Want to be Wealthy?

Stop Swapping Your Time for Money

Many of us were taught to do well in school, get a great job, work hard, and you’ll eventually make a lot of money. This may be true, but there is a great limitation to working for someone else. Time. There are only so many hours in a week. No one can buy or create more.

Even doctors suffer from this limitation. The average physician makes a large salary, but there aren’t many that make a million dollars a year. Even a physician is swapping his time for money. He only gets paid while he’s seeing patients. He can’t see more than one at a time and he can’t see them while he’s asleep. The clock ultimately limits his income.

This is also true for consultants, dentists, lawyers, and CEOs.

If you want the opportunity to make a tremendous amount of money, it’s important to find ways to earn without your presence being necessary. Free yourself from the clock and your ability to earn is unlimited.

There Are Better Ways Than Swapping Time For Money:

  1. Get paid more than once for the same work. Think about artists, authors, and musicians. In their respective businesses, they’re able to get paid repeatedly for the same work.
    • An author can write a book and then sell a million copies over the next 10 years. During that time, she may have written 20 more books. What could be better than getting paid multiple times for the same work?
    • What are some other businesses that can utilize this same strategy?
  2. Do something that allows you to receive recurring payments. Leasing office space or other real estate to others keeps money coming in while you do other things. Building a website and leasing it is a similar strategy.
  3. Be an investor. The great thing about stocks, bonds, mutual funds, and similar investments is the ability to make money with little work on your part. You’re essentially making money while you sleep. You could also loan money to others.
  4. Outsource / arbitrage. Many people set up businesses and then outsource all the work. This is especially true online. For example, there are people that sell website building services. These same people then hire someone else at a reduced rate to do all the work.
    • Ghostwriters write many of the e-books sold on sites like Amazon.com. The listed author paid someone else to write the book. If you can successfully buy something for $X and sell it for $X+Y, you can potentially make money with little work.
    • Can you think of ways to make money from the work of others?
  5. Create passive income. A website that sells an affiliate product can make money while you sleep and is a form of passive income. It’s not difficult to build a website that makes a mere $5/day, but keep in mind that’s over $1,800/yr.
    • Make a list of other ways you can make money passively.

Time is limitation for all of us. So far, no one has lived forever. But time doesn’t have to limit your income. Doctors, lawyers, and CEOs are paid well, but you have even great financial potential if you can break free from swapping your time for money.

Uncertainty stops many people. If you write a book or create a website, you’re not guaranteed to make any money at all. If you go to your job, you can expect to get paid on a regular basis. Courage and persistence are required.

Get started today and build an income stream that isn’t dependent on your time or presence. You’ll enjoy getting paid while you’re not at work!

Banishing Bank Fees – Is It Possible?

In challenging economic times, banks are seeking more ways to charge you for their services. Some banks are even charging a minimum of $10 per month for checking account fees! Insufficient funds fees and overdraft charges have shot sky high during the past few years.

How can you stem unnecessary spending when it comes to your bank accounts? Is it really possible to get rid of those fees?

Bank Fee Types and How to Have the Fees Removed from Your Account

1.    Monthly fees for checking accounts: Continue reading “Banishing Bank Fees – Is It Possible?”

How to Build a Savings Plan for Your Children

One of the best ways you can provide for your children is to create a savings plan for them when they’re young and contribute to it gradually. As your children grow, so, too, will their savings.

You may also consider investing for your child, provided that the investments are wise and promise a decent return over time.

Creating a savings and investment strategy can be beneficial for both you and your children so when they grow up they’ll be in a solid financial situation during their college years.

Consider these options to build savings for your children:

  1. Open a savings account. Savings accounts don’t have a high rate of return, but what they do offer is a safe place for you to put your child’s money over time. This is the most basic option available, but may be a good place to start.
    • When opening an account, read the fine print about fees and minimum deposits, so you can choose something that works for you.
    • The savings accounts available to you may actually vary from bank to bank, so look at a few different options before you settle on the best savings account for your child.


  2. Invest in a CD. A CD or Certificate of Deposit is a low risk, low return type of investment that typically locks your funds in place for a specific period of time. The term length you choose may impact the interest rate. You can choose the term length, such as 5 years or 10, 15, 20, and so on, depending on your needs.
  3. Invest in a College Savings Plan. Also known as a 529 plan, this is a tax-advantaged plan designed to encourage saving for higher education expenses. Growth on these accounts from interest is tax-deferred, and, when needed, withdrawals may continue to be tax-free when applied to specific educational expenses.
    • There are two different types of 529 college savings plans. The first is a prepaid tuition plan and the second is a savings plan. Each of these types have different basic mechanisms for use and are available in specific areas, so check with your state for what would work best for you.
    • Prepaid tuition plans are available in 13 of the 50 states and allow for pre-purchase of the child’s tuition based on the current rates. They pay out when the beneficiary enters into college.
    • Savings plans base your account earnings on the market performance of whatever underlying investments there are, such as mutual funds, for example. These plans are administered by the state and available in 49 of the 50 states and Washington D.C.
  4. Utilize a custodial account. This is a savings account or certificate account held in a minor’s name. The dividends are registered under the social security number of the child, though your name will be listed as the custodian for the account.
    • With this type of account, you can transfer funds to the minor while still managing the account. Once the funds are deposited, they become the property of the minor and can only be used to benefit the minor.
    • When the minor reaches legal age, funds are turned over to him or her.

These are just some of the options available to you for preparing for your child’s future. When you consider the costs associated with raising a child and sending him or her to college, it makes sense to put a plan into place as early as you possibly can.