Recently I was talking to a likeminded lady who's lives in Cali; where clearly the cost of living as well as the assumed day to day lifestyle varies greatly from the one I'm more aquatinted with in good ole Atlanta, GA.
In conversation about financial goals she made the following statement: "I want to make money, while I sleep".
The first time I heard this comment was in a sitcom, "Survivor's Remorse" which is about an African American family raised on the wrong side of Boston who then relocated as the youngest son signed a basketball contract in Atlanta. There episode of "making money while they slept" included landing an endorsement deal; more specifically one that highlighted them as a major stockholder.
Is this the concept that comes to mind for most individuals; particularly ones that are not in the field of business? For me this was definitely the case. And let's be real- the remedy for most questions we don't know is a quick Google search; however, with a minimal foundation in basics of investments, stocks, and the like; Google quickly resulted in begin defeated. I didn't know where to start and didn't have concrete questions to ask; Bt my goal was clear: what are the steps to make money while I sleep too.
When my likeminded confidant made the same statement it was obvious that her goal was the same, but her research had equipped her with a plan that had much more to offer to anyone who was listening. Here were her pearls of wisdom:
- There is no one method that will suite you 100% so while doing your research be true to yourself by finding something that you can commit to and cast a large net for valuable resources so you can then develop a best suited plan for you- basically...read...ALOT!
- Trial and error is scary especially when it comes to coins and cash so start smart and small then make adjustments
- Investing is really about investing in yourself- stocks and bonds are just one common route but there are others such as rewards cards, high interest savings accounts like DiscoverIT or Capital One QuickSilver , and general bank memberships with banks that have limited overhead cost like Ally or Charles Schwab
Of course these are only the snowflakes to possibly begin a snowball effect towards wealth; but more than the specific ideas she shared the largest shared golden nugget was in the act of giving that was then received.
Often times people want to do better but don't know how. The don't know how to start, or who to ask, or even know what questions to ask. Other times individuals share a pearl but it rests on deaf ears as it's not received as helpful or maybe not even acknowledge for its full potential.
Where do you fall? Are you depositing into others your learned wisdom? Are you assuming your knowledge is "common" and therefore opting to not share? Are you keeping tips to yourself because the first few people seemed unbothered as well as unenriched by what you had to offer? If this is you, don't give up someone needs to learn this lesson.
On either end- those seeking more information while flirting with the feelings of being overwhelmed or defeated- stay focused. Keep you eyes, ears, and heart open. And don't be fooled, you likely still have information to share.
No matter your category, I challenge you to share one financial goal with someone and attempt to exchange a tip for financial growth! So go forth, share, listen and prosper!
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