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Personal Finance Quotes for Motivation to Become Wealthy

Powerful quotes can have a huge impact on your journey to success. If you can find a quote which you love, you’ll have a guide on your path to success.

Below, I’ve gathered up a number of personal finance quotes to inspire you to become wealthy.

Financial freedom is a fantastic feeling, and it is something I hope everyone can experience in their live.

Hopefully, one of these quotes resonates with you and provides you some motivation to get out of debt, increase your income, save money, and build wealth.

Windfall experiment what would you do with $5,000,000Inspiring Personal Finance Quotes

Personal finance can be boring, but having lots of money is far from boring.

Here are some inspiring quotes on money, wealth, and life to get the motivation flowing:

Money is better than poverty, if only for financial reasons. – Woody Allen

Money is a good servant but a bad master. – Sir Francis Bacon

Riches are not an end of life, but an instrument of life. – Henry Ward Beecher

You can be young without money, but you can’t be old without it. – Tennessee Williams

Remember the golden rule: he who has the gold makes the rules. – Unknown

Money isn’t everything, but it’s right up there with oxygen. – Zig Ziglar

When I was young, I thought that money was the most important thing in life; now that I am old, I know that it is. – Oscar Wilde

Wealth is the ability to fully experience life. – Henry David Thoreau

Money can’t buy happiness, but it can make you awfully comfortable while you’re being miserable. – Clare Boothe Luce

millionaire by 30

Saving Money Quotes

We all know that saving more money is important, but sometimes it’s hard to cut your expenses. Having a big bank account is better than having a small bank account.

Let’s get motivated from some of the greats like Ben Franklin, Warren Buffett, and Abe Lincoln!

The question isn’t at what age I want to retire, it’s at what income. – George Foreman

A penny saved is a penny earned. – Ben Franklin

If you can count your money, you don’t have a billion dollars.-J. Paul Getty

Save a part of your income and begin now, for the man with a surplus controls circumstances and the man without a surplus is controlled by circumstances – Henry H. Buckley

Prosperity is the fruit of labor. It begins with saving money – Abraham Lincoln

Save money and money will save you. – Unknown

Do not save what is left after spending, but spend what is left after saving. – Warren Buffett

Save your money. you’re going to need twice as much money in your old age as you think – Michael Caine

All days are not the same. Save for a rainy day. When you don’t work, savings will work for you. – Unknown

If saving money is wrong, I don’t want to be right! – William Shatner

pay cut before reaching financial independence

Money Investing Quotes

Growing wealth over time requires consistency, remaining calm and choosing the appropriate assets. 

Whether you are a beginner or pro investor, hopefully you can learn from these quotes on investing.

The goal of the nonprofessional should not be to pick winners – neither he nor his “helpers” can do that – but should rather be to own a cross section of businesses that in aggregate are bound to do well. A low-cost S&P 500 index fund will achieve this goal. – Warren Buffett

When you look at the results on an after-fee, after-tax basis, over reasonably long periods of time, there’s almost no chance that you end up beating the index fund. – David Swensen

Surprise, the returns reported by mutual funds aren’t actually earned by investors. – Jack Bogle

An investment operation is one which, upon thorough analysis, promises safety of principal and an adequate return. Operations not meeting these requirements are speculative. – Benjamin Graham

Risk comes from not knowing what you’re doing. – Warren Buffett

Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves. – Peter Lynch

Life and Money Quotes

Becoming successful with your personal finances allows you to live the life you want and deserve. Here are a number of quotes for some motivation on your path to getting rich (both financially and in living a rich life).

Whatever the mind of man can conceive and believe, it can achieve. – Napoleon Hill

Those who have a “why” to live, can bear with almost any “how”. – Victor Frankl

The most difficult thing is the decision to act, the rest is merely tenacity. – Amelia Earhart

The man on top of the mountain didn’t fall there. – Vince Lombardi

A journey of a thousand miles begins with a single step. – Lao-Tzu

He who chooses the beginning of the road chooses the place it leads to. It is the means that determines the end. – Henry Emerson Fosdick

Your choices are made in a moment, but their consequences will transcend a lifetime. – MJ DeMarco

debt eliminationPaying Off Debt Quotes

Debt sucks! Debt restricts you from living the life you want to live. Getting out of debt is possible, but will take some motivation and consistency.

If these quotes don’t motivate you to get out of debt and stay out of debt, I don’t know what will!

The rich rule over the poor, and the borrower is slave to the lender. – Proverbs 22:7

Good times are when people make debts to pay in bad times. – Robert Quinlin

What can be added to the happiness of a man who is in health, out of debt, and has a clear conscience? – Adam Smith

When you get in debt you become a slave. – Andrew Jackson

Christmas is the season when you buy this year’s gifts with next year’s money. – Unknown

Running into debt isn’t so bad. It’s running into creditors that hurts. – Unknown

Rather go to bed supperless, than rise in debt. – Benjamin Franklin

Never spend money before you have it – Thomas Jefferson

If I owe you a pound, I have a problem; but if I owe you a million, the problem is yours. – John Maynard Keynes

If you think nobody cares if you’re alive, try missing a couple of car payments. – Earl Wilson

Become Inspired to Build Wealth and Become Rich

Building wealth is not overly complicated, but will take time. Hopefully, you can use these personal finance quotes to motivate you on your path to financial success.

Personally, my favorite is:

Christmas is the season when you buy this year’s gifts with next year’s money.

That’s bad, but it’s a little bit sad because it’s true. People seem to go into credit card debt because they don’t have the cash to buy gifts… hopefully this isn’t you!

I also really liked the quote,

All days are not the same. Save for a rainy day. When you don’t work, savings will work for you.

This quote is about the concept of passive income – if you and I can build up passive income streams, then we won’t have to work for our money.

Take a scroll through these quotes again before you go and pass them on! Maybe a friend or family member could use some financial motivation!

Thanks for reading!

What is your favorite personal finance quote? What are some of your financial goals and do any of these quotes motivate you to become better?

Personal Finance Quotes to Help You Become Wealthy

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Going on a Date at a Trampoline Park

If you’re looking for an energetic date idea that’s a little more creative than dinner and a movie, a trampoline park might just be the way to go.

Going to a trampoline park is fairly inexpensive, they get you moving, and they generally offer a variety of fun attractions.

Now, will there potentially be a lot of kids around? Yes.

Does this mean that a trampoline park is no place for an active pair of Millennials? Absolutely not.

I mean, what’s more satisfying than whooping on some 12-year-olds in a game of trampoline dodgeball with your date? (I’m kidding… maybe.)

There’s also always the potential to completely humiliate yourself in front of your date, but this could make for some great shared laughs. A date at a trampoline park may even give you the opportunity to see how the other person handles embarrassing situations.

In this post, I’ll share with you my experience with a trampoline park date, and what are some activities to expect to do on your date.

My Experience on a Trampoline Park Date

A few weeks ago, I went to a trampoline park on a date and had some great, care-free fun.

As a dating millennial, it can be easy to fall into a groove of go-to dates, and a trampoline park is a welcome change in scenery.

A relaxing, but upbeat, date which is enjoyable for both people is almost always a recipe for success. It is okay to have dates that are low key sometimes, but I really enjoy high-energy dates as well.

