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Top 5 Financial Reasons You Should Start a Blog in 2022

Top Financial Reasons You Should Start a Blog

I’ve been blogging for years now, and so I know firsthand how it can transform your financial life, even beyond what you might expect. This is why I’m writing an article on why you should start a blog, especially during these economically challenging times when so many people are in need of money to support themselves and their families. With that said, let’s get started so you’ll have the motivation to take control of your finances and your life.

Before we dive in, though, I’ll kick things off with a quick summary question of the topic at hand:

Is it worth starting a blog to make money? Yes, it would be to your advantage to start a blog that generates income because you’ll be the one in control of your money source instead of an employer. Plus, there’s no income cap, so you can earn what’s needed for necessities, vacations, and retirement. Additionally, creating a blog will increase your entrepreneurial skills, which can open up a wide variety of financial opportunities.

Why You Should Start a Blog in 2022 if You Want to Become Financially Secure

Since you’re reading this article, I’m assuming you’re fed up with earning money the traditional way but also a little nervous about taking a new path. So here you are, researching if it’s a smart move financially to start a blog to replace your paycheck.

Believe me, I’ve been there, working hard for my ex-employers, making their business successful, as I live paycheck to paycheck, barely making ends meet. That’s why I’m excited to share this information with everyone, and I hope it sparks a change in the way you’re thinking about earning money and prompts you to step outside your comfort zone to make great changes.

With all that in mind, here are the top five financial reasons why you should create your own blog this year:

1. You Won’t Have to Depend on an Employer When You Start a Blog

We have all been raised to think that we have to walk down the same path that most people do – go to college, graduate, get a job, and retire. However, just because everyone else is doing it doesn’t mean it’s the right thing to do. I think many people had a rude awakening to this fact during the coronavirus pandemic when the companies they worked for were hit hard and had to let employees go. Workers were forced to file for unemployment, which, for many, wasn’t enough to cover expenses.

They Relied on Their Job and Lost it in a Blink of an Eye

At this time, it was nearly impossible for individuals to find a job, and there really wasn’t anything they could do about it. It was a situation where many went hungry, defaulted on mortgages, and the like.

Now that we have seen what can happen when the world is hit by devastation such as this, how do we prepare so that we’re not forced out on the street, and we always have food for our family? The answer is simple; position yourself so that you’re never relying on, at the mercy of, and under the thumb of an employer.

Nothing against all those employers out there; they are good people too, but if you want to take care of yourself, you can’t rely on them for your livelihood since the rug can be pulled out from under you at any moment, as you’ve seen. For instance, during the pandemic my spouse lost his job, but since I was blogging from home, my income stream never wavered. I wasn’t impacted financially like he was, and so many others.

Starting a Blog will Ensure No One But You Controls Your Income Stream

A smart way to place yourself in a position where no one can take your financial security away from you is to be in charge of your own income stream by starting a blog. If you’re unsure if you can really make money blogging, just think about the fact that millions of individuals around the globe have access to the internet. People are constantly accessing the web via their computers and their phones, searching for content that’s commonly within a blog.

Are you Starting to See the Big Picture and the Potential?

You have the fact that millions of people are reading blogs on the web in the forefront of your mind, right? Well, add to this the reality that there are many avenues to generate funds through a blog, such as affiliate marketing, products, and more.

Bring Extra Income by Starting a Blog

So, really, the sky is the limit financially when you own your own blog, and the next time employers around the world are forced to let their hard-working employees go as they did in 2020 and 2021, you won’t be affected one bit because you’re in the driver’s seat of your money-making potential. You can dive into this topic even more by checking out our other article on why self-employment is more financially secure than a day job.

In addition to this, it doesn’t even cost much to get started blogging. I didn’t have much to spare when I took a leap of faith and started my blog. When it comes to keeping costs down, I recommend using Bluehost to host your website. They’re affordable and most bloggers use them. You can take a look at what they can do for those who want to get started blogging by checking out the Bluehost website. I also use WordPress for my blogging platform, which is free.

