• 45% of working-age households have no retirement account assets.
• The median retirement account balance is $2,500 for all working-age households.
• The median retirement account balance is $14,500 for near-retirement households.
• 62% of working households aged 55-64 have retirement savings less than one times their annual income.

Traditionally, people have focused on building a nest egg for retirement to either draw from, collect interest on, or a combination thereof. I’d like to share another approach to funding your retirement that does not require you to build a nest egg.

How Much Monthly Income Do You Need to Retire

While many focus on building a lump sum for retirement, I want to encourage you to look at how much money you need per month to meet your needs in retirement so you can focus on creating a monthly income instead. The first thing you need to do is determine how much money you will need to live on in retirement. I strongly encourage everyone to make it a goal to be 100% debt-free by the time they retire, including their mortgage. For some people, downsizing their home will allow them to buy a smaller home outright and stash some money away, or perhaps pay off any remaining debts.

Once you have determined how much you will need monthly, next look at what retirement income you will have that you can count on for your retirement income. Sources of retirement income include:

• A pension
• Social Security income
• Interest on any investment savings (including 401k funds)
• Annuity income

Once you have identified your sources, add up the income that you expect from those sources. If you don’t have any of those, do not worry. I am going to share with you some non-traditional strategies for building retirement income.

To determine how much monthly income you need to generate for retirement, you will take your retirement budget and subtract the estimated monthly income from your retirement source. For example, let’s say your retirement budget is $4,500 per month and your estimated retirement income is $2,150 per month. This would leave you with a shortage of $2,350 that you need to cover. If you don’t have any retirement income sources, you will need to create $4,500 per month in income for retirement.

The next section discusses a few non-traditional sources of retirement income that I recommend.

3 Non-Traditional Sources of Passive Retirement Income

I don’t believe that enough people consider developing a passive income stream for retirement. There are plenty of opportunities to create passive income for an investment far less than most retirement nest eggs. Here are a few that I recommend:

Real Estate Investing.
Consider that you can purchase a rental property in many cities in the country for less than $50,000, hire a property management company to handle all of the details (from vetting tenants to making repairs), and generate decent cash flow. A $250,000 nest egg paying out 5% per year will give you roughly $1,041 in monthly income. That same $250,000 invested in 5 rental properties could give you $3,600 in monthly rental income (based on an $800 rent and paying a 10% management fee). If this is an approach that you want to take, it is recommended to start acquiring properties as early as possible, so you can build your rental portfolio one at a time. If you are downsizing and have proceeds from a sale to invest, then you may be able to purchase more than one property in a short period of time. I recommend working with a trusted real estate agent who understands the needs of real estate investors and how you want to leverage this for your retirement. If you need a referral to an agent, reach out to me as I am a real estate agent with over 15 years of experience and a vast nationwide network of agents that I can refer to.

Launch a Content Channel.
The easiest content channel to create is a YouTube channel because it is free, and you most likely have a phone that you can use to record videos. Once you generate a following, you can generate monthly income from ads, affiliate offers, and sponsorships. I have several friends who have developed very profitable YouTube channels that pay them month after month.

Another option for creating a content channel is launching a blog. There is a low cost of entry to start a blog, however, there is a significant time element required to grow it into something that produces consistent income. Ultimately, you will need to build a following, so you can monetize your website through affiliate offers, sponsorships, product sales, or consulting. You should choose a topic that you are highly passionate about as it will involve you spending lots of time talking and writing about your field of interest.

Getting started is easier than you may realize. Many web hosting companies now include WordPress (at no additional cost) which is the #1 blogging platform out there. If you want to get started as a blogger, the first thing you should do is purchase a domain name, set up a web hosting account, and activate your blog. This can all be done at Hostinger, which is the company I recommend that people get started with, as their pricing is very affordable and their service is amazing. They also have some really cool AI tools that can help you launch a website in minutes!  If you need any help getting set up, reach out to me as I have set up dozens of these blogs over the years. I can give you some resources to help you along the way, or I can refer you to someone who can develop a custom blog for you if you prefer.

Network Marketing. For those who are unaware, network marketing is a business model in which a person can become a representative to sell products or services and build a team of sales reps to do the same. The industry often gets a bad rap, but if you find a company with a product or service that you are passionate about, you can build a solid residual income through network marketing. I look at it like investing in a franchise at a fraction of the cost. I recommend working with a trusted company with a solid track record as you do not want to gamble with your success (or your retirement) with an unproven company. Click here for my #1 recommendation for a network marketing company to join.

I hope you have found this helpful and perhaps gives you some hope if you are feeling behind concerning your retirement.

Did you know that it is possible to invest in domain names and earn huge returns? In this post, I share tips on investing in domain names as an alternative asset based on my 10+ years of experience in generating significant returns by profitably buying and selling domain names.

Before I get too deep, I want to make sure everyone knows what a domain name is. A domain name is simply a website address, such as FiscallySound.com, and for investing, domain names are typically sold exclusive of a website.

If you have ever tried to register a domain name, you likely noticed that the Dot Com version of the name you wanted was not available. The Dot Com is the most desired domain name extension, and this has created a secondary market for domain names, known as the domain aftermarket. In the aftermarket, domain names are sold for 3, 4, 5, 6, 7, and 8 figures, with the most expensive domain name sale logging in at $30,000,000 for Voice.com last year.

Now, before you get too excited, please know that you won’t likely start out closing a 5-8 figure domain sale because you won’t have the experience or resources. You could, however, learn how to find domain names for $20 or less that can be resold for 3-4 figures. In fact, I just did this last week. I purchased an expired domain name for $15 and sold it for $395 a month later. After paying commissions, I was able to net $316. That’s over 2,000% return in a month or an annualized return of 24,000%. If you are thinking, well that’s just one name, you should know that over the past 3 months, I have purchased roughly 5 dozen domains, most of them below $20.

If you are just getting started, I recommend that you learn the business and start small. A great way to start is by picking up expired domains in the $20 range and reselling them for $100 – $200 so that you start to see sales because it can take a long time for domains to sell if you are holding out for top dollar. I will share more on this below.

Is This The Same as Cybersquatting?

