Kitces.com usually is one of the vital resources for retirement income planning, among other financial advisory topics. I want to highlight a good article that those planning for Financial Independence, and Financial Security will be interested in: How Sequence-Of-Inflation Risk Impacts Retirees Beyond Just Sequences Of Returns. This article sought to highlight the danger of using a fixed inflation rate in your income planning. What is a fixed inflation rate? Oh like those financial planners […]

Company economic performance Higher or lower free cash flow? In this post I will discuss the basic subtleties of free cash flow. The topic is what we can learn from a company’s financial statements, particularly the statement of cash flows, about its profitability and economic performance. Free cash flow is: a) the money a company generates net of operating expenses and ordinary capital expenditures; less b) non-cash expenses; and adjusted for c) changes in working […]

Taking surveys that pay cash instantly is an easy and fast side hustle. You’re not going to get rich taking cash surveys, but they offer you a great way to bring in some cash during your downtime. Think of paid surveys as an alternative to scrolling through social media or playing games on your phone![…] The post 13 Best Surveys That Pay Cash Instantly in 2023 appeared first on Millennial Money Man.

It can seem challenging to make some money as a student, but you can find some side income ideas for students in this article. It seems like it just keeps getting harder to make ends meet. With all your bills and other expenses, meeting your obligations can be challenging, let alone having enough money left over for savings or leisure. Fortunately, there are many different ways that you could make some extra money in your […]

This guide covers how to strategically choose and start a side hustle that aligns with your goals, whether you’re interested in quick cash, a fulfilling outlet, or eventually turning your side hustle into a full-time income.  Some of the concepts we’ll cover include: My Own Side Hustle Case Study After my second daughter was born and medical bills began to pile up, I knew I had to take quick action to generate additional income. Time […]

Do you know what separates the rich from the superrich? Leverage. And, no, I’m not talking about the “borrowing money to invest” kind of leverage. I’m talking about the leverage that determines how much output you get for each unit of input. For example, Elon Musk currently has over 150 million Twitter followers. When he tweets something out, far more people will see it than when you or I tweet out the same thing. Elon gets far more output (i.e. impressions) for the same input (i.e. a tweet) than almost anyone on Twitter. That’s leverage. But, content is just one of the four types of leverage. As Naval Ravikant highlighted in a 2019 podcast episode, leverage also includes: labor, capital, and code. This article will discuss each of these types of leverage in-depth, so that you can determine which form of leverage you might want to employ in your future. In recent weeks I’ve highlighted the importance of income and which high income skills can help you to build wealth. But this week we are taking it to the next level. So, if you want to supercharge your income by utilizing the four types of leverage, read on. 1. Labor The oldest and most ubiquitous form of leverage in human history is labor. Getting other people to help you build something that’s worth more than what you pay them is one of the most consistent ways to create long-term wealth. However, because it relies on the actions of other people, it can also be quite challenging. Let’s walk through an example. Imagine that you mow lawns for a living. It takes you 30 minutes (on average) to mow a lawn and you charge $50 per lawn. In an 8-hour day let’s assume that you can mow 14 lawns (with travel time), which generates $700 in revenue. Assuming your costs are roughly 10% of your sales (this includes gear depreciation, gasoline, etc.), that means your daily profit is around $600 (before taxes). But what happens if you employ someone to help you out for $20 an hour? Imagine by doing so you can mow an additional 6 lawns in the same amount of time. So now you are mowing 20 lawns a day at $50, for $1,000 in revenue. Netting out your gear costs of 10%, that leaves you with $900. However, you still have to pay your lawn care assistant their $160 daily wage ($20/hour * 8 hours). Netting that out and you have $740 in profit (before taxes). By employing another person you just generated an additional $140 in income for your lawn care business every single day. Now imagine scaling this further. You start hiring more people, buying trucks with your logo on them, and working in more distant neighborhoods. Pretty soon your team is mowing a significant portion of the city’s lawns. Eventually, managing the business takes so much time that you stop mowing lawns altogether and manage your employees mowing lawns. And guess what? Your earnings skyrocket.