The trampoline park date idea definitely falls under the high-energy category!

I really like this as a date idea because it’s outside of my comfort zone, especially as a young adult, and it’s something few people do. The nostalgia factor is also a plus (when was the last time you jumped on a trampoline??).

Activities You Can Do on a Date at a Trampoline Park

At the trampoline park, there are many attractions for a fun and care-free date.

The main area of a trampoline park will typically have a bunch of trampolines you could just bounce around on. There are also angled trampolines on the wall where you can bounce off of horizontally. These were fun to run into because they would absorb your momentum and send you flying back across the trampoline floor.

I hadn’t jumped on a trampoline for about five years, so this was a great throwback to my younger days!

Another typical trampoline park attraction is a horizontal rock-climbing wall with a foam pit below. We decided to compete to see who could climb to the top of the wall. If you fell, you would be the loser. I’m highly competitive and this added an extra layer of fun 🙂

Another attraction was a dodgeball arena on trampolines. I love dodgeball and it was super fun being able to throw balls with 10-year-olds. Also, the fact that the dodgeball is on trampolines just added to the madness!

Imagine jumping several feet into the air to barely miss the hit of a dodgeball coming right at you – this is exhilarating to say the least!

I was able to get a few kids out. Once I got a ball to the face though, I said, “I’m done” and went to the next attraction.

Lastly, there were basketball hoops and a foam pit that you could jump into. I almost hurt myself performing dunks on the basketball hoop because I would jump up on the trampoline and be so high in the air that my head was in danger of hitting the rim!

There are so many attractions at these huge trampoline parks and I definitely am interested in going back in the future.

Top Trampoline Parks to Visit on a Date

All over the United States, there are a number of trampoline parks to try out and attend.

Below, I’ve compiled a list of a few trampoline parks I’ve been to which can give you some options for your date.

Sky Zone

Sky Zone is a fantastic trampoline park option for your date. There are over 200+ Sky Zone locations across the United States.

The prices are pretty reasonable and start at $16 an hour. If you pay for more than 60 minutes, you’ll pay less per hour.

Sky Zone activities include the Main Court (freestyle jump), the Foam Zone, SkySlam, Ultimate Dodgeball (subject to availability), and more!

Zero Gravity

Zero Gravity is a fun trampoline park in the Minneapolis/Twin Cities area. Prices start at $11 an hour and go down as you pay for more than 60 minutes.

For Millennial couples living in Minneapolis looking for a date idea, Zero Gravity is just a short drive up 35W into Mounds View.

Helium Trampoline Park

Helium Trampoline Park has two locations, in the Quad Cities and Milwaukee.  Prices start at $11 an hour and go down as you pay for more than 60 minutes.

Similar to the other trampoline parks, Helium offers a number of the same awesome attractions.

There are probably a number of amazing trampoline parks in your area as well, and a simple Google search should help out with planning your date.

Going to a Trampoline Park for a Date is a Great Idea!

Overall, trampoline parks are a great date idea for millennial couples who want to try something new.

You’ll get in a good workout, experience a rush of adrenaline with your date, and you will have a perfect excuse to go get ice cream afterward.

Even though there will be a lot of 5-to-13-year-old kids hanging around, it is fun to take part in the young energy and change it up from the more ordinary restaurant or bar scene dates. Another factor was that for 1 hour of jumping, it cost around $15, which was not too bad considering all we did.

Again, raising the energy level on your dates will lead to a happy, fun-filled, and highly memorable time. It is important to make sure that you always keep it light.

When you are at work, you can be serious.

When you are relaxing, it should be fun!

Happy jumping 🙂

What are some other date ideas that you have tried? What are some non-typical ideas for other young adults who may want to switch it up?

Date Night Ideas: Go to A Trampoline Park

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Tips for Removing Distractions and Becoming Successful

Are you achieving your goals and dreams, or are you distracted by things which aren’t important to you?

There is so many distractions and noise in the world right now: Facebook, the media and news, Twitter, YouTube, friends, family, To-Do’s, work, etc.

Some of this is important, but a lot of it is not important.

Are you doing anything you dislike doing? How could you replace it with something which brings you happiness? Are there unnecessary distractions you need to remove to achieve you goals and dreams?

In this post, I’ll be sharing with you how you can remove distractions from your life to spend more time doing what you love to do.

What is Noise?

In my 9 to 5 job, I spend quite a bit of time looking at graphs like the following:

noise and trendThe red line is the raw data and the black line is a trend of sorts (probably some kind of moving average)

The goal in much of my 9 to 5 work is to tease out trends from noisy data, i.e. data with lots of peaks and valleys.

Trying to explain all of the peaks and valleys is very difficult, and also completely unreasonable due to the random nature of what I’m trying to model.

I tend to get questions like: why are there 100 events in Quarter 1, 125 events in Quarter 2, and only 75 defaulted companies in Quarter 3? Why the big dip, did anything change in 1 quarter?

My answer is usually, “it’s mostly noise.”

What is noise?

Noise is unwanted sound.

Noise is unwanted content – a disruption in your daily life.

Anything you cannot control, influence or affect is noise.

Why is noise bad?

Noise distracts us from our best work.

Noise holds us back from true happiness.

I’m looking for overall life mastery – I want to grow my wealth and spend time on things which will bring me happiness.

What doesn’t make me happy?

With all this noise, how can we succeed?

The Black Swan

Beware the Noise

In one of my favorite books of all time, The Black Swan, Nassim Taleb discusses how he tries to avoid noise in most areas of his life.

He doesn’t read the paper or follow the news. It’s useless information for his happiness and well being.

I’m not saying you shouldn’t watch the news (even though I don’t and it’s helped my well being), I bring this up because of his examples and thoughts on noise.

Taleb, a mathematician and Wall Street trader turned philosopher, reasons in his book that randomness is inherent in all things and we should be aware of this.

Take, for example, the stock market.

There are some days where the market opens and stocks are down 1%. Yahoo Finance’s headline reads “Stocks down on Foreign Export Fears”.

3 hours later, stocks are up 1%. Yahoo Finance’s headline reads “Stocks up on Enthusiastic Investors’ Foreign Hopes”.

What?? (Taleb talks about this in his book… and if you’ve ever visited Yahoo Finance, you’ve probably seen what I’m talking about.)

How can we be so certain about a group of “investors” and how they are affecting the general trend of the stock market over a 3 hour or less period? It’s bizarre, but that’s what people want. People want explanations of things.

What’s Your Purpose?

With all that is going on in your life, take a step back.

Why do you do the things you do? What makes you happiest? What are your passions? Where do you see yourself in 5 years?

Something I’ve worked on in the past few years has been pursuing happiness and meaning in life.

Can I maximize the hours in life where I’m happy? How can I structure my time or daily routines to not be stressed out and allow myself to achieve my goals?

What I’ve learned is through by pursuing happiness, meaning, and purpose, I’ve found what’s important to me.

For some people, it’s connecting with others and being social. For others, like myself, it’s about building and creating things that weren’t there before.

What’s your goal in life? What’s your purpose? What is important to you?

I love asking these questions because starting with why is something that is most important.

He who has a why to live for can bear almost any how.” —Friedrich Nietzsche.

Once you’ve answered this question, you can move on to finding your trend within the noise of the world.

