less likely to occur in the future (and visa versa).” A simple example would be when someone flips a coin. If a coin lands on heads five times in a row, one may predict that the next flip would land on tails. This prediction is effectively based on feeling and not in reality. What’s occurred in the past does not determine the probability of what will occur in the future. It reminds me of playing rock paper scissors as a kid. For some reason, playing rock three times in a row never made sense to me. In my head, the goal was to mix it up and try out each option in order to maximize a variety of options, and therefore, my chance at winning. So why did I think this? Why do we feel that certain patterns and sequences will break arbitrarily? It’s a cognitive distortion within psychology that combines emotion and hope. One that extends well beyond gambling and seeps into every micro prediction in our daily lives. With all this laid out, my curiosity is if an individual can actually increase their odds by simply understanding the ‘gambler's fallacy’ and being aware of the randomness of chance. What Do Casino Games Have to Do with Gambler's Fallacy?(Photo by Free Walking Tour Salzburg on Unsplash)The ‘gambler’s fallacy' is ever present within the world of betting, and specifically, one of the most common casino games, roulette. Roulette exclusively relies on luck; there is no element of skill at play, like in poker or black jack. A ball revolves around a spinning wheel with thirty eight numbered pockets in either black or red. Players bet on what color, number, or what color-number pockets the ball will land on. Everyone has their own ‘strategy’ whether that be “always hit black first” or “never select even numbers.” Even with a ‘strategy’, whether you win or lose at roulette, the odds never change. RELATED: Open-Mindedness: 5 Practical Steps To Open Your MindOne of the most famous roulette incidents occurred at Monaco’s Monte Carlo Casino in 1913. The ball landed on black twenty-six times in a row and gamblers gathered around the table losing millions of dollars betting on red, assuming the streak of black had to come to an end.The Gambler's Fallacy and Sports BettingGambler’s fallacy’ is also rooted at the core of sports betting. Let’s look at this through the lens of ‘the fan.’ A fan unconditionally roots for their team and believes that if they’re on a losing streak, they are more likely to win their next match-up. My uncle Frank has been a massive Detroit Red Wings fan since I can remember. I always found it interesting that, even though he is a die hard fan, he sometimes refuses to watch match-ups out of a superstitious belief that, by actively watching, the Detroit Red Wings will somehow lose. This is based on a streak of losses the Red Wings encountered when he was actively watching versus a streak of wins when he was busy and unable to tune in. I’d love to think my uncle Frank’s participation or non-participation has a cosmic effect on the sport of hockey, but the reality is that this is the psychological effect of ‘gambler’s fallacy’ on individuals, disillusioning them to believe that patterns break and sequences follow stringent rule, i.e when he’s watching or not. RELATED: How To Handle Emotional Cheating In A RelationshipThis extends to ‘curses’ that loom over losing teams; most famously, in baseball, “The Curse of the Bambino.” When the Boston Red Sox sold baseball legend Babe Ruth to the New York Yankees, they didn’t win a world series for eighty four years (1920 -2004). Year after year, gamblers would bet on the Red Sox to win or hedge their losing streak. Though the ‘curse’ is based in superstition and feeling, it actually did affect the Vegas odds that Boston would receive. Unlike roulette, sports do have controlled elements and strategy that does influence the odds. Which players are sitting out? Is it home or away? Though, even with added ‘controlled’ elements, a huge amount of luck still remains at play, particularly with evenly matched opponents and a growing sports betting industry, which bolsts a seemingly endless variety of betting options. As sports betting grows in popularity, not only can gamblers bet on the outcomes of matches, they can also bet on the performance of individual players, and in certain games, like the super bowl for example, everything from the color of gatorade being poured on the coach at the end of the game to the songs that the musical guest will perform during the halftime show. RELATED: What Is Groupthink? How To Avoid This Common BiasThese betting possibilities all exist within the framework of ‘gambler's fallacy’ and further disillusion the individual. So this is where it gets a bit more meta, but stay with me, one can have ‘gambler’s fallacy’ about each respective bet, “if I didn’t hit the last one, I’ll hit the next,” which can become dangerous and lead to a gambling addiction. Gambler's Fallacy: How to Debias Yourself from Betting(Photo by Chris Liverani on Unsplash)So whether it be gamblers at Monte Carlo or uncle Frank in Canada, why do people feel like patterns will break? What is the reasoning for the ‘gambler’s fallacy’ and how do we overcome it? It comes down to the psychology of chance, which is “commonly viewed as a self-correcting process in which a deviation in one direction induces a deviation in the opposite direction to restore the equilibrium”. It is programmed within humans to presume that ‘what goes up must come down’ and that a pattern going one way will naturally shift the opposite. To really ensure that you avoid falling into this cognitive trap, it’s important to employ debiasing techniques. The first is to be aware of the ‘gambler’s fallacy.’ While betting, constantly remind yourself that each respective action is independent. I like to say a mantra “your odds never change” or “the dice has no memory” to continuously internalize the reality of the bet. It’s important to be extremely careful while betting and constantly check in with yourself. Simply reminding yourself that the ‘gambler’s fallacy’ is an element at play will allow you to clearly make better decisions that exist in fact and not in feeling.KEEP READING:Train Your Brain to Shed Distracting Habits and Concentrate Better