I want to mention that some may confuse domain investing with cybersquatting, however, they are not the same thing at all. Cybersquatting is unethical and involves registering a domain name for malicious purposes. An example of cybersquatting is when someone registers a domain name that contains a trademarked term with the intent to sell that domain to the trademark holder. Cybersquatting is something to stay far away from and I will discuss this later when I discuss the types of domains you want to purchase and those you want to stay away from.

Domain Investing Basics – Buy Low, Sell High

Some have often equated investing in domain names (also known as online real estate) to traditional real estate investing. There are some similarities such as knowing how to determine value, knowing how to buy low, and knowing how to sell at a profit.

The two biggest differences between domain investing and traditional real estate investing are:

• You can get started with domain investing for far less money than traditional real estate investing.
• A domain name is unique, and while custom homes can be unique, most homes in mainstream America are models that exist in other areas.

Getting Started With Domain Name Investing

There are several things you need to know to be successful as a domain name investor. Since this is about buying low and selling high, the primary skills you need to acquire are:

• Knowing where to purchase domain names at the right price
• Learning how to estimate the value of a domain name
• How to analyze a domain name
• How to sell domain names

The key to successfully investing in domain names is understanding the market and the best was to learn the market (besides losing money through trial and error) is by accessing the Domain Academy (formerly DN Academy). The Domain Academy was acquired by GoDaddy and they now offer it as part of their Discount Domain Club Premium Membership, which gives you additional benefits such as deeply discounted registration and renewal prices. Visit Discount Domain Club to learn more, and select the Premium Membership to get immediate access to the best domain investor training on the market.

Where to Purchase Domain Names

The simplest place for a newcomer to domain investing to purchase domain names is via an expired domain auction or listing. There are several websites that feature expired domain names, and two of the most notable are Expired Domains and GoDaddy Auctions. Expired domains are domains that were registered at one time, but were not renewed by the former owner. This does not mean that they automatically have value, and in fact, most of them do not. Now, please hear me on this; you need to study the domain market before you get excited and start buying domain names that have no resale value. 

Here is a video I created walking you through how I search for expired domain names on GoDaddy.

Another website for finding expired domain names or domain name liquidations is  DropCatch.com. Please know that you should spend lots of time researching and less time purchasing at these sites. I have done this for a long time and I will often spend an hour or more searching for a deal and come away with nothing. There are also software tools that can help you in the process of searching these sites.

There are a few people in the domain industry who are kind enough to create daily lists of expired domain names that they see value in. I have used these lists and purchased names from them, so this may give you a head start. Some you can subscribe to, so I recommend doing that, and others you will have to come back and visit daily. The one I currently recommend is Domain Smoke and you can sign up for free to get a daily email with closeout deals and names at auction (be cautious of overbidding on auctions, until you are a pro).

If you know someone who is closing a business or otherwise liquidating their domains, you might be able to pick up those domains at a wholesale price. This requires you to understand the value of the domain name before making an offer. I will share more on determining value a bit later.

I don’t recommend that you make up words and just register random domain names because this will most likely not produce sales. I also don’t recommend buying non dot com domain names, not because they don’t sell, but because I only recommend that someone who fully understands the domain market invest in non dot com domain names. Non dot com domains also typically take longer to sell than dot com domains.

Types of Domain Names

When you are viewing lists of expired domains, you will see several types of domain names. Here are some of the more common domain types:

• Local Domain Names (a.k.a. Geo Domains). These are domains that incorporate a region and a business type, such as HollywoodRoofers.com. I recommend starting with these since they are easier to resell for a quick return.
• Exact Match Keyword Domains. These are domain names that represent an industry, product, or service, such as FlowersByTheBunch.com.
• Numeric. As the name implies, these are all numbers.
• Brandable Domains. These require lots of skill, so I don’t recommend jumping into this arena. These are made-up names that business owners can use to name a new business if they like them.
• Personal Names. If you can score a firstname.com for a steal, then luck is on your side as those have strong value. Most likely, you will come across fullname.com or lastname.com domains, and I would stay away from those.

What Makes a Domain Name Valuable?

Below are a few pointers on what makes a domain name valuable. These are not hard and fast rules, but as you are learning how to invest in domain names, you want to be as conservative as possible to minimize your losses.

• Length. The best domain names are less than 15 characters and less than 2 words.
• Keywords. If the domain has commonly searched keywords in it, that can be valuable.
  Google Ads offers a free Keyword Planner tool that can help you understand how popular a keyword is a search term.
• Popularity. You can use Google Trends to determine the popularity of the industry related to the domain you are seeking to buy.
• Google Search. Do a search on the domain name (with and without the .com) to see what comes up. This will also give you an idea of who may be an interested buyer of the domain name if you purchase it. This is KEY because if you are buying a domain to resell, there has to be a potential buyer. This is why the local domain names are the best to start with. I will also show you how you can sell them without doing any additional work.
• History. You can use The Wayback Machine (at Archive.org) to see if there is a history of how the website was used prior. This will give you an indication of who a future owner might be. As an example, I just purchased a local domain that has a history dating back to 2007. I bought it for under $20 and it is now listed for sale for $2,000.
• Avoid Hyphens and Numbers. Hyphens and numbers make domain names less desirable from a marketing standpoint. Think about how the domain name would sound if someone said it over the radio (this is known as the radio test.) 
• Avoid Trademarked Words. NEVER buy a domain name that contains the name of an established business, such as Apple, iPhone, or anything else. You will see them out there, but it is unethical to use a trademarked word or name within your domain name unless you are the trademark holder.

These are some pointers and there is a lot to learn about domain investing. One approach can be to set aside $100 to invest and just step out and see how it goes based on the information above. Keep on reading however as I am going to share insights on how to sell your domain names and that is just as critical as purchasing domain names at the right price.

How to Sell Domain Names

Domain names can be sold passively or actively. Selling a domain passively involves listing it for sale on one of numerous aftermarket domain marketplaces such as Afternic, Dan, Squadhelp, and Sedo. As you are starting, I recommend buying via GoDaddy Auctions and listing them for sale as GoDaddy Premium Listings and on Afternic.com (which is owned by GoDaddy). Having your domain listed on these two sites will help put it in front of anyone searching for a domain name similar to yours and help with the sale process. I have had MANY domain names sold via GoDaddy and Afternic, just by having them listed there and priced right.

