- Beef Up Your Emergency Fund
- Create an Additional Stream of Income
- Learn the U.S. Tax Code
Beef Up Your Emergency Fund
Try to save money wherever you can. How? Take a look at all of your discretionary spending, which is money you don’t have to spend. For example, you don’t have to buy a coffee everyday. Make your coffee at home using Mr. Coffee 12-Cup Coffeemaker, Black, SK13. Spend $25 on a coffee maker and it will pay for itself in 5 days! I am a huge proponent of taking your lunch to work every single day. For inexpensive lunch ideas, click here. Instead of drinking a soda or fruit punch with your lunch, drink water. Taking your lunch and drinking water will easily save $10 per day!
Create an Additional Stream of Income
Generate extra monthly income. How? Take a look at your passions and skills.
- What are you really good at? What do you love doing? What would you do even if you didn’t get paid for doing it?
- Can you provide this product or service to others, and would they pay for it?
If you have elderly or very busy neighbors, they probably need help around the house. They may need help running errands. Think of ways you can make their lives easier, and how much you can charge for that service. You can build a customer base in your own neighborhood! Minimize advertising expenses by using word-of-mouth and old-fashioned flyers! What types of services can earn extra money?
- Cut grass
- Wash cars
- Cook meals
- Clean houses
- Wash windows
- Fix computers
- Shovel snow
- Program electronics such as alarm systems, cable or satellite TV, thermostats
- Powerwash house siding, decks, and sidewalks for homeowners
- Gardening (pull weeds, fertilize grass and plants, prune shrubs)
Learn the U.S. Tax Code
If Donald Trump becomes president, and the Congress (House and Senate) remain controlled by Republicans, you can believe they will change the U.S. Tax Code to help businesses, large and small! Once you decide what type of product or service you can provide, and get paid for, form a small business. Learn about Schedule C of the U.S. Tax Code. Read it and study it, over and over again. If there are terms you don’t understand, google the terms. Read books such as Start Your Own Business, Sixth Edition: The Only Startup Book You’ll Ever Need. To save money, go to the library and borrow the business books. Make sure the books are no more than 1 – 2 years old because the Affordable Care Act has had a universal impact on the U.S. Tax Code.
To summarize, extra monthly income will help you weather the storm, no matter what policy changes occur when a new president takes office.
The opinions expressed herein are solely those of the Author/WebMaster. Before taking any action, please consult your real estate, financial, and legal advisors.