Mind My Millions

After watching ETH gas fees for 2 months!

Paid ~USD100 for 5 years at ~40 GWEI

But a single point of failure is a single point of failure. So it makes sense to hedge your bets by diversifying when things (your job) are rosy.

Some semi-passive income ideas I collected from my reads:

• Leveraging excess capacity, eg rent out your spare room
• Sweaty startups, eg start a laundromat
• Be a creator, sell info products
• Run online business, eg start a dropshipping store for a niche you’re familiar in
• Invest, eg HODL index funds, ETFs, crypto long term

What else did I miss?

Big lesson about money: Capital income > earned income

“Earned income (aka your paycheck) is the hardest type of income to earn and the most heavily taxed. The wealthy understand this, which is why the bulk of their income comes from assets, which are taxed significantly less.”

"How do the rich pay almost no tax?

Most don’t take a salary. They understand that earned income is taxed at a high rate.

They invest in assets such as stocks and real estate and never sell. An asset that isn’t sold can’t be taxed."

– @basicfinancialliteracy_patrick

"Retirement is not determined by age. Retirement is when your assets pay all of your bills and support your lifestyle. You won't have to work until you're in your 60s if you just get serious about your money now."

"Earned income (aka your paycheck) is the hardest type of income to earn and the most heavily taxed. The wealthy understand this, which is why the bulk of their income comes from assets, which are taxed significantly less."

""How do the rich pay almost no tax?

1. Most don't take a slaary. They understand that earned income is taxed at a high rate.

2. They invest in assets such as stocks and real estate and never sell. An asset that isn't sold can't be taxed."

Since I need to get more serious about my money habits as part of #30daysofmoney, money automation should play a big part of my money habit systems.

Not just savings, but also investing. Investing in myself, my company, and in stocks/crypto.

• Investing in myself - automatically moving some money into a bucket for courses, ebooks, info products.
• Investing in my company - I noticed I would keep the profits and not reinvest it to grow my products. What if I could set aside a bucket of cash for hiring a part-time virtual assistant, or to buy Facebook ads? What would I experiment in if I had that budget?
• Investing in stocks - I’d always seen investing in stocks and other financial assets as a lot of work that I’m not interested in. But there’s investments that doesn’t require me to do extensive research or track the markets daily like a day trader. Just buy, and hold for a decade. Investing in stocks also doesn’t require huge sums of money upfront. I found an app called SNACK that allows for small amounts of investing, as little as $1 each time. I got to treat it like a monthly SaaS subscription - stocks or assets that I just automatically buy at fixed times on fixed budgets

Learning and building good money habits and mindsets, to allow for wealth to enter your life.