Join our FREE 21 day challenge to increase your savings and decrease your debt.
Will you jump or be pushed?
You know when it is time to pack up and leave corporate life to do something different. Or, sometimes, you can be pushed out. When the last four years of my official corporate life turned into one nightmare after the next, I finally decided it was time to learn a different way to earn an income.
In 2016, I was about to get out of bed one morning and the room was spinning. I simply had to keep still in order for the room to stop going in circles. My stress levels were through the roof and I was working with persons that I was not in alignment with.
I felt that in order to be a better person and a better mother, I had to learn a new way to bring value to the market and get paid for it. It was time to get coaching and mentorship because my debts were growing but my income was not. Ever felt that way? It’s time to change that.
Create an income plan to increase savings and reduce debt
In today’s challenge, we want you to decide which income ideas you resonate with. We want you to expand your thinking from the traditional 9 to 5 to investment income, commission income, business income and more. Our goal is to build out income to build up savings which allow you to reduce debt.
When you determine which passive or active income ideas moves you, you can now plan to increase your savings and reduce your debt.
As we go through this 21-day challenge, imagine that each strategy offered is an open door for you to walk into your new empowered life.
http://https://www.youtube.com/watch?v=S1Z7gm6Dyaw
BUILD OUT YOUR INCOME
Of the various ways to make more money to boost your savings, most fall into general categories.
- Your salary
- Your investment income.
- Your business income (online and offline).
- Your commission income.
And each of these income categories requires a plan of action to implement and team members for support. This may mean family members or friends to keep you accountable.
Some of these ideas require talking to an investment advisor or banker so that you can widen your income streams by buying securities. Some of these ideas require setting up your online store to attract clients. I am an affiliate of GrooveFunnels which offers a free lifetime storefront. So that may be an option for you. GrooveFunnels offers free for life storefronts, sales funnels, and training on how to use the tools. And if you want to flesh out your income investment strategies, check out this workbook as well.
INVESTMENT INCOME IDEAS
Note that we said that the income ideas that will help to increase your savings and reduce your debt can be either active or passive. Active income ideas include (a) your job; (b) your business (c) and your commissioned income.
First, we want to consider passive income under the category of investment income. With a focus on investment income, you are going to work with the right team – your banker, your investment advisor, or financial coach to map out how you will earn from each investment decision.
There are ways you can earn from your investments and many of these options can be bought online by an online investment broker.
What is the takeaway?
🎯Consider your investment income like a ladder. Each rung on the ladder is made up of both time and a check paid out to you.
So for the lowest rung of the ladder, you would have safe money that pays out in less than a year.
And then each rung of the ladder, you go up in time the money is invested. However, here’s the trick.
🎯You want to make sure that every four months you get a check from passive income.
Remember, active income is what you can earn daily, weekly or monthly because you are doing the work.
Passive income is reliant upon investment experts to work for you.
So remember, here we are building an investment ladder so that we can get money EVERY FOUR MONTHS. How much money depends on how much you invest. Let’s go through some options.
Short-Term Accounts
These include certificates of deposits or treasury bonds. Now, expect money market yields to head lower and so this is where you keep the short-term money that you will need in less than 1 year.
Municipal Bonds
These are investments offered by cities to finance their operations such as street cleaning and building schools. Several options exist.
Fidelity Intermediate Municipal Income (FLTMX, 1.75%) is no-load funds which means that there is no commission paid by you to purchase this. Adjusted for the maximum federal tax rate, the fund’s tax-equivalent yield is 3.0%. Nearly 90% of the fund’s assets are in muni bonds rated A or higher. The largest sector, at last reading, was health care; the largest state exposure in the portfolio was Texas. Other municipal bond fund options are:
- Vanguard High-Yield Tax-Exempt (VWAHX, 3.21%)
- Vanguard Intermediate-Term Tax-Exempt Bond (VWITX, 2.03%)
Investment-Grade Bonds
The first decision is whether to invest in an index fund or hire an active bond manager. For new investors, the recommendation is to buy mutual funds that focus on bonds so that you do not have to be stressed about which individual bond to buy.
