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Money or Wealth - Nat Eliason
The Side Hustle
- A side hustle is when you continue to earn money, putting food on the table, and from your savings and the free time you have, build something that can have some value much beyond the time and money it took to build. Example: You can use your late evenings and weekends writing a book or a manual on what interests you, and what you are passionate about, even if it is just a recipe book.
- Another way is to devote 70 to 80 percent of your time in your side hustle(now your main work project) while leaving aside some time in a week to work for money to cover your basic expenses, probably some freelance gig work, giving you a safety net. The day job is then your passion project, which will (hopefully) create wealth in the long run.
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SIMILAR ARTICLES & IDEAS:
5
Key Ideas
How you can invest in yourself
The foundation for every personal pursuit in life is to invest in yourself. It can take years. How you can do it:
- Learn to build something. If you can create something valuable w...
Income generation
Once you have ideas, you want to put your ideas to work. If you do that, you can start creating value. When we create value, we generate income.
During the pandemic for example, most restaurant owners had to focus on other ideas to generate income. Building wealth is not easy. We need a constant supply of ideas.
Asset investing
It is anything that will increase your wealth without personal labor.
- Businesses. This is a broad asset class. You can buy dividend-stocks on the market, and then the companies will pay you a share of the profit. You can start your own business. You can buy into other private businesses.
- Bonds. When you invest in bonds, you collect interest just like your bank is collecting on a mortgage.
- Books. A good book will generate cash for a long time.
Assets that don't generate cash, but might increase in value.
- Land. A piece of land generates cash when you rent or lease it.
- Collectibles such as art or watches.
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Key Ideas
Wealth Is A Relative Term
The definition of wealth is personal. It may mean something different to everyone.
To some people, wealth is always going to mean money. But it's not t...
How Much You Need to Become Wealthy In Dollars
According to a Modern Wealth Index Survey, the amount needed to be comfortable in America is $1.4 million. To be wealthy, you'll need a net worth of $2.4 million.
An average pre-tax yearly salary of $389,436 is needed to be in the top 1%, although it varies by state.
Buying Time
We all, rich or poor, have the same 24 hours in a day. But we can use our money to buy more time. For example, by eating out, you don't have to decide what to cook, shop for ingredients, cook, and clean it all up.
If you can carve out more time for yourself, you can use it in other ways that will improve your life. You can start a side hustle, exercise, read, or spend time with family and friends.
3
Key Ideas
Education and wealth
College degrees can add significant wealth. The more education you have, the more you’ll earn and the less likely you are to be unemployed. And if you can keep debt low while getting th...
Controlling expenses and wealth
You’ve probably heard that time is your greatest investing asset. It’s true. The more investments earn and grow on their own, the greater they become.
Investment value is also greatly impacte...
You’ve probably heard that time is your greatest investing asset. It’s true. The more investments earn and grow on their own, the greater they become.
Investment value is also greatly impacted by the amount invested.