Side Hustle Ideas & Investments

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With summer time winding down there is a lot to get into.  Markets will begin to come to a slow paste as well as work being that everyone is on vacation. I want to point out a few things that can occupy your time and you make money as well. Prosper.com has been a steady gain for me over the years. This is an online peer to peer lending company. The way it works is that you browse a list of loans that a potential loanee might want. Say for instance Joe wants a $10,000 loan he will apply for it and once he is approved through Propsper’s lending process then they will allow the loan to post so that you can browse it in a listing. Some of the criteria that you can use to make your decision are current delinquencies, Inquiries in the last 6 months, First credit line, Occupation, Debt/Income ratio as well as employment status. When you decide upon a person that you want to loan to depending on the criteria I just mentioned then you will buy into their posted loan listing. So as I said before if they wanted to receive a loan of say $10,000 then you can offer min $25 all the way up until the whole loan depending on how much risk you want to take on.  My personal strategy being that I don’t want to take on that much risk as well as I don’t have that much money in the first place is to place the minimum $25 to give towards the loan. Once enough people give enough from the range of $25 up to the maximum amount, then the loan become fully funded and then you can start collecting you monthly yield according to the listing. There are to 2 terms either 3 yrs or 5 yrs. I usually choose the 3 yrs terms listings simply because I want my money back faster. The key strategy that I employ is to get as many minimum loans that have good criteria as possible. So say I have 100 $25 loans and each of these loans I am getting different yields but we will say I am getting 5% from all of them for shit’s sake. Every month the loan will receive a payment from the person who took it out. That payment will be evenly dispersed throughout all of […]

Value and Cost

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Value and cost are two terms you should be fully aware of and should understand as pertaining to money as well as your life.   Value is how much usefulness or pleasure an individual gets from a commodity or service. For instance if you don’t have a dishwasher and you get one installed in your house. After you get the dishwasher the value resides in you not having to devote a significant amount of time to wash dishes. You now have a dishwasher that has brought an enormous amount of value to your home allowing you to do other things with the time you were spending washing dished to do something else.   Cost is how much you have to pay in order to make the goods. Inputs like land, labor, and capital for producing any product. For instance when you have a business and you sell something like t shirts. The cost of the t-shirts, printing, as well as transporting them is the cost. The value lies with the individual and the worth it created for them.   I explain these terms interchangeably because I want to make a case and point about value and cost when it comes to life. When you take a look at a star like Jay z you see the nice things that he has right? Well when you notice those things you are looking at the cost and you know it’s all expensive right? Well what folks actually want to look at is his value! This is where the term value creeps in. You want to make sure that what he does adds value to your life if you are to pay a price for it. When making decisions and living life we want to automatically assume that because a person has attained a certain amount of material things then they are successful. A lot of individuals do not look at what is actually cost to get to that value level. I try and equate cost and value to a lot of aspect in my life.  When I look at certain relationships with people I see that if I spend a lot of time with this person who is smart and is very proficient in their field that I am interested in then I assign a very high value to that individual. If the cost of being around that person is too high, […]

Constructive criticism

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Constructive criticism comes in many ways daily throughout your life. One of the main things determining if it is good or not first come with the individual Being calm and not reacting.   When it comes to constructive criticism regarding business and your work one has to be careful to not react so soon. Instead of reacting to what you might think may be an attempt on someone shooting down your dreams, access the situation. Ask yourself does this person that is telling me this mean any harm? What has this person’s position been in your life, and what is their experience in dealing with what they constructively criticized you on? When receiving constructive criticism wise advice would be to never react suddenly but instead halt from reacting and analyze and access the situation. Being a good observer goes along way. There is a saying “Talk once listen twice” Some people when they are in a conversation or a debate, or a disagreement are in the hearing state of mind, meaning they only hear what you say but are not listening to what you say. Hearing and listening are two separate things. Hearing is you actually acknowledge the sounds that are coming from ones mouth and in a case of having a conversation, you hear one thing and instantly come to a conclusion based on your belief without a thought outside of your own belief. When you listen you are ready to receive the information and process it. Listening is absorbed.   When you challenge everything you hear from a person giving you constructive criticism you will not only miss out on an opportunity to grow you will miss out on the most valuable game on earth, the skill set of listening… The benefit of getting feedback is priceless. I myself sometimes go out my way just to hear what some one thinks of what I am doing and how I should do it so that I can better analyze my situation from a different perspective. I ask questions regarding the feedback to possibly help me come to a better understanding to what I am doing. Constructive criticism helps you to learn about your weaknesses in certain areas. When you don’t react emotionally is gives you time to digest and seek out solutions as well as talking to others to get their advice.   It is wise to not challenge […]

