It is the desire of every person to make money and live their dream life. Most people spend most part of their lives searching for the best way to make money.
If you are in this group of people seeking the right way to make money and live your dream life, this article by Grant will give you some tips.
After graduating from the University of Chicago, Grant of Millennial Money found himself unemployed, living at home with his parents, and with a bank account balance of $2.26.
“That was a huge wake-up call for me,” the now 31-year-old, who goes by his first name exclusively, tells CNBC. “I remember thinking, ‘I never want to feel like this again in my life.’ I took a screenshot of my bank account as motivation and made it my personal goal to have $1 million in assets in five years.”
He landed a digital marketing job that paid $50,000 a year, but “quickly realized this just wasn’t going to be enough money. I wasn’t going to be able to get ahead making this and saving 5% to 10% of my income.”
Grant’s solution was to start a side hustle building websites. “The first website I built was a $300 one for a law firm,” he tells CNBC. “That law firm ended up recommending me to another law firm, and in six months, I went from charging $300 per engagement to $5,000.”
Within a year, he sold his first $100,000 project and decided to quit his full-time job to focus on growing his consulting business. Five years after taking the screenshot of his $2.26 balance, Grant hit seven-figures.
“I can’t guarantee that you will have the same results, but if you follow even just a few of these steps, you are likely going to be much better off financially than you are today,” he writes.
1. Get paid what you’re worth
“The number one thing that will dictate your future earning potential and get you to $1 million the fastest is how much money you are being paid today,” Grant writes. “Unfortunately, you probably aren’t being paid what you are worth.”
The simplest way to boost your earning potential is to ask for a raise. Grant recommends looking at the salary range for someone with your level of experience in your industry, which will help you understand what you’re worth.
2. Save a ton of money … and put it to work
“In order to build wealth you need to be making as much money as possible on your money,” Grant writes. “Because you can only make so much money at any career, investing is truly the key to wealth.”
During his five-year journey to seven figures, Grant saved 50% of his income. Today, despite his financial success, he still focuses on living simply and sets aside 40% to 50%.
The key, Grant says, is to make things automatic: “Talk to your HR company and have them start depositing at least 20% of your income directly into an investment account before you even see it. This is 20% of your income AFTER contributing to your 401(k). I have mine automatically deposited directly into my Vanguard investment account and the money then gets automatically invested into a mixture of index funds.”
3. Develop multiple streams of income
After you’ve maximized your earning potential and are saving a good chunk of your salary, focus on increasing your revenue streams, by finding a part-time job, starting a side hustle or establishing passive income.
“If your goal to build wealth you need to master the side hustle and make money other ways than just your full-time job,” Grant writes. “This can really be anything, including driving for Uber, consulting, or building websites on the side.”
Once you start making money from your side gig, invest 100% of the profits, says Grant: “Once you find a great side gig, you will be tempted to spend that money in your everyday life as your bank account grows — but I strongly recommend you think of your side hustle as a key to building wealth (over the long term) instead of just being rich today.”
4. Invest in what you know
While Grant is a big believer in simple index fund investing, he allocates 20% of his investment capital towards individual companies like Apple, Amazon and Google.
If you’re going to invest in individual companies, go with what’s familiar, he says: “Look at the products you use and consume every day; then research the fundamentals of those companies so you can learn more about their investment potential.”
It’s a strategy that investing legend Warren Buffett lives by. The billionaire only invests in companies that are within his “circle of competence,” a concept he first described in his 1996 Shareholder Letter.
5. Monitor your net worth
“I look at my net worth every day when I wake up in the morning and have my morning coffee,” Grant writes. “There are few greater motivations than seeing this number rise over time. No matter where you start from. I have been tracking my net worth for the past five years and my first balance was $2.26.”
He monitors his net worth using Mint.com, which allows you to link all of your financial accounts and displays your assets and liabilities. (Personal Capital does something similar.) Plus, it tracks your spending. “At the end of the each year I take a deeper dive into this data and track what I have spent the past year on everything so I can work to improve my spending,” he writes.
