Imagine going on a ten-month European adventure not having to worry about making money because your passive income is filling your bank account back home. Sounds nice, doesn’t it? 

Not sure exactly what passive income is? Well, passive income is when earnings are derived from a business (product or service) where there is little involvement by the person who created it. 

Have you ever thought about what financial freedom looks like? Or, has it never even crossed your mind simply because you’re just trying to make it to the next day. 

Regardless of whether you’ve actually thought about it or not, it’s something most people can’t even fathom but would love to achieve. However, the main issue lies in how to actually get there.

This post was last updated on January 20, 2021, to reflect all updated information and best serve your needs.

Full Disclosure: This article is not a get-rich-quick scheme of how to become a millionaire in your 30's. Rather, it's a list of sound principles and practices that you can put into place to become a millionaire at some point in your life even if not in your 30's (which is extremely difficult to do). Becoming a millionaire and/or achieving financial independence takes discipline, hard work, and savings. I can assure you it WILL NOT happen overnight.

Your golden years are the perfect time to enjoy yourself to the fullest. Take all those trips you always wanted to! Start that hobby you’ve been putting off! 

Finally, learn that musical instrument you didn’t have time for during your career! Retirement is the time to live it up. If you’re spending money on travel and hobbies, though, you’ll probably want to consider ways to supplement your retirement and savings. Check out this list of possible supplemental income sources to see if any are right for you.

This post was last updated on January 20, 2021, to reflect all updated information and best serve your needs.

Full Disclosure: This article is not a get-rich-quick scheme of how to become a millionaire in your 20's. Rather, it's a list of sound principles and practices that you can put into place to become a millionaire at some point in your life even if not in your 20's (which is extremely difficult). Becoming a millionaire and/or achieving financial independence takes discipline, hard work, and savings. I can assure you it WILL NOT happen overnight.

If you’re like most people, you work a lot. These days, a growing number of Americans are working multiple jobs. Either the gigs are all part-time, or people are working on side hustles to earn extra income. 

One of the issues with the standard model of earning money is that you have to work for it. This is what’s called active income. You put in the hours, and you get a paycheck at the end of it. The more work you do, the more money you make. 

You’ve put your time in, and now it’s time to enjoy the fruits of your labor. Retirement is all about taking it easy and living life on your terms. No more keeping a tight schedule, no more putting those celebrations and life experiences off until later. Now is your time. 

If this is how you picture your retirement, you’ve clearly got good goals in mind and you know how you plan to spend that time. Without a significant amount of planning, however, you may find it somewhat challenging to achieve your ideal retirement. Here’s a guide to ensuring you have that happy and healthy retirement you’ve worked so hard for all these years.

It’s reported that more than half of small businesses fail within the first five years. What many small business owners fail to take into account when starting their businesses are their payment terms. These are the conditions in which payments are to be expected and the conditions on the payments. Many small businesses use a cash basis of accounting as their terms of payment because it’s easy to use and understand. 

However, this could be the deciding factor on whether your small business will flourish or crumble. Instead, an accrual basis of accounting will allow small businesses to get a better understanding of their finances to make more accurate financial decisions. Here’s why switching to accrual basis accounting can help your company succeed.

This post was last updated on January 20, 2021, to reflect all updated information and best serve your needs.

Full Disclosure: This article is not a get-rich-quick scheme of how to become a millionaire in your 40's. Rather, it's a list of sound principles and practices that you can put into place to become a millionaire at some point in your life even if not in your 40's. Becoming a millionaire and/or achieving financial independence takes discipline, hard work, and savings. I can assure you it WILL NOT happen overnight.

If you’re like most Americans, you have a substantial amount of debt. Unfortunately, accruing debt is all too easy in modern society, which means that it’s incredibly difficult for some people to get on top of their money and take back control. 

However, just because it’s challenging doesn’t mean it’s impossible. As long as you’re willing to fight the good fight and make some significant changes to your lifestyle, you can learn how to dominate debt. 

When you buy a house, the resulting mortgage can feel like a weight on you - mentally and financially. If you end up with a surplus of cash, you may wonder if it’s better to pay off your mortgage or invest the money in the stock market. 

This is a common question in personal finance circles. Some people believe paying off your mortgage is a good investment, while others think putting your money in the market is a better option. 

This post was last updated on January 20, 2021, to reflect all updated information and best serve your needs.

Full Disclosure: This article is not a get-rich-quick scheme of how to become a millionaire in no time. Rather, it's a list of sound principles and practices that you can put into place to become a millionaire at some point in your life. Becoming a millionaire and/or achieving financial independence takes discipline, hard work, and savings. I can assure you it WILL NOT happen overnight.

This post was last updated on July 30, 2022, to reflect all updated information and best serve your needs.

Have you ever considered how much do you really need to retire? While this is a simple question, the answer is anything but clear cut. There are many factors that go into your retirement target number.

One of the most common risk management tools is insurance. Most people have insurance for their homes, their cars and their health. This limits their financial liability in case disaster strikes and costs start piling up.

If you own a pet, you also have the option to purchase insurance to cover your pet. According to the North American Pet Health Insurance Association (NAPHIA), there are 179 million pets in North America; however, less than 1 percent are covered by pet insurance.

Have you ever thought about what financial freedom looks like? Or, has it never even crossed your mind simply because you’re just trying to make it to the next day. 

Regardless of whether you’ve actually thought about it or not, it’s something most people can’t even fathom but would love to achieve. However, the main issue lies in how to actually get there.

One of the best ways to get ahead financially is by making a budget and sticking to it. However, many people shy away from budgets because they think of them as too restrictive. A budget shouldn’t limit you; it should give you more freedom.

Think of a budget as a spending plan, a way to tell your money where to go rather than the other way around. It is a critical financial tool that will help you build wealth and set yourself up for financial success.

For some people, managing money can be challenging. It can seem like a struggle to maintain your finances when life happens, whether it’s an unexpected repair or a debt that never seems to go away.

However, keeping your money under control is imperative, especially as you get older. Even if retirement is still a couple of decades away, it’s never too soon to take charge and make adjustments to ensure that you’re financially stable now and in the future.

If the thought of negotiating your salary makes you break out in a sweat, you’re not alone. According to a survey by compensation software company PayScale, only 43 percent of respondents asked for a raise in their current field.

Salary negotiations can be scary. Even the most seasoned professional can blanch at the idea of marching in and demanding more money from their boss. However, there will come a time when your current compensation does not reflect the value of your work.

With so many wealth management firms competing for a client’s favor and attention, you might be lead to believe that picking one is as easy as a walk in the park. Sadly, that's not the case. It's great that people have options nowadays, but the sudden increase in numbers also makes finding the right firm for your specific financial situation more challenging.

If you're at a point where your portfolio has become too large to manage on your own, then it's high time to call in the experts. The right wealth manager will help you identify solid investment choices and map out a strategy that will not only let you achieve your financial goals but surpass them, if possible.

Many people consider hiring a financial advisor to manage their investments. But is a financial advisor really the best person to handle your investments day-to-day?

While a financial advisor or Certified Financial Planner^® should be overseeing your investments, this shouldn’t be their main focus. They should be looking at the big picture and quarterbacking all areas of your financial life and not getting into the nitty-gritty of managing your portfolio.