• Create a budget.
  • Pay off the most expensive debt first.
  • Pay more than the minimum balance.
  • Take advantage of balance transfers.
  • Halt your credit card spending.
  • Put work bonuses toward debt.
  • Delete credit card information from online stores.
  • Sell unwanted gifts and household items.
  • Change your habits.
  • Reward yourself when you reach milestones.




The 10% savings rule says you should save about 10% of your income for retirement. If you have no idea how much to save, it gives you a starting place, but this is NOT a one-size-fits-all-rule; more of a general guideline that may work for you.

In reality, the more you make, and the later you start saving, the more you need to save. If you started saving in your early 20s and consistently saved 10% of everything you made, the 10% savings rule would work. But how many 20-somethings do that?

Most people find themselves in their mid-40s or -50s when they first give serious thought to saving for retirement. If that’s you, and your career is doing well, a 10% savings rate is probably not going to be enough. But 10%, or any amount of regular savings, is better than none.




One of my favorite quotes is by American entrepreneur Jim Rohn who says, “Formal education will make you a living; self-education will make you a fortune.”

I think it’s true. Formal education is increasingly vocational training to climb the corporate ladder. Self-education is the single most important activity you can invest your time and money in if you want to do more meaningful work and live a fulfilling life.

Did you know that it costs about $12,000 a year to educate a student in an American public school? The numbers are similar in other highly developed OECD countries. In University, this cost per student nearly doubles to $23,000 a year.

Now, what could you do with that money if you had the freedom and opportunity to design your own education? What would you choose to learn and focus on?

I think this is an important question to ask because in our knowledge-based economy the process of deliberate learning can’t end with formal, government-run schooling. While the government clearly sees your education as a good investment, do you think you invested anywhere near $12,000 last year in your self-education?

In a knowledge-based economy that is changing at hyper-speed, the best investment you can make is in your own continuing self-education. While investment advisors recommend you save 10-20% of your income and invest it in your retirement fund, my advice for anyone early in their career or on the entrepreneurial path is to spend at least 10-20% of your income on your self-education.

This is how you become a master of your craft and get really good at the things you love to do, which will pay dividends not only in more income in the future but it will also make your life much more meaningful and enjoyable.

Isn’t that why we are here in the first place? To live creative and meaningful lives? Through self-education anyone can create a purpose-driven life that makes a positive impact in the world.



Nicole Lapin is a financial expert, TV correspondent, and author of the best-selling books, Boss Bitch & Rich Bitch:

When you are contemplating starting a side hustle Lapin suggests, Start by first writing down your skills, hobbies, or elements of big projects that you’ve done, and focus on the ones you’re great at (be honest!), but also enjoy. Once you’ve narrowed your list down, do a little googling to figure out a base rate earning potential for each skill set, be honest about the amount of time per week you have available, and make sure you know the initial investment needed. Are there potential side-hustles that would require you to purchase a lot of equipment but won’t make a lot of money? Nix those. Focus on the ones that have a low initial investment, yield good money for the hours put in, and could potentially turn into a career.

MONEY MATTERS: Heed money expert Nicole Lapin’s sage advise: Before you take your side-hustle gig full time, you have to consider: is your side-hustle something that is a career for other people? Does that career make enough money that you could have a similar lifestyle to what you have now? Do you have enough money for the costs it will take to turn the side-hustle into a career without taking on debt? Are you confident you can do the less exciting parts when turning it into a business (bookkeeping, etc.) day in and day out? Testing out your side-hustle while you have the safety net of a steady paycheck allows you to determine proof of concept with fewer risks.

NOTE: If you decide to embark on a side hustle always check your company’s policy on such endeavors and make sure what you are doing is not a conflict of interest. Also, always make sure to do the work for your side hustle after company hours so that it doesn’t interfere with your day job. Bottom Line: Your career is always evolving. Don’t trade your passion for a 9 am – 6 pm job when you can do it all! It’s called a ‘Side Hustle’ for a reason, you have to HUSTLE. So power-up and start living your best life!



But for some, a side hustle isn’t enough. Instead, they want to take that side hustle – their true passion – and grow it into a real career or business.

Today’s infographic from Quid Corner gives 10 steps on how to make that transition a reality.

Taking your passion and converting it into a successful venture is not an easy move – otherwise everyone would do it.

Instead, it takes hard work, knowledge, tenacity, and patience. Here are some key points worth considering as you grow your side hustle into something bigger.

10 Steps to Consider

1. Cover Monthly Expenses
It’s hard to replace your full monthly salary at the start, so aim to have your side hustle replace a set of monthly expenses at first. This will take some of the pressure off, and allow you to grow things organically.

2. Network
Meet with other side hustlers and learn from them. Develop strong relationships with the people that inspire you.

3. Find a Mentor
Studies show that small businesses with a mentor are twice as likely to succeed over a five year period.

4. Register
Eventually, register your business officially. This separates your personal and business assets, and it makes your side hustle more legit in the eyes of customers.

