Why Most Passive Income Ideas Are Terrible and How to Actually Make a Passive Income Yourself

make a passive income

Passive income – we all crave it and can’t wait to make a passive income source of our very own. I mean c’mon – make money while we sleep? Bring it! Give me some of that! In fact, I’ll take a double-portion! This topic has always been intriguing, but you know what? Now with all of this craze around FIRE (Financial Independence/Retiring Early) and extremely early retirement, passive income has become even more mainstream and perhaps the most sought-after money topic out there on the web today.

Basically, millions of people want to earn money without earning it…which leads to countless scams and misinformation…

Why Most Passive Income Ideas Are Terrible

I’m sitting here on my porch during a peaceful evening, trying to think of a great topic to help my readers in their financial walk (or run, rather, for all of you that are dead-set on getting out of . . . → Read More: Why Most Passive Income Ideas Are Terrible and How to Actually Make a Passive Income Yourself

What Does It Take to Become a Millionaire? (Hint: It’s Not a Higher Salary)

become a millionaire

If you haven’t been keeping up with the personal finance space lately, you may have missed all of the new “FIRE” and “retire a millionaire” posts. These articles are all about becoming financially independent, saving up enough money to retire early, and a lot have to do with having a million dollars. But what does it really take to become a millionaire? Well surprisingly, to become a millionaire, you really don’t need to make a lot of money.

What Does It Take to Become a Millionaire?

This post was written by our long-time staff writer, Kimberly Studdard.

So what’s the secret then? How are all these people becoming millionaires if they don’t have a 6-figure salary? Just like most common sense “secrets”, there’s no one thing that you can do to make yourself an automatic millionaire. Instead, it’s all about the little stuff. All combined, it makes quite a few . . . → Read More: What Does It Take to Become a Millionaire? (Hint: It’s Not a Higher Salary)

How (and Why) to Climb the Corporate Ladder Instead of Retiring Extremely Early

climb the corporate ladder

Retiring extremely early — it’s all you hear about today…

“How so-and-so retired at age 30” “What it’s like to travel the world and earn $1M while doing it” “How to work for 7 years and retire for 70”

Man, talk about some great click-bait article titles! I should really use these for myself in the future… Anyway…back on track here. We’re all in awe of people that can retire extremely early. Their Airstream, their hipster look, and their memorable experiences — all without the need for a job?? Sign me up, right?

Not so fast.

Just because Johnny jumps off a cliff, does that mean you should do it too? What’s best for one person might actually make you miserable. Case in point: I’m 6’8″… Living in a tiny Airstream every day would suck. So before you start lusting after an extremely early retirement, you’ve really got to ask . . . → Read More: How (and Why) to Climb the Corporate Ladder Instead of Retiring Extremely Early

8 Things You Must Do When You Get Out of Debt

things you must do when you get out of debt

You are absolutely killing it. You’ve paid off the credit cards, the car loan, the medical bills, and now you’re getting ready to tackle the student loan debt head on. You’ve never felt better in your life and you can’t wait to be debt free! Only…what is it that you’re supposed to do when you get out of debt?

Should you…

Invest? Pay off the house? Relax and become more generous with your money? Keep killing it and become a millionaire as fast as possible?

What’s the right answer? What must you do when you get out of debt?

8 Things You Must Do When You Get Out of Debt

I was lucky. I had a bit of a windfall with a new job and a signing bonus. After moving back to Michigan, I simply stroked the $4,500 check to my parents (they graciously loaned me the money for my . . . → Read More: 8 Things You Must Do When You Get Out of Debt

Common Sense Stuff That Nobody Does – Back to Personal Finance 101

common sense stuff that nobody does

Don’t stick a fork in a power outlet. Don’t treat a construction site as your personal jungle gym. And don’t ever park your car on train tracks. This is pretty common sense stuff, right? If you want to stay alive, try to avoid doing stuff that’ll kill you. On the same token, if you want to have some money at some point in your life, avoid the stupid stuff that will eventually make you lose it.

Common Sense Stuff That Nobody Does – Back to Personal Finance 101

Credit cards, 0% interest, 0% down, options trading… personal finance has gotten pretty complicated, hasn’t it? Fifty years ago, common sense in finance was easy, because it was pretty much the only way to live!