Let’s talk about pricing your domain name. Pricing is an art and science, however, there is no current standard used to value domain names. Here is one thing to keep in mind about pricing; the higher the price, the longer it will likely take to sell the domain. 

As I mentioned earlier, your goal as a newbie in domain investing should be to get some quick wins so you know that you can do it. A good tactic is to pick up local domains for $20 or less and flip them for between $$100 and $200. Once you start to see some success and you are ok holding out longer to get paid, you can start to raise your prices. I also don’t recommend that anyone take up domain investing as their primary means of income as it is just too unpredictable AND you need to put some money up before you can see a return. Please know that in some cases, it can take years to sell a domain name, but there is a way to speed up the sale process and that is by actively promoting the domain name.

To actively promote a domain name, you would reach out to local businesses that might want to own that domain name and let them know it is available for sale. Using this model, I know of people who sell low-margin domains almost every day and earn a great income. In my example of the HollywoodRoofers.com domain (which I own), I could reach out to local roofers until I find one that wants to buy it. Because I have so many domains (over 600), I can’t actively market them all, so I won’t likely be making calls for that one, but I am sure it will sell on its own.

What Types of Financial Returns are Possible?

If you can consistently sell domains for $100 to $300 that you acquire for $20 or less, that’s a pretty solid ROI for a side hustle. You can choose to stay at that level, or you can step up your game (as you learn more about the business of domain investing) and spend more money on higher-priced domain names that will sell for more money.

I have acquired domains for much more than $20, and they have much more value than $200-$400. At the higher level of domain investing, investors will leverage 4 figures to make 5-figure sales, 5 figures to make 6-figure sales, and 6 figures to make 7-figure sales.

Continuing Your Education in Domain Investing

I hope you have found this enlightening and I do hope that some of you take the challenge and find success with domain investing. Here are a few additional resources I want to share as you embark on learning the business.

NamePros (FREE) – Domain investor forum where you can find year’s worth of domain investing insights for investors at all levels.

Domain Sherpa (FREE) – Weekly webinar where industry experts share their successes and insights.

Kickstart Commerce (FREE) – Digital marketing podcast that frequently covers domain investing topics.

Domain Academy  – The most comprehensive domain investor training on the market. Domain Academy (formerly DN Academy) covers domain investing from A to Z and features many testimonials of those who have taken the course and gone on to be highly successful with domain investing. It is only available through GoDaddy via their Premium Discount Domain Club Membership.

I hope you found this enlightening and perhaps are ready to venture into the exciting world of domain name investing. Feel free to post any questions, comments, and/or success stories in the comments.

Disclaimer: This is provided as information only and not provided as investment advice. Please do your research before investing and never invest money that you are not prepared to lose.

What Is a Legal Services Plan?

I have had a legal services plan for nearly twenty years and it has been a godsend. If you aren’t familiar, essentially it is akin to what health insurance used to do for medical care. I say “used to” because the cost of health insurance is now out of control, but I digress.

With a Legal Shield plan, members pay a low monthly fee to have access to a host of legal services, which includes unlimited legal consultations, among other benefits. You might think, “I don’t need a lawyer”, but if you think about it, every agreement you sign was written by a lawyer that had the best interest of the other party in mind. Typically, we sign those agreements all the time, either in person or digitally, and usually without getting a lawyer to look it over. The way one of my friends puts it (regarding those agreements) is, “The big print giveth, but the fine print taketh away.” Wouldn’t it be nice to have access to a lawyer who would review documents for you before you sign them? Could that potentially save you money?

Why People Typically Don’t Use Lawyers

The answer here is obvious; lawyers are expensive. No one wants to reach out to a lawyer who may charge them $350 per hour or more to ask a simple question or write a letter on their behalf. And we certainly don’t want to look cheap and ask for a free consultation.

Due to the power of collective buying, joining Legal Shield gives you access to some of the best lawyers on the market. How can this be, you ask? It’s quite simple. Most months, every member is not going to need the services of the law firm. This allows the firm to collect money and get paid while providing service to the members who request it. If I think back, there were probably periods of a year or more when I never called the attorney, but I kept the service because I knew its value.

What is Included in a Legal Shield Legal Services Plan?

The company offers plans for individuals, families, those who run home-based businesses, and those who run traditional businesses, all with different features.

Here is what is included in the personal plans:

• Unlimited consultation on legal matters
• Phone calls made or letters written on your behalf by an attorney
• Legal document review
• Trial defense time (if you have to go to court)
• Free standard and living will preparation (and annual update)
• Legal defense for accidents and moving violations
• IRS Audit assistance

You would probably think that you would pay hundreds of dollars per month for this level of access and service, however, the cost is less than a cup of coffee per day. In most states, it is around $29.95 per month, however, coverage and fees do vary by state. You can visit the Legal Sheild site to learn more.

You can also choose add-on coverage such as:

• Gun Owner Supplement
• Home Business Supplement
• Rideshare Delivery Supplement

The Legal Shield business plans offer services that businesses typically need such as:

• Legal consultations
• Document review
• Debt collection assistance
• Phone calls and letters written

Business legal plans start at $49 per month, and the price depends upon the options that you choose. These plans are designed for privately held US-based companies.

How Legal Shield Has Saved (or Made) Me Money

Since I have had my plan for a long time, I have lots of amazing stories of how the company has helped me. I will share a few:

• I got a ticket and the attorney showed up in court (at no cost to me), spoke with the judge, and the ticket went away. I just had to pay a small fee for court costs, and most of all, no points on my license.
• Years ago, I worked for a Fortune 500 company. Due to the settlement, I can’t name them, but they tried to not pay me my last paycheck of $3,106. The attorney wrote a letter and walked me through filing a suit against them (at no cost to me other than a $40 filing fee). Their attorney called me and asked how I wanted to settle it. I settled for $2,000, however, I would not have had the know-how to fight them if I did not have a lawyer.
• Preparing my will. Having an attorney prepare your will could cost hundreds of dollars and depending on how complex your situation is, it could cost over $1,000. This alone is worth the cost of membership. They will create a Standard Will and a Living Will and update them annually as well as our situations often change. As of July 2023, over 65% of Americans don’t have a will;don’t be that person!
• I had a customer not pay his bill with me in my digital agency. The attorney wrote a collection letter (at no cost to me) and I settled with the client who very soon after brought me a cashier’s check to resolve the matter.
• I was in an accident and was not at fault. I called the attorneys and they walked me through everything (at no cost to me). In the end, my chiropractor said we got one of the largest personal injury settlements he had seen for someone who was not hospitalized. I could not have done that on my own because I did not know the law or the insurance games when it comes to accidents.