If bad habits are holding you back, don’t fret. Even the Millennial Millionaire is human: “In 2012 I discovered that I had spent over $3,000 on Mexican take-out food in one year, which is insane and taught me a lesson,” Grant writes.
Bitcoin mining- Strength of Bitcoin Network
Beyond the shadow of a doubt, bitcoin mining has acquired an exceeding extent of criticism in recent times due to its environmental toll. However, the fact is that bitcoin mining is underlined as a strength of the bitcoin network.
Bitcoin miners contribute to making bitcoin a much robust payment ecosystem, and wanting of bitcoin mining in the bitcoin network, the network will be exposed to potential risks and threats at the very same time.
All the more, it can take down the entire bitcoin network or might lead to unauthorized duplication of bitcoin units. Bitcoin trading is an exceedingly profitable action, and if you want to earn big in bitcoin trading, check out bitql website for more details. Bitcoin miners put the best foot forward to embrace the security of the bitcoin network by contributing robust computing hardware and rigs. Bitcoin mines are armed with ample roles in the bitcoin network.
As miners have to sustain the supply of bitcoin alongside embracing the security of the network. Below is everything you should know about bitcoin miner and its role, so what are you waiting for? Let’s have a glance.
Miner Adds Bitcoin Units To The Circulation!
Bitcoin mining solves two burning problems of the bitcoin complex; the foremost one is sustaining the supply of bitcoin, and the second one is embracing the security of the bitcoin complex. You might be acquainted with conventional banking systems, and federal banks sustain the supply of fiat currencies like the euro and dollars. Moreover, these banks or financial authorities are subjected to the power of creating and destroying fiat currencies.
The dynamics of bitcoin are exceedingly diversified from fiat currencies as bitcoin is decentralized and no government authority’s issues regulate and monitor bitcoin in terms of any possible aspect. The bitcoin miners merely continue the supply of bitcoin; these miners solve complicated math puzzles to avail bitcoin as the block reward.
Every miner receives a timespan to solve the complicated math puzzle. The miner who solves the complicated math puzzle by contributing computing capital at the first instance avails the block reward.
After getting the block reward, Bitcoin miners need to sell off the bitcoins, availed commencing a trustable exchange. The current block reward of mining is merely 6.25 bitcoin units as the block reward of mining at the very first instance. By selling off bitcoin units to trustable exchange, these miners make new flanged bitcoin units available in the marketplace, and this is how these miners sustain the supply of bitcoin.
Miners increase the security of the Bitcoin Network.
As established ahead, bitcoin miners are subjected to two primary jobs; one of the primary jobs is to enhance the security of the bitcoin network. Bitcoin miners do mining for the block reward; however, these individuals merely avail the block reward when they verify bitcoin transactions.
Bitcoin is entirely virtual and decentralized, which means the probability of double-spending is enormous. In order to eradicate the complication of double-spending, the concept of bitcoin mining was introduced.
Proof of workforces these miners to solve a complicated math puzzle in order to verify the transaction. All the more, an individual is allowed to participate in bitcoin mining activities, and there are no such restrictions.
To solve a complicated math puzzle at the very first instance, miners need a robust computing rig which is the potential to generate the highest hash rate possible. Once the transactions are verified by these validators or miners, the transaction information is processed on the blockchain, and no transaction can be processed on the blockchain devoid of getting verified by the miners.
Why Are Miners Essential For Bitcoin Infrastructure?
To sum up, bitcoin miners assimilate and integrate their efforts to embrace the security of bitcoin infrastructure in order to preserve it from the potential risks and theft elements. As a reward for their effort contributed to the bitcoin mining progression, these miners receive the block reward or reward in the form of bitcoin units.
All the more, these miners make blockchain immutable and unalterable, which means no hacking element can change the database present in the blockchain. In order to alter the blockchain, these miners have to alter almost 51% of copies of the blockchain thoroughly as every block of the blockchain is subjected with reference to the previous block.
This is everything you should know about the role of a bitcoin miner.
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