Do you have any side income other than your paychecks? If yes, how you make it?
Today is my turn to host AllFinancialMatters's Question of the Day Marathon and here is a question for all of you to discuss and share all your own personal experiences with each others:
Do you have any side income other than your paychecks? If No, how you going to generate it in future? If yes, how you generate it?
Everyone of us wish to generate some kind of side incomes, so we can have extra money every month other than our paychecks. Maybe you are having it now, then why don't you share with us your personal experience how you make it. If you are not having it now, maybe you can share with us what will you do and plan to have it in future.
If you have any thoughts, plans, experiences or what ever, please don't hesitate to share it here and let us to discuss. 
Carnival of Investing #35
Carnival of Investing #35
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Welcome to a totally new week of carnival of investing. There are quite a lot of submissions this week from all the greatest personal finance blog in the Internet. I think this carnival will keep us busy for a few hours to read all the articles submitted to the carnival.
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Without wasting your time, below is the submission:
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Begin In Investing? Don’t worry, learn it by reading
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- Investing Money for Beginners, from Free The Drones which included all 5 tips that you must know to get started.
- Jim Cramer(For Beginner): Summary and review of “Sane investing in an insane World (1st 4 Chapters), from Donald Fielding which is a book review that introducing a great investing starting book for you.
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Real estate always is a good investing choice for people and there are a few personal finance bloggers submitted their read estate articles to this carnival of investing and here they are:
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- Is Investing in Housing over? (At least for the Amatuers), from FreemoneyFinance that talk discuss whether the days of making easy money in real estate are long gone…..
- Open house visits last weekend, from It’s Just money where LAMoneyGuy shared some of his thought on the real estate market based on his observation of 3 Los Angeles open house.
- The ARM Sales Pitch, from Paul Paulson which he talked about the ARM (Adjustable Rate Mortgage) which every investor should know about.
- Why Renting really is for suckers (And What to do about it), from Dan Melson of Searchlight Crusade. In this article, Dan showed us some of the calculation that proves why renting is really…….
- Cendant Corp Spins Off a Fat Pitch - Realogy Corporation (H), from Fat Pitch Financials where you can Learn about the new real estate corporation, Realogy. It’s a spinoff from Cendant that looks promising.
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Ok now is time to talk about Stocks, below is the article that about stocks investing:
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- Thoughts on Penny stocks, from HJL Money Blog which is an article regarding penny stocks and why he thinks they are horrible investment vehicles.
- Where to put your money? Small Cap Growth VS Value stocks Over the last ten Years, from Steve Faber of Debt Free
- My Stock Trading System, from Proveen of Keep It Simple that describes the complete rules for my zen-like, present moment-focused trading system, based on the principle of constant value investing.
- Why Stock Market Crash(Semi Book Review), from Frugal of My 1st Million at 33
- Managing Dad’s 401K, from My Money Path which showed us the list of funds that he decided to put money on.
- Dividends Stock performing Well, from Loi Tran
- What Stock worth? Part 3 - source of cash flow, from Trent of Stock Market Beat
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Research is an important process in investing and there are some submissions that about research for you to read and learn:
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- Illumination through research, from Abnormal Returns
- Using Diigo for stock Research, from The Daily Bacon, a quick overview of using Diigo for stock research
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Would you like to read some summary on what happen to world economic for the coming weeks? For your reference, Tom Hanna just submitted The week ahead : Your Financial Roadmap for August 14 to 18, 2006 which is an overview of the week’s economic indicator releases, select earnings reports and Treasury securities auction schedule. Post is updated through the week as individual economic indicators are released.
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Ok, last 3 articles for this carnival of investing:
- How to immediately make money as an expert in your own field, from Practical Entrepreneuring
- How To make money on the Industrialization of Brazil, Rusia, India and China, from The Time & Money Group. Brazil, Russia, India and China, commonly referred to as BRIC, may rank among the world’s most dominant economies by mid century. How can we as investors benefit from the industrialization of BRIC?
- Seven Rules to for sharpening your thinking skill, from Critical Thinking. Every day we’re flooded with information from all sorts of sources. Much of it is trying to sell us some kind of conclusion: “PMart is the cheapestâ€Â, “Global warming is the biggest problem facing humanityâ€Â, “Susan thinks you’re cute†and so on.
