What is passive income exactly? Passive income is simply money that is made passively! And what does that mean?! Well…basically, it is money that’s created by doing as little work or the most minimum amount of work possible. Unlike a job where we have to work in order to earn an income, passive income comes […]
Let’s start with bad debt. What is Bad Debt? Bad debt is usually obvious and sometimes it’s not. Let’s break it down…bad debt is money we borrow to pay for something that will not increase in value and/or not pay us back after we make the purchase. A clear cut, prime example is using a […]
For many of us today, debt is just a fact of life. It’s how we pay for just about everything from the homes we live in, to the cars we drive and even down to the small, day to day purchases like food, gas, that daily cup of coffee (or two, or three), etc. No […]
Believe it or not, much of our money habits are affected by outside influences, like the media, television, radio, newspapers, magazines, etc. Each year, companies spend billions of dollars in advertising and marketing, all for the sake of getting us to spend our money to buy their latest and greatest product or service right NOW! […]
All individuals have habits! A habit is defined as a recurrent, often subconscious pattern of behavior that’s obtained through frequent repetition. To put it simply, it’s repeatedly performing the very same things over and over without thinking about it, like nail biting or snacking on food. Over spending our money can also fall into that […]
To help create a spending budget that’s not just sensible, but also effective, we need to start by calculating our income. Once we’ve calculated our income, then we can list our expenses by first making a list of our fixed expenses such as rent or mortgage payments, automobile payments, insurance premiums, etc. After that, we […]
Many of us have either created or attempted to create an effective budget at some point. For those of us who have, budgeting or “good money management” is probably one of the most difficult things we face in dealing with our finances. What we need to realize is that successful budgeting is key to good […]
When creating multiple income streams, the goal should be to take advantage of our own potential based on hobbies, interests, experience, talents or passions that we have. Whatever we choose to create our additional income, it should take little to no money to get started. There are so many options and opportunities available, with a […]
People that are wealthy have multiple income streams, meaning they earn money by creating additional sources of income. In fact, the average millionaire is known to have 7 different income streams. Aside from making more money, the reason for having more than one source of income is to reduce the impact to our cash flow […]
Have you ever thought of yourself as a business or even as being in business for yourself? For those of us who may be self-employed, this thought probably makes more sense, but most of us who are employed by someone else, we may have a difficult time realizing the concept. When we’re employed by someone […]