What You Need to Know to Become Financially Independent
Finance

What You Need to Know to Become Financially Independent

Achieving financial freedom is an important life milestone. While financial independence may look a bit different for everyone, the phrase generally means having enough financial means and stability to afford the lifestyle you want to live – without having to work for a living.While financial independence and retirement do share some similarities, financial independence has a few key differentiators. Unlike retirement, it's possible to reach financial dependence at any age. Additionally, while financial independence means you don't have to work in order to earn a living, those who are financially independent may still choose to pursue work that's meaningful to them. The key difference here being that the pay earned from that job is not necessary to pay bills or live off of. If you're interested in pursuing a path to financial independence, here's what you need to know in order to do so successfully. What Does It Mean to Be Financially Independent?As we defined earlier, being financially independent means, you no longer have to work to afford your living expenses. While some who are financially independent may choose to continue pursuing work that's interesting and meaningful, the wages earned from that job are not necessary.(Getty)Typically, the way financial independence is achieved is by earning money through investments, living off a savings and creating other forms of passive income – income that's earned without having to trade your time or skills – to sustain a living. Benefits of Financial IndependenceAchieving financial independence comes with plenty of benefits – the main one being the ability to spend your time the way you want to, without being tied to a work schedule or boss to report to. The work you do decide to pursue becomes more enjoyable, since the role is something you're choosing to do, not something you have to do. It also offers the freedom to quit any job or type of work you decide to take on without the stress of having another job lined up. Financial independence can positively impact your physical and mental health as well. Not being tied to full time work offers more time to take care of yourself. Additionally, not having to work to survive frees you from the constant pressures of having to earn a living. How to Become Financially IndependentThe path to financial independence does require hard work and sacrifice in the present. However, those who are able to achieve financial independence are able to reap its rewards for the remainder of their years. Here are a few tried and true strategies for achieving financial independence. Create a budgetTaking an honest look at the way you spend money can be uncomfortable – which is why many people put off doing so. However, it's an important starting point toward building financial independence. To make it less daunting, start by measuring the last three to six months of earnings and spending. Once this is laid out, evaluate where you can realistically cut costs and expenses. Building a successful budget is similar to eating a healthy, balanced diet. Being too restrictive sets us up for failure. Identifying where you could be spending less without compromising your overall quality of life is the right mindset to have toward building a budget.(Getty)Build an emergency fundFinancial independence isn't just about having enough money to live off of without having to work. It also means planning for potential emergency scenarios in which you may need access to money, such as an unexpected car repair or medical emergency. When determining how much to allot for an emergency fund, having around three to six months’ worth of living expenses is an ideal goal to aim for. Having this emergency fund not only helps with the unexpected but keeps the unexpected from derailing your road to financial freedom by not having to dip into your current earnings or other investments. Pay off debtYou can't be financially free if you're in debt. This can be a challenging step to complete for those who want to be financially independent. But with the right strategy and mindset, it's possible. When evaluating your current debt, one strategy is to start by paying off the debt with the highest interest rate first. This will mean you'll pay less on that debt over time rather than trying to pay off all debts at once. Focusing on one debt first while paying the minimum balance on the rest is another way to knock debt out more quickly. Increase your incomePursuing financial independence requires the ability to save, invest and pay off debts. In order to increase the amount of money you're earning each month; it may be time to evaluate other part time or contract work that fits with your current schedule. If you've been at your current role for quite some time, switching companies is one of the easiest ways to increase your yearly salary. (Getty)Build passive incomeWhile many passive income opportunities rely on having money to put into them initially, there are more creative ways to earn passive income than ever before thanks to the e-commerce boom. If more traditional passive income opportunities like purchasing a property to rent out are not within your current means, consider other options that require work upfront, but can then be automated. Writing an e-book that customers can pay to download and designing digital stationary for special occasions are two examples of creative ways to earn additional income without having to spend consistent time doing so. Start investingInvesting can be a confusing arena for beginners. In addition to continuing to invest in retirement plans such as a 401(k) and Roth IRA, identify low risk options for building wealth through financial firms. Putting your money in a mutual fund or exchange trade fund is one safe way to slowly grow investments overtime. If you're willing to spend money to make money, many financial advising platforms exist where you can pay a small monthly fee to work one on one with an advisor who monitors your accounts and suggests new places to invest.Financial Independence SummaryAchieving financial independence takes work and dedication in the present. But the payoff of being able to live on your own terms is a worthwhile goal to pursue. If you're planning to pursue financial independence, understand that it can take years to do and be patient with your progress. Initially it may not feel like you're making much progress – but over time these strategies will add up to yield the life you want.