Align Your Actions with Your Purpose

My purpose in life is to build up solid foundation financially for my future family, to learn and grow as an individual. I’m looking to give back to my friends and family with my knowledge and time.

If there are any actions or events that fall outside of this purpose statement, then maybe I should think twice about these actions or events because they are noise.

I mentioned this earlier, but after reading The Black Swan and applying some of Taleb’s ideas, I definitely have became more practical and smarter in my work and at home.

By removing a lot of the noise in my life, I can focus on what’s important to me.

Remove noise in your life and I guarantee you will find more success.

How You Can Eliminate Noise to Declutter Your Mind

Decluttering your mind is possible with a strategy. A clean environment and outside will lead to a clean inside.

With a decluttered mind, you can more easily align your actions with your purpose.

There are a number of ways which I’ve tried and found successful in eliminating noise:

Through these ways, I’ve eliminated the noise, freed up brain power, and supercharged my productivity, happiness, and energy to get more done, have better conversations, and maximize the number of hours I’m enjoying life.

By focusing on what I CAN control, and not focusing on what I CAN’T control, I’ve been much happier and productive.

Unsubscribe from Emails to Eliminate Noise

When I started blogging, I wanted to be in the know with many of the other bloggers out there. I went on a hunt to find many different personal finance and self-improvement blogs to read, comment, and subscribe to for further engagement.

Each day, I would get 10-15 emails from different bloggers notifying me of another post.

Over time, I stopped opening 5 of those.

Then the next 5.

And finally, I started deleting the majority of those instantly.

It was time for a purge.

I’m sure you have something similar with sites you sign up with for coupon codes or notifications.

These emails are just noise if you don’t care about them – and they distract you from your daily life.

I encourage my email subscribers to unsubscribe if they don’t want to hear from me.

Go ahead, click unsubscribe on a bunch of your own emails to eliminate noise from your life.

Turning off the News to Eliminate Noise

Back in 2015, I was in a job that was slow most days.

I’d be on my work computer and constantly bring up Yahoo Finance, CNN, Fox News, CNBC, and a number of other news outlet websites.

I wanted to try to stay up to date with what was going on in the world.

The amount of negativity brought me down, and sucked the energy from my body and brain to do amazing work I was capable of.

Who shot who, what happened to this random famous person, why is the sky blue over in New York City – all of this had 0 impact on my life.

All of this had 0 impact on my life, and yet, I was letting it impact my psyche.

I dumped cable, and stopped going to those website.

One of the best things you can do starting today is dumping the news from your daily routine.

Stop Comparing Yourself to Others

“Comparison is the thief of joy.” — Theodore Roosevelt

Humans naturally compare themselves to other people all day long – it’s something I do, and I bet you do it too.

I look at my peers and compare what I’ve achieved and what they are doing in their life.

Here’s a secret: it’s all a waste of time.

Going on Facebook and seeing your friends post pictures of their recent family vacation, or scrolling through Instagram and seeing the latest clothing trend are both examples where you see the best side of someone else – and naturally compare and feel sad.

I wish I could be in Hawaii. I wish I could wear that awesome clothing.

Could you control either of those things? Possibly, but that would be a distraction from your purpose and focus.

Reading and listening to others talk about success and their accomplishments can be beneficial for inspiration, motivation and learning.

However, at the end of the day, it’s just noise because you CANNOT control what others put out on the internet.

All you can focus on is what you are doing in your life.

Reading Books is Better than Reading Articles

Many news websites and blogs pump out many articles every single day, some 100s of articles a day.

If you are a writer and journalist, you are paid to come up with an interesting story and piece to satisfy your viewers and drive traffic.

Many articles are clickbait, poorly written, or don’t portray the full story.

Reading every article on the Huffington Post or USA Today is not going to make you smarter – and actually, it will probably frustrate you.

Instead, books can be much more beneficial to get the core content and improve your clarity and understanding on a topic.

Books can take years to research, write, and publish, and because of this, they are more likely to be well written and contain accurate information (of course, some books won’t satisfy this, but nothing is a guarantee).

Reading books, instead of articles, can help you cut down on the noise in your life. In addition, this will help improve your understanding much more on a topic than reading something on some news website.

Set Aside Time for Social Media

One of the biggest time sucks in the world today is social media.

Facebook, Snapchat, Instagram, Twitter, and Pinterest capture our attention for many hours each and every day.

My cousin’s aunt’s dad’s friend caught a really nice fish this weekend, awesome!

Do I care?

No – it’s just noise distracting you from success!

I’m being a little bit harsh here, but it’s true.

Unless that guy who caught the fish is a good friend of yours, it’s kind of pointless to let them occupy your mental space….

Similarly, I see on Twitter a lot some influencer making a profound point and many people getting all worked up about it.

Should you let this raise your blood pressure? Probably not!

Remove noise from your life, and be at peace.

Focus on What’s Important to You

Incorporating these tips above will help you remove noise and distractions from your life.

Keeping the noise to a minimum is so critical for success.

Have you ever deleted the Facebook app off of your phone to stop wasting time, but then a week later, re-installed the app and fell back into the same social media routine?

Did you ever set a limit on yourself for TV or phone time, but then stopped abiding by this limit?

After removing noise, it’s important to keep that noise away.

Filling that time and mental gap is critical for sustained success.

How can you ensure you are going to fill your new found time wisely?

New habits take 21 days to form, but I know you can do it.

While it might be difficult, I know you can achieve anything you put your mind to. 🙂

Tips to Remove Distractions

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Using The Barbell Strategy to Build Extreme Wealth

Becoming rich in a short amount of time is possible, but you need to bet big to win big. Looking for a big reward requires taking on a lot of risk – but is there a way to minimize your risk and not have to put a lot of money on the line?

This post is all about how to think about investing in terms of bets and asymmetric payoffs.

Can you become rich without needing a lot of money? Is it possible to make a lot of money without risking much money?

When I was 19, my best friend and I loved to go to the casino and play blackjack. A few times a month, we would take a $20 out of the ATM, head over to the casino, sit down at a $5 table, and see how we would do.

Sometimes we came out ahead. One time I won $200. Most times, we both lost our $20’s.

Blackjack is a game in which you don’t have an advantage. It’s a gamble, and not a great strategy for becoming rich with a small amount of money.

Becoming rich and financially free at a young age is one of my goals.

To become wealthy in a short amount of time without having a lot of money, I’ve needed to take on a fair amount of risk with my money. At the same time, I’ve needed to not be stupid and be mindful of where I’m placing that money and my bets.

In this post, I will be discussing the concept of expectation from statistics, talking about risk, reward, and investing, and finally, touching on how you can use asymmetric bets to grow your wealth without having a lot of money.

Note: the following discussion can also be applied to someone’s career, educational path, and seeking higher compensation. With that being said, I’ve chosen for this article to focus on asymmetric bets as they apply to building wealth.

investing for beginnersWhat is Risk?

Risk is a funny concept.

There are so many people who talk about risk like it’s something concrete or tangible.

As defined by Wikipedia, risk is the potential of gaining or losing something of value.

Risk has a negative connotation, but in my opinion, there is good risk, and, of course, bad risk.

To build wealth and become rich, taking good risks is key and can have a healthy payoff.