Those are the ones that stick out, but there have been many more. The successes I have gained through the legal shield attorneys have more than paid for my plan for years to come. If I ever have a legal question, I don’t hesitate to just call and ask because I can. A phrase that I heard from one of my Legal Shield colleagues is, “if you don’t know your rights, you don’t have any.”

How You Can Get A Legal Shield Plan

If you are interested in enrolling in Legal Shield (formerly known as Pre Paid Legal Services), you can simply visit my Legal Shield rep site and you will find more info on each of the plans as well as pricing by state and the ability to enroll. I have a rep site because I believe in the service so much that I became a rep so I could help protect families and businesses as a part of my financial coaching practice.

If you have any questions, you can visit the Legal Shield site. Also, don’t hesitate to reach out to me to ask any questions as I have been a member for over 15 years as well as a rep. If I don’t know the answer, I can get it for you.

I was recently introduced to SMBX by a colleague and he asked me to take a look at the platform. SMBX is a crowdfunding platform that allows small businesses to raise money while also allowing everyday people to invest in local businesses for as little as $10. I have not been a big investor in the crowdfunding sector, so I had not heard of them, but it turns out they have been in business since 2016. I also think it was smart for them to trademark the name “The Small Business Bond.”

Who is Behind SMBX?
Whenever I look at an investment, I really like to see who is behind the company. The company is led by Ben Lozano (CEO/Co-Founder) and Jackie Chan (COO/Co-Founder), both with respectable backgrounds per their LinkedIn profiles. I was encouraged to see that this company is backed by several solid VC firms including Yard + Haka (Upgrade, Robinhood, coinbase), Ironfire Ventures, and Berkeley Skydeck.

Signing Up for SMBX
Like most sites, signing up was fairly simple. I visited the home page and from there, I clicked on the “Start Investing” button in the upper right. I would have thought that was the sign up button, but that appeared on the next page.

Being a genuine investment portal, it did require my legal name, address, and also asked me several investment related questions as follows:

• What is your estimated annual income?
• What is your estimated net worth?
• Are you an accredited investor?
• How much have you invested in crowdfunded offerings in the last 12 months? 

Additionally, there was a disclosure statement to sign essentially stating that I understood my investment was at risk and that any business that I invest in could potentially fail. Once I completed this, I received a confirmation email to confirm my account.

Starting My Investment Journey with SMBX
 The first thing I had to do was add a source of funds. I noticed that they charge a 4% fee for credit card transactions and no fee for connecting a bank account, so I opted for the bank account option. SMBX uses Plaid to connect to your bank account, which is used by many other companies as well, although I am always leery of having a system connect to my bank (thatâ€s just my security-conscious mind). I have two-factor authentication set up with my bank, so that is an extra layer of security for the connection.

One other feature that I noticed was the ability to remain anonymous. I am a pretty private person, so I like this feature and I like that anonymous was the default setting.

Choosing an Investment on the SMBX Platform
This is where it gets fun. Choosing your investment is one of the most exciting aspects of investing via crowdfunding. You can choose a business where you align with the mission and vision, or you can simply choose a business whose product you like and want to root for, or you can back people you want to see win. 

When I look at an investment, I like to keep it practical and ask myself how likely it is that this company will succeed given the high failure rate of businesses in general. The nice thing about a platform such as SMBX is that you can keep your risk level low by investing as little as $10 in a business which is in the form of a small business bond. The downside is that if there is massive growth by the company, you wonâ€t share in much of the wealth if you have only invested $10. 

I am only sharing my journey, so this should not be construed as investment advice. Everyone needs to do their own due diligence and make a decision based on their own. I will give this investment advice; never invest money that you canâ€t afford to lose and never invest money that you need to pay your monthly bills. Investing should be done out of your surplus money, after all of your bills are paid.

When looking at specific companies to invest in within the SMBX platform, there are a few things to take note of:

• The Duration – This is how long it will take to get your money back.
• The Term – This is the interest rate you will earn on your money.
• Comments – You can see questions others have asked the owners and how they respond. You can also ask your own clarifying questions.

Once you make your investment, you actually have 48 hours to cancel your order if you change your mind. That is a nice feature as that is not an option with many other types of investments.

Your bonds are issued within 5 business days after a project funding is completed. Bonds are not issued unless and until the project funds.

How does SMBX Make Money?
As an entrepreneur, I am wired to ask this question. It is a question I ask often when looking at investments because I want to know that the company I am working with will be in business for the long haul. They earn their money by administering the bond investment program for the small business owners who use the platform to raise money. They do not make money off of the investors, as they are paid back directly by the business owner through the platform.

How Can Small Business Owners Leverage SMBX?
Are you a business owner looking for funding for your business? Perhaps the SMBX crowdfunding platform is an option for you. The minimum raise amount is $25,000 and you can go up from there, well into the 6 figure range. Additional benefits of using this method of fundraising including marketing exposure and the ability to grow your customer base through advocates who have a vested interest in your success.

Is SMBX The Right Investment Platform For You?
Only you can determine what is a good investment vehicle for you. I do not give investment advice as I am not a financial advisor. My general financial advice is to not invest what you cannot afford to lose. Keep in mind, people lose money in stocks and other investments, so there is almost always a risk of loss – unless you are earning a very low interest rate a a bank – and even then, you are only protected up to a certain amount.

I see platforms such as SMBX as one where you can put your money where your passion or heart is, and in the end, it might pay off financially. Even if you totally lose your investment, you will have the reward of having helped an entrepreneur pursue their dream – and that in itself is rewarding. As for me… I am rooting for a couple of guys in California that are launching a food truck to sell their amazing wings!