How to Save Money: 7 Tips to Start Saving Now
Motivation

How to Save Money: 7 Tips to Start Saving Now

In a world largely dictated by consumerism and materialism, there are many conflicting beliefs around money and its role in happiness. Some say money makes the world go around. Some claim money is the root of all evil. Money, others insist, is the key to happiness. And those people typically aspire to be Richie Rich.Hate it or love it, there are unavoidable realities when it comes to personal finances, and learning how to start saving money is a skill to add to your self-development toolkit. However, boosting financial wellness isn’t a simple fix, and there’s not one single solution. Learning how to properly manage your credit card debt, checking account, and other aspects related to personal finance requires a mixture of knowledge — and an understanding of practical ways to save money and spend responsibly — along with a shift in mindset. Given this, it’s somewhat incredible that we’re not taught more about financial literacy at school, especially given how much money plays a central part in our day-to-day lives. The result is that, for a lot of people, poor habits naturally evolve and accompany them into adulthood.Money habits are a potential blindspot in self-development. As Morgan Housel, the author of The Psychology of Money, writes: “We think about and are taught about money in ways that are too much like physics (with rules and laws) and not enough like psychology (with emotions and nuance).”Here, we will cover the physics and the psychology behind the issue, offer some money saving tips, and strengthen your financial future by offering ways to better build your bank account. So whether you’re an entrepreneur looking to set a solid foundation for your business, or looking to become more conscious and purposeful with your spending habits, this article is for you. Why is saving money important?(seksan Mongkhonkhamsao / Getty)"The best time to start was yesterday. The next best time is now."- UnknownThe practice of self-discipline, which is the consideration of long-term results over short-term pleasure, equally applies to finances as it does self-development. Yes, it can be fun to splash the cash and indulge in retail therapy for the occasional instant fix. But you don’t need to be a financial advisor to know that saving money is crucial for long-term planning and security. The biggest benefits of saving money are:Gaining peace of mindMoney troubles can be a constant drain and cause of anxiety. Above all else, having a safety net of funds adds a certain level of security, and in turn, can have a positive effect on stress levels.Avoiding debtIn today’s consumer-rich world, it’s tempting to get caught up in the trend of borrowing. In America alone, consumer debt was at $14.56 trillion after the fourth quarter of last year. Shifting mindset to one of saving, not borrowing, can avoid getting stuck in a situation that feels increasingly out of control.Building an emergency fundJust 39 percent of Americans have enough savings to cover an unexpected financial emergency of $1,000. Just like grocery shopping and regular monthly payments, financial emergencies are also a part of life. An emergency fund adds to peace of mind by offering reassurance for those times when the unexpected presents itself.Gaining a sense of control Taking time to create clarity and structure around your finances is one way to feel more in control. Although there can be a tendency to avoid the “dirty work” or budgeting, checking your credit report, monitoring outgoings, limiting online shopping or setting aside regular savings, in the long-term this will lead to a greater sense of freedom.Giving yourself more options A lack of financial discipline is like a tire with a slow puncture. Money seeps out in different areas, a Starbucks coffee here, and electric bill there. By becoming more vigilant in your spending habits and saving money, you become more deliberate in how you invest or spend. Short-term sacrifices then add up to giving yourself room to explore bigger projects, from holidays to investing in yourself.While it can’t be overlooked that there are societal and economic forces that make financial struggles more likely, there are many factors within your control. Money has no inherent quality. It’s a symbol of value that happens to be the number one bartering tool across the world. But the meaning of money comes from your relationship with it. How would your money habits change if you improve your relationship with money?Knowing what tools are useful, and improving your financial literacy, is essential. Before that, let’s explore the psychology behind money habits and the benefit of shifting mindset.The link between money and happiness(Gary John Norman / Getty)“Money may not buy happiness, but I'd rather cry in a Jaguar than on a bus.”— FRANÇOISE SAGANCreating a life centered around earning excessive amounts of money isn’t a shortcut to happiness. But at the same time, financial insecurity leads to reduced wellbeing and mental health, an issue amplified throughout the coronavirus pandemic. So what’s the balance?In 2010, a well-known study carried out by two Nobel-prize-winning economists, Daniel Kahneman and Angus Deaton of Princeton University discovered that happiness increases with income, up to $75,000 per year. These findings were absorbed into the conventional view of income and happiness.However, the study has been criticized, along with misinterpretations of the results. A study from earlier this year demonstrated that happiness continued to rise past that marker. Matt Killingsworth, a senior fellow at the University of Pennsylvania, used an app to track subject’s happiness levels at random times. The study looked at experienced well-being, which is how people felt during particular moments of life.Killingworth notes that it was harder to predict happiness levels in those who didn’t rank money as important. As for personal worth? “There doesn’t seem to be any point where conflating personal success with your financial outcome is a good thing,” he told Vice. “Having more [money] is good, but being fixated on it and using it to define your self-worth is probably not such a great idea.”In addition, a recent survey by the Financial Times discovered that those earning over $100,000 have the same level of concern over money as those earning under $10,000. What to make of this? Saving money, and increasing financial security, does have an impact on levels of well-being.The psychology of money habits(Getty)“Physics isn’t controversial. It’s guided by laws. Finance is different. It’s guided by people’s behaviors.”— Morgan HouselOur thoughts and emotions play a significant role in each and every decision — and that includes money habits. As a result, there’s an interesting link between emotional intelligence and financial wellness. Financial psychologist Dr. Tracy Thomas is an expert on the interplay between emotions and spending. She breaks down money habits into two categories: reactionary spending and intentional spending.Thomas explains how a reactionary mindset responds to the immediate environment, catering to immediate wants and needs. Intentional spending, on the other hand, takes into consideration what investments would have a positive influence on our future selves. Spending is less impulsive.That doesn’t mean there’s no room for emotion — quite the opposite. “Your savings goals are really your outcomes for your life. It's about creating something you really want,” Thomas told Cheddar News. This points to the overlap between goal setting and finances, too. Whilst some goals can be money-related, such as clearing debt, many life goals require a financial element to be achievable.Dr. Brad Klontz, a financial planner and psychologist, found that savings rates could be boosted by up to 73 percent when people established an emotional connection to a savings goal. “If you can get clear about why you want to save, why it matters, who you’re saving for and execute while you’re excited about it, it can have dramatic effects,” Klontz told CNBC.In addition to emotions, our thinking patterns influence spending habits, too. Beliefs about money, such as I’ll never learn how to save money or even that to make money, you have to make extreme sacrifices or dedicate your life to work. You might even believe wealthy people are immoral, or wanting money is wrong.How the six financial personality types spend moneyI used to feel anxious about money. When I was struggling financially, my general go-to was avoidance. Financial avoidance (or financial denial) is well-known. According to the American Psychological Association, “people commonly deal with anxiety by avoiding whatever it is that makes them anxious. Unfortunately, if you avoid dealing with your finances, you’ll likely create more financial problems, and more anxiety, in the long term.”This is just one quirk in the overlap of psychology and spending habits. The Financial Times have built upon this, with the input of leading psychologists, to highlight six financial personality types. Whilst these aren’t set in stone, they act as archetypes that can provide understanding towards your approach to money. They are:The anxious investor These people tend to trade frequently in high-risk transactions. These people, who are often “hobby traders,” can become addicted to the environment of trading, and, at the same time, overestimate their ability and skill.The hoarderThe opposite of the above, hoarders struggle to part with money, either through investing or spending. Risk is avoided through