Before getting into what some of these good risks are, I need to talk about the concept of expectation and the expected value of a situation.

I’m going to do my best to explain this statistical concept in everyday language, so don’t be afraid if you aren’t a math person. 🙂

What is the Expected Value?

To talk about risk appropriately, I need to talk about the expected value and the expectation of a situation.

Speaking statistically, the expectation of a situation is the average outcome over all potential outcomes.

For example, let’s look at a coin flip.

The expected value of a coin flip is 50% of the time, you should expect heads and 50% of the time you should expect tails.

To go more general, let’s define as a scenario with outcomes 5, 10, 15, 20, and 100, and all of these outcomes having an equal chance (a 20% or 1/5) of being realized.

The expectation of is the average value over all outcomes, or putting this into an equation:

E(X) = (5+10+15+20+100)/5 = 30

What happens to the expectation if the chances of these outcomes change?

What if, respectively, the probability of these outcomes become 10%, 20%, 10%, 20%, and 40%?

Then the expected value calculation changes:

E(X) = 5*10% + 10*20% + 15*10% + 20*20% + 100*40% = 48

It is important to understand that not all outcomes in real life are equal.

What is an Asymmetric Bet?

An asymmetric bet is a bet in which the potential upside (earning potential or return in these investing scenarios) is much greater than the downside.

In other words, you might risk a small amount of money in order to potentially make a much larger amount of money.

I am using a combination of asymmetric betting and the Barbell Strategy, which I will explain below, to become wealthy without needing a lot of money.

emergency fundHow I’m Using Asymmetric Bets to Become Wealthy

While earning money, saving money, and investing money is a tried and true strategy for building wealth over time, there’s a catch: it takes a lot of time.

While yes, investing $10,000 a year in the stock market over 30 years will inevitably result in you becoming a millionaire, who wants to work for 30 years and then be wealthy?

$1,000,000 isn’t what it used to be, and really, once 30 years passes, will you have the health and energy to enjoy your wealth?

Personally, while I’m putting some of my money to work in the stock market, I’m also taking an active approach to building wealth.

House Hacking to a Big Asymmetric Payoff

When I was 20 years old, I started learning about how to build wealth. One of my favorite websites and blogs back in 2012 was Financial Samurai.

His article, The Average Net Worth for the Above Average Person had me hooked and thinking, “I’m above average, and wealth is my goal. Where do I need to be when I’m 25, 28, 30, 35? What can I do to build wealth?”

3 years later, I made my first financial splash.

I bought a house the day before my 23rd birthday. 

buying a house at 22When I bought my house, I had a negative net worth. I put less than 3% down, and I wasn’t very handy.

I had less than $2,000 when I moved in.

This was an incredible “risk”. But let’s look at the other side of things.

I had 3 roommates moving in with me who would be paying me rent which would cover roughly 90% of my mortgage. I had a great job – which at the time was paying me $63,000, and if all else failed, I could call up my grandpa and get his opinion on fixing something up.

Thinking in terms of expected value, and the context of this article, what were the possible outcomes and what were the odds of those outcomes?

What was the expected value of my investment looking out a few years? Initially, I was forecasting that my net worth would grow about $10,000 from owning this house and house hacking.

Over the last 3 years, I’ve grown my net worth through this house hacking.

I used asymmetric risk to my advantage, and as a result, I don’t have a student loan anymore. I don’t have an auto loan.

Now, I can continue creating a solid financial foundation for my future.

place asymmetric bets to build extreme wealth

Applying the Barbell Strategy of Nassim Taleb to Become Rich

One of my favorite books of all time is The Black Swan, by Nassim Taleb.

In the 90’s, Nassim Taleb was a trader on Wall Street and applied the Barbell Strategy to make money for his firm.

What is the Barbell Strategy for creating wealth?

Essentially, the strategy is to, with 90% of your capital, take little to no risk, and with the other 10% of your capital, invest in a diversified set of very risky asset investments.

This way, your investment portfolio will not be crushed when something goes very wrong; by only risking 10%, the maximum you can lose is 10%.

Let’s do an expected value calculation using the barbell strategy.

Let’s say we put 90% of our capital into something with a 100% chance of returning exactly 0%. With the other 10% of our capital, we have a 50% chance of returning 1000%, and a 50% chance of returning -100%.

What’s our expected value of our return under these conditions?

E(X) = 90%*(100%*0%) + 10%*(50%*1000% + 50%*-100%) = 45%

The expected value calculation yields an expected return of 45%. This is just an example, but something that happens in real life all the time.

personal finance is personal

Why Investing in the Stock Market Might Not Be as Safe as You Think

Over the last few years, I’ve read a number of articles on millionaires.

Since the stock market crash in 2008 and subsequent recovery, there are now many millionaires who mainly have their assets in equities.

Having $1,000,000 in a 401(k) and IRA is great in all, but what happens with a 40% downturn? You just lost $400,000.

I’m invested in the stock market, but am not blind to the fact that large downturns happen every 5-10 years.

Again, while the expected value for returns in the stock market is 7%, the potential drawdown is a little shocking to me.

What if the United States stock market experiences something similar to the Japanese stock market? The Nikkei 225 experienced a 65% drop in 1989 and things still haven’t recovered.

Having a “diversified” portfolio in equities is great in theory, but with medium risk, there is potential for large losses.

What I’d feel better seeing instead is multiple investment classes in your portfolio: real estate, cash, and consider some alternative assets.

My Strategy of Diversifying into Alternative Assets

Over the last year, I’ve been looking into alternative assets to continue to apply the barbell strategy in my financial life.

Everyone wants to find the next Amazon, the next Apple, or the next Bitcoin to throw 100% of their money into and become wildly rich.

That’s stupid to do, and is not what I’m recommending – or what I’m talking about in this post.

Putting a little bit of your wealth into risky assets is the way to go if you want to build wealth offensively, and become rich in your twenties and thirties.

There are three asset classes I’m looking at in particular. These are some things I’m experimenting with. Please assess your own financial situation – I’m not a financial adviser, and would urge you to please do your due diligence before investing in anything.

Here are some assets classes I’ve thrown a little bit of money into:

If the barbell strategy is something you think would be valuable to you, the next steps to do your due diligence and look to place some asymmetric bets to become rich.

Finding Expected Values in Personal Finance and Investing

With our knowledge of the concept of expectation, we will now use it to think about asymmetric bets and the expected value of returns of different investment classes.

Hopefully, this will get you thinking about what you can invest in for your financial future.

Before investing, it’s critical to first track your income and expenses, and establish an emergency fund.

After doing these two things, then it’s appropriate to start thinking about getting fancy with your investments.

Remember, the expected value of an event can be thought of as the average outcome. 

The Expected Value of Returns of the Stock Market

On average, the return of the stock market has been roughly 7% a year over the last 100+ years.

Using the language we’ve built up, we could say the expected value of returns for the stock market is 7% a year.

That is not to say there will not be years where there could be a 20% return, or there could be a -20% return.  This is saying that on average, we can expect a return of 7%.

While this 7% does carry some risk, many investors consider the stock market to be a fairly safe investment.

The Expected Value of Returns of Real Estate

Every property and real estate deal is slightly different, and there is also leverage to consider, so there’s no definitive number for the average return for real estate. With that said, for investors, returns on real estate are generally a little more than the stock market.

