EBONY Wealth Challenge Wrap-up, Part 2

Continued…

  • Develop a side hustle – explore a field related to what you already do for a living to develop supplemental cash flow, e.g. teacher giving private tutoring sessions.  Obvious downside – what you gain in discretionary income, you will lose in available free time.
  • Find extra money at home – in addition to selling unwanted furniture, clothes, etc. at one of many popular sites, take a hard look at various services you have including cable and cell phone.  Everything’s negotiable – give customer service a call and ask if there’s anything they can do to keep you as a customer.
  • Develop passive income – somewhat related to the first bullet above, this entails creating multiple revenue streams that’s truly passive, e.g. does not necessarily depend on your time such as owning a rental property.
  • Save for retirement – company pensions are gone with the dinosaurs and you should not rely on social security for retirement anymore.  Take advantage of 401K matching if available where you work.  While many personal finance experts advocate 20% savings of household income, I’d say save something every month regardless of how small.  We all have to start somewhere.
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About Richard Lee
Experienced finance and operations professional. Currently partner in five companies, adjunct professor of economics at Columbia College and executive contributor to a small business blog (www.SMBmatters.com); following corporate finance, M&A and management consulting tenures with Orbitz and Diamond Technology Partners; and six years of service with the United States Army.

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