anxiety, and people in this category tend to come from a background where finances were a struggle.The social value spenderThese people buy things to boost self-esteem, from a little retail therapy to gifts for friends or family. Considering the nature of society, it’s natural to experience this from time to time. But this becomes a problem when people confuse material things with love or self-worth.The cash splasherThese people spend money so others can see it, such as picking up the tab at a bar — and letting everyone know about it. Although quietly paying for someone else is a wonderful act of giving, the core motivation in cash splashers is to be admired for their generosity.The Fitbit financierThe calorie counter of finance, the Fitbit Financier obsessively checks their spending habits, and can never fully relax. The psychologists interviewed note that these behaviors tend to stem from feeling outside of control in other areas of life.The ostrichLinked to my above example, the ostrich is someone who buries their head in the sand, avoiding the reality of their financial situation. Behaviors stemming from this include avoiding checking bank balances or paying bills.Do any of these personality types stand out for you? It’s likely you might note tendencies that cover multiple types. But take a moment to reflect on which of these feels true to you. This allows you to start taking an honest reflection on your financial outlook, and in turn, highlights the potential stumbling blocks when exploring how to save money.7 practical tips on how to save moneyNow we’ve explored the foundation of financial wellness, it’s time to put together a plan. The below 7 tips are a mixture of physics and psychology of money, offering both practical tools and shifts in mindset. Keep in mind this is a lifetime process, and certain habits will take time to change. But introducing these tips will boost your emotional and financial wealth:1. Explore your money storyThe reason this article places so much focus on psychology is because, ultimately, most people know what they need to do to save money. Yes, there are ways of saving skilfully. But the common barriers are related to beliefs and emotions, as we’ve explored above, often shaped during our upbringing. For example, people raised in households that are secretive about money tend to have compulsive money habits, such as hoarding. Bari Tessler, the author of The Art of Money, refers to this as a money story:“Simply put, your ‘Money Story’ is the entirety of your relationship with money. The pain, the joy, and the learning. It is as unique as you are. It includes all of the historical facts of your financial life. The emotional wounds and triumphs. The tough conversations. The beliefs and habits inherited from your parents and lineage, the ways you adopted them, and the ways you rebelled against or even transcended them. It includes your strengths and challenges with money, arising from your unique circumstances, wiring, and personality type. It includes all of the sensations and emotions and bodily reactions that money stirs within you.”Tesla offers journal prompts to explore your story. What was your first memory of money? What beliefs do you hold? Can you forgive difficult circumstances or relationships that contributed to poor money habits? Unearthing your money story is illuminating. You’ll be surprised at what comes to the surface!2. Be mindful of your reactive emotionsKnowing your story is one thing. But that’s just one step. In moments when faced with an impulse to spend or a long-standing habit to avoid checking your bank balance, mindfulness is necessary to break the loop. Whenever making a financial decision, take a few moments to pause. Ask yourself: am I being reactive or intentional with this decision?Understanding how the role emotions play in decision-making, take time to explore how you’re feeling in these moments. Are you feeling anxious? Excited? Are you looking to buy something to change your mood in moments of sadness? 3. Explore spending triggersSpending triggers cause recklessness with money. These triggers can be certain emotions (such as boredom), situations, or people. These “triggers” tempt you to spend money against your better judgment. If you’re a social value spender, your relationships could be the biggest trigger of your spending. Situations might be going out with coworkers for expensive lunches, or “browsing” expensive retail stores.Take time to reflect on the triggers that lead to reckless spending. Again, awareness is a great starting point, as it allows you to avoid these triggers or situations, or at least to be more vigilant when you’re in a situation where you know you might be prone to make unhealthy financial choices.4. Save money by spending lessThis leads away from the psyche into the practical aspect of how to save money. The first step is to get an overview of your spending habits — your income and expenditure. This might take a bit of time in the beginning, but once you’re in the routine, won’t take too much effort. You might choose to do this the old-school way, using a spreadsheet, or use an app that helps you budget.Either way, the initial step is to take an honest look at how much you earn, and where your money goes. This then allows you to notice trends in your spending that can be changed. For example, you might notice you’re spending excess amounts of clothes, or takeaways. By cutting back in certain areas, you’ll have more disposable income to save.5. Pay off debt before you savePutting aside money to earn interest is futile if you have high-interest debt elsewhere. If you have $1,000 debt on a credit card where you’re paying interest of 18 percent or more per year, you’ll be paying at least $180 with no change in your debt level. If you save $1,000 in an account with a 1 percent interest rate, you’ll earn $10. That means you’re $170 better off if you pay off your debts first!“When you save money you're actually lending your cash to the bank for it to lend on to other people,” Martin Lewis, of MoneySavingExpert, writes. “The difference between the rate at which it borrows money from you (the savings rate) and the rate it charges others (the borrowing rate) is its profit. Therefore, on the whole, it'll always cost more to borrow than you can earn by saving.”6. Set up a budgetIn All Your Worth: The Ultimate Lifetime Money Plan, Senator Elizabeth Warren popularized the 50/30/20 money rule. It can be tempting to over-complicate the practicalities of how to save money, but this rule is a simple way to start building a financial safety net. This is related to the percentage of after-tax income, broken down into:50 percent on needs: Ideally, your essentials, from rent payments to healthcare to student loans, don’t surpass half of your income. Living in big cities or earning a lower salary can make this target difficult, but the principle remains the same. These are obligations you have to pay to survive. Clearly, if this takes up too much of your salary, it’ll make saving much more difficult.30 percent on wants: These are extras, or treats, from anything to new clothes to dining out to paying for streaming services or a gym membership. If you’re working hard to earn money, you want to be able to enjoy it. By setting aside a third of your income for things you enjoy, you can indulge reasonably, whilst still having room to save.20 percent towards savings: All of these funds go towards a savings account and investments with your long-term financial goals in mind.These percentages make it easier to put concrete amounts into your budget. Let’s say your income is $2,000 per month after tax. Your needs would equal around $1,000, leaving $600 for your wants and $400 towards your savings. This structure then gives you a clear idea of how to break this down further. For example, you might break down the $600 into categories, such as:$200 entertainment$100 clothing$200 socializing$100 eating outThis is personal to you. But the main way to learn how to save money is to set aside a percentage of your income and to protect it. Having a set amount for your wants also means it’s less likely you’ll chip away at your savings.7. Visualise your savings goalsLast but not least, it’s time to build enthusiasm and to harness the knowledge of the role emotions have in saving money. While there may be short-term sacrifices that have to be made, they’ll be easier to tolerate if you have a clear vision about what you’re saving for, and why. There are two elements to this practice. The first is to set realistic, tangible goals. For example, “I want to save $2,000 for a luxurious holiday”, or” $10,000 to start further study.” The second step is to bring this goal to life and get excited about it. Where do you go on holiday? Picture yourself on location. Imagine the sights, smells, sounds. Imagine the sense of satisfaction you’ll get from knowing you put in the effort to save for the experience.Before you goMoney is still a topic that comes with a stigma. Talking openly about it isn’t easy. Avoidance can be the go-to response when things feel out of control. But money is essential, and learning how to save money and get your finances under control is a crucial skill that’ll pay off in many ways.Money management is without a doubt a crucial area of self-development and mental health. Hopefully, having read this article, you’re feeling more optimistic about your ability to influence your finances. You feel equipped with understanding around the role of emotions and thoughts, and you’re ready to overcome unhelpful habits to start boosting your financial wellness.