While the numbers vary, real estate will typically return around 10 to 15% a year.

Thinking about the risks associated with this return, a single house can have a whole bevy or issues: pipes frozen, appliances needing to be replaced, etc. which will eat into the return.

Even though there is risk for there to be reduced returns, with leverage and strong cash flow, real estate can be a great investment.

The Expected Value of Returns for Your Bank Account

This article is not about inflation, how the economy works, and how banks make money, but for all intents and purposes, the return of your bank balance is 0%.

Your money is guaranteed by the government, and while yes, you do get interest paid each month on some types of accounts, relative to inflation, you are losing.

While I believe it’s critical to have an emergency fund, an emergency fund and cash savings is for peace of mind rather than being a source of wealth creation.

The Expected Value of Returns on Debt

The return on debt is precisely the interest rate you are paying on your debt.

Your 5% mortgage has an expected value of a -5% return for your wealth.

Debt has a negative impact on your wealth over time.

The Expected Value of Returns on a Business

This is a tough one. I’m a huge believer that you can use businesses to grow your wealth – and this is something I’m trying to do.

Some people are more successful than others. My current efforts have resulted in a negative hit to my net worth, but I’ve learned a ton.

The possible outcomes here could be $1,000,000, -$15,000, $10,000, or anything in between.

The expected value of your return in business is also dependent on growth, time, and industry.

With this many variables, I’m not sure the expected value here.

The Expected Value of Returns on Cryptocurrencies

Another tough one, and one I’m currently trying to answer.

Let’s look at Litecoin: in 2017, Litecoin returned roughly 5000%.

Could it go to 0? Absolutely. Could it go up another 5000% in 2018, 2019, and 2020? There’s a chance.

What is the expected value for returns for cryptocurrencies? I have no idea, but it could be an interesting bet to try to build wealth for the future.

learn to investBuild Wealth Without Risking a Lot of Money

After getting your emergency fund in place, the next steps with your additional savings should be investing in assets you understand, and building a robust investment portfolio.

Your goals may not include extreme wealth or financial freedom at a young age, but having more money is always better than having less money.

If financial freedom is a goal, it is possible to become rich without needing and risking a lot of money.

The concept of using asymmetric bets is probably a very different thought. I hope this post inspires you to continue to look to expand your perspective on the world, and live with an abundance mindset.

There are so many opportunities out there to make money in the world. We just need to provide targeted value and be compensated for your efforts.

Readers: are you utilizing asymmetric bets to build extreme wealth without needing a lot of money? Are you playing it slow and steady instead? What are your thoughts on alternative assets?

Erik

How to become rich without a lot of money

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Can You Pay Off your Mortgage Faster with a HELOC?

Getting out of debt and paying off your mortgage are very worthy goals. Can you pay off your mortgage with a HELOC? Unfortunately, most HELOCs have interest rates which don’t make it optimal to pay off your mortgage.

Pay off Mortgage with HELOC

Making plans to pay off your mortgage is a fantastic way to improve cash flow and get out of debt. Becoming debt free would allow you many freedoms which are so rare in the world today.

While paying off debt is not rocket science, there are some debt payoff methods which can help speed up getting out of debt.

One debt payoff method homeowners think they can use to pay off their mortgage fast is by utilizing a HELOC (home equity line of credit).

If your HELOC rate is lower than your mortgage rate, it is possible to reduce your interest expense and perform interest rate arbitrage.

But, in general, does using a HELOC allow you to become mortgage free faster?

In this post, let’s explore using a HELOC to pay off debt fast, when using short term debt can help cancel long term debt, and how performing mortgage and HELOC arbitrage works.

mortgage and heloc arbitrage

What is a HELOC?

A HELOC (pronounced HE-lock) is a home equity line of credit. A HELOC is a loan, which using your home as collateral, and lets you borrow up to a certain amount, rather than a set dollar amount.

HELOCs are similar to credit cards. They have a credit limit, and you can borrow against it, pay all or part of the balance, and borrow again up to the credit limit.

The interest rate typically is variable and depends on the Prime rate.

How does a HELOC work?

HELOCs have terms which have many varieties and can be customized depending on your preferences.

Typically, the first 5 or 10 years of a HELOC will be established as the draw period. During the draw period, you may borrow from the HELOC and the minimum monthly payments are interest only.

After the draw period expires, the repayment period begins. Usually, the repayment period will be 20 years.

During the repayment period, you will be paying both principal and interest. After the 20 years, your entire HELOC will be repaid.

Also, similar to a mortgage, missing a payment could have a negative effect on your credit score or result in a foreclosure.

We’ve established what a HELOC is and how a HELOC works, let’s examine paying off your mortgage with a HELOC. First, let’s define arbitrage.

What is Arbitrage?

Before getting into the numbers, let’s talk about a money making theory. What is arbitrage? As defined by Investopedia,

Arbitrage is the simultaneous purchase and sale of an asset to profit from a difference in the price.

Arbitrage is performed when you can extract risk-free profit from a difference in the pricing of your investments.

One common example is when you borrow money at 3%, and invest the money at 4%. The difference between your borrowing cost and investment yield is 1% – you are banking 1% for free!

Many professional money managers look to make money risk-free with arbitrage. However, the average person can use arbitrage to their advantage as well!

If you can find these arbitrage situations, you should try to capitalize on them!

using heloc to pay down debtA Real Life HELOC Example

After applying for a HELOC, you will receive an offer. Depending on your lender, the credit line will be dependent on the current equity in your house.

When I went to apply for my HELOC, I received the following quote: a $21,000 credit line with a 7.6% variable interest rate. For my HELOC, there would be a 10 year draw period and 20 year amortization period.

This interest rate is not amazingly low, but could lead to some interest rate arbitrage.

One thing to note is HELOC interest is not tax deductible for all expenses. HELOC interest is tax deductible as long as it is used to make improvements to the home, but isn’t deductible if the money is spent on anything else.

An Example of Paying off Your Mortgage with HELOC Funds

When I got my HELOC, I wanted to look and see if I could strategically pay off my mortgage to better my situation financially.

Let’s examine an example where I would take HELOC funds and look to reduce my mortgage balance to get rid of private mortgage insurance.

My mortgage is a 5/1 ARM mortgage with a 2.625% interest rate. At this time, I’m not quite at 20% equity and still have private mortgage insurance. There are 3.75 years until my interest rate adjusts.

Over the next 10 months, I theoretically could pay an extra $25,290 and get rid of the $144 a month private mortgage insurance (PMI).

This would result in a 8.43% return on investment. This is a guaranteed 8.43% on my cash over 3.75 years since the debt will be paid off.

paying off private mortgage insurance

While this mortgage payoff scenario sounds great, what if I could arbitrage this return by using debt at 7.6% and keep my cash? Would using a HELOC to pay off my mortgage be worth it?

Examining a Potential Mortgage and HELOC Arbitrage Opportunity

To get rid of PMI, I’m about $25,000 of principal away. Thinking about using my HELOC to finance this debt reduction, I would still need to put up some cash. However, If I used all of the $21,000 credit line to pay off my PMI, I would free up $144 of cash flow a month, and accelerate my mortgage amortization.

