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15 Concise Ways To Turn Your Passion Into Profit

15 Concise Ways To Turn Your Passion Into Profit

Are you one of those people who can hardly wait to get off work so you can go home and pursue your passion? If you are, have you started to also wonder how you could make your passion into full-time work? Whether you believe it or not, it can be done. All it takes is some dedication to your craft and a little marketing effort. There are many hobbies that can be turned into profitable businesses very quickly. Here are just a few of them:

Photography

If you are able to shift the emphasis of your photography efforts from casual to artistic, chances are good that you could find a ready market for what you produce. Put your work in front of that market, and you’re in business. A lot of photographers with the most followers[1] can earn money by marketing their works over Instagram, Pinterest, and many stock photo online stores.

Fitness Instructor

If you enjoy being fit and think you could teach others to do so, why not become a fitness instructor. You can do it with as little as a desire, but to really be taken seriously, you should get a certification, then the sky is the limit.

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Writing

Were you told that you had a knack for writing when you were in school? It so happens that publishers go begging for the work of good writers who produce good work on time. This could be due to the high demand of Internet marketing where articles and content are important and badly needed. Likewise, you can also make your own blog with a certain topic (for example, TechieBlast is a personal blog entirely focused on technology).

Video Creation and Editing

If you enjoy creating videos, with any number of the software packages that are available today you could be in business very quickly. Now is also a good time to offer services that allow people to transform other formats into DVDs, and they need people like you to do the work for them.

Web Design

If you like working with computers and you have a flair for design, why not combine the two with a whole new career in web design? Today’s software can teach you how it’s done, or take a class, and you’re in business.

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Graphic Design

There are shelves full of graphic design programs that can turn practically anyone into a designer. But if you’re really good at it, you can make a living out of it. Creativity is pretty much needed to come up with a business idea. Some can even combine a few different passions. Krowmark started by simply designing T-shirts, but now they have expanded their expertise on selling other jackets, tracksuits, bags and incorporate free logo designing. So if you have a flair for art and can improvise an idea, you’re in business.

Auto Mechanics

Do you like cars? Are you someone who enjoys working on their own car? Perhaps you have what it takes to turn a hobby into a career working in the automotive industry.

Sports Refereeing

If you love sports, you could offer yourself up as a referee and stay busy for a season. There are loads of sports, both indoor and outdoor, that you can choose from. If you like to be on a big field, there’s volleyball or basketball. If you are more likely to go indoor, then hang around game room where you’re sure to find ping pong table games and board games[2] that you can keep score with. Better yet, you could learn the finer points of several sports and keep yourself busy all year long.

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Carpentry

Do you have a home workshop? You could easily keep busy doing custom cabinetry for others, or make what you like and offer your products for sale.

Teaching and Tutoring

There are many people who would love to sing or play a musical instrument. If you can teach them how, you could make a good living as a teacher or a tutor. One doesn’t need to be a college graduate to start teaching or tutoring someone with a particular instrument. You just need to be good at it.

Studio Musician

If you have a recording studio in your community, you could offer yourself for hire as a studio musician.

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Antiques

Do you like antiques? If you do, and you know something about them, you could become a dealer to others who love them as much as you do.

Pets

If you like animals, you could offer your services to others in any number of ways. You could be a groomer, farrier, board and care provider, and sitter. However, since you get to be responsible for other people’s beloved pet, you need to know the basic pet safety. This includes asking the owners for their pet’s age, breed, and also the basic knowledge on food for it (for example, if the cat is allergic to chicken or if pears are safe for dogs[3]).

Baking

Do you like baking? Do your family members and friends swoon when something comes out of the oven? Maybe it’s time to offer your baked goods for sale to others, including restaurants. Mrs. Fields did it, and so can you!

Picking

If you have ever seen the television show American Pickers, you know what picking is all about. Go everywhere you can find things for sale, including garage sales, yard sales, and others, then turn around and sell what you bought at a profit.

Reference

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Junie Rutkevich

Game Developer of iXL Digital

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Last Updated on June 6, 2019

The Average Retirement Savings and How to Save Wisely

The Average Retirement Savings and How to Save Wisely

Are you on track for retirement?

If not, don’t worry, I’m not sure either. I save each month and hope for the best.

Fortunately, I’m at an age where most people don’t save so I’m ahead of the curve.

But, what if you aren’t in your 20s? What if you’re near retirement and are looking to gauge where you stand?

If so, keep reading. Here’s how to prepare for retirement and save wisely during the process.

What Does the Average American Have Saved for Retirement?

Saving for retirement is tricky.

Tell someone straight out of college to save $10k a year for retirement and it’ll be next to impossible.

Make the same request to someone decades older and they’d be more likely to be able to save this amount. But, a 20-year old college student can be “financially ahead” of someone saving more than them. Why?

Age matters in your financial journey. The younger you are, the more time you have to save and put compound interest to work. As you get older and have more saving power, you’d have less time to put compound interest to work.

Here are the average savings Americans hold by age bracket:

20’s – $16,000

During this stage, most people are paying loans and moving up the corporate ladder. Your best bet during this stage is to focus on eliminating debt and increasing your income. Don’t focus only on getting a high-paying job neither.

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Instead, focus on learning via Podcasts, reading books, and taking specialized courses. Doing this will make you more valuable and give you more career options.