If you want to get started with SMBX, click here to register.

Many people talk about “what they would do if they won the lottery”, yet so few are truly prepared for what that would look like.  The sad fact is that the majority of the people who play the lottery cannot afford to play and would be better off giving me that money as long as I agreed to give them back half. Playing the lottery often comes from a poverty mentality, which is why a lot of people you hear talking about winning the lottery will never win – they arenâ€t playing!

Rule number one is that you have to actually play the lottery to win it.  Please do not hear me advocating that you should go out and play the lottery because statistically, itâ€s a poor gamble.  In fact, if you play just a dollar a day, do the math and you will see that if you put that in an interest-bearing account over 20 years (at just 3%), you would have a little over $10,000. Now, thatâ€s not a retirement, but many people spend far more than that in a lifetime on the lottery and many of these same people do not have $10,000 sitting in the bank.

What to Do if You Win
Someone has to win, right? So if itâ€s you, I want you to be prepared.

• Tell No One. Itâ€s enough pressure for you to keep it a secret, and it is WAY too much pressure for anyone else to keep it either. Plus, they will start hitting you up for it, before itâ€s even in your hands. I would wait a bit until at least some of the hype dies down, but keep in mind that you may have a period in which to claim your winnings.
• Get a Lawyer. You wonâ€t know your rights, responsibilities, or obligations because you will not have read the rules and terms.  Even if you did they were written by someone elseâ€s lawyer.
• Stay Anonymous. Some states will allow you to remain anonymous, and if you can, that would be my choice.  As I tell my wife, I have enough friends and I am not looking for the kinds that want to reconnect after they hear youâ€ve made it big. Your lawyer will be able to advise you here.
• Donâ€t take the big payout.  Most of those who take a big payout lose it. If you take annual payments, you can be set for life as long as you get a good financial education and learn what to do and what not to do.
• Tithe. Tithing is a phenomenal financial principle and one that many miss out on the benefits of.  In the Christian faith, tithing is taught at giving God 10% of what you earn from the first fruits of your labor (meaning off of the top).  If you honor God with your money, he will make sure you always have enough for your needs.  Others, not in the Christian faith, still embrace tithing as a financially responsible thing to do as a way of giving back to society. In general, those with a heart and mindset to give, rarely go without.
• Get a Financial Education. I cannot emphasize enough the importance of getting a good financial education. How you spend your $25,000 per year salary is how you will spend $500,000 per year. If you are always behind, donâ€t have savings, and do not live on a budget, this will not change.  You will simply blow through more money.  A great example of this is that 78% of professional football players are bankrupt within two years of retirement. Why? Because they did not learn money, and they trusted their money with people who only stood to gain by using their money.  The more financial education you have, the more in control of your finances you are. Your financial advisors should be just that; they should help guide you, but they should NEVER have control over investing your money or helping you find places to invest.  If you have a six-figure annual payout, you really donâ€t need to make long term or large investments. You could simply invest this money in a whole life insurance policy to make sure that you and your family has long term savings and that you will leave a financial legacy to your family.
• Make sure you have a Will. This will spell out what happens to the payments in the event of your early departure from this world into the next.
• NEVER sell your payments. There are structured settlement companies that will offer to buy your future payments for pennies on the dollar.  Upfront, it will look like a great deal, but it is not. Having a financial education will help you not feel led to make these rash decisions.
• Hire a Look-Alike. I was chatting with a friend about a recent MASSIVE Lottery that was won by one person. He commented that he would not want the publicity of winning, so I reminded him that with all of the money, he could hire a look-alike and move somewhere else. Hey, these are extreme circumstances, so they call for extreme measures.
• Remember me .  Remember where you learned how to manage your money.  I wonâ€t even ask for any of it, but I would ask that you make a donation to a charity that I endorse. Sometimes a thank you goes a long way.

I rarely play the lottery. If I am in another state, for some reason, I often buy a ticket if the jackpot is huge.  It does not change the stats, but it would make a great vacation story.

I had a friend who subscribed to the lottery and got one of two numbers a week.  He got a check for $1,750 once, and that enticed me to do it for a year.  I might have won $5 off of the $104 that I spend ($2 per week plan), so I didn’t renew.  Ironically, I did it at a time when I was making plenty of money and the $104 per year was just one of those things that seemed like a fun risk to take.

I hope this has been helpful.  I originally wrote this to post in a personal finance blog contest, but I figured I would rather keep it for myself (now I have to find something else to write about for the).

Have you bought your lottery ticket today?

When he asked how they did it, the wife shared that they had two decent incomes  – one was a firefighter and one was a teacher – and earned a little over $100,000 per year. I don’t recall what their budget was, but that alone would normally not give a couple the ability to pay off $75,000 per year in debts.  Base on their commitment, the husband took on a second job (near full time) and put all of that money towards knocking out their debts. Additionally (and this is where the real commitment part comes in) they did not go out to happy hours with friends or eat lavish meals out, but rather ate staples such as “rice and beans” for meals.

I tip my hat to them because now they have the lifestyle that many only fantasize about, but aren’t willing to take action to obtain. The icing on the cake is that towards the end of their debt destroying journey, they found out that they were expecting their first child. As great as it is to bring a child into the world, do you know how much (financial) stress it can put on families that are already strapped? Do you not think this stress (both conscious and subconscious) has a negative impact on the baby growing inside of the mother? Just another reason to be real with yourself and make a commitment to “live like no one else so you can live like no one else.”

How are you doing on your financial journey? Are you living like “the Joneses” (who are broke by the way) or are you “living like no one else?”

What we are seeing in our economy is like nothing most of us have seen in our lifetimes. Thankfully there are lots of resources available to help individuals and business owners and I would like to share some tips that have been helpful to my family as well as many others that I have shared them with. Most importantly, be proactive as most of this will not come to you automatically.

File for Unemployment

If you have lost your job or had a reduction in income, donâ€t let your pride get in the way of filing for unemployment. I will share that I had to do this one time in my life. Many years ago when my wife was ill and the company I was working for was sold, I was laid off during a very tough economy. It was a hard thing for me to do, but someone helped me realize that I had paid into the system all of my life and have done so since (we donâ€t have a choice) so I was just filing an insurance claim on a premium I was forced to pay. The good news is that due to the coronavirus outbreak, the government is offering up to an additional $600 per week in unemployment benefits for up to 39 weeks. It also applies to part-time workers, contractors, gig workers, and self-employed workers (which is rare). Check with your state unemployment office to start the process.

