10 years old is a great age to teach kids how to earn extra money — they’re still young enough to listen to you, but old enough to do some actual work. Here’s the story of J’s first side hustle — selling Christmas cookies to family and friends.Continue Reading
The idea is:
Little things that seem insignificant in the doing, yet when compounded over time yield very big results… I call them simple daily disciplines. Simple productive actions, repeated consistently over time. That, in a nutshell, is the slight edge.
There are many small, positive actions you can take every day. They probably don’t look like much and in fact, they’re often super easy to do. Over time, these repeated actions will yield big results in your personal and financial life. Like with the rule of 72, the success curve is exponential.
So if it’s so easy, why doesn’t everyone do this? Because they’re also easy not to do. People underestimate their power.
Recently J and I read How to Turn $100 Into $1,000,000 by James McKenna and Jeannine Glista. The book is a goldmine of financial information, written in a sassy, fun and engaging way. Read our summary and enter to win a copy below!
In the early 2000’s, a friend of a friend started an investment club. If you’re not familiar with the term, the SEC says:
An investment club is generally a group of people who pool their money to invest together.
To participate in the club, you would send him money each month. The group would choose and buy stocks. And ideally you’d make a profit.
Nothing could go wrong there, right?
At the time, I was in my early 20s. I knew I should be doing something with investing or stocks or the stock market, but I didn’t know what. Here was someone who supposedly knew; he was someone I liked and trusted, so I started sending him money every month. (I didn’t participate in the group otherwise and didn’t help choose the stocks.)
At some point I stopped sending him money and lost track of how much I had sent.
A few years later I got an email inquiring how much I had invested. The leader of the club was in trouble for embezzlement.
Do you know how much your parents made (or make)? Or how they really spend their money? I don’t.
What about your friends? Even the close ones?
I can think of just one person whose salary I know (my signifiant other), and even then, I don’t know the details of how much he’s saving or spending in various categories or what his big picture looks like.
We tell our kids not to worry about what other people are doing, so why should we be concerned with what other people make, have or spend?
For MANY of reasons, but here are two.