- Tips For Using Bid-Ask Spreads, from Chris Welch of InvestorGeeks and he dives into bid/ask spreads and learns how to use them to your advantage.
- Pound Strong against Dollar and Euro, from A Samuel of Overseas Property Blog
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Last But Not Least, thanks for visiting Carnival of Investing #35
The 5 Steps on How to Financial Free?
I know maybe you read a lot of books and articles about financial freedom and decided to make it as your lifetime goal. You know the benefits of financial freedom and also make yourself familiar with the theory of financial freedom. Now I suspect what you want to know is how to achieve it, right? If you want to learn the “how to" then you must read this article because I am going to talk about how to gain financial freedom.
Being financial free will be much more easy if we able to find a certain way to achieve it. A way that consist of a plan with several simple steps that will guide you to the direction of the financial freedom.
We all know that we need a plan to achieve everything in our life. We want to achieve a lot of things but we will fail if we do not have a plan that guides us to our dreams. So what should we include in our plan to be financial free? So today I am going to share with you 1 plan that consists of 5 simple steps that you can follow or as an inspiration that inspire you to compile your version of financial free planning. I always believe statements of “One man food is another man poison". Our background and ability is different, so we might compile a plan that totally different and go through a different journey to financial freedom.
First of all, let me show you what is the 5 simple steps that I put in this plan :
- Make Money
- Save
- Invest
- Share
- Spend
Just some simple words but there are a big meaning behind the simple words. Actually the 5 steps are the process how you manage your money.
Make Money
Everyday, we wake up and our mind will start concentrate on how to make money to support our life and family. Don't you? Every minute, every second, we are spending money. Even you are sleeping, there are certain things are getting some money out from your pocket. Either you get a job to make an income for your life, or running a business that become your income source. Maybe there are a lot of ways too you can make money from. So no matter what you are doing, the first steps in financial freedom plan is Make Money!.
Save
So after certain period, maybe after a month, you get your paychecks from your boss or your business, then how you going to spend it? So here is where personal finance and money management knowledges play their roles. In the second steps of financial freedom plan, Save, you must have a plan to save up some money. Maybe you can start a budget that let you spend your money wisely and systematically. Your objective is trying your best to save up some money before you spend it. It does not matter how much you save. As long as you save up some money, then you are taking some steps approaching the goal of financial freedom. So why you must save up some money? This is because you need to money in step 3
Invest
As we know, we need passive income to be financial free, and the only way we get this passive income is investing. Starting a business that will bring you passive income also is a good idea. However, both investing and business needs money to start it. This is why, first step we make money, second step we save up some money, so in third step we have money to invest. Investing simply a process that make money works for us and bring us the passive income. There are another meaning of the words of invest here. That is investing in your mind. Today if you want to success and be a good investor, you must have knowledge to support it. So you need to invest some money, get some reading material, audio or attending some seminars to gain knowledge that will help you investing your money. When you learn enough, then you can start invest your money for passive income.
Share
Share? What is it about? Maybe you will ask this question. Actually the step is about how you use your money to help other people. I always heard that, wealthy is a godsend from God. So if we are the lucky group, who able to make money, being rich and wealthy, then we must help those unlucky. This is a way we can express our appreciation on our wealth. If you pay attention and read some articles of all the rich people in the world, you might find that most of them will involve in charity and contribute to the community by helping those unlucky. We all know that money is evil, but if you can use your money to help people, it will become an angel to all of us. Furthermore your life will be much brighter and happier and finally you are happy to make money.
Spend
So after save up your money for investing and sharing with other people, now it is time to spend it in other category. Now you can see that money spending actually is the last steps in this plan. However in real life, most people simply make the steps as second step and a lot of money will be spent out. For your information below is the plan of most people managing their money:
- Make money
- Spend
- Save
- Share & Invest
As you can see, their trend is make money, then spend it to buy whatever they want to. If lucky enough, maybe they can save up a little money. And if really lucky enough, they will have extra money to help people and the last one mostly is investing their money. I hope you can see the different of the plan. The initial plan is more about investing which will bring you passive income, but the later one is about spending money which will bring you the short term happiness. Which you want to choose is really up to you.
Conclusion
Above are the 5 steps to financial freedom that I want to share with you all today. These 5 steps is really a guide for us to build a simple plan to be financial free. But we need a more detailed plan for each step and here you can compile your version of plan that according to your needs and financial status.