After this payment, I would have interest-only payments on the HELOC of 7.6% on $21,000 for $133.

Looking at this, I’d be saving $11 a month without doing anything, and I’d speed up my mortgage amortization (pay off my mortgage faster). If I kept paying the minimum on my mortgage (2.625%), it would take 29 more months to get rid of PMI.

Therefore, I calculated the rate of return at the 29 month mark to find the profit potential:

heloc pay off mortgage

 

Over 29 months, I’d make $1,651 on my $21,000. This equates to an annualized return of 3.25% created for free from this potential arbitrage opportunity.

The $1,651 return on investment from this HELOC debt payoff strategy could even be added as extra mortgage payments to help pay off my mortgage debt even faster.

At the same time, it can be pretty risky to use debt to pay off other debts.

Also, if I was just using the HELOC to pay off mortgage principal, I would lose over $2,500 over the 29 months due to the difference in interest rates. The example above only works since I’m still paying off private mortgage insurance.

Finally, the HELOC interest rate is variable with respect to Prime, and as a result could increase. If interest rates go up, what I’ve calculated above could certainly be unprofitable.

Everyone’s situation is different. For you, if you are thinking of paying off your mortgage with HELOC funds, it’s important to calculate your potential gains or losses ahead of any actions.

How Else Can You Use HELOC Funds?

While paying down your mortgage with a HELOC might seem like a good idea, there are potentially more optimal ways you could use your HELOC funds.

Other potential options for the HELOC funds could include:

Putting your money to work in the stock or real estate market might make sense for you if interest rates are low.

With stock and real estate investments, there is no guarantee of profits. However, in the long run, the stock market return 7-10% a year on average, and real estate investments return 10-20% a year on average.

If you are not risk adverse and are looking to use arbitrage and leverage to your potential advantage, a HELOC can be a low cost way to finance your investments.

If you are risk adverse and hate debt, just having a HELOC in case of emergency could help you sleep peacefully at night. Also, with another line of credit open, you could increase your credit score.

There are so many options for using HELOC funds and ultimately, the decision is yours. Personal finance is personal!

Would Debt Consolidation Make Sense to Adjust Debt Payments?

While paying off your mortgage with a HELOC might not always make sense, debt consolidation is another way which you could reduce your monthly payments.

Debt consolidation works by a provider issuing a loan that covers the full balance of your various credit cards rather than you paying your cards individually.

Debt consolidation can be advantageous for a couple of reasons:

Mortgage rates typically are very low interest rates, so debt consolidation might not always make sense.

In addition, a problem with this strategy is it can significantly increase the amount of time it takes to completely pay off your debt.

While you’re saving on interest and typically paying less per month, the amount you owe is unchanged; smaller payments make a much smaller impact on your total balance.

I’d recommend this strategy only if you’re carrying a large number of different debts, have debts with extremely high interest rates, and/or can accept the extended repayment timeline.

The Mastermind Within is partnered with various financial institutions who specialize in debt consolidation. To see if debt consolidation would make sense for you, you can click here to get connected with these partners.

Paying Down Your Mortgage with a HELOC could be Smart or Dumb

Getting out of debt and becoming debt free is a goal which everyone should have. Becoming financially free from the bank will allow you to live the life you want and deserve.

Depending on your mortgage interest rate and your HELOC interest rate, using your HELOC funds to pay off your mortgage could be a good idea, or a bad idea.

Since HELOC interest is not fully tax deductible anymore, there is less incentive to use HELOC for arbitrage. It is still possible to find interest rate arbitrage opportunities, but just more difficult.

If your HELOC interest rate is lower than your mortgage rate, you can make money. If your HELOC interest rate is higher than your mortgage rate, then you will lose money.

For you, thinking critically about your personal finance situation will lead you to the right answer.

Can you pay off your mortgage faster with a HELOC?

Pay off Mortgage with HELOC
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How to Get Millions of Answer Views on Quora

Are you looking to get more followers, increase answer views and build your brand on Quora?

Building a following on Quora is possible with a strategy similar to building a following on other social media and content platforms.

It is not necessarily difficult or complex, but will require you to post unique content and be consistent.

Over the past year, I’ve been utilizing Quora to start to build my brand establish myself as an authority figure in the personal finance and entrepreneurship space. I’ve grow my following to 1,000+ followers and over 1,000,000 answer views.

views on Quora

By increasing my reach and following, I’ve been able to send more traffic to my website through Quora. By increasing my traffic with Quora, I’ve also been able to grow my blog’s email list.

If you build a following on Quora, you will have another channel you can use to acquire leads, increase viewership, or grow your email list.

In this post, I will be sharing with you the strategy I used to get more followers, received 1,000,000+ answer views, and became a Top Writer on Quora.

What is Quora?

quora logoQuora is a question-and-answer site where questions are asked, answered, edited, and organized by its community of users. Quora is like Yahoo Answers, but a much more sophisticated and mature version.

The topics on Quora range from health to personal finance to everyday philosophy to anime to old movies to entrepreneurship – and the list of topics is growing larger each day.

Users are able to sign up and answer questions in their area of expertise. These answers can be viewed, upvoted, and if someone likes your answers, they can follow you.

Some people have tens of thousands of followers, and after answering a question, can get thousands of views (which could result in hundreds of clicks to a link of your choice.)

Using Content Marketing on Quora

One of the most influential books for contenting marketing is Content Inc., by Joe Pulizzi. In Content Inc, Pulizzi discusses a new way on how to build a business and brand.

First, build an audience. Then, create the product.

Traditionally, businesses have tried to do the opposite, and the track record speaks for itself: 90% of start-ups fail.

Content Inc. breaks down the business startup process into six steps, making it simple for you to visualize, launch and monetize your own business. These steps are:

On Quora, I’ve found the most success focusing on #1 and #2: The Sweet Spot, and Content Tilt.

Write about Your Passion on Quora

“The sweet spot is a place where a combination of factors results in a maximum response for a given amount of effort.” – Wikipedia

When looking to build a following on Quora, you must identify your content sweet spot. Your content sweet spot is the intersection of your knowledge or skill area and your passion.

While it’s possible to develop a sweet spot without a passion point, your passion will drive you to continue answering questions and posting consistently.

For me, my content sweet spots are personal finance, book recommendations, and self-improvement.

Asking yourself which subject areas you have expertise in and which subject areas you are passionate about will lead to finding your content sweet spot for Quora.

Creating Unique Content for Quora

“Everything under the sun has been said… you have to find a new way to say it.” – Henry Winkler

The majority of content developed every day is just like everything else out there.

It doesn’t matter the frequency or delivery or the channel you deliver the content through; if the content doesn’t tell a different story, it will most likely be ignored.

What’s your unique story? What makes your expertise different than other people’s expertise in your field? Can you tell your story on Quora which will be compelling and inviting?

There’s so much power in story telling!

Figuring out what makes you unique in your subject of expertise will allow you to grow faster on Quora and increase your viewership.

Specific Strategies to Get More Followers and Views on Quora

Below are 4 specific strategies and tips for getting more followers and views on Quora.

These strategies are specific to Quora, but could potentially be applied in other content creation platforms.