Zippia (a job/career website) has also put together a resource that shows that maximum unemployment benefits by state, along with some resources for finding remote work – which is probably more on people’s radar now more than ever.

Ask for Financial Relief 

If your income has been impacted by a layoff, furlough, business loss, or any other financial loss, you need to communicate with anyone who is expecting money from you sooner rather than later. Many lenders, landlords, and service providers are offering help in terms of payment forgiveness, BUT they wonâ€t know that you need it unless you ask. Here is a list of potential providers to reach out to:

• Mortgage Company
• Landlord (see our article titled, “What to Do if You Can’t Pay Your Rent Due to the Coronavirus Crisis“)
• Car Loan Company
• Credit Card Company
• Student Loan Servicer
• Cable / Internet Company
• Cell Phone Provider
• Insurance Company
• Utility Companies
• Gym

My wife and I have received almost $700 in payment relief this month, some of which came without asking (our car insurance rebate and our gym membership), and the rest was either deferred or forgiven just for asking.

Reassessing Your Budget

Most of us have seen certain reductions such as the cost of gas, haircuts, and eating out, only to be replaced by the cost of buying more groceries than ever. I know in our house, we typically keep enough food for a week, so for us, it was a big wake up call and we ended up having some much larger than normal grocery runs. Here is a list of areas to reassess in your budget:

• Cable TV. Maybe you need it now more than ever since you are home, but perhaps youâ€ve got Netflix or some other streaming service and you donâ€t need the extras right now?
• Cell Phone Plan. If you are not using your plan as much (in particular data), you might want to consider switching to a lower plan as long as there is no penalty for doing so. (TIP: You could also call and ask for a payment reduction for a month if you are using less. Thatâ€s what I did and saved over $100!)
• Haircuts. My wife has tried to get me to stop going to Great Clips for years. Well, she finally got her wish (at least for now) and she did a decent job in cutting my hair. I have saved roughly $60 so far for the cost of the clippers ($24 or slightly more than the cost of one haircut with tip) You might find that you enjoy these savings, but I will be going back to Great Clips once I can. They do a great job!
• Doing Your Own Home Services. At one time, I paid for a landscaper and pool service, but I currently cut my own grass and (for now) handle the pool stuff which saves roughly $160 per month. I have to say pool chemistry can be tricky, so I will likely start paying for that again. (Note: I live in Arizona, we all have pools…)

Getting a Coronavirus Stimulus Check

If you make under a certain amount of money, you will likely qualify to receive a stimulus check from the IRS. In fact, many people have already received them. The figure is $1,200 for individuals who earn up to $75,000 and $2,400 for couples who earn less than $150,000 combined and file a joint tax return. There is also a $500 stimulus per dependent child and if you earn above those figures, the amount will be reduced to a certain point at which it is cut off.

To receive this money you must have filed your 2018 taxes at a minimum (since 2019 is not due yet). There is a website to check the status of your stimulus check AND provide your direct deposit information so you can receive it faster via direct deposit.

If you get the “Payment Status Not Available” error, keep checking back daily as they are continuing to update the site. It took at least a week before my info showed up, but I was able to update the direct deposit info just two days ago, so I expect to see the money by next week. (Tip: I heard many people saying that it did not work until the entered their address in all caps, so if you have to try again the next day, try using caps for the address… it makes sense as the GOV has some dated computer systems.)

Speaking of the stimulus check, please be aware that (sadly) there are lots of coronavirus stimulus payment scams out there. Do not respond to any text messages, calls, emails, or social media messages about stimulus checks as the IRS will not text you, call you, email you, or contact you via social media. Also, do not participate in any stimulus advance programs as these are people just looking to steal your money.

Check for State and Local COVID-19 Relief Programs

I started to build a list of all of the states offering help, and then I realized that help was also being offered at the local level. For example, here is a list of resources for those living in Phoenix. My recommendation is to do a Google search for:

“COVID 19 Relief Program in Your State”

and

“COVID 19 Relief Program in Your City”

You might be surprised to see the additional help being offered by local governments and nonprofits.

Cautiously Tap Into Savings

This is kind of what your savings are for. I say “kind of” because we expect to cover our own emergencies; not international pandemics. That being said, if you are a saver, you are likely in better shape than those who are not savers. Having savings will allow you to stress less in times like these, but if you donâ€t have savings, donâ€t let that cause any undue stress. Just make a commitment to build your savings once this is all over… and it will be over soon enough.

VERY Cautiously Tap Into Your 401k or Other Retirement

Due to the CARES (Coronavirus Aid, Relief, and Economic Security) Act you are able to take out an early withdrawal from your retirement without the 10% penalty. You are still subject to paying the taxes on it if you donâ€t pay it back, however the taxes can be spread over 3 years. I strongly encourage you to consult an accountant on the tax implications before doing this. Taking money from your retirement – especially if you are not planning on paying it back – should always be a last resort.

I hope that helps. There are lots of programs and they have all evolved and continue to change, so if something I listed is no longer available, I do apologize. My goal is to share the best resources I know of. 

If you know of any other resources feel free to share in the comments and if you have any questions, you can post them there as well. You can always contact me directly also.

Wishing you and your family health and wholeness!

Someone recently asked me, “what happens if I can’t pay my rent?”, so I want to offer a few tips, knowing that others may have the same question.

First, if you are impacted financially by COVID-19, communicate with your landlord as soon as possible. Some landlords have been proactive in reaching out to their tenants to let them know that are willing to work with them. In some cases, landlords have offered reduced rates for the next month and other assistance such as waiving late fees. Some landlords own their homes outright and may have more flexibility and some have mortgages to pay, giving them fewer options until their mortgage assistance kicks in.

Secondly, evaluate your finances. Take a good look at your budget and determine what other bills may be waived as many lenders are offering assistance for auto loans and other financial liabilities. This may free up money to pay your rent.

