Bestselling author and rockstar entrepreneur Tim Ferriss created a new generation of entrepreneurs with his masterpiece the 4-Hour Workweek.
In this video interview with Inc.com, Tim explains how Jamie Foxx taught him how to remove every single fear in a quick, to-the-point way.
And the shit actually works. Peep game.
DIY: How To Improve Your Personal Finances
Even if you’re not looking for a property this exact second, you always want to be improving your position.
So, focus on the downtime to improve your finances, get your debt squared away, and put yourself in a better position when you are ready to buy!
It’s important to be sure of your financial position before you buy a property because you might find it’s harder to get that property than you would have originally thought.
Here are a few ways to quickly improve your finances to help you save more, pay down more debt, and qualify for better loans.
One of the most common reasons that people struggle financially is because they simply don’t pay attention to what is going on in their own financial life. If you are not paying attention, you can’t hope to know what is going on and therefore know how to improve matters.
So, the first item on your list is to start paying attention to your finances!
When I’m working on a project, I’m laser-focused on the budget, the details, the costs, etc. But, sometimes in my personal life, I let this slide.
The reality is, when we do have a budget and focus on sticking to it, our bank account balances grow so much faster than when we aren’t using one.
I love to eat out, and my wife loves to buy small things around the house. One day, we looked back over the previous year of spending and found we each averaged over $1,000 per month on our hobbies!
By pulling back a little in each area, we were able to save over $1,000 per month but still do the things we enjoyed.
So, start by having a budget!
Even if you are financially well off and can afford most of what you want, by budgeting for the items and spreading the costs out over several months, you’ll find that you buy less, spend less, and save more.
Also, if you budget to pay down certain debts faster, you’ll see those balances dramatically drop!
So, do not overlook the importance of a family budget.
Save On Other Purchases
There might be a number of other big purchases you need to make before you get hold of your next property, and it is a good idea to make sure that you are only spending as much on those as absolutely necessary.
For any big ticket items, we actually start searching for them months or even a year in advance. For example, let’s consider kitchen appliances.
As you know, a full set of appliances can easily cost $5,000-$10,000 if you are getting high-end products. It includes a fridge, double oven, gas cooktop, microwave/fan, and dishwasher.
The first thing we did was go to the store and decide on two or three brands, styles and product lines we wanted. It’s hard to compare prices unless you are looking at similar products between stores.
Then, for months we’ll watch these items and their prices. Occasionally there will be sales and by tracking the pricing all year, we know which sales are worth getting or not. When we feel we are getting the best price, we’ll buy.
And by doing that, we can easily save $500-$1,000 or even more.
We did something similar with our TV, computer monitors, etc. Basically, anything that is currently working that we want to upgrade. Over the course of a year, we are saving thousands of dollars.
You might also use a money saving app to help.
Saving money in all these places will make an enormous difference when it comes to saving for your next down-payment
Pay Down Debt
With all the money you are saving by budgeting and by planning out major purchases, you might want to use some of it to pay down debt.
You’ll have to decide if it’s better to pay down debt or have a larger down payment because both will hold you back on your next purchase.
But, generally, paying down $1/month in debt is worth about $3/month in income. At least, as far as loans are concerned.
If you do decide to work on paying down your debt, I fully detail a unique debt pay down method to get you into your next rental property faster.
Increase Your Income
Most people just focus on debt, but the reality is you can only cut your expenses so much.
Income, on the other hand, has unlimited potential. So, why not focus on growing your income?
Increasing your monthly income can be done in a number of passive and active ways, and it is worth looking into as many of these as you can to find the right one for you. I outline a number of ways to increase your income in this article on how to earn $10,000 per month.
While earning $10,000 per month in side-income might seem a long way off, it’s important to start! Even if you can earn an extra $500 month now, and grow it slowly over time, it’s worth it!.
Don’t Focus on Just One Thing
As I mentioned already, focusing on just budgeting, or debt paydown can be detrimental to your overall financial goals. It’s important to combine a number of different things into an overall strategy, which includes budgeting, debt paydown, and increasing your income.
4 Types Of People To Be Around That Will Make The Hustle More Fun
(Editor’s Note: The following article is a guest post by superstar entrepreneur and tech investor Jonathan Schultz.)