2. The Government Won’t be Your Only Hope During an Economic Disaster if You Have a Blogging Income Stream

Along the same lines as not depending on an employer, those who lost their jobs had to rely on a second entity, the government. They turned to them for unemployment benefits, hoping to keep their bills paid and to ensure they had money for groceries. However, it really didn’t pay all their bills or put enough food on the table for a lot of people. Why is this the case? Simply because, as mentioned, the unemployment wasn’t enough for certain people to keep up financially, so they got behind on their rent, and so on. Along with this, the unemployment benefits will soon be ending for millions of people, and the rent moratorium is coming to an end also. So, now what?

Government Stimulus Checks to the Rescue – Well…Not Really

Will another government stimulus check arrive to save the people? Maybe, but what good will it really do when you’re behind thousands of dollars in rent and hundreds on your electric bill? When a stimulus check does arrive, it can be gone the same day, most likely used for food and to get caught up on a portion of the bills.

It’s good they’re sending this money to the people, but it’s simply not enough. How can they dig their way out of their current financial situation when they get small, random stimulus checks? So, what we all learned is that we certainly can’t rely on the government to take care of us when businesses around the country are forced to let their employees go.

Those Who Start a Blogging Business Won’t Have to be at the Mercy of Government Funding

No one was really prepared for what happened during the pandemic, certainly not the government. A situation like this can happen again, so it would be smart to set things up so that your funds come from your own personal revenue stream through blogging.

Think about it, the whole economy shut down during the pandemic, but the internet didn’t. What does this tell you? Focusing on a home business, like a website with a successful blog, will put you in a position to be a part of an industry that thrives no matter what is going on in the economy. In fact, when everyone was sent home during the pandemic, what did they do? They were at home searching the web, with a majority of them researching how to make money online.

It’s absolutely amazing how lucrative it can be for those who start blogging for money, and it’s a sure-fire way to be in control of your finances and not have to wait for your $600 or $1,200 stimulus check, where you’ll still be in the hole after it’s spent! The alternative is taking part in the blogging industry, where it’s a known fact that you can actually make thousands per month, when done correctly.

3. There’s No Income Cap When You Have Your Own Blogging Business

For some, this is viewed as one of the top reasons why you should start a blog – the sky is the limit financially because there’s no income cap. When you work for an employer, there’s always a cap because, after all, they have a budget, and they have to make money, too.

I once had a 9-5 job where I asked for a raise, and my boss’s response was that he was unable to increase my pay because I was already at the company limit for my position. I was blown away by this. Especially since he was the owner of the company and he made the rules. Wow, no potential to increase my pay no matter how hard I worked or how many years I was there. I was their web designer and writer, and there was no other position in the company that I could transition to.

You Can Make the Money You Deserve When You Work for Yourself

About two months after asking for the raise, I gave my resignation and explained that I was leaving to have more control over my financial situation. I started a blog, haven’t worked in an office since then, and the amount of money I make blogging has increased substantially each year.

Why You Should Start a Blog if You Want Financial Freedom

For those who have never thought about how your income can be capped, you may now be inspired to start a blog, knowing that you can actually make as much as you want. You just have to set goals and work towards them, keep increasing your knowledge base, and strive to earn what you deserve!

4. Creating a Blog Provides a Way to Finally Start Saving Money for Vacations & Emergencies

Being able to put money aside for vacations and emergencies goes hand in hand with not having an income cap when you start a blog and become successful at it. Some people make an enormous amount of money from their day jobs, like doctors or attorneys, and they will have plenty of money for vacations, and so on. But in reality, the majority of employees are not high-income earners; they make just enough to get by. It’s just the way it is, unfortunately.

It’s worth noting that although doctors and attorneys may make large amounts of money, they have very demanding jobs with long hours and, therefore, pay a high price to be able to have that kind of money. What price are they paying? Well, they are trading time for dollars, so the price is their time, and possibly sacrificing the personal lifestyle they may want.