Getting rid of debt and habits that lead to debt.

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Nobody likes to go into debt, true? Unfortunately, however, keeping those prominently red marks out of your account books is often easier said than done. And if we are honest with ourselves, we will agree that debt is not something that happens overnight, out of nowhere or just coincidentally. It comes about as a buildup of certain spending habits. Some habits that we indulge in daily; you know, buying a latte every morning, a new pair of shoes every so often, might seem harmless at first but have an adverse effect on your finances in the long run. Recognizing and identifying these habits early could not only save you a lot of cash but also stress in your later year. Often when people find themselves in over their heads in debt, they regret their past actions and wish they could turn back time and make a few adjustments to their prior habits. However, lamenting over past mistakes is as good as crying over spilled milk, don’t you agree? Why not start identifying bad habits now and start stopping them in their tracks? Take a look at some of these bad habits that could easily lead to debt and how you could possibly avoid them. Spending more than you make. It is impossible for you to spend $800 per month while your paycheck is just $500, right? Wrong! The habit of spending more money than you earn is easier than you think. And the worst part is, you may be doing this without realizing it. This could be through borrowing from other people, dipping into your savings or using a credit card. You can get away with this for a short amount of time, but sooner or later these terrible spending habits will catch up with you. You may end up maxing out of your credit cards, depleting your savings or run out of creditors to borrow from. Remedying this is simple! Keep your spending within your income in order to leave within your means, and rid yourself of debt. Managing money without a budget. Budgeting, just like dieting, is one of those terms that make some people cringe just at the sound of it. However, creating a budget and working with one is one of the best ways to keep oneself debt free. With a budget, you are in a position to know exactly how much money you will be […]

DIY home improvement projects that will help you save money.

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Home improvement projects can be quite an expensive venture, don’t you think? With modern bathroom tops going for over $10,000 and window replacement costs at crazy prices like $8000, it is not difficult to see why not. When overhauling your home, it is very easy to find yourself overspending, or unnecessarily spending. Many tend to shy away from upgrading the look of their homes due to such fears. The truth, however, is that you do not have to use so much money in order to come up with the best projects to improve your home’s value and functionality. Contrary to what many people think, home improvement projects do not have to be overly expensive. There are so many excellent projects that you could easily take part in, that will instantly bring an appeal to your home and make it more pleasant, yet at relatively affordable prices. Therefore, if you are looking for ways of improving and enhancing the appearance of your home without necessarily wiping clean your bank account, take a look at some of the projects below: Re-decorating the walls. Just like with lighting, a room can give an illusion of size and warmth just by the wall decorations. Maximize the use of your walls right from the floor to the ceiling as this will give the eye reason to move up and down. This will in turn give an illusion that the space is larger than it actually s. Simply DIY projects could be adding décor to the walls like a splash of fun colors or using wall paper on plain walls, adding open shelves or decorative objects on the walls. This will be sure to add drama and pop to the room with minimal effort and expense. If you are into art work, there are endless paintings, wall hangings, vintage frames and pictures that could dramatically enhance the appearance of the house instantly.  The ideas are endless. It’s all about finding what suits your taste best and going for it. Update the house’s lighting. It is true what they say, good modern lighting can instantly make a room appear warmer and even larger in some cases. You don’t need to over stretch your finances to achieve this. You could simply spray paint the current fixtures or interchange them within different rooms in the house. Alternatively, switch out all the old lighting fixtures that have been in your […]

Vacations you can take that will save you money and be educational as well.