Back then, you saved up money, paid cash for stuff, and brought it home. If you wanted to make an investment, you physically handed money to the . . . → Read More: Common Sense Stuff That Nobody Does – Back to Personal Finance 101

50+ Practical Ways to Pay Off Debt Faster [Free Tools Included!]

pay off debt faster

Laura Harris is a fascinating person with an even more fascinating story – debt free by 25, a stay-at-home mom on a super low income, and a self-made success in the freelance writing industry… When she came to me with the idea of writing this post, there was absolutely no way I was going to pass her up. Practical ways to pay off debt faster? Uhhhh, yes please. This is a topic that we’re all craving, and given the quality of the content below, I wouldn’t be at all shocked if this post is soon read by thousands (maybe even hundreds-of thousands) of people.

In 2012, my husband and I became debt-free. What we thought would take seven years only took two. We were shocked. It wasn’t because we made more than the average family. We learned if we wanted more freedom, we had to find as many ways as . . . → Read More: 50+ Practical Ways to Pay Off Debt Faster [Free Tools Included!]

What if You Save a Million Dollars For Retirement? Will It Be Enough?

save a million dollars for retirement - age 55

Save a million dollars for retirement…it’s everyone’s dream, right? Man, if you had a million bucks in your retirement accounts at retirement, think of what you could do!

You could:

Take exotic vacations every month Go out to eat without ever thinking about the bill Buy lavish presents for all your friends and be the most beloved old people on the planet!

Well…maybe you could and maybe you couldn’t. It basically all depends on your age…

What If You Save a Million Dollars for Retirement? Will It Be Enough?

What do I mean, “It depends on your age?” What does age have to do with it? A million bucks in a million bucks, right?

Wrong.

Because of constant economic growth and the establishment of monetary policy (don’t know what monetary policy is? Here’s a link. It’ll solve your sleeping troubles too… ;)), citizens all around the world experience a . . . → Read More: What if You Save a Million Dollars For Retirement? Will It Be Enough?

When it Comes to Your Life, Don’t Count on Luck

don't count on luck

Lucky numbers on a jersey, a rabbit’s foot key chain, or perhaps taking a chance on a wishbone at Thanksgiving – all good luck charms people use to bring good fortune and ward off bad luck. But not everything should be left to luck. Some things in life need serious planning with a bit of professional help. One of those things is life insurance.

When It Comes to Your Life, Don’t Count on Luck

Your life should never be left to chance, especially if you have a family or a business. Here are a few common misconceptions about life insurance, and important information you may not know.

I Can’t Afford It

With life insurance policies, there is no standard that applies to everyone. There are different insurance policies available to suit your budget and your needs. A little shopping around is all it takes to find the policy that is . . . → Read More: When it Comes to Your Life, Don’t Count on Luck

6 Reasons You Should Always Have $1,000 in the Bank

$1,000 in the bank

What do most people do when they have a $1,000 emergency? Based on my observations over the years, they…

Set up a Go Fund Me account (eye roll…so because you don’t manage your money well and now have an emergency, you think I should foot the bill for you??…I don’t think so) Put the emergency expense on their credit card and then try to pay it down over time (which never works because inevitably another emergency pops up before you can…or you know, you need to fund a vacation or something) Borrow the money from a family member and pay it back as quickly as possible…as if there’s not already enough fuel there to start a family feud Scrimp and save to come up with the money quickly

Or, people simply take $1,000 out of their savings account, pay the bill, and get on with their lives. Obviously this . . . → Read More: 6 Reasons You Should Always Have $1,000 in the Bank

My Personal (and Spiritual) Beliefs About Wealth – What About You??

beliefs about wealth

I’m a Christian…and that’s where the topic of wealth can get really confusing…

Some Christians believe that it’s almost a sin to create wealth, because by doing so you’re hoarding money for yourself instead of giving it away to the poor and needy. Therefore, if you’re rich, you must be selfish…and you may even be going to hell…

Other Christians believe in something called the ‘prosperity gospel‘, which basically says that if you tithe regularly and continue to have faith in God, you’ll be rewarded with great financial riches. Something like…give away $1,000 and God will bless you with $10,000.

And this is why most people don’t like to talk about money…because beliefs about wealth – even among one religion – can be polarizingly opposite from one another!!

My Personal (and Spiritual) Beliefs About Wealth

This post is going to get a little personal (as you may have already gathered . . . → Read More: My Personal (and Spiritual) Beliefs About Wealth – What About You??