Side Hustle Ideas To Make Money Or Start A Passion Project — A Practical Guide
Entrepreneurs

Side Hustle Ideas To Make Money Or Start A Passion Project — A Practical Guide

There’s never been a better time to make a few extra bucks on the side. Let’s face it, we could all use more money these days, and if you feel like it’s time to take a shot at making a living doing something you love (or finding a way of making money online) now is the time. Success story after success story provides guidance on how to live the life of your dreams, whether that includes getting a part time job for just a few hours a week, starting your own business (however small at first), or even doing something more technical like building an online store. Remote work from beaches in Bali, or dreams of four-hour workweeks and lots of passive income is what many ambitious millennials strive for. But does that mean you should take the leap, and go all-in? Or is a side hustle a better option?How can I make a few extra bucks?A side hustle is a term given to any type of employment taken in addition to full-time work. There are many reasons you might consider additional work. For some, it’s a nice way to boost income to save, pay off student loan debt, or just enjoy having a little more cash. For others, a side hustle is an opportunity to express creatively or make tentative steps towards opening a fully fledged business.Last year, 57 million Americans — a third of the workforce — freelanced or worked part-time, with that number growing since the pandemic. It’s not all chasing dreams, though. According to a survey by DollarSprout, 27 percent of people work a side hustle on their own time to meet living expenses.Whether you’re looking to boost your income, create your own schedule for work or even explore a future career change, there are many options to choose from. This guide will cover the essentials of the side hustle, equipping you with the knowledge on how to make money in your spare time.What is “hustle culture”?Before digging in, let’s take a quick detour to explore the psychology behind hustle culture. The same technology that has made previously unthinkable opportunities possible also has the potential to lead to burnout. Always being available to respond to email or Slack notifications can blur the lines between work time and rest time.In fact, hyper-productivity can have a detrimental impact on wellbeing, even if what you have is a very lucrative side hustle. Overworking has been linked to a host of health problems, from heavy drinking, poor sleep hygiene, to depression. Overworking doesn’t help the brain, either. “We examined the association between long working hours and cognitive function and found a small decrease in a reasoning score [after] 5 years among those who worked long hours,” Marianna Virtanen of the Finnish Institute of Occupational Health, told HBR.In 2019, the World Health Association declared burnout a recognized mental illness, with the big risk factor societal expectations that encourage overworking. Why am I telling you this now? When exploring starting your side hustle, it pays to keep your wellbeing in mind. It’s tempting to follow the advice of tech-gurus around working non-stop and maximizing the use of every spare second. But if you’re serious about a side hustle long-term, it pays to make room for your wellbeing, and approach the project with balance in mind.Explore your motivation for your side hustleUnderstanding why you want to start a side hustle can provide clarity on what opportunities to explore. There are two key types of motivation in behavioral psychology: intrinsic motivation and extrinsic motivation. These terms are part of the self-determination theory, by psychologists Edward Deci and Richard Ryan.Intrinsic motivation is a task performed due to its inherent satisfaction. Extrinsic motivation is driven by external rewards, such as monetary gain. When looking at your side hustle options, consider the intrinsic and extrinsic causes of your motivation. An obvious extrinsic motivation for starting a side hustle is to earn extra cash. If this is the case, it doesn’t matter so much the type of work you do, and you can look at the most lucrative options. It doesn’t matter if it’s acting as a virtual assistant, filling out online surveys, being a part-time social media manager, working for a mobile pet grooming service, being an affiliate marketer - whatever helps you earn money and gain financial independence counts. However, intrinsic motivation is less focused on how much you can earn, and more focused on how rewarding the task is. For example, you might try out your writing skills by posting articles online, refining your freelance writing skills, and earning opportunities for paid work. Or, you might start to side hustling by selling art on your own website or creating graphic design pieces as a part of helping an online retail business. In these instances, it makes sense to focus on the activity ahead of how much money it’ll make. Not sure where to start? Check out this list of fun jobs you can do online. You might be able to find a balance between intrinsic and extrinsic rewards, such as working as a freelancer which uses a skill you don’t utilize in your full-time employment. There are many opportunities to find a whole host of projects available online on freelance job sites.How to choose a side hustle for youOnce you’ve created clarity around your motivation, the next step is to choose which side hustle is best suited for you. Whitney Wolfe Herd, founder, and CEO of Bumble, which is now worth $7 billion, keeps her advice simple. “You can monetize anything,” she told CNBC Make It. “Figure out what you’re passionate about, and if you’re really good at it, there’s some way to turn it into a business.”Herd uses the example of a cook starting a blog, before charging for recipes. The key ingredient (pun intended) is to highlight your talents first, and then find ways to explore making this your side hustle. As a practical exercise, write down a list of your skills and passions. A tool I’ve used in coaching is the matrix of “good/not good” and “enjoy/don’t enjoy”. Within this matrix, note the skills you’re good at and enjoy, not good at and enjoy, etc. That’ll give you some idea of what side hustle options to consider.For example, you might have a flair for visual design and command of Photoshop. Creating graphics might be your access point to flow state. If this is the case, a great side hustle option would be offering freelance graphic design services to clients. Not only is it work you’ll enjoy, but people will be willing to pay for those services.(Ariel Skelley / Getty)The sweet spot is finding something you’re good at, that you enjoy, that can also make you money. An alternative is to explore common side hustles, those known to be effective, and decide if these are options you’d like to explore. The benefit is that it avoids the risk of attempting to monetize a passion, which can take the fun out of the process itself.Once you’ve explored your motivation, you’ll get an idea of whether to look at profit or passion. Let’s start with the former, by looking at side hustle ideas that are tried and tested in making a decent income.The best side hustle ideas from home to make extra moneyIf making money is your number one priority, then it makes sense to explore side hustle ideas from home. These save you time and travel costs, and most activities can be set up easily from anywhere with an internet connection. Common side hustle gigs (and potentially great side hustle ideas for you) include freelancing (including copywriting, marketing, social media management), one-off gigs, and online tutoring. These gigs are in high demand, and could provide a steady stream of income in your free time, without you ever having to actually leave your house!“[Look for] problems you’ve overcome in your own world or problems you can perceive other people having,” Nick Loper, founder of Side Hustle Nation, told Time. This is golden advice for finding a niche and monetizing the wisdom you’ve attained. The internet has opened doors and connections all over the world. That means there will be an audience for what you have to teach — you just have to find it.Creating online courses is one potentially lucrative side hustle idea from home. You might need to invest in equipment, but there are a host of platforms available to make your content accessible to students from all over the world. Considering the online e-learning market is set to be worth $325 Billion in 2025, it’s worth looking into.Other ideas include:Selling items on eBay: kill two birds by one stone by getting rid of unwanted junk, whilst making a profit by selling online.Social media management: a growing number of companies are looking to outsource control of their online brand. According to PayScale, the average salary for full-time positions is $34,432 to $56,571 per year, and with a couple of hours of work per week, you can top up your income significantly.Teach a foreign language: there are a growing number of opportunities to teach English to students online, with flexible schedules, and decent pay. If you enjoy meeting people face-to-face (or on Zoom!) and having a social side hustle, this could be a worthwhile option.Sell items on Etsy: if you’re looking to exercise your creative muscles and make money, Etsy provides an opportunity to sell crafts or homemade items. By using its platform, you can reach customers and monetize your creative streak.The best side hustle ideas to make money in personThere are still side hustle opportunities away from the internet (making money without