  1. Answer Questions in Topics Which are Highly Followed
    • I like answering questions on the topic of Personal Finance. The topic of personal finance has 1.7 million followers, which is fairly large for a topic on Quora. In comparison, real estate investing has only 135 thousand followers.
    • To get a lot of page views, answering questions in topics which many people are already looking for will result in a higher chance of your answer getting viewed.
  2. Answer Questions that Highly Followed People have Answered
    • There are a number of people on Quora with THOUSANDS of followers. They answer a question and get 5,000 views in an hour.
    • A strategy I’ve utilized is to answer questions which these people have already answered – in an effort to gain readers off the coattails of the “famous” person. These people have shown they enjoy this type of question, why wouldn’t they like my answer?
  3. Re-Purpose Existing Content to be Able to Produce Long Form Content
    • With over 400 blog posts on The Mastermind Within, I have a LOT of content. For my book recommendation answers, I will typically copy and paste from existing posts and then make some edits to make sure it’s tailored to the question.
    • Having 1,000+ word answers tend to do better than shorter answers. If you already have the content ready to go, this will allow you to leverage past work.
  4. Put in a Few Pictures where Necessary to Spice Up Your Answer
    • Humans are visual creatures and like pictures.
    • Yes, Quora is an information driven site, but having a few pictures can help break up the content!

How to Become a Top Writer on Quora

Each year, Quora selects a number of high performing users and awards them the status of Top Writer.

Becoming a Top Writer is quite the achievement, and requires consistency in posting, having unique and solid content, and being an active member of the Quora community.

While there are no specific rules on becoming a Top Writer on Quora, I became a Top Writer through answering about 10-15 questions a week and looking to provide high quality information.

Becoming a Top Writer will further your influence on the Quora platform and give you some perks other writers do not have.

Is Medium or Quora a Better Platform for Content Marketing?

When approaching building a following online and increasing your brand exposure, people will ask if Medium or Quora is a better platform for content marketing.

Business owners and marketers love Quora and Medium because they can amplify their content and reach a bigger audience. Readers and users love Quora and Medium because these websites provide a simple interface to read about topics in which they’re interested.

These two platforms can serve different purposes for your business. Quora is great to build a following and use it to supplement marketing efforts of an organization. The questions answered on Quora can position an individual as a subject matter expert.

Medium is another content platform which already has a user base which individuals and companies can use to build their brand online. Medium is a powerful platform which could serve as a company blog.

Deciding on Medium or Quora will be dependent on your organization’s goals. Both could serve a role for building your following online.

Whatever your decision, your organization will want Medium and Quora to be secondary to a website with product offerings to drive sales.

Gain Thousands of Followers and Views on Quora

Getting more followers on Quora, increasing your answer views,and building a following will require consistency and effort.

Overnight success is rare, but over time, you’ll be able to drive more traffic to your website. With more traffic, your sales people will be able to capture more leads and hopefully close more deals and sales.

Are you building your brand online? What strategies are you utilizing? Are you interested in getting on Quora?

How To Get Millions Of Views On Quora

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Build a Business Dropshipping Print on Demand Merchandise

Building a business and bringing in passive income each and every month is an entrepreneur’s dream. Creating a passive income stream might seem intimidating, but it is possible with dropshipping print on demand niche products.

Traditional merchandise stores are becoming obsolete, but buying niche products will never go away.

As a merchandise business owner, you can use powerful, and affordable, print on demand technology to design, sell and fulfill from your home laptop.

Best of all, learning about creating a print on demand store is not rocket science.  Successfully building a print on demand dropshipping business can be done through the following 5 principles.

The 5 Principles for Building a Dropshipping Business

Strategy is very important when starting out in business. Without having a plan, you can waste a lot of time and money not doing what will lead to success.

For a successful print on demand business, there are 5 principles which lead to success:

Below is a more detailed description of each of these principles.

Print on Demand Business Principle #1: Mindset

product design businessTo become successful as a print on demand business owner, it’s important you have the right mindset.

Do you know what makes your target customer happy? What kind of product would your target customer love to wear?

Picking a particular niche is the first step in creating your print on demand business.

Focusing on a particular niche which has passionate people in it makes all the difference in the print on demand business. You must find a niche where people are very proud and passionate about their interest.

Going a step further, it is best if your niche has people who are already represent their niche and are willing to share their passion on social media.

For example, people are very passionate about their jobs. An idea is you could sell t-shirts which are job specific to various professions. Those individuals will be proud to wear their job-related shirt across their chest and will hopefully buy uniquely designed t-shirts from your niche merchandise store.

Next, it’s important to leave your assumptions at the door and let data drive all of your decisions. For example, if you are marketing t-shirts to teachers, don’t assume that only teachers in their 40’s would buy your shirt.

You MUST test to confirm your hypothesis.

Also, it’s important to live inside your niche – get into the mind of the niche fans. Spend a couple of hours on Pinterest, Instagram, and competitor stores to find themes, colors, logos, and products which can give you a sense of the niche and existing products. No need to reinvent the wheel!

Finally, take action. Once you have your store set up, and a shareable product to market, you can launch.

It’s never been easier to sell niche merchandise – don’t wait to build your successful lifestyle business.

Print on Demand Business Principle #2: Design

Design quality is essential to a high performing niche gifts and merchandise business.

For your designs, ask yourself the following question: would you be embarrassed someone saw you with your design on a coffee mug or t-shirt?

If yes, time to start over on that design. If no, post it and start marketing!

The designs need to be stylized and unique so that people will buy. You can’t just take any old image off Fiverr and expect people to buy.

The successful niche gift and merchandise sales equation is the following: passionate niche + shareable product = big sales.

Your niche specific merchandise designs can be created on your own or sourced from a designer. You can find designers on websites such as Upwork. You should look for freelance graphic designers who are talented but are still building their portfolio. These designers need to understand how to design for screen printing and print on demand.

As you become more experienced, you and your designer will be producing stunning designs. Over time, you will be pumping out high quality designs that you like and can passively sell.

Print on Demand Business Principle #3: Partners

There are two types of partners: a website partner and a printing partner.

business around dropshipping t-shirts platformShopify: your go-to Website Partner

There are many e-commerce platforms out there, but there is a clear, winning solution for print on demand businesses: Shopify .

Shopify is an easy to use platform with a fantastic backend. Shopify will fulfill orders, produce in-depth reports, has highly functional payment gateways for credit cards and Paypal, and has many integrations to print on demand companies.

You could use a service such as WooCommerce (a WordPress Plug-in), but I’m not a huge fan because you have to worry about hosting.

If you are driving 10s of thousands of people to your WordPress site and your site goes down, you are on the hook for hundreds of dollars of lost profits from wasted dollars on ads and lost revenue from store browsers. Shopify has 99% up-time and has fast acting support.

Like I said above, Shopify has great customer support, secure and solid payment gateways, and all the required integrations to get your t-shirt lifestyle business going.

Selecting a Printing Partner

After signing up on Shopify, you need to connect to a print on demand company through an integration application.

For a printing partner, you need to find someone who is reliable – these printing partners are an extension of your brand. If you pick an unreliable print on demand service, you will damage your brand.

A good printing partner should also allow you to scale your business, and have superb customer service.

For example, Teelaunch is a very reputable t-shirt print on demand company for t-shirts.

If you want print on demand other products, there are a number of free print on demand Shopify apps available for integration.

