The Top 2 Ways To Turning Your Passions Into Multiple Streams of Income

In Making a Living Without a Job, Barbara J. Winter described the idea of Multiple Profit Centers: “I think of creating profit centers,” she wrote, “as being akin to what a juggler does when spinning plates on top of sticks. The juggler walks out on the stage with ten sticks and ten plates but doesn’t begin spinning them all at once. Methodically, he or she positions the first plate on a stick and gets it into motion. Once done, the juggler moves on to the next, then the next, and so forth. Eventually, all ten of the plates are spinning away, each with its own momentum”

Creating multiple streams of income is key to sustain and secure your message. When one of the streams faces a hard time, others lift you up.

When it comes to creating multiple streams of income (or multiple profit centers as Barbara likes to call), people are divided into two groups: Read the Rest of This Article »

The 21 Winning Attributes Of The Wealthy

When I consider the word wealthy I want to go far beyond the limited definition that relates purely to accumulation and comfort.

Wealth to me has a far much broader meaning that also includes the richness of friends, family, as well as opportunities.

So with that understanding let’s explore 21 of the finest attributes of the wealthy. Read the Rest of This Article »

5 Failures of Financial Planning (and How to Fix Them)

If you’re wondering how you are supposed to save for a distant retirement when you’re struggling to pay off debt and make ends meet right now, you’re not alone. I think financial planning has failed a lot of people. The promise that if you work hard, save 10% of your income, invest in your 401(k), have a diversified investment allocation, and have an emergency fund everything will be fine has left a lot of people frustrated, discouraged, and even a little angry. Read the Rest of This Article »

Be a Peaceful CFO of your home

Experts talk about the pros and cons of cash gifts, earned money, dole outs, and allowances. Parents wonder, which is right for their families. We may be missing the bigger picture. How our children get spending money is irrelevant. It’s what they learn about money that matters.

When we say we want our children to know about money, what do we mean? Do we mean we want them to know how-to make it and how-to spend it? If we teach them the why we make money and why we spend money, they will know how-to.

If money is the end, there will never be enough. If money is a means, there will be plenty. Read the Rest of This Article »

The Secret of Financial Happiness

“Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.” (Mr. Micawber, in David Copperfield by Charles Dickens – 1850)

You already know this secret, really.

But maybe you don’t like to think about it.

If you’re trying to improve your financial situation, you need to either:

• Spend less
• Earn more

Even in the post-credit-crunch world, it’s all too easy for us to put items on a credit card. It’s all too easy to run up thousands of dollars of debt – with our spending constantly outstripping our earning. Read the Rest of This Article »

Skipping the Latte Could Cost You: Why Cutting Back Can Sometimes Cost You More

I’ve been dropping into my favorite coffee shop for years. Then, amid the buzz over the economy and what a waste of money my lattes were, I stopped. Afterward, I found that while passing that coffee shop I missed the smell, the people, the “me time.” This combined with my inferior ability to make a cup of Joe made me realize this experiment was turning into a latte nonsense.

We often hear about what we can’t and shouldn’t do. But modern psychology again and again shows us that it’s not all black and white. A little splurge can be good for you; just sitting somewhere for a moment in thought isn’t a waste of time. Even what we know about caffeine has changed. Here are some reasons skipping that latte actually could be bad for your well being. Read the Rest of This Article »

In Defense Of Solvency: 4 Reasons You Need To Pursue Financial Solvency

Let’s face it; many people would love to be rich. Few people wouldn’t want to jet set around the world traveling, attend the most coveted premieres, drive their dream cars, lavish gifts upon their love ones, etc. However, there is limited value in even thinking about riches until you can become and stay financially solvent. Solvency isn’t about income. No matter whether you make $40,000 a year or $400,000 a year, you can still be broke. Solvency is simply your ability to meet your entire financial obligations with some money to spare. It is the degree to which your current assets exceed your current liabilities. Read the Rest of This Article »

Reduce Your Spending or Increase Your Income: What Should You Do?

Whether you’re deep in debt or just having a few financial hiccups, it’s almost certainly the case that you’re spending more than you’re making.

A lot of personal finance writers will advise you to cut your expenditure. Eat out less often, downgrade your cable package, stop buying pricy coffees, and so on. There’s a strong focus on getting rid of unnecessary, day-to-day spending – sometimes dubbed “the Latte Factor” (a term coined by financial adviser David Bach). Wise Geek explains it like this:

The Latte Factor® is a euphemistic label for all that extra money we spend daily on nonessentials such as candy, bottled water, doughnuts, muffins, soda, cigarettes, magazines, newspapers, and yes, lattes.

It’s good advice, as far as it goes. Daily amounts do add up fast, and by cutting out a regular “nonessential” you could probably save at least $50 each month.

But however much you cut out the fat of your spending, you’re going to pretty quickly hit a wall… Read the Rest of This Article »

9 Steps to Work Less and Do More

Like most people, my life has been spent balancing my yearning for laziness—tropical islands with fruit-flavored beverages figure heavily in my life goals—with a burning desire to achieve great things, like invent a robotic Bumble Bee. The answer has been finding ways to achieve great things, using as little work as possible. Fortunately, there’s ample room for finding ways to work less and get more done.

Here are nine simple things I’ve learned over the years about how to get results without working too hard. Indeed, there are nine steps because ten steps would be way too much work). If you’re still working towards your own tropical island paradise, I hope these put you speedily—and lazily—on your way. Read the Rest of This Article »

3 Ways to Have More Money Left at the End of Your Month

In today’s economy, everyone is looking for ways to stretch their dollar. There are a lot of minimalism strategies out there such as giving up that morning latte, brown bagging it a couple times a week, and even trading in your car for a bike.  Here are three ways that you might not have even thought about, that could put a lot more in your pocket than skipping your coffee break! Read the Rest of This Article »

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