Happy Friday y’all! Hope you had a good week of multiplying that money – preferably as you slept ;)
It’s been a wild ride over here this week to say the least, and to be honest I’m still pinching myself in disbelief. For those who haven’t seen it, an entire article was written about me over at Forbes (!!!) on how I grew my net worth over the years and blog for a living full-time.
These write ups are what us bloggers dream about, not only because of the incredible amount of traffic they send (we hit an all-time high on Monday!) but because it re-affirms that we’re on the right track and to keep on pouring our hearts out. There was a time bloggers weren’t given a second thought* by journalists and more serious folk, but fortunately that isn’t the case anymore :) It’s a wonderful world we now live in, baby – woo!
Here’s the article if you want to check it out, and big thanks to Laura for featuring me:
Seriously – how crazy is that?? All from starting a little blog on a whim one day… Just goes to show how powerful following your passions can be. For any of you wavering on your own ideas and projects out there, no better time to start than today! Get those seeds planted over the weekend and start sharing it with the world!! There’s never a “perfect” day to begin!
And this goes for all your money-related goals too. Imagine what a few dollars towards debt or savings, or better yet – investments – will look like 7 years from now? Have you ever heard of the doubling penny? There’s a reason Einstein called compound interest the 8th wonder of the world.
Check out what happens if 1 penny doubles every day for only 31 days:
I couldn’t believe it when someone first told me about this, so I literally plugged in the equation in Excel and plopped out the above spreadsheet. INSANE!! $10 Million dollars after only day #31 – what the what??
Now of course our money we put away or throw at debt won’t come close to doubling every day, but the point is that interest plays a major factor in our finances, and the only way to take advantage of it is through *TIME*. The earlier you start, the longer it has to compound.
[And that’s for the better or the worse too, btw. Ever wonder why your debt keeps going up or staying flat, even though you keep chipping away at it?? Interest can have the opposite effect and continue killing you until you wipe it away too! That $hit is no joke.]
So, your takeaways today are: 1) Take one action item towards your dreams or goals this weekend, whether financial or otherwise. 2) Tell us what they are in the comments below! And 3) Read my article over at Forbes and let me know what you think ;)
They asked me to provide a handful of tips to include with the interview, so you’ll see those expounded upon in the slideshow about mid-way through… For any of you long-time readers here, I doubt they’ll look that surprising to you, haha… Hell, we’ve hit over half of them on the blog this week alone!
- Start tracking your net worth
- Challenge your “normal” bills
- Take on a side hustle
- Sell one thing a week on Craigslist
- The “Stranger” and “Urgency” Tests
- Create a separate savings account for all “extra” money
- Round up your debt payments
- Budget in blow money
- Remember that it’s not about the money
Keep on fighting the good fight, friends… It all pays off in the end, I promise :)
*Sometimes for good measure, like when bloggers such as *ahem*, Anton, give us a bad rap.
Jay loves talking about money, collecting coins, blasting hip-hop, and hanging out with his three beautiful boys. You can check out all of his online projects at jmoney.biz. Thanks for reading the blog!