additional screen time is always welcome). Serial entrepreneur Gary Vaynerchuk has a specific side hustle he believes can help people make up to $100,000 each year: retail arbitrage flipping. This side hustle involves finding discount projects in stores, and finding out how much they cost online through other outlets with the aim to buy and sell for a profit. “I am watching people literally go from being homeless to building up $50,000 to $100,000,” Vaynerchuk told CNBC. The process is simple: look in the aisles in places like Walmart, find a deal, then sell it on eBay or Amazon (or at an in-person sale).For those with an eye for a bargain, this can be a fun experiment. Picture browsing thrift stores for clothes you can resell. The concept isn’t new — people have been looking for hidden gems at garage sales (in England, we call these “car boot sales,” which I’ve only just realized sounds a bit odd) and selling at auctions for profit for generations.Other opportunities in person include dog walking, ridesharing, or renting out property. Although the gig economy has potential downsides, including unstable working hours, poor working conditions, and a lack of job security, it opens up opportunities to make extra income in a way that suits your schedule.The passion project: using your side hustle to test a business ideaBut what if you want to pursue your passion project as your side hustle? If this is the direction you’d like to go in, ahead of boosting income short-term, the process is different. You’ll want to view your side hustle as an investment, focusing more on long-term goals than immediate feedback. That doesn’t mean completely sacrificing profit — a number of leading companies, such as Udemy and Groupon, started as side hustles.Stories of budding entrepreneurs going all-in, quitting even some of the highest paying jobs in America, and putting everything on the line to become an overnight success, offer inspiration. But sometimes setting up a business is a marathon and not a sprint. One way to add intense pressure to “making it” would be completely cutting off other sources of income in pursuit of your business idea. Instead, a side hustle is a great opportunity to explore the idea with less risk.Indeed, the Young Entrepreneur Council recommends testing any ideas before heading for a full launch. “A test of this sort determines what your effort will be versus what a client will pay for in a new venture,” Matthew Capala told Forbes. “Many great ideas are just that — great ideas. Not all great ideas translate into great businesses or side hustles.”That doesn’t mean the business has to be taken any less seriously. You’ll still need to develop a solid business plan, define your target market, refine your product, and build an audience. But rather than attempting to make this a reality at rapid speed, working on the project as a side hustle allows you to take your time, and slowly build. You might find yourself “working” on weekends or evenings. The beauty is, if it’s something you enjoy, it won’t feel like work. Not only that, but if you’re earning a decent income elsewhere, you’ll be able to invest in your business without worrying about not covering bills or living expenses. By putting in the hard work before making the full leap, you give yourself the opportunity to make sure your business idea is viable (and financially stable) to quit the day job.The value of 1,000 true fans(Flashpop/Getty)Does this mean you have to wait until you’re making millions to fully commit? Not quite. Technology opens up a wide range of opportunities for online businesses. It’s possible to make a decent income by creating online products, such as eBooks or an online course, offering online services, such as coaching, or by becoming a content creator. Kevin Kelly, the former editor of Wired Magazine, presents an idea for the modern market: 1,000 true fans.According to Kelly, “to make a living as a craftsperson, photographer, musician, designer, author, animator, app maker, entrepreneur, or inventor you need only thousands of true fans. A true fan is defined as a fan that will buy anything you produce.” Kelly notes that if a true fan is willing to pay $100 for your content or services per year, you suddenly have a $100,000 business. “If you lived in any of the 2 million small towns on Earth you might be the only one in your town to crave death metal music, or get turned on by whispering, or want a left-handed fishing reel. Before the web you’d never be able to satisfy that desire. You’d be alone in your fascination. But now satisfaction is only one click away. Whatever your interests as a creator are, your 1,000 true fans are one click from you.”So, if looking to explore a business idea as a side hustle, begin by thinking: how can you move towards 1,000 true fans? It’s inspiring and attainable to aim for this ahead of millions of followers. Consider the above steps of what you’re good at, what you enjoy, and think about what people need. What niche can you delve into, allowing the internet to connect you to your tribe all over the globe?When should a side hustle become a full-time project?Eventually, by testing a business idea and slowly building an audience, you’ll reach a tipping point. That’s not to say all attempts at side hustle businesses are resounding successes. With focus, determination, and a clear desire to work towards your goals, the results will pay off. It might be slow in the beginning, but the effort works like compound interest, each day adding to the next. Before you know it, you might find yourself in a situation where you have to decide to pursue your side hustle full-time. What are the key signs you’re ready?Your side hustle is making money consistentlyThere are no guarantees with starting a business or following an idea. But you need to have a solid idea of the income stream your side hustle provides. This is why testing is such a good idea: you can see the ups and downs of your financial situation and spot trends over time.This income stream covers your living expensesHaving a consistent income is one thing, but you want to make sure your bills and costs are covered. Whilst a side hustle that earns you $2,000 a month is impressive, it won’t be sufficient if your monthly bills are $2,500! With this example, you might want to consider working part-time on the side, by reducing hours in your “main job” or looking for a more flexible role.You’re prepared for failureI know, failure is the last thing you want to consider when chasing a dream business idea. But it pays to be cautious. Do you have enough savings to cover your living costs if you have a poor few months? Whilst an element of risk is required, preparing a safety net will avoid getting into difficult financial situations.The demand is growingAway from the financial side, another sign is if you’re struggling to keep up with demand. If you work a 40-hour week in addition to selling crafts online and have a huge backlog of orders, it could make sense to commit more time to your side hustle, in the knowledge higher output will make you more money.You feel ready to take the shotAs Michael Jordan said: “You miss 100% of the shots you don't take." Yes, be wise about the financial side. But at the same time, know that it’s easy to talk ourselves out of pursuing a dream. Be prepared as best you can, and decide if it’s worth the risk to go all-in. Know you might never feel fully ready. What if now is the time to take that shot?(Kiyoshi Hijiki / Getty)Recap: How to start a side hustleBefore we conclude, let’s roundup the steps to starting a side hustle that you can start to transform the enthusiasm into action:Explore your motivation: get clear on why you want to start a side hustle. What is your intrinsic motivation and extrinsic motivation? What is your priority? Are you looking to boost your income, test a business idea, or monetize a passion? Start by knowing exactly what you want.Choose your side hustle: once you know your motivation, the next step is to choose the best side hustle idea for you. If you’re looking to make money, choosing the most lucrative and time-sensitive option might be the best fit. If you already have an idea you wish to pursue, this choice is already made.Create a plan: how much time will you dedicate to this weekly? What are your financial goals? What steps will you take to make sure you’re on track? Consider all these options as you make the project more tangible. If you’re testing a business, this stage involves working out your target audience and developing a business model.Take action: the next stage is to get to work, without overworking. Show up, be consistent, and honor your side hustle. Have patience, and see what happens. But know that dedication is an investment, and momentum will build.Consider if it’s time to go all-in: after you’ve worked on your side hustle for some time, you’ll get an idea of how viable it is. Are you enjoying it? Is it profitable? Is it showing potential to grow even bigger? This is the crossroads where your side hustle has a chance to become your full-time “job.”Feeling inspired? Ready to take that shot at a dream business, or boost your income? Prepping your trip to Walmart, or opening a new Google doc with the headline “business plan?” Great. Welcome to the side hustle journey. It’s great to have you here. Don’t forget: stay resilient!There will be ups and downs, but always remember, you’re much more likely to regret the things you don’t try. So keep making small steps, believe in what you’re trying to achieve, and allow the rest to take care of itself. And you never know, maybe today’s effort will make you tomorrow’s success story.