5. Pareto’s Law
With a new venture, there will be plenty of tasks to do. Pareto’s Law states that concentrating on 20% of these tasks (the most important) will generate most of your outputs (80%), so prioritize accordingly. See more on this mental model in a previous infographic.

6. Delegate
Delegate daily tasks outside of your core skillset. This will allow you to focus on your passion and what you uniquely bring to the table.

7. Automate
Use apps to automate repetitive tasks. You can schedule social media posts, track leads and conversions, run payroll, and manage inventory with apps – and much more.

8. Focus on Cash Flow
A whopping 82% of small businesses fail from cash flow problems. Therefore, this should be an important focus for any business owner.

9. Set Goals
Set long-term goals, and short-term objectives to achieve them. Use the SMART (Specific, Measurable, Achievable, Relevant, and Timely) framework to set near-term objectives.

10. Stop, Collaborate, and Listen
Collaborate with businesses that share your values, and learn from them at the same time.



After employment, I think that most individuals gain income diversification through investing.  It is important to look at why we invest: because at some point we plan on using this money for something.  For most, it is saving for retirement, and the investing is done through vehicles, such as a 401(k) or IRA.  But investing is not just about stashing money away for a rainy day – that is what an emergency fund is for.  Investing is about having enough capital to generate income.

Investing generates income through dividends, interest, and return of capital.  You really want to maximize the first two, and stay away from the return of capital as much as possible.

Think about it.  If you are saving for retirement, you are trying to save enough in investing to generate enough income to replace your primary salary.  Let’s take my friend’s example above: $50,000 a year.  To generate $50,000, you would need to have almost $1,700,000 saved, and be able to generate a 3% cash flow on that money (which is reasonable if invested in dividend paying stocks).

You could also draw down on your principal if needed, but this is a return of your invested capital, and if you continue this for a long period of time, you run the risk of exhausting your resources.



What’s the fastest way to $1 million? David Bach should know. He reached the milestone by his 30th birthday and went on to write several bestsellers about how others could ‘finish rich,’ too, along with “The Automatic Millionaire,” which he recently updated.

In the book, he offers a blueprint to help anyone reach seven-figure status, automatically. But he shared a few tips with us to get started—plus what to keep in mind so you stay on track.

Pay yourself first. Automatically.

Have your paycheck automatically deposited. (“It’s shocking how many people don’t,” he told me.) Then sign up for your 401(k), if you haven’t already, or open up an IRA if you don’t have a 401(k) option. “That little decision can change the course of your life,” he says.

Have money automatically moved from your checking account into a savings account for emergency purposes—eventually enough to cover three to six months worth of expenses—and then into what he calls a “Dream Account,” a savings or investment account you use to pay for dreams that can range from buying a home to traveling the world to starting a family.

Aim to keep an hour a day of your pay for yourself.

Ideally, Bach says you want to hold onto at least one hour a day of your income, which works out to about 12.5 percent of your pretax income, to save and invest. But keep in mind that if you have an employer 401(k) match, you can end up setting aside 15 percent just by taking advantage of the match. Many employers will match 50 to 100 percent of what you contribute into your 401(k) dollar for dollar, up to a certain percentage of your income (often 3 to 6 percent).

Starting small is better than starting later.

“You don’t go from not running to running a marathon. You work your way up. Saving is very similar,” says Bach. The important thing is getting into the habit of saving and investing early and regularly.

There are several apps that make it simple to save and invest money automatically. And, while employer-sponsored retirement plans like 401(k)s vary, you can often set up an online account and incrementally increase the amount you contribute.

Automate your bills and any debt payments.

Bach recommends calling all your credit card issuers and switching the payment due dates to be the same—and a day or two after you get paid. If you have a few cards and get paid biweekly, you could have two cards due right after first check and one right after the second check comes in. If you’re carrying debt, of course, you want to make those payments automatic andstart putting more money toward the balance so you can pay it off faster. Generally, tackling the higher-interest balance first is the smartest move. But some prefer the “Snowball” method, in which you tackle the smallest balance first and then immediately divert the money you were putting toward that debt toward your other balance, which can motivate you to stay on track.

And don’t forget to give back. “Tithe automatically, too,” says Bach.

Align your values and your spending.

“There’s an enormous disconnect between people’s values and how they spend their money,” says Bach. “It’s about getting total clarity around your values and making sure the way you spend and invest aligns with that.”

When people say they don’t have enough money to save and invest, he says, it’s often because they haven’t taken a deep look at where their money is going.  “You probably do have enough money. You just have a Latte Factor,” says Bach, a trademarked term he coined that refers to how quickly seemingly small expenses, like a daily latte, can add up and keep you from saving toward goals that really matter to you. “It’s not about giving up coffees, or giving something up that you really enjoy,” he clarifies, “but about looking at where your money is going and realizing you can still buy the things that are important to you and still actually have enough to save.”



“Never spend your money before you have earned it.” —Thomas Jefferson


Many people ask why I should read your blogs, actually they think it’s my thoughts, no it’s not my thoughts. They are taken form different books, success magazines, articles etc. When I write any thing from my side, I always mention it.




Leave Feedback in Comments below…




Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s