- Vanguard Intermediate-Term Corporate Bond Index (VICSX, 3.3%)
- iShares Core U.S. Aggregate Bond (AGG, $117, 1.8%)
- Dodge & Cox Income (DODIX, 2.9%)
- DoubleLine Total Return (DLTNX, 3.1%)
Real Estate Investment Trusts (REITs)
An option that is liquid, publicly traded securities, REITs can be volatile—unlike, for instance, the price movements of your home. The benefit of REITs can be bought and sold easily and pay out dividends. REITs invest in a wide variety of real estate holdings such as shopping malls, cinemas, hotels and resorts, and even some office space. Many REITs benefit from holding multi-year leases. That provides some clarity about expected cash flow, but REITs are not immune from the economic ravages of a recession.
Here are some options:
- Realty Income Corp. (O, $52, 5.3%) owns 6,400 properties that it leases to large companies, such as Walgreens, Walmart, 7-Eleven, and Fed-Ex.
- Vanguard Real Estate Index (VNQ, $76, 4.6%) owns shares in American Tower, owner and operator of wireless communications infrastructure, followed by Prologis, a leading owner of supply-chain and logistics real estate, such as warehouses.
- Physicians Realty Trust (DOC, $16, 5.8%) develops, owns and operates health care buildings that are leased to doctors, hospitals, and other health care providers.
- Digital Realty Trust (DLR, $149, 3.0%) owns and operates data centers around the world, which benefit from the global surge in demand for information storage and video streaming.
- For more in-depth training on 23 sectors in real estate that you can access without a large deposit or excellent credit, this course can be of great assistance.
Dividend Stocks
When you include dividend-paying stocks in your income portfolio, you can grow your savings to reduce your debts. What are you looking for? The goal is to instruct your investment advisor or Robo investment service to look for companies like: JPMorgan Chase, Wells Fargo, Occidental Petroleum, Ford Motor, Verizon Communications, AT&T, Dominion Energy, Pfizer, AbbVie, a spinoff from Abbott Labs that recently acquired Allergan and Boeing that have the following characteristics:
- High-quality companies with strong balance sheets
- Sufficient cash
- And an ability to keep paying and ideally increasing dividends.
If you are not interested in finding individual stocks, you can consider a mutual fund like IShares Preferred and Income Securities (PFF, $34, 4.5%).
ACTIVE and PASSIVE INVESTMENTS
So here is the list of income ideas for you to consider. We have both active and passive income listed for you to discover. Now, it can mean that you have to experience a mind-shift to get to the space where you can make money in different areas.
Moving from the 9 to 5 mindset to multiple streams of income mindset can be a challenge. Remember, it is not about doing it alone and overworking yourself. You must build a team to help you navigate this new life. Many of us have grown up with the idea that we can manage everything by ourselves. That is not the case. Now, this has been a jam-packed information session and so if you want to spend a few minutes talking about how these ideas can help multiply your money, you can sign up for a free coaching session.
Let’s get going to see what is available and what is the most suitable for your personality!
1. Dividend Stocks
2. Rental Properties
3. High Yield Savings Accounts And Money Market Funds
4. CD Ladders
5. Annuities
6. Invest Automatically In The Stock Market
7. Invest In A REIT (Real Estate Investment Trust)
8. Invest In A Business
9. Invest In Student Income-Share Agreements
10. Refinance Your Mortgage
11. Pay Off Or Reduce Debt
12. Peer to Peer Lending
13. Sell an eBook Online
14. Create a Course on Udemy
15. Selling Stock Photos
16. Licensing Music
17. Create an App
18. Affiliate Marketing
19. Network Marketing
20. Design T-Shirts
21. Sell Digital Files on Etsy
22. List Your Place On Airbnb
23. Car Wash
24. Rent Out Your Car
25. Vending Machines
26. Storage Rentals
27. Laundromat
28. Cashback Rewards Cards
29. Cashback Sites
30 Get Paid To Have An App On Your Phone
Thirty ways to make money out of the millions of ideas that are out there. What speaks to you? When you seek to increase savings and reduce debt, a clear plan is needed. You need a team to help you as this way of life is so very different from the traditional 9 to 5. And if you are an entrepreneur or a solo-prenuer going on your own, again, think about searching first for sources of support. In order to win the income game, you have to have the right team!
