Bitcoin, Cryptocurrency, Entrepreneur, Experiences, Finances, goals, making money, MLM, money, passive income, Retirement, rich, Savings, Taxes, wealth

Income Development

Banner Featured by my Financial Mentor Tim Kim

How many streams of income should you have?

The average millionaire has 7 streams of income. The answer would be the more the merrier. Diversification is an essential component of every experienced investor. Take for example Tim Kim (read about streams of income here), a self-made millionaire and mentor of mine that I am learning from. He has over a dozen streams of income.

How many streams of income do I have?

I currently have 4 streams of income including my 9-5. It’s a goal of mine to develop 2 of my income streams, which involves blogging and stock options, this year to a total of $3k/ month. I will keep you all posted on my endeavors.

My journey to FI (Financial Independence)…

It’s always been in my mind to be financially independent so that I could spend intentional time with my friends, travel the world and meet people from all walks of life, and adding value to everyone I meet. Initially I ran into people who had ulterior motives, which was a teaching lesson all on its own (click here to read more).  Then I met someone who had the level of success I was looking to achieve someday and he was an open book on how he got there. I started following his blog and am currently receiving mentorship from him. The spark and pursuit of this journey of FI was ignited just mid-last year.

Humble beginnings

When I started reading blogs on financial independence, I was really just getting through each month with few dollars to spare. I had a part-time job that was paying meager wages, but thankfully I enjoyed the work! I eventually obtained another job with much better pay, creating 2 streams of income but wasn’t making enough to invest.

Goal Setting

I decided to set my sights and goals higher and applied to full-time positions that would allow me room to invest. One of my goals was to get a full-time job by the end of the year. By God’s grace, I interviewed in December and started my full-time job in January 2018. Now it’s time for me to expand my income streams and develop them. I am currently settings a dream line (mentioned in Tim Ferris’s book 4 Hour work week) and hope to get started on defining what I will be doing each day to accomplish my financial goal.

Reflection

Currently, I am working full-time, working part-time at my church as a worship director (which is a great joy), taking 2 real estate classes, blogging, investing into a Roth IRA through Schwab, investing in Bitcoin/ Cryptocurrency (click here to read more), trading options through Robinhood, and advertising a Social Media Agency. I have room to grow in each of these areas and it is my goal to improve everyday. By the end of this year, I hope to reach 2k/month from blogging and share with you all my progress. Thanks for joining in on the journey!

Care to share?

Do you have interest in reaching financial in reaching financial independence? Where are you financially? What are your financial goals for this year?

 

Sources:

https://www.rothira.com/what-is-a-roth-ira

https://stewardingfinances.com/2018/03/14/live-and-learn/ ‎

https://stewardingfinances.com/wp-admin/post.php?post=47&action=edit

 

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Experiences, Finances, goals, making money, MLM, money, passive income, Retirement, rich, Savings, Uncategorized, wealth

LIVE and LEARN

Mistakes anyone?

Have you ever made a mistake and blamed yourself for it over few hours or days? Well so have I and the solution I found was to lay my burdens down before God. The worst that happened because of my mistake was that I looked like a fool and caused burden but the great thing is that it’s over and I get to try again. We all make mistakes but I really believe it’s how we act upon the errors that is essential for what will happen next. Now on to my story…

Lessons Learned

Starting off in the work field after college was an arduous ordeal that consisted of misleading business propositions and some money mistakes, thankfully none that I deeply regret. I almost joined 2 different MLM (multi-level marketing) businesses, almost became a life insurance agent, and spent lots of my money on eating out. Today, I’ll share on my MLM experience.

MLM

In order to understand what an MLM is, you can think of a pyramid. At the very top of the pyramid, you have one individual, and that individual recruits someone else; they in turn recruit others, creating a pyramid-like structure.

The 1st MLM I was almost convinced to join was called ACN, a business that provides telecommunication services. A buddy of mine called me up and got me to sit down with him to hear a business proposition, which sounded incredible to say the least. The selling point is to accomplish the things you’ve only dreamed of and the limitless ability to make money. I was more young and foolish than I am now and decided to continue on with attending a seminar.

