Welcome back to another post in our investing in the stock market series here at Sprout Wealth. We all want to grow our wealth and investing is a key part to that. The issue we’re going to look at today is investment fees. If you’re like me, then you hate paying fees and investment fees are among the worst offenders in my opinion.
Have you ever heard of the song from Kenny Rogers called "The Gambler?" There are a few lines in there that makes this post easier to understand. Even though the song is about gambling, I like to use this quote often when talking about business. I consider myself a successful entrepreneur. I have owned and operated businesses since I was a teenager. I just have that mindset that likes to turn every idea into a business. While I always have dreams of grandeur and expect all of my ideas to make me money, I have found that it just simply doesn't happen. I can't even count how many businesses I have started and run, but then found out they were duds.
I had a conversation with a client the other day that I wanted to share with you here on Sprout Wealth because it was one of those ‘aha’ moments for me, and I thought it might be for you, too. My wife and I run a small advertising business, which is a lot of work but a lot of fun too. We’re always meeting new creative people and businesses that we get to help with marketing, communication, and advertising efforts.
I will admit that I am a huge fan of Craigslist. I have sold many things on the site and have even sold quite a few vehicles. There things to understand about Craigslist, especially when you are tying to sell a car quick and safely. I believe the attraction to Craigslist is the site is really easy to use and it is free to list and sell your items. You can also buy and have your item quickly because most sales are local. Since I have been selling on the site from the beginning, I figured I would share my thoughts on how to sell on Craigslist successfully. There are some tips that can help you a long way to making a sale and continuing to make sales. Who doesn't love making a little extra cash?
That dirty little word that everyone hates is going to come up a lot in this post. Failure! That is right, the word that so many are afraid to think about because of what can happen. How do you handle failure? Do you dislike the thought of it or do you embrace it? For those that don't know me very well, I am the type of person that likes to give it to you straight. Look at my post last week about how credit cards are not evil. Some may not like how I deliver my message, but it seems to resonate with others. I am OK with that. I have always enjoyed people that don't beat around the bush. I am a no BS kind of man. I am about to lay down some more truth today!
Before you pick up something to virtually chuck at me for talking about it being okay to make less than you are worth on a site devoted to teaching you how to make more money, understand that I’m NOT saying you should be ok with making less than you are worth. I am saying that you should have a long-term view of things when it comes to making more and growing your wealth. Our good friend Kim, at Eyes on the Dollar recently discussed this topic and thought I’d share some of the times when it’s ok to make less than you’re worth.
I am going to put it out there and say credit cards are NOT evil! That is right, I don't see why there are so many people that think these little plastic cards are so bad. Before you start shouting at your computer screen, hear me out. If you don't know me, then here is some background on how experience with credit cards. I used to be in over $50,000 worth of credit card debt. With that amount of debt, I have a little knowledge on how they work. This credit card debt also gives me a little credibility when I talk about cards not being evil. I have been there and done that. I paid off my credit card debt through hard work and determination. Mix in a lot of side hustling and you got a man who has been credit card debt free for almost two years. During the four years it took to pay off my cards, I gained a little insight into the world of credit and what I was doing wrong. It was quite eye opening.
I am a huge advocate for education. I think education is really the only way we can be successful. Now, there are big differences between formal and informal education, but I believe that anything which teaches us lessons or gives us information is a good thing. One of my goals every year is to learn something new and then expand upon that knowledge. Some years I strive to learn something new everyday. While those new tidbits of knowledge might not be huge, they are very important. I strive to never stop learning. The key to never stop learning is always making sure you use what you learn. What is the point of learning something if you don't plan on using it? I think John would agree with me that you are only limited by the amount of knowledge you obtain and what you do with that knowledge. Acquiring knowledge and applying it are two very different things.
There was a comment in a recent post that touched on the difficulty some may have in starting a side hustle while having a day job. There are some industries which frown upon having a side gig, and require certain approval to start freelancing. With that said, there are many that encourage having a side hustle which is great because we all want to make extra money, right?! Given that you’re reading this I’ll venture to guess that you do. :-) So, if you’d like to start a side hustle and you work in an industry that is fine with it I thought I’d share some ways to do so – even if you’re busy at your day job.
I just recently wrote a post about how you can find more time to make more money, and I like to think of this as the follow up to that post. Imagine that you took my advice, you worked your schedule hard and found time in it to make more money, and you did. The problem you have now is that you feel as though your life is out of balance because you replaced time used for other activities with the pursuit of making money. This is akin to the never-ending debate about “work-life balance.”