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Income Development

Banner Featured by my Financial Mentor Tim Kim

Streams of Income

Did you know that 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.

My streams of income

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.

Journeying to FI

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.


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!

*This post contains affiliate links.


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?


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 Death and Taxes

In 1723, Christopher Bullock published a book called, “The Cobbler of Preston” wrote, “Tis impossible to be sure of any thing but Death and Taxes.” These two have stood the test of time.

Tick Tock

Death will befall every man and woman to ever live on this earth. As our life clock ticks, we are only dying. Why the pessimism you ask? Well because it’s part our present reality. I also believe life is precious and that every human being has intrinsic value, essential value. Your life and mine have meaning, yet our days are numbered. I often question, “am I living out my life to the fullest?” I urge you to do the same. While we aren’t dead, we ought to make the most of today! Which is a good reason to pursue FI sooner than later (Read more on this here). Moving on…

Hello Uncle Sam

Moving on from death and onto taxes!

For those of us who live in the United States, it’s tax season, meaning we have to rummage through our tax documents and receipts to prepare for filing; deadline is April 17th for those who have yet to do so.

I paid right under $1,400 upon filing my taxes as I was partly working at a non-profit agency this past year, gaining about $10,000 income without taxation. I did lower my deductions and had 2 additional income streams that were taxed. Currently, I am filing my taxes through Turbotax (this link provides a discount), which has been convenient. Eventually, I will be utilizing a CPA as my income grows.

If you haven’t already, you can file for free through the IRS website, Turbotax. Another option are colleges; they have free tax preparation help as there are finance/ accounting students that need experience who are willing to provide tax services pro-bono. If you own a business or real estate, your ability to deduct from your taxes will be significantly more than if you were not an entrepreneur.

If you haven’t already maxed out your Roth IRA for 2017, you can still contribute until April 17th. Whether it be your Traditional IRA (pre-taxed income investment or Roth IRA (post-tax investment), it is worth considering these investment options.

*This post contains affiliate links.


Thoughts on Death and Taxes?

What are your thoughts on having a strong core belief in life? How have you been stewarding your finances in order that you aren’t paying so much in taxes?




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Death & Taxes

Invest Smart
goals, money, passive income, Savings, wealth

Simple, Smart Start to Investing


My introduction to Investing

The very first investment I learned of was the Roth IRA. My knowledge of investing was slim to none at this point. I discovered that it was a great investment strategy as I did my own research. To briefly sum it up, a Roth IRA is a retirement account that allows you to invest post-tax dollars. Putting money that’s already been taxed into an index fund allows your money to grow tax free. Any interest that you gain on your money is tax free!

Why Invest in a Roth IRA?

The great thing about a Roth IRA is that you can withdraw your contributions tax free. A traditional IRA would be taxed at the rate of ordinary income at the time it is withdrawn. This makes a Roth IRA more favorable to those who speculate an increase in taxes in the future or for higher income levels at the time of retirement. Any growth within your investment is also tax free, but if you want to pull that amount out before age 59½, you will be taxed on your earnings.

Any money you put into a Roth IRA can be pulled out tax-free so it can even be thought of as a piggy bank that gives you an inordinate amount of returns. You can withdraw contributions to invest in real estate ($10,000), certain educational expenses, and/ or health insurance if you are unemployed (read more here)! Contribution growth can range depending on the mutual fund:

Example: Vanguard Mid-Cap Index Fund Admiral Shares (VIMAX) has returned over an average annual return of 10% for investors since inception, 11/12/2011.

Money Snowball

Investing in a low-fee (.05% expense ratio or less) index fund or mutual fund is a great idea for many reasons. One of the most compelling reasons to invest is the snowball effect:

John lives out in Washington, where it snows in the Winter. He decides to make the biggest snowball he’d ever make in his lifetime. He puts together some snow until it reaches the size of a fist. He then starts to roll it across the snow to grow it. After it reaches the size of a basketball, he eases it over to the edge of the hill and lets it roll. As it rolls down the hill, it not only gains momentum in speed but also in size. Upon getting to bottom of the hill, John finds the snowball that was once the size of his basketball to have grown to be higher than his Tesla.

So what does John and his snowball have anything to do with a Roth IRA? Let’s say an index fund grows 10% year over year as it did in the case above. It’ll take approximately 10 years, considering taxes and inflation, for the money that you invest to double. So if you put in $5,000 in a Roth IRA and never invest into it again, at the end of 10 years, you will have amassed $10,000. That’s a nice return for not doing much if you ask me.

Now say that you invest $5,000 every year for 10 years into a Roth IRA index fund. In 10 years, you will have grown the amount to $79,127. Not bad! If you continued to invest $5,000 a year for the next 35 years, you will have grown your investments to $753,028 all tax free. If you were invest in a traditional IRA with the same conditions above, you have a grand total of $1,495,634 but you would then need to pay taxes when withdrawing from your account.

How much can I Invest?

A Roth IRA allows you to invest a maximum amount of $5,500, post-tax, per year ($6,500/ year if over 50 by the end of the year) as long as your yearly modified adjusted gross income is less than $120,000 (single) or $186,000 (married) for the year 2018.

Where can I start Investing?

Highly rated platforms most commonly used to create Roth IRA accounts include: Vanguard, Fidelity, and Charles Schwab (if you choose to enroll in Charles Schwab, and use code: REFER616QU you can earn $100 for opening a retirement account).

  1. Vanguard: Minimum to start is $1,000; most minimums for investments are $3,000.
  2. Fidelity: At least $2,500 is required to start.
  3. Charles Schwab: $1,000; $100 if you do direct deposit, which is a great idea.

Smart Investments

Investing into a Roth IRA is one of the most popular ways to invest due to its tax-deferred growth. The S&P 500 from 1928 to 2015 has produced an overall 11.41% (read more about it on Alpha). This means, if you were to add up all the years of returns and losses over the year, the S&P 500 has an average return of 11.41%. An easy way to start is to invest in a Roth IRA is to invest in an S&P 500 mutual fund. For example, if you choose to invest with Charles Schwab, you can invest in the Schwab S&P 500 Index fund ticker symbol (SWPPX). All in all, a Roth IRA is a simple, smart start to investing!




*I am not a professional in this field and am not advising you make a financial decision, rather to research and decide for yourself if this is a plausible retirement vehicle for you.