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The thrill that comes with traveling to new places, experiencing different cultures and learning about the history and culture of a place is an amazing and irreplaceable feeling, don’t you agree? Every once in a while, it is important to take a break from your day to day hustles and routines, and take time off to relax, rejuvenate and explore the world. And learning something while you are at it is an added bonus. Planning vacations that will be exciting, fun, affordable and yet educational seems almost next to impossible. However, this doesn’t have to be case. With proper research and planning, you could easily find hidden gems worldwide that will both satisfy your wanderlust and leave you thrilled, excited and looking forward to the next holiday so that you can take another trip. Below are some of our favorite picks on vacations you could take that will be friendly to your budget, educational and fun! 1. Cambodia. From its pristine beaches and stunning architectural sites to untouched jungles, the South-East Asian country has an endless array of attractions. Few travelers, right from backpackers, luxury tourists, to families on vacation, are immune to the country’s beguiling charms and flock to see legendary sights and learn more about the country’s culture. The locals in Cambodia are incredibly hospitable too. There are plenty of sights to visit like the famous Angkor Wat temple, one of the most impressive and excellently preserved temples. It is easy to get private and air-conditioned rooms for all little as $20, transportation for less than $20 and affordable food and drinks in the city. 2. South Africa. South Africa is home to beautiful wildlife and a wide array of amazing natural wonders. You can easily experience the marvels of this great country on a budget without having to break your savings account, save for the traveling fees depending on where you are coming from. Cape Town, the heart of South Africa, is a striking metropolis with jaw-dropping natural wonders. On top of amazing landscapes and plenty of wildlife to explore, there are also a variety of other places to visit and things to do. The restaurants and bars are also wallet-friendly. To top it all up, some beaches and tourist attractions are completely free. Therefore if you are up for a safari adventure, South Africa is definitely the place to go. 3. South Korea. Undoubtedly, South Korea […]

Bitcoins

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What are bitcoins? The process of currency transactions has experienced significant changes over the years. Right from barter systems in the past, where participants had to be face to face to instantly verify the properties being exchanged, to the use of third parties like credit card issuers during transactions, and finally to digital transactions that was introduced on the onset of the introduction of technology and use of the internet. However, despite the commendable improvements in the field of currency transactions, the proliferation of digital operations and the enhancement of the web have resulted in exposure and several limitations to traditional currencies in the electronic world. These include increased expenses, security risks and time delays during transactions. Such limitations can prove egregious particularly if the transactions involve different foreign currencies, complex products or parties involved being on different sides of the globe. Such inhibitions led to curiosity and the idea of having an international currency which is independent of nations or central banks and provides anonymity to holders, security from fraud and theft, and protection from inflation. This resulted in the concept of having a digital currency which enables cash or its equivalent, to be used over the internet.   Bitcoins, started in 2009, is the most recent and most popular outcome of these efforts. It refers to a math-based, peer to peer, cryptocurrency system which is decentralized and is designed in a manner that allows online users to process their transactions using digital exchange units. These units are what are referred to as bitcoins. Bitcoins are generated by a computer through a unique process of computing and solving complex numerical algorithms. They can also be obtained through the purchase of standard currencies which are then placed into a ‘Bitcoin wallet’ – the public digital files where every party keeps private encryption keys which prove ownership. This is done through computers or smartphones. Proponents of the use of this new currency suggest that: • The payments are instant and can be made to any individual internationally. • The need for third parties is unnecessary. • Transactions can’t be reversed once processed • The supply of these bitcoins cannot be manipulated by any institution, e.g., banks, the government or any individuals. The potential of bitcoins compared to other electronic payment methods. When compared to other payment mediums like PayPal, Fedwire and Western Union, the transaction volumes of bitcoins completely surpasses all […]