How to Get Out of Debt: A Comprehensive Guide
Mindset

How to Get Out of Debt: A Comprehensive Guide

To say that Americans are overwhelmed with debt is a vast understatement. Old, young, rich, or poor, many of us don't just find it hard to save money, but we find ourselves floundering in debt incurred by mortgages, credit cards, personal loans, bills, and student loans—to name just a few. In fact, last year, the average American owed approximately $92,727—the highest debt level on record. Since you’re here reading this, chances are you’ve got debt too.While it’s true that debt can easily start to feel “out of control,” making a get-out-of-debt plan is not only possible—it may just be the best choice you’ll ever make. Anyone willing to make the commitment that goes along with this choice is sure to see positive results, even if they have a low income. The good news: it gets easier with time as you get organized, build better spending habits and even learn from a credit counselor or credit counseling agency. How debt can negatively impact your lifeBeing in a large amount of debt can be extraordinarily stressful and therefore bad for your emotional health. A full 50% of Americans spend time worrying about how they’ll save for the future let alone pay the bills. Not to mention, financial stress can make it even more difficult to find the focus needed to budget and plan. On a purely logistical level, debt can also make qualifying for loans more difficult. For instance, if you want to purchase a home, most lenders require a debt-to-income ratio of 43% or less. Making the minimum credit card payments monthly is not good enough. You may feel you’re drowning in debt and that hope is long gone, but here’s the thing: the emotional burden caused by debt can actually blind you from finding solutions, and paralyze you from taking action. Know this: getting yourself out of debt can and will boost your health and happiness, because financial confidence boosts morale and opens up better opportunities to save and plan for the future.How to get debt free quicklyWhen it comes to paying down debt, we all know faster is better, because a) no one wants to pay off endless interest, and b) the quicker you find yourself debt free, the happier you’ll be. It’s that simple. So—how to pay off debt fast? Do you start with the largest debt? The one from the financial institution you use? Do you use what’s called the “debt snowball method,” paying off the smallest debts first and working your way up? Here are a few tried and true ways of cutting down your debt as quickly as possible. Stop borrowing(Getty)Yes, it’s easier said than done. Particularly if this is what got you here in the first place, a little brain rewiring may be in order to help you curb or eliminate your borrowing. Stop using credit cards and paying minimum payments, taking out loans, or doing anything that will create new debt. Make a promise to yourself to subsist on cash alone while you pay down your debt. You might even go the dramatic route and cut up your credit cards (keeping one for emergencies only) so you won’t be tempted to use them.Track spendingUnderstanding where exactly your money is going is crucial to deciding where to make budget cuts. Track all your monthly bills, from grocery bills to transportation costs to the size of your multiple student loans. Getting an idea of your daily spending for at least a month will help you get some clearer answers. A few common ways of tracking spending include: using free money management apps, banking app trackers, as well as keeping detailed notes and receipts. Whatever works best for you, make sure it’s a method accessible and easy enough for you to use daily. The tracking will show you where you’re overspending and where you can make cuts.Make that budgetUsing your tracked spending to guide you, find a budget worksheet that works for you and create a budget that takes your needs into account. Since there may be cuts you should make but don’t feel you’d be happy making, it’s important to find a balance you can live with. Start by putting it all in writing, and don’t forget to include a list of your financial goals, as they remind you why you’re doing this, and increase your chances of success. It’s also important to create a budget with enough flexibility to support you in an emergency. At the same time, don’t be too flexible. Depending on your relationship to money, it can be a slippery slope toward wayward spending. (mapodile / Getty)Ultimately, the more sacrifices you’re willing to make, the quicker you’ll extricate yourself from debt, and put more money in your wallet over the long term.StrategizeFinancial experts often recommend two payoff strategies: the avalanche method and the snowball method. The avalanche method entails paying off high interest debt first, while paying the bare minimum on all other debts. Conversely, the snowball approach entails tackling the smallest debts first and paying them off completely, one by one. As you pay off more and more debt, your extra funds snowball, while the amount of money you allot to repaying debt stays the same! Many consider the latter to be a more progressive and empowering approach, but both approaches have pros and cons, so it’s important to do what makes the most sense given your personal situation.Pay more than the minimum—if possibleDevoting as much money as you can toward reducing your debt each month is the best way to pay off debt fast. Every opportunity you have to make higher payments brings you closer to your goal of being debt free. When you sit down to create your budget, outline the minimum amount that you’re committing to put toward your debt each month and never dip below that baseline. This amount should represent roughly 20% of your income. That said, if you have a chance to increase that amount—even if just for a month or two—do it. No matter what your situation, do everything you can to pay more than your minimum payment, and you’re sure to start seeing those numbers drop. That’s the dream, after all.How to get out of debt with no moneyYou may be struggling to make ends meet with little to no income. If this is you, you’re not alone. But the questions remain: how to pay off debt fast? How to get out of debt with no money? These are valid questions, and ones you shouldn’t be embarrassed to ask. Here are a few strategies specifically catered to a low income situation, but they can be helpful regardless of your income level!Try to avoid debt consolidation loans and balance transfersIf you’ve got 99 payments and not enough income, you may have considered a debt consolidation loan or balance transfers to get rid of those extra payments faster. But—it’s important to be very cautious with strategies like these. Debt consolidation loans, which lump the balances of multiple credit cards, can be an attractive idea, but if you don’t combine it with strict budgeting, lifestyle changes and sizable on-time payments, you may find yourself worse off than before. Not to mention, there can be hefty initial and monthly fees associated with consolidating debt. Likewise, while transferring your credit card balance to another card often comes with a very low introductory rate, it also tends to come with an upfront fee. There are other ways to transfer debt as well, such as using home equity to pay off debt, but this involves putting your home at risk and should be avoided. Instead, you might consider using a debt management plan to make one monthly payment while also gaining access to expert advice when needed.Request credit card debt settlementCredit card debt is the only debt that can be reduced with a phone call, and yet most people are unaware of this! Yes, it is possible to renegotiate so that you’re paying a lump sum rather than monthly payments. This is called debt settlement. (MoMo Productions / Getty)Get this: all you need to do is ask (and ye just may receive). Simply call up your creditors and request a lower interest rate. If your payment history is good, you stand a chance. If they’re not willing to establish lower interest rates, you might request that they waive some of your recurring fees. Most companies will want to keep your business and will offer you options which, in one way or another, reduce your credit card debt. At the very least, it’s certainly worth a try.Mistakes people make when paying off debtGetting out of debt means making payments, yes, but it goes way deeper than that. It often means changing ingrained attitudes, lifelong spending habits, learning to budget wisely, becoming more aware of how much you actually owe and to who, and prioritizing debt payments over other expenses. In other words, there’s a lot going on when you consciously decide to pay off your debt once and for all, and you’ll likely make mistakes along the way—because you’re human. Here are some of the most common mistakes you’d do well to avoid!From student loans to credit cards: not paying off one debt at a timeIf you have multiple sources of debt, whether it is the combination of student loan debt, credit card debt, car loans, or a personal loan, it’s understandable to want to try cutting them all down at once by paying into each of them monthly. The only problem with that strategy is that it often prolongs the time you’ll need to spend paying down your debt, and leads to more interest in the long term. See the “Strategy” section above for better approaches to paying off debt faster.Not setting aside emergency savingsLife is unpredictable by nature, which is why every home needs an emergency fund. Experts recommend putting 3-6 months’ worth of expenses aside in case of an emergency. And yet, close to 40% of Americans don’t have $400 in the bank for emergency expenses. Even if your focus is paying down your debt, it’s important to include an emergency fund in your monthly budget.Not changing spending habitsWe’re human beings, and we love our creature comforts, which means habits are hard to break. But when it comes to learning how to save money, changing your spending habits often means changing your lifestyle too. (PeopleImages / Getty)You may need to reevaluate the stores and restaurants you frequent and the car you drive. You may need to spend more time at home, cook more, and eat out less. You don’t have to go without—it’s just a matter of tweaking your perception. You might allow yourself X “reward” meals out per month—chances are you’ll enjoy them way more than you ever did before!Not asking for helpIf you’re the person in your household who is responsible for finances, chances are no one else in the family knows the financial situation. But if you’re going to be successful, it’s important to be transparent and get everyone on board, working together. Tell them about the debt, share your plan to pay it off quickly, and make sure they all understand they have a role to play. Although it may be challenging to broach these subjects with kids, if handled well, these conversations can equip them with exceptional personal finance skills that they may not have learned elsewhere. Keep your whole family involved in the budgeting process: where there is team spending, you need a team effort to get rid of debt.Not keeping accounts open once they’re paid offWhile it’s understandable to want to close an account once you’ve paid off a given debt, it can be beneficial not to because your credit score is reliant not only on how much you owe, but how much credit you have available. In other words, if you have credit available but are not using it, this can nonetheless still improve your score. This of course only works if you can exercise self-control and not build up your debt again.Not saving for retirement simultaneouslyYou only have so much money to put aside each month, and you’re prioritizing your debt, so your retirement fund can wait, right? Wrong. The earlier you start contributing to a retirement fund, the better off you’ll be. Try contributing at least 5% of your monthly income to retirement savings regardless of your debt elimination efforts.Not checking your credit report for errorsNever assume your credit score is correct and doesn’t need verifying. Mistakes are made, so be sure to check your credit report thoroughly for errors or inaccuracies. This is a worthwhile endeavor, as it may affect your ability to buy a house or car—or not. FYI: you’re entitled to a free credit report from each of the major credit reporting bureaus: Equifax, Experian and TransUnion, so take advantage and get one!Get professional debt helpFact: it’s possible to get out of debt no matter how unlikely or impossible it may seem right now. It’s also important to remember that how much money you make isn’t everything: plenty of high-income people can remain in debt their entire lives, and plenty of low-income people live with zero debt. If you feel like you’re in over your head and could use some professional guidance on how to get rid of debt, know that there is help out there geared at helping people become more financially savvy and teaching more in-depth strategies for reducing debt over time. You don’t have to figure it out by yourself or study these money quotes to get a better idea, as there are highly skilled financial coaches able and willing to help you make a sound debt repayment plan that works for you personally!Bottom line: if you can’t get out of debt, you might need to declare bankruptcy, but this ruins your credit rating and renders you ineligible for loans or credit for years to come. On top of all that, declaring bankruptcy may not affect student debt at all. Really, this should be a true last-ditch option. If you follow the advice outlined here, most holes are not so deep that you can’t climb out of them and land yourself debt free on the other side. And when you do, chances are that building up more debt in the future will be so unattractive that you’ll avoid it at all costs.Final thoughtsUltimately, living life while deep in debt can have a very negative effect on your wellbeing and your ability to save and plan for a better future. (MoMo Productions / Getty)But guess what? You deserve a glorious future, and the best way forward is to pay it forward today.Need some extra inspiration to get started paying off that debt?