My friend kindly offered to pick me up and take me to the place, which I gladly accepted. We parked in the parking structure of a Holiday Inn. As we climbed the stairs towards the meeting location, we were welcome by booming electronic music and chattering of many voices. It was a pumped up environment with lots of sharp and well-dressed individuals. There was a bit of adrenaline rushing through my system as I was taking in all that was happening.

The seminar soon began and there was some sort of chant that started as the mc for the evening came up and introduced himself. There was a lot of positivity and energy in the place. After 2 speakers who shared their story and how they reached their level of success: thousands of dollars in passive income.

After the seminar was finished, I was introduced to a beautiful woman who then shared with me her business proposition. The constant flattery and words of motivation were lavished on me and if I’m to admit, it felt good, but my mind was still cycling through the words of the presenters and tried to assess what they were selling.

Ultimately, I would be paying $500 for a website with a monthly payment to keep it running, mentorship, and invitation to events (which were several hundred dollars more). The way that I would really make money would be to recruit other people to join and take commission from what they were selling. This would be the way to financial freedom! The woman pressed me to make a decision saying how winners act fast. I decided not to be so quick to act and slept on it.

The next morning, I realized the business proposition was exciting and adventurous but not one I would want to be involved in. I turned down the offer.

 

Reflections on my Experience

I can see how such an organization can be successful, but the chance of reaching the pinnacle of success within that sort of business is extremely slim. There are those who make it to the top, the hustlers, and they do make enormous amounts of money, but at what cost?

I realized that some of the successful people in the business were sold on the products that they were selling, but were more so focused on recruiting others into their business. The money was more in the recruiting than it was in actually selling the products. This is when the alarm went off in my mind.

Overall, many businesses won’t last as they are built on shaky ground. A good business should have well-thought principles and values at its core, with a strong vision to add value; along with planning, developing strategies for growth, and systematizing its processes.

If an MLM is doing that and isn’t focused on making money on people’s hopes and delusion but is set on building great business that impacts the world for good, I say great for them, but I personally wouldn’t join one nor recommend others to join one. Too many have gotten suckered into it and have lost much more than they have gained.

 

Share your Experience!

This is a small bit of my financial journey and how I almost made a big money mistake. Have you ever been asked to join an MLM? What sort of financial mistakes have you made?

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Foundations on FINANCIAL Literacy

What is Financial Literacy? Why should you care?

Let’s start with the idea of money. Money is a tool that is used to obtain something else. It is currently what majority of people use in order to go about their daily living: buying groceries, clothes, gas, rent, so on… That much is known to us all, but how we utilize it can affect our lives in drastic ways.

Money is a tool. It’s a tool that helps us buy what we need and want. Financial Literacy is simply knowledge that allows one to be a wise steward of their finances. Many of us were not taught Financial Literacy in our general education, therefore we lack understanding of even basic finances when we step out of college and into the world.

I, for one didn’t have someone to really teach me the importance of saving – and where to save – and spending wisely, until I discovered a blogger, Tim Kim. I started there by closely following blog posts, engaging in his posts, and buying recommended books to grow in my understanding of stewarding my finances. Then I decided to change my spending habits and work towards growing my money instead of simply getting by.

Do I want to continue in this lifestyle? Am I able to pursue my aspirations freely?     If money wasn’t a factor, what would I do with my life?

These are the questions I wrestled with. Eventually I decided that it was time to take action. I would work on replacing bad habits with healthy ones to guide me towards my goals. Ultimately, I am passionate about God and serving others. I want to spend most of my time investing into others, particularly young people, and guiding them to make informed decisions. I also feel deeply for orphans and widows; I want to help care for them in a greater capacity through financial means. To accomplish this, I need to start using the money I am allotted with more care and thought as the way I use it now will impact my ability to use it in the future. Developing financial literacy has already helped shape the direction in which I will go in order to obtain my initial goal of $10,000/ month in passive income by age 40.

I have been progressively widening my exposure in the finance blogging world and hope you can benefit from my journey. Please feel free to share your thoughts!

 

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