30’s – $45,000

At this stage, you’ve hopefully escaped your entry-level salary and work at a career you enjoy. Your earning power has increased but you now have more obligations. For example, marriage, kids, and a mortgage.

Set a plan to pay off all your debt and focus on eliminating unnecessary expenses. Leverage financial tools like Personal Capital to ensure you’re on track for retirement.

40’s – $63,000

This is the stage where you’re at the prime of your career. Top financial institutions recommend you have at least 2 to 4 times your salary saved up. If you’re falling behind, start maxing out your 401K and Roth IRA accounts.

50’s – $115,000

During your fifties, you’re close to retirement but still, have time to save. You may be helping your kids pay college tuition and other expenses. Since you’re at the peak of your earning power, max out all your retirement accounts.

60’s – $172,000

By this point, you should have about eight times your salary saved up. If not, you’ll depend primarily on social security benefits averaging $1400 per month. Max out all your retirement options as much as possible before retiring.

Ways to Save Money on a Tight Budget

The sad reality is that most Americans aren’t saving enough for retirement.

Even high-earning power isn’t enough to secure one’s financial future. You need to have the discipline to save for retirement while time is in your favor. Don’t wait for you to have a high salary to save, start with having a small budget.

First, get a clear picture of where you stand. Write down a list of “needs” and “wants.” For example, Netflix and Amazon Prime are “wants” and a “cell-phone” is a need.

Use tools like Personal Capital to analyze your spending patterns. Personal Capital allows you to add all your financial data in one place–making it a powerful option to gauge where you stand.

Once you know all your expenses, organize them from highest to lowest expense. When you can’t cut more expenses, call your service providers to negotiate a lower price. If you’re not good at negotiating, use services like Trimm to lower your monthly expenses.

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How to Save Money Each Month

By this point, you know the average amount of money you should have saved for retirement based on your age.

But, breaking this down into monthly goals can be challenging. Here are some rule of thumbs to follow:

Aim to contribute 10%–15% of your salary each paycheck. Review your progress each week.

Why so often? The reality is that life gets in our way and you will have many financial setbacks. Your goal isn’t to be perfect but to get back on track instead.

Reviewing your finances weekly lets you know where you stand with your retirement. This doesn’t have to be a long process either. All it takes is login in Personal Capital to view your net worth and check how much you have saved for retirement.

Turn saving into a game and aim to save more each month. It will get challenging but you’ll get creative and find more ways to save.

Top Money Saving Challenge Tips

To prepare for your financial future and not be another statistic you need to be different.

How?

By adopting new habits that’ll help you become a saving machine. Here are some ways you can save more:

Automatically Contribute Towards Retirement

If you’re working for a company, you can automatically contribute towards your 401k. If you’re not currently contributing more than 10%, make this your goal. Contribute 1% more today and automatically increase this amount a year from now.

Odds are that you’re not going to be negatively affected by contributing 1% more. Many times we spend our money on things we don’t need. Contributing more towards retirement is a great way to secure your financial future.

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Use the Right Tools to Know Where You Stand

Once you’re contributing more towards your retirement accounts, gauge your progress. Make use of finance tracking apps to help you view the big picture of your retirement.

When I’d first signed up for the app Personal Capital, I didn’t know I had a negative net worth. Despite saving thousands of dollars, my debt brought my net worth to the negative. Knowing this motivated me to save more and spend less.

Now, I have a positive net worth. But, it was because I was able to view the big picture using the app. Find out what your net worth is using a finance tracking app and you may surprise yourself.

Bring in Experts to View Your Blind Spots

If you have too little or too much money saved, you should consider hiring financial experts.

Why?

You may need someone to hold you accountable to help you reach your financial goals. Or, you may need help managing your money as effective as possible.

Regardless of the reason, getting help may help improve your financial situation.

Before you hire an expert, find out which areas you need help the most. For example, if you’re constantly overspending, find a debt counselor. If you’re struggling with choosing the best investment options, hire a financial advisor.

Speed up Your Retirement Contribution

After learning how to manage your money well, the next best thing is to earn a higher income.

You’re capped at how much you can save but not much you can earn. Even if your employer isn’t giving you a promotion, you can still take charge of your financial future. How?

By starting a side-business.

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This will be something you’d work on after you’ve finished your day job. Once you start earning income from your side-business, you’ll be financially better off.

The best part is the more work you put into your side-business,[1] the more potential it has to earn more money.

So start a side-business in an area you’re familiar with. For example, if you enjoy writing, do freelance writing for small e-commerce businesses.

Once you’re earning a higher income, you can contribute more towards your retirement. Don’t wait for the right opportunity to secure your financial future, create one.

Reach Financial Freedom with Confidence

What if you were able to retire tomorrow with no problem, all because you’d have enough money saved up and little to no debt left to pay off? How would you feel?

My guess is that you’d feel happy and relieved.

Most Americans are falling behind their retirement goals for many reasons. They’re not prepared, they carry bad money-habits and are thinking short-term.

For you to retire successfully, you need to work backward and adopt better habits. Contribute more towards your 401K and focus on growing your income.

If you do, you’ll save money and pay debt faster.

Don’t beat yourself up if you’re behind your retirement goals. Take the first step today towards a brighter financial future. Isn’t retirement worth the hard work and sacrifice to be at peace?

Featured photo credit: Huy Phan via unsplash.com

Reference

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