America's Best Boss Dan Price Is Speaking Out Against Stock Market Injustices
Entrepreneurs

America's Best Boss Dan Price Is Speaking Out Against Stock Market Injustices

The stock market has been in the news more than ever over the past few weeks, as less successful stocks have been incredibly, well, successful. And Dan Price, the boss who went viral for giving a minimum yearly salary of $70K to all his employees, is standing up for the greater good of the collective once again. Recent developments have led to stock market novices beating rich stockholders using the same tricks that they themselves have long used to make money.What is really going onMany started to question what the stock market actually means, and how valid its projections are, if it can so easily be manipulated. And it turns out, that’s precisely the point, according to Dan Price, the CEO of Gravity Payments. He explained why there’s actually no link between the stock market and reality in a Twitter thread that went viral.In fact, at its essence, believes Price, it’s a system that allows the rich to exploit the poor.Prince mentions examples such as airlines spending 96% of free cash flow on stock buybacks for a decade, then cutting 90,000 jobs, but then getting a $50 billion bailout. He brought up other companies too that laid off or furloughed employees, only to give their CEOs giant bonuses.He points out: “On Jan. 6, when the mob stormed the Capitol, the stock market went up 250 points to a new record, handing the richest 1% an extra $300 billion. Also that day, a new report showed employment dropped for the first time since April and a then-record 3,900 people died of covid.”A great divideSo does he have a point? Apparently, yes. Sam from the Financial Samurai blog was interviewed by Bored Panda and explained that the stock market created a giant divide between the rich and the average-income earners.“CEOs have no magical powers. Yes, they have the operational experience to run big companies. However, they are often just spokespeople and ambassadors of the firm. One person cannot make that big a difference in a large organization. If Tim Cook from Apple steps down, the company will be fine. Another overpaid CEO will take his place,”“The reason why CEOs can get paid so much is due to the direct correlation of the size of the company. When a company is worth hundreds of billions of dollars, it’s easier to pay a CEO tens of millions of dollars a year, which comprised mostly of stock options." “At the end of the day, the CEO and the Board of Directors’ goal is to provide as much value and returns as possible for its shareholders. And if that means firing thousands of employees, then that is what they will do. It is a sad reality of extreme capitalism.”Dan Price had endless examples of companies that mess with their employees’ livelihoods and cut jobs but somehow pay their CEOs huge bonuses. All of this enables the rich getting richer.An example of great leadershipDan went viral for cutting his own pay so that his employees could make more – but unfortunately, many aren’t like him. Business is business and, at the end of the day, those leaders often worry about the people on top before anyone else. That isn’t likely to change any time soon.But Dan’s twitter thread – and own history of being a great boss – shows that we can decide to change, within our own companies and lives – and set an example. Maybe more bosses can be like Dan Price and understand that it’s the people – the ones who keep businesses going – that need to be appreciated and taken care of. More uplifting news: Millionaire CEO Gets Wake-Up Call, Gives $70,000 Minimum Wage To All EmployeesThis Boss Just Gave $10 Million in Holiday Bonuses to His 198 EmployeesMacKenzie Bezos Pledges to Give Away Half of Her $37 Billion FortuneChiefs Player Who Abandoned His Team Is The Real Winner Of Super Bowl LV

Lady Gaga Reveals She Was Bankrupt After Her Monster Ball Tour - and She Was at Peace with It for This Inspiring Reason
Finance

Lady Gaga Reveals She Was Bankrupt After Her Monster Ball Tour - and She Was at Peace with It for This Inspiring Reason

Lady Gaga is on top of the world. She's received several Oscar nominations for her role in A Star Is Born, she's just begun a residency at Park MGM in Las Vegas, and she has countless hit albums. But, just a few years ago, she was actually bankrupt!"I actually went bankrupt after the first extension of The Monster Ball," she told the Financial Times, of her second worldwide concert tour, which ran from 2009 to 2011. "And it was funny because I didn't know!""And I remember I called everybody andsaid, 'Why is every­one saying I have no money? This is ridiculous, I have fiveNo. 1 singles.' And they said, 'Well, you're $3 million in debt.'"RELATED: Lady Gaga Gets Real About Mental Health Struggles, Inspires Us with Her Raw HonestyGaga is, of course, doing just fine now, she made enough money to pull herself out of debt because of "the sheer quality and popularity" of her work, the FT reported. And now, she has more than turned it all around. In 2018, Gaga had already earned $50 million as of July, Forbes reports.But, money has never been her motivation, she told FT, "The beauty for me about being an artist is that the dream will never die, because I'm not obsessed with material things and don't care about the money and don't care about the attention of the public, but only the love of my fans, so for me it's about how much more devoted, how much better an artist can I become."Inshort, she said, "it's honestly true that money means nothing to me."Gaga does appreciate having money when it comes to important expenses though -- and that includes her concerts, she said, "The only big things I've purchased are my dad's heart valve and a Rolls-Royce for my parents, for their anniversary. Other than that, I put everything in the show."For Gaga, money is a reward for her hard work, but it's not the only or most important reward. Her success, and getting to share her art, is the greatest reward, and it's such an important lesson we can all learn from.RELATED READING:Tony Robbins Says Everyone Should Do This with Their Money Before Turning 30This Devastating Financial Mistake Shaped Kevin O’Leary’s Future Relationship with MoneyWhy It’s Actually Better to Have No Money When Starting a Business