How is it June? I am way behind on posting because I’ve been really sick and also wrapped up in the Stanley Cup playoffs. Below is an update on some features I’ve been lucky enough to be a part of this week.
Money Master of the Week
In the first part of his podcast, Andy shares three strategies of millionaires in their thirties.
- Keep investing simple
- Create Multiple Income Streams
- Build Your Career and Salary
While I am certainly no master, I have been able to execute these three strategies over the last few years. While my wife and I may or may not become millionaires before I turn 40 (but way before she turns 40), I can vouch for the above three strategies as true wealth builders.
Keep Investing Simple
Almost all of our assets are in low-cost index funds. I simply use the free version of FutureAdvisor to tell me what index funds to invest in, Personal Capital to track the growth of various assets and accounts, and Mint to understand leaks in our expenses that we use to invest.
Create Multiple Income Streams
I have been very lucky to negotiate a consulting contract that provides another income stream. The contract comes from expertise and relationships developed in a previous role. Negotiating the contract required a win-win-win (current employer, client, and me) in order to work out. It will not last forever but has really helped build wealth. All of the money from that contract goes into a Solo 401(k) comprised of low-cost index funds. No lifestyle inflation is key!
We also bring in several hundred dollars a month by petsitting using the Rover platform. We sell things we don’t need on various platforms. And…coming soon….my wife will be a Barre instructor which brings in a little revenue, free classes and an outlet for her to socialize and learn new skills that will help her in her primary career.
Multiple income streams are not only valuable for wealth building but also for learning new skills. This blog is a money loser right now but is a good example of a potential income stream that helps me acquire additional skills and improve on others.
Build Your Career and Salary
I have had a rough road career-wise and attribute a lot of that to not understanding my introversion. When I started to understand how my introversion was perceived by other people, my career started taking off. It was a blind spot for over ten years. I am a better communicator and strategically extroverted (while planning time to recharge) now that I am aware of other peoples’ needs and how important communication is.
Thank you, Andy!
I want to thank Andy for featuring me as the Money Master of the Week. He has a great podcast that is well produced and it was fun to be featured on it. Go check it out!
I am lucky enough to be part of ESI’s Scale interview series. ESI is a premier blogger in the personal finance community and owns Rockstar Finance. The ESI Scale Interview asks the subjects to describe their progress on the three financial independence steps ESI preaches: Earn, Save, Invest.
To read the interview, head over to the ESI Money blog and read ESI Scale Interview 17. The interview will probably give you more background on who I am and where I came from. I really need to update my About section with this info.
As I said, I have been really sick for a few weeks and traveling a lot. Coming soon on this blog I am going to detail some of those travels and how I made a lifelong dream come true using travel rewards.
I’ll be back to posting more regularly soon. In the meantime, if you have any comments or feedback, drop me a line. I’d love to hear from you!