If You Don’t Make a Change Your Financial Situation Will Stay the Same

So, what about the rest of the population that makes a normal wage, a wage that just takes care of their basic necessities and not enough for emergencies? What about those people who have a car that breaks down with a, let’s say, $1,500 bill, with no one they can borrow from, and no way to get to work without a car? If you’re in this type of boat that I’m describing, someone who doesn’t make enough to stash away money, if you don’t make a change now, it may always be this way. I’ve been in this type of situation, so I know what it’s like. It feels hopeless like you’re trapped in a downward financial spiral with no way out.

There’s Hope for Those Who Are Open to Starting a Blog in 2022 to Escape the Rat Race

You should save for emergencies and go on vacations, but how do you make it happen? Begin by writing out a plan for starting your blog before the year is over so you can begin the new year on the right financial path. You don’t have anything to lose by creating a blog, but you have so much to gain. You may have more potential than you realize; you just have to give yourself the chance to shine.

I’ve seen blogging income reports where I just can’t believe how much money they are making. But now that I’ve been in the industry for a while, I know how and why it’s possible to make thousands of dollars with a blog business. So, rest assured, there’s hope for you to escape a life of not having the money to save for those emergencies that pop up, much-needed vacations, and even retirement. That alone is enough of a reason to give the blogging industry a try.

5. Becoming a Blogger Builds Your Entrepreneurial Skills Which Increases Your Income Level

Another financial reason for starting a blog is that it can greatly build your entrepreneurial skills. Creating your own blog to generate money will teach you so much about blogging and business in general. You’ll learn how to write in such a way that’s geared toward a specific audience, become an expert at search engine optimization, learn the importance of dressing up your blog with images and discover the ins and outs of affiliate marketing, and more.

All these elements are specific skills that increase your worth. For instance, knowing how to optimize a blog post so it ranks well through proper SEO is a skill that is in high demand. But more importantly than that, the more you increase your knowledge base by starting a blog that is capable of making money, the more money you’ll make. As I mentioned, the sky is the limit!

Tips for Starting a Blog That Actually Makes Money

There are a few things you can do to start off on the right foot if you plan on building your blog in 2022 – from using the best blogging platform to placing affiliate links in your posts and more. Let’s take a look at these topics for a better understanding:

1. Use Bluehost to Host Your Blog

You’ll need a place to park all your website files – your blog post pages, your images, your home page elements, and so on. This is what will allow your website to be displayed on the internet for the world to view. So, you would need to sign up with a hosting service. I use Bluehost, and so do many others. You can read more about what they can offer you by heading over to the Bluehost Start-Up page.

2. Create Your Website Using WordPress

I highly recommend using WordPress as your site builder and content management platform. I’m sure you’ve heard of it since it’s one of the most popular platforms out there, and it’s one of the best. It’s also free, and most hosting companies are set up to accommodate installing and using WordPress, and most likely already have it set up within their system.

It’s user-friendly and always updated to keep up with user needs and security risks. There are thousands of themes available for WordPress, as well as thousands of useful plugins that allow you to really customize your website. Also, WordPress has a built-in blog feature, which makes it easy to start blogging.

3. Don’t Post Anything Until You Run it Through Grammarly

No matter how well you write, make sure to sign up for Grammarly. If you haven’t heard of Grammarly, it’s something that once you start using, you’ll wonder how you ever got along without it all these years. Basically, it checks your writing for grammar, spelling, and other things that could be perfected.

I actually use it for everything I write; I even check my personal emails with it. Most importantly, I use it for every article I create. I have proofread a post several times manually and then have Grammarly check it, only to find that I missed mistakes such as a word written twice in a row “the the.” I read through the document, but my eyes just did not see it! You’ll want your posts to look and read professionally, so using Grammarly, which is an industry-standard, is a must.

4. Capture Email Addresses from Day One

When it comes to capturing email addresses, many people who are new to blogging feel they have to wait until they have a larger collection of posts on their site. Additionally, Some feel the need to wait until they are more experienced at blogging.