Third, look at other income options. It may sound like “no one is hiring and everyone is getting paid off” but this is not true. There are industries that are hiring because they are being overwhelmed by the coronavirus crisis such as grocery stores, various delivery services, Walmart, and Amazon. Now is a time to do whatever it takes to make our budgets work. Yes, I said, “our budgets” as my family has been financially impacted as well.

Fourth, know that legislation has already passed in some areas to provide some eviction protection. The government is working on legislation that would protect renters in the rest of the country.

Lastly, let’s realize we are all in this together. You may feel your landlord has the upper hand because he or she owns the property you live in. The reality is that this pandemic has leveled the playing field. Now is a time for landlords and tenants to shoot straight with one another about where they are. Hopefully, it results in stronger relationships between tenants and landlords.

In closing, let’s all practice compassion and if you know someone in need, do what you can to lend a helping hand.

I wish you all peace and health during this time. Let me know if you need anything that I might be able to help you with.

(Originally posted at PhoenixRealtyTeam.com)

So what does the Acorns investing app do? It is an app that gives you several options to invest, and best of all, most of them are passive.

Features of the Acorns Investing App

Round-Up Investing – I first started using the Acorns app because I liked the idea of having a way to save that was passive, and the Acorns apps does this through itâ€s “round up” feature. I believe this was the initial function of the app until they expanded into other offerings. To leverage the round-ups feature, you simply (and securely) connect your bank account to the app, and anytime you spend money it will round up the charge and put the difference in your investing account. For example, if you have a charge of $15.35, the app will allocate $0.65 to your investing account and when the round ups total $5, the app will transfer the money to your investing account. This money really adds up over time and within a few months, I had a few hundred dollars in the account AND it had grown due to interest paid out on my investments. Acorns charges a nominal fee of $1 per month for this service, known as “Invest for your future.”

Found Money – This is a cool feature where you can earn money in your account simply by making purchases through certain vendors. All you need to do is have a credit or debit card on file in the app and when you shop at any of the many vendors in the program you will earn cash back. Here is a screenshot showing several of Acorns partner vendors where you can earn “found money.” The Found Money feature is included with the “Invest for your future” service, so there is no additional cost to take advantage of this feature.

Recurring Deposits – You can also grow your investments with Acorns by setting a weekly recurring deposit of $5, $10, $15, or $20. You can choose to do this in addition to your round-ups or exclusive of them if you want to have a bit more control over how much you invest monthly. Recurring Deposit are also included with the “Invest for your future” service, so there is no additional cost to take advantage of this feature.

Acorns Later (Retirement) – With this feature, you can open an IRA (Individual Retirement Account) via Acorns. You can choose a Traditional or Roth, and start with as little as $5, and set a monthly recurring investment to put your retirement on autopilot. There is an additional $1 per month fee to add this service, known as “Later starts today”.

Spend Smarter – Acorns even has a banking feature where you can open a bank account through Acorns. This account offers solid features including:

• No minimum balance
• No ATM fees
• No overdraft fee
• 10% bonus investments from select local business

There is an additional $1 per month cost for the banking (Spend Smarter) feature (so $3 per month total for all services offered by Acorns.)

Referral Bonuses – Another great way to earn money with Acorns is by referring others to the app. Acorns will pay you $5 referral fee for anyone who you refer that signs up and makes an investment of any kind (Round Ups or Recurring). The good news is that Acorns will give you an initial $5 in your account as well if you use this link to sign up.

** Special February Offer **

If at least 5 people sign up by the end of February using my referral link, I will give my referral fees away for those first 5 people in the form of a $25 Amazon gift card. All you need to do is sign up, and forward your confirmation that you have made an investment to my email address (anthony-at-fiscallysound,com) to enter and I will pick someone at random. Donâ€t forget you will get an initial $5 investment just by using my referral link to sign up.

What Investment Options Are Available Through Acorns?

The money in your Acornâ€s account can be invested in Acornâ€s ETFâ€s (Exchange Traded Funds) which are holding of stock and/or bonds. The performance typically replicates an asset class or an index such as the S&P 500 or the Dow Jones Industrial Average. You can choose whether or not you want to invest in a range of risk within the ETFâ€s from conservative to aggressive. You should also know that Acorns portfolios are developed with help from Nobel Prize-winning economist, Dr. Harry Markowitz.

Acorns Gives Back

Acorns is also a company that invests in the community by planting Oak trees across America to restore areas affected by forest fires and floods. In doing so, they are creating jobs, stabilizing the climate, and rebuilding habitats for biodiversity. By investing in Acorns, not only do you win, but you are a part of a movement that is making a difference.

What are you waiting for? Click here to get signed up with Acorns today!

This first interview is with someone who has become a friend. His name is Dustin Heiner and retired early thanks to investing in real estate and he went on to create a course to help people learn how to become real estate investors. I have met lots of people who claim they can teach you how to invest in real estate and Dustin is the REAL DEAL!

Getting to Know You

Name: Dustin Heiner

Title: Founder of Master Passive Income

Hometown: Fresno CA

Current Residence: Phoenix AZ

Favorite Food? Chinese food for sure!

Favorite Vacation Spot? We take many vacations all over the world. In 2018 we went through 11 countries on a 6-week trip. In 2017 we went through Japan for a 6-week trip. Soon we will be traveling the east coast of the USA. This is to say that we don’t have a favorite spot. We LOVE seeing new places and experiencing new things. I don’t think we will go back to any one particular place.

Married / Single / Family? (Optional) Married to an amazing wife and 4 terrific kiddos.

What gets you up in the morning?

Well, since I don’t have a job, what gets me up in the morning is striving to make this day better than the last. I tried to improve myself in my relationships with my family friends and others, try to be as healthy as I can, and try to serve as many people as possible.

What is one thing people would be surprised to know about you?

I quit my job when I was 37 years old. I did this by investing in real estate rental properties and passive income. I have always been an entrepreneurial type of person ever since I was really young. I had a newspaper delivery route when I was 13 years old and never stop trying to work myself since.

I’ve had many jobs in the past and many businesses. I even had a skateboard manufacturing business that I started. Even though I’ve had many jobs in many businesses, real estate is by far the easiest and the most lucrative.

