Budget Snob

Multiple Streams of Extra Income

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I’m always on the look out for ways to generate additional income. So I was especially interested in the extra income guide put out recently by Pinyo, owner of Moolanomy.com.

The guide is for those who are interested in earning more income so they can become less dependent on their job. Income diversification is as much about spreading risk as it is about doing something you love. We’re moving from the traditional, single employer for life to depending on ourselves—our skills—to create income now as well as in the future.… Read the rest

Need More Money? Why Not Start a Business?

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Talk surrounding the “I don’t make enought money” phrase is usually about getting a part-time job. Though many people do start a side gig to make more money, make ends meet, or start a new career, most people typically shy away from small business ownership.

When I’ve suggested the same idea to friends, I’m quickly brushed aside. They stare downward while tapping their foot. Why is part-time work noble but the thought of starting a side hustle…taboo?

The Financial Blogger thinks it’s a matter of overcoming your money fears. Having a job is…easy. I work. I get paid. That doesn’t translate too well into the self-employment world.… Read the rest

Retirement for Small Biz Owners

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Retirement plans for small business owners include Koegh, SEP-IRA, and a Simple IRA. These plans are offshoots of their typical 401(k) brethren. But have you heard of a cash-balance retirement plan? BankRate peeked inside these not so new retirement vehicles.

A cash-balance plan is a hybrid of a traditional pension plan and a defined contribution plan like a 401(k). The account grows annually in two ways: first, a contribution, and second, an interest credit, which is guaranteed rather than being dependent on the plan’s investment performance.

Unlike traditional retirement plans, the cash-balance plans are more complicated to setup and maintain. And, as a result, they cost more to jumpstart.… Read the rest

Seven Careers in a Lifetime – True or False?

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Although the Bureau of Labor Statistics (BLS.gov) does not provide estimates on the number of times people change careers in the course of their working lives, there’s a claim (or misconception) floating around that states most people will change careers 5 to 7 times during their lifetime.

Is that true? Or is more fairy tale?

According to a recent Wall Street Journal article, the number of lifetime career changes is sketchy at best.

“The problem is career change is tricky to define,” says Solomon Polachek, a professor of economics and political science at Binghamton University in New York, who nonetheless calls the seven-career figure “a considerable overestimate.”

… Read the rest