Have you ever found yourself feeling unmotivated because financial restrictions are hindering you from living your best life? If so, you’re not alone.
Many people struggle with financial constraints that make it difficult to achieve their goals and live the life they want. But don’t worry, I’ve got you covered in today’s edition of Taylor’s Money Secrets! Today, we’ll delve into the topic of boosting your income with side hustles and passive income streams. Additionally, we’ll share some actionable tips on how to save money on your monthly bills without compromising your lifestyle, so that you can start living your best life.
🤫 Let’s fill you in on the secret
Passive income is essential if you want to build wealth.
Passive income refers to money that is earned without having to be physically working. It’s the money that you make while you’re sleeping or doing other things that you enjoy (like for me.. drinking boba🧋) Who doesn’t want that life… RIGHT?
This can come from various sources such as rental properties, dividend-paying stocks, interest on savings accounts, or creating digital products like graphic art, eBooks, or YouTube videos.
Passive income is ESSENTIAL to building wealth because it can provide financial stability and freedom in the long run.
Starting to invest in passive income at a young age allows for the power of compounding interest to work in your favor. Compounding interest is when your earnings generate even MORE EARNINGS! This means that the earlier you start investing in passive income, the more time your money has to grow and accumulate!
So, where should you start?
- Investing in high-yield savings accounts is a great way to earn passive income without taking on much risk. These accounts typically offer higher interest rates than traditional savings accounts, which means you can earn more money on your savings over time. While the interest rates may fluctuate, high-yield savings accounts are generally considered to be a safe and reliable way to earn passive income.
- Another way to earn passive income is by monetizing your skills. Whether you are an artist, writer, musician, or photographer, there are many ways to turn your talents into a source of income. You can start a blog or YouTube channel to share your knowledge and expertise, create and sell digital products like e-books or art on Etsy, or offer your services as a freelancer on platforms like Upwork or Fiverr.
- Investing in dividend-paying stocks is another way to generate passive income. When you invest in dividend-paying stocks, you receive a portion of the company’s profits as a dividend payment. This can be a great way to earn passive income while building long-term wealth. Keep in mind that investing in stocks does come with some risk, so it’s important to do your research and diversify your portfolio to minimize your risk.
- Rental income can be an excellent source of passive income. If you have extra space in your home, you can rent it out on Airbnb or VRBO. Alternatively, you can invest in rental properties and earn passive income from renting that space out for short or long-term renters. While this option requires a significant upfront investment, it can be a great way to earn passive income over the long term.
The Key to financial freedom is having multiple streams of income… Here’s Why ⬇️
Having multiple sources of income is crucial now more than ever. The current climate has shown us that no job is safe, so having more than one stream of income can help us spread our bets and ensure that we’re always covered financially.
If you’re searching for ways to increase your income, consider picking up a side hustle.
Do you have a passion for treasure hunting at thrift stores or flea markets or want to get rid of unused items in your closet? If so, you can turn that passion into a profitable business! Clothes, shoes, and jewelry can be sold for good money through online stores like Depop, Poshmark, and Thred Up.
Food Delivery Services
Whether you own a scooter, a bike, or any type of vehicle, you can use them to get the job done. You can even deliver food just by walking especially if you live in a very metropolitan area. Another plus is as long as you are of working age you can start today! Some of the most popular services are Instacart, Doordash, Grub Hub, and Uber Eats!
Freelancing can offer a wide range of opportunities, from writing and graphic design to website development and social media management. This allows you to find work that matches your skills and interests. This type of work offers a lot of flexibility in terms of when and where you work. A good starting point is to set up a profile on freelancing websites such as Upwork or Fiverr, which can help you begin building a clientele.
Walk dogs or pet-sit
Are you an animal lover looking for the perfect side hustle? If so, Rover has got you covered. After setting up a profile you can make your own schedule, set your own rates, and have access to your earnings two days after completing a service.
What if I told you that you could reduce your monthly expenses without altering your current lifestyle? 👀
Here are some ways to save cash on your monthly bills without totally changing your vibe:
- Save on energy: You can seriously cut costs by being mindful of energy use. Flip off lights and electronics when you’re not using them, use energy-efficient bulbs, adjust your thermostat a few degrees up or down depending on the season, and unplug stuff you’re not using.
- Negotiate for better deals: Don’t be afraid to hit up your cable, internet, or phone provider and ask for a discount. Many companies are down to negotiate.
- Bundle your services: You can score discounts by combining your cable, internet, and phone services with one provider. Shop around for the best deals.
- Chill on subscriptions: Take a look at your subscriptions and ditch the ones you don’t really need – like subscription boxes, streaming services, or gym memberships.
- Cook at home: Eating out can add up quick, so get creative in the kitchen instead. If you’re looking for some inspiration on what to cook, TikTok is a dope source. Get in the zone and channel your inner chef!
- Take public transit: If you’ve got access to public transportation, consider ditching your car for a cheaper option. It’ll save you cash on gas, parking, and car maintenance.By putting these moves into action, you can save BIG on your monthly bills without sacrificing your current lifestyle.
📰 In the news:
TJ Maxx and HomeGoods: How they Keep Prices So Low and Thrive Amid Store Closures and Shopping Slowdowns
Why it matters
As retailers struggle with slowing online sales and a wave of store closures, one company is thriving: TJX, the parent company of discount chains like T.J. Maxx and HomeGoods. So how do TJ Maxx and HomeGoods keep their prices so low and continue to succeed despite the challenges faced by other retailers? The answer lies in their unique business model.
By the numbers
The company reported $14.5 billion in sales during the fourth quarter of 2022, a 5% increase from the previous year. According to CEO Ernie Herrman, the growth can be credited to budget-conscious shoppers turning to the company’s off-price chains due to inflation. Additionally, Herrman emphasized that the struggles faced by other retailers have unexpectedly benefitted TJX’s business.
The big picture
TJX buys up excess inventory from other retailers at a discounted rate and sells it to consumers at bargain prices – typically 20% to 60% less than full-price retailers. This allows the company to offer a wide range of products at unbeatable prices, from clothing and accessories to home decor and furniture.
But it’s not just the low prices that are attracting customers. In a time of economic uncertainty, many shoppers are looking for ways to stretch their budgets. TJX’s off-price chains provide an affordable alternative to traditional retailers, allowing consumers to save money without sacrificing quality.
TJ Maxx and HomeGoods have found a winning formula in their off-price business model. By offering high-quality products at low prices and taking advantage of excess inventory from other retailers, they have been able to thrive in a retail landscape that has been difficult for many other companies. As shoppers continue to look for ways to save money and stretch their budgets, it’s likely that TJX’s off-price chains will continue to see strong growth and success.
That’s it for this week!
We discussed the power of passive income and some side hustles that can help earn some extra cash. It’s important to keep in mind that building passive income streams won’t always be easy, but with dedication and hard work, the rewards can be substantial.
So, whether you’re looking to supplement your income or build a sustainable passive income stream, it’s important to start small and stay committed to your goals. With patience and perseverance, you can achieve financial freedom and secure your financial future. See you next week!