When you start getting clients for the FB side hustle, you're going to have way more cash flow each month.
You are a M$$M reader after all, so I know you'll want to be smart with that money so you can set yourself up for future success.
So I made this quick list of the top Seven (7) ways you could invest your extra side hustle cash flow each month, and maybe even double your money:
- Pay off student loans. Got loans like I did? Not for much longer. Your side hustle will help these go away much faster by allowing you to make bigger payments.
- Chip away at the principal for your mortgage. How much faster could you get rid of your mortgage if you were able to throw an extra grand at the principal each month?
- Max out your retirement account. As you know… every single dollar you save for retirement today is going to be worth exponentially more in the future. If you haven't been maxing out your retirement accounts because of cash flow, starting your side hustle could solve this problem.
- Build up your emergency savings. There's no better way to build up your cash reserves quickly than a side hustle.
- Premium Aldi Wine. Ok… just hear me out. With the extra $1,000 per month that you'll be earning with the FB Side Hustle course, you can buy roughly 300 bottles of wine from Aldi every month (which is surprisingly good and boujee for cheap wine but I highly recommend not drinking 300 bottles of wine in four weeks).
- Pay down your consumer debt. This one is pretty obvious, right? One thing you can do with your extra side hustle cash is pay off any credit card debt that you may have.
- Reinvest in your side hustle business and grow it. This is exactly what Mike Yanda did a few years ago. He started off with one or two clients, then he eventually used some of his cash flow to hire some part-time contractors to build his Facebook ad agency to 30k/month! This option will NOT be for everyone, but if you were looking to leave your job one day and make this a full-time gig, then this side hustle could grow into a legitimate business that takes care of you for a very long time.
It's also important to mention that when you enroll in a DRIP, you'll likely have the option of enrolling all of your current and future stock investments or specifying just certain stocks to enroll. For example, if you own five dividend-paying stocks, but don't really want to buy any more of one of them, you can choose to enroll the other four stocks in the DRIP and receive the dividends from the other one in cash.
There's also an S&P High-Yield Dividend Aristocrats index, which features S&P stocks with above-average dividends and 20-year dividend-increase track records, as well as several other dividend stock indices that could be valuable in your search for excellent DRIP stocks.
Just to give you an idea of what I'm talking about, here are two examples of stocks in my own portfolio that I have enrolled in a DRIP and why they make such good DRIP candidates:
- First is real estate investment trust (REIT) Realty Income (NYSE:O). Thanks to a low-risk business model designed to produce stable growth over time, Realty Income has one of the best dividend payment records in the entire market. Based on the current share price, the company pays a 5% dividend yield and has increased its dividend a staggering 96 times since its 1994 NYSE listing. What's more, Realty Income also pays its dividend in more frequent monthly installments, which increase the long-term power of reinvestment. A 5% annual dividend yield effectively becomes 5.1% when compounded monthly, and over time, this seemingly small difference can have quite a substantial impact on your returns.
- Another great DRIP stock that I own in my portfolio is telecom giant AT&T. With a generous 6.2% dividend yield and a 33-year streak of dividend increases, AT&T has been an excellent stock to take advantage of the power of compound returns. And with a payout ratio (dividends relative to the company's earnings) of less than 60%, there's no reason to believe the streak will end anytime soon. Plus, forward growth catalysts such as the emergence of 5G network technology and the surge in internet-connected devices, AT&T should see significant earnings growth over time.
- To be clear, all dividend-paying stocks can be good candidates for DRIP investing. However, the benefits of DRIP investing are most apparent when it comes to stocks with steady dividends that grow over time. For this reason, the Dividend Aristocrats index -- that is, S&P 500 stocks with at least 25 consecutive years of dividend increases -- is an excellent place to start your search. The index includes companies such as Coca-Cola, Johnson & Johnson, and Procter & Gamble, which have increased their dividends for 55, 55, and 61 years, respectively.
I'm sure there are a ton of things I left off this list, but the point is… an extra $1k every month could make a massive difference in your life.
So if you're interested in getting started, here's where to do it:
Join the FB Side Hustle Course.
One more thing:
At midnight Mike and I are closing enrollment down for this course. It's going to be a few months before we open up again. So if you don't get in now, you'll have to wait a while before this is available. There's a waiting list!
If you have any questions about it that I haven't answered already, just let me know. And yes, Aldi wine is actually cheap and good. It's pretty crazy tbh. Don't forget to bring your own bags and a quarter.
Here's the link one more time if you're ready to get started:
Get access to the FB Side Hustle Course.
See you there,
Jon-jon
From: Millennial Money Man <bobby@millennialmoneyman.com>
Date: Sat, Jul 13, 2019 at 9:46 AM
Subject: Top 7 ways to invest your side hustle money
To: <joaoa.desilva2018@gmail.com>
Bobby Hoyt
Unsubscribe | Update your profile | 1814 E Main St, League City, TX 77573
No comments:
Post a Comment