Print on Demand Business Principle #4: Marketing

The number one goal of marketing is to match the product with the right customer.

If you can’t get your product in front of the right people, you can kiss your advertising money down the drain and any dream of that Ferrari good bye!

Matching the product with the right customer is marketing 101: if you have dog products, show your products to people who love dogs!

For many niche merchandise businesses, Facebook ads is a viable solution. While organic reach via fan pages are okay, targeted paid traffic is fair superior for driving traffic and getting sales.

Through paid traffic, you are able to target very specific interests and niches because Facebook has so much information on people from their liking, commenting, sharing, and other behavior.

Remember the winning sales equation: passionate people + a shareable product = big sales.

Print on Demand Business Principle #5: Operations

Shopify and the print on demand integrations you select will take care of the printing, shipping, and tracking. Traditionally, these tasks would be incredibly time intensive for a merchandise design business, but you don’t need to worry! Shopify has all of the tools to help you manage your business.

On the backend, you will still need to run reports to determine profitability, analyze the markets and current trends, and identify any new niches to get into.

However you’ll have time to do what you want with your new business. Since you are able to outsource the operations, you will have the time and ability to think big picture.

Outsourcing the operations is the beauty of the business of print on demand! It’s passive and not all that time intensive after you get your designs up!

Start Your Print on Demand Business Today

By following the 5 print on demand business principles above, you will be on your way to building a successful dropshipping empire, and profitable lifestyle business.

Creating a dropshipping business and selling niche merchandise is possible but will take work. No one is an overnight success, but in a few years, it could be possible that you have a lifestyle business bringing in a few hundred dollars a month without any effort.

The most important are mindset and marketing. Make sure you have the right mindset and set-up, and continually push to get your designs in front of the right customers. Once you match your design with the right customer, you will be successful.

What are your thoughts on dropshipping? Do you have what it takes to create a print on demand business?

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The Best 3 Personal Growth Books for Millennial Success

Success is something you attract by the person you become through personal development and growth.

While it may seem tough, succeeding as a Millennial and young adult is possible through becoming better and improving yourself.

Success has many different definitions depending on the person.

For me, success is doing whatever I want to do with my life. As a mid-20’s Millennial, I’ve been fairly successful. I’ve worked my way to a six-figure income, and now am saving up to potentially quit my job and do what matters to me: spend time with friends, gain new experiences, and travel.

Whatever your definition for success is, there is a way to get there.

One of the best ways to become better is by reading personal growth and self improvement books.

In this post, I will share with you three books that have helped me out tremendously within the spheres of my career, relationships, and my own personal development.

These three books have helped me become successful in my life, and I hope that through this post, you’ll be motivated to incorporate the teachings of these books into your life for success as a young adult.

3 Books for Millennials Seeking Growth and Success

“I keep challenging myself. I see life almost like one long university education that I never had – every day I’m learning something new. – Richard Branson

Below are the three books for millennial success which I recommend to everyone. They cover different areas of self improvement, but when considered as a trio, have the potential to power you to your wildest dreams.

Reading has many benefits.

Most notably, the benefits of reading include:

By reading the books below, you will be able to grow as a person, become better, and get on the path to reaching your wildest dreams.

Crush Your Mornings with The Miracle Morning

The Miracle Morning, by Hal Elrod, is all about waking up early to supercharge your performance throughout the day.

The Miracle Morning by Hal Elrod

Hal discusses how the average person does not devote the necessary time to personal development. By waking up early and carving out time to work on ourselves, we can become the best versions of us.

If you aren’t a morning person, setting intentions before bed may help increase your “Wake up Motivation Level”, as Hal calls it.

Actions like moving your alarm clock across the room, brushing your teeth, drinking a full glass of water, and getting dressed in your workout clothes can help get you pumped for tomorrow the night before.

The Miracle Morning program is based on the S.A.V.E.R.S program he came up with.

S.A.V.E.R.S. stands for:

Hal suggests spending time in each of these six areas. Depending on your morning, you can spend as little as six minutes on each section, or take as long as you want to complete all six.

Memorable Quotes from The Miracle Morning

Here are some memorable quotes which resonated with me and hopefully will inspire you to read The Miracle Morning.

Develop Great Habits with The Slight Edge

Humans are creatures of habit. Every day, we make simple decisions: what to eat, should we exercise, should I call my parents, should I read my book, etc.

These decisions seem simple and meaningless, but over time, these seemingly small actions ultimately shape our lives.

Are these decisions helping your life, or are they detrimental?  Are they bringing you closer to your goals, or are they actively keeping you from your goals?The Slight Edge, by Jeff Olson

In The Slight Edge, Jeff Olson talks about the slight edge, which is essentially your philosophy of life.  It is your driving force.

Why is this so important?

Your philosophy creates your attitude, which create your actions, which create your results, which create your life. Behaviors, whether good or bad, compound over time.

You should try your best to live your philosophy each day. By performing tasks which are located on the path to your goals, you can achieve anything.

If there is anything you want to accomplish this year or in life, just take a step. That’s all you can do initially. No one goes from 0 to 100 in a day. But, by going from 0 to 1 to 2 to 3, you can get there over time.

Becoming successful as an adult is all about taking baby steps to start. As you get more comfortable, you can increase the pace – in other words, you sometimes have to slow down to go fast!

Memorable Quotes from The Slight Edge

Here are some memorable quotes which resonated with me and hopefully will inspire you to read The Slight Edge.

Have Amazing Relationships with The 5 Love Languages

The 5 Love Languages, by Gary Chapman, deconstructs how we want to be loved and how we should communicate our love to others.The 5 Love Languages by Gary Chapman

The 5 Love Languages is a quick and incredibly powerful read. By applying the techniques Chapman suggests, anyone can improve their relationship with their friends, family members or significant others.

First, success in your relationships requires understanding three truths about love. These truths are:

Understanding these truths sets the stage for the 5 love languages.

The 5 Love Languages are:

Everyone has their own personal primary love language. Your picture of a perfect mate should give you some idea of your primary love language.

We must be willing to learn our spouse’s primary love language if we are to be effective communicators of love. By learning the love languages and how to work with them, we can cultivate an amazing and loving relationship with our spouse.

Memorable Quotes from The 5 Love Languages

Here are some memorable quotes which resonated with me and hopefully will inspire you to read The 5 Love Languages.

“Your level of success is rarely exceeded by your level of personal development, because success is something you attract by the person you become.” – Hal Elrod

Read These Books and Live the Life You Want and Deserve

“I don’t believe anyone can be “improved” by buying and reading a book. They can only be “improve, if that is the word, by their own actions.” – Felix Dennis

Reading these 3 books, and more importantly, applying what you have learned, will get you on the path to success – however you define that success.

I’m very thankful I’ve read these books and applied what I learned in them. The Miracle Morning sets up your day for success, The Slight Edge governs your philosophy on life, and The 5 Love Languages influences how you interact with others.

Combining these three will help you on your path towards success as a young adult. These books for Millennial success will help you improve yourself for the better.

I have not come across personal growth books which have been more influential to my development. I hope this post has inspired you to take action and focus on your self development so you can live the life you deserve.

How do you define success? Have you read any of these 3 books? What goals are you working towards?

The Best Books For Personal Growth

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