On top of that, the less I work, the more money I make. What I mean is that I have other people doing the business for me while I just sit back and collect the rent checks. I basically have an automatic business that runs itself without me doing any work at all.

It took me nine years to buy enough properties to finally quit my job. The great thing is that because I have passive income and other businesses that make me money, I will never need a job again!

It is the best feeling in the world not having to go to work every day and have your own financial independence.

Getting Down to Business

How would you describe what you do?

I basically have a number of different businesses; the main one is my real estate investing business. This is the company that I have that buys-and-holds the rental properties and makes me money every single month.

After many people, friends and family found out that I was going to quit my job because of my rental properties, they started asking me to help them do the same. So one by one I was teaching and coaching people showing them exactly how to do just what I’ve done.

I quickly realized that I did not have enough time to teach all the people that wanted to learn how to invest in rental properties. This is when I decided to find a way to teach more people at one time and that is why I created Master Passive Income.

This is where I have my articles, courses, real estate podcast and coaching for all my students. This business is a passion of mine which is to help and teach others that there is another way to make money. People don’t need to work a job for 40 years and hope to retire anymore.

With rental property investing, money comes in without you doing any work at all. Your properties you buy do the work for you. Now to manage those properties, I teach all my students how to hire property managers and many other professionals to run business for them.

So now all my time is taken up traveling the world with my family, coaching my real estate investing students, and enjoying my life. I am very blessed to live the dream life and not have a job.

How did you get started in the business?

After working many years at a job realizing that if I didn’t work I did get paid, I knew that I needed to make money in a different way. And that was when I found passive income and how to invest my money to make me even more money.

When I was 27 years old I bought my first rental property. I realized how amazing it was making an extra $300 a month from that one property. After that one property was making me money, I knew I needed to buy as many as I could. So year after year I bought as many as I could until I would have enough money to quit my job.

It did take me six years to replace my income with my rental properties but I waited another three years before actually quit. And that was because I was nervous about getting rid of my paycheck but now that I have, life is amazing!

I realized that I was losing money working for my boss rather than working for myself. Even though I was making $75,000 a year, I was still losing money. Plus I was wasting my life working for somebody else.

Now I will never work for somebody again and I get paid for the value that I bring.

What was your biggest learning lesson along the way?

By far the biggest lesson is getting an education before you start investing. If I were to go back in time I would tell my younger self to find somebody that knows what they’re doing and work with them. That would be some sort of real estate investing coach who has done exactly what I want to do.

I have personally lost $20,000 or as much as $30,000 by not doing the business right. If I would have invested in a real estate investing coach, even just a little bit of money, it would save me thousands and thousands of dollars.

So always, my suggestion is to get an education and get coaching in the business before you start. There is absolutely so much to learn and only if you have a coach what you actually be able to do the business right. If you don’t it’ll cost you, just like a cost me, tens of thousands of dollars.

Were there times when you wanted to give up?

Absolutely not!

This business in real estate investing is so simple that anyone can do it. The month after I bought my property I was already making money. It wasn’t something that would take years to finally start making money. It literally took one month before I started making money. Now every time I buy a property I make money and my businesses gets bigger and bigger.

What is your best advice for someone looking to get started in this business as a side hustle?

The best advice I can give is to do a few things. Number one, start getting a solid education learning how to do the business. Number two, build the business before you buy a property. Buying the property is the easiest part, the harder part is building the business so that you are successful.

This looks like finding an area the country to invest in, finding property managers who will manage the business and properties, finding real estate agents who will find you properties, and finding all the other people that will be working in your business. Here is a short list of people you will need to find. Contractors, wholesalers, inspectors, roofers, plumbers, electricians, lenders, and real estate agents, among others.

So if you are going to do this business right, you need to make sure that you have the business set up before you buy the property.

How did you know when you were ready to make the transition from side hustle to full time self employment?

It was when I realized that I was losing money by working my job. I was making loads of money in my job but knew that my time is so much more valuable than what they were paying me.

The transition from a full-time job to be a full-time investor is not as hard as you think. The big reason why is you already have your income coming in every single month without you even working.

You already can expect the amount of rents because of your experience with building the business. If it takes you five years to build the business then you have five years of history knowing what type of profit you will be making.

Being an investor is one of the best things you can ever do for yourself. If you do that you will be able to live the life of your dreams and never have to worry about bills again.

What advice would you give to anyone looking to transition from a side hustle to full time self-employment (with this side hustle or any other)?

I would strongly recommend everyone to analyze their income and expenses before they quit their job. Make sure that you have an adequate amount of income to cover your expenses.

Some people can get anxious and quit their job too early. I think that there are people who can and do pull it off because they are tenacious and will make sure that they never have to work a job again.

Most people will revert to going back to what is familiar and easy for them. Which is a job. This is what you don’t want to do. So my suggestion is to build your business large enough to take care of all your expenses every single month before you quit.

What free resources do you offer for anyone looking to get started in your line of work as a side hustle?

I want to give you a real estate investing course that will help you down the path of investing in real estate. It’s a free downloadable PDF that will walk you through the process to becoming an investor. You can find it here:

What programs of courses do you offer that can help them fast track to success in their journey?

I have created a step-by-step system that teaches people how to go from no business or experience or properties to having a fully automatic business making them money every single month.

It is called the Ultimate Real Estate Investing System.

This is a comprehensive system that will teach you the ins and outs of the business and help you to quit your job because you are now an investor. There is so much to learn that trying to do it on your own, you will lose money just like I did.

This is the fast track to getting your business started.

I also have real estate coaching where I help my students one on one with building their business.

___

Dustin, thanks SO much for being our first guest on the Side Hustle Spotlight!

If you have ever thought of getting into real estate investing, NOW is your time! If you are ready to jump in and get on the road to earning passive real estate income like Dustin, this will get you started with your education in real estate investing that Dustin says is so critical. I am actually a student of his course and will be expanding once again into real estate investing. I invested in real estate years ago, however, the market is different today so I wanted to learn from someone who is doing it in today’s market. Click here to get Dustin’s Course TODAY!

If you aren’t quite ready to get started, you can certainly get Dustin’s FREE Training to get you started. Click here to get Dustin’s FREE Training!