We all know that hard work and dedication are keys to success. The more you’re willing to sacrifice and go the extra mile, the greater your chances are of reaching your personal goals and passions.
While there’s no denying that hard work does play a major role in reaching success, surrounding yourself with the right people will always help. We’ve all heard the saying, “it’s not what you know, but who you know” … In my career, whenever I push myself to be around the positive thinkers and go-getters, it’s always up-leveled me and gave me more confidence to in turn fulfill my own dreams and ambitions.
Finding your network through all the different stages of your life and career is not only helpful in progressing your career, but it also creates amazing relationships and opportunities.
So, what type of people should you be surrounding yourself with?
THE PUZZLE PIECES
Find the network that is your perfect complement —the people that have the skills and abilities you strive for. Not only will this give you more confidence, it will help you learn the skills and abilities you may be lacking.
THE POSITIVE PEOPLE
Who doesn’t want to be around someone who’s happy and optimistic? Even though that doesn’t have to be all the time.
Surrounding yourself with positive and grateful people can have an incredible impact on your life, making you feel happier and more confident. Also, positive people are more likely to encourage you to take smart risks or move up the business ladder.
Dreamers and innovators are the people pushing society forward. They are the people interested in coming up with new and improved ways to solve problems and achieve success. Regardless of what field they’re working in, it’s never a bad idea to have a few outside-the-box thinkers in your social circle to help you look at things from a different perspective.
THE ANSWER SEEKERS
Just like innovators, people who constantly ask questions are the reason why we challenge old ways and come up with new ideas. When you’re surrounded by people who constantly ask questions, you’re more likely to come across the answers that you never knew you needed.
Ultimately, the people you keep in your inner circle can influence you in a number of different ways, including how you approach problems or whether you’re motivated to achieve greater things or not. Of course, this isn’t to say that everyone around you needs to be someone who’s working those extra-long hours to get to the next phase in life.
However, when you have a few business-minded people in your life, you’re more likely to inherit some of their drive, benefit from their knowledge, and even network in some of the same circles. For that reason, it’s always important to make friends who have the same goals and aspirations as yourself. It might just help you get to the top quicker.
Jonathan Schultz is an entrepreneur, real estate tech investor and influencer. He’s the co-founder of Onyx Equities, a leading private equity real estate firm, and has been voted one of the most powerful people in real estate. Follow Jon’s blog here.
How To NOT Go Broke In College: 5 Money Tips For Surviving Your Freshman Year
With college freshmen starting their programs this month, budgeting and managing debts becomes all the more important.
For many freshmen, this probably is the first time they’re handling money. From credit cards to insurance plans, here are five money choices that will save you time and money in college.
1. Keep Your Finances Mobile
It’s simple—using your phone to keep tabs on your savings and expenses can show you exactly where you’re over-spending and where you can cut down expenses.
With many online banking platforms mushrooming today, there’s no excuse for ditching a savings account. Link your savings account to an app like Level, Saved Plus, or Mint that will monitor your finances.
2. Be Smart About Textbooks And Materials
The average student burns nearly $1,200 every year on textbooks. But here’s where many miss out. Social media groups are a goldmine for finding study partners to share notes and books with. Another alternative is to find platforms where you can buy used books or e-books.
3. Your Student ID Can Win You Discounts (And Freebies!)
Nearly most electronic brands roll out promotional offers for students and you don’t have to shell out the full price—thanks to discounts and cheap financing options for college students.
4. Snag Cheap Travel Fares
Travel platforms like Amtrak offer discounts of up to 15% off their regular ticket price for students across the year. Other state and city-based transport services are also popular for their student-friendly plans.
If you’re travelling internationally and looking for a good deal, StudentUniverse offers a list of flight and hotel options, and other travel deals that you can check out.
5. Use Your Credit Responsibly
When you’re starting out as a freshman, you’re likely to be bombarded with a bunch of credit card booths that dish out everything from cash back to freebies.
While it might be tempting to get a credit card for getting those seemingly free stuff, read between the lines and check for fees, maintenance charges, interest rates—everything.
If the offer comes packed with additional expenses that could eat into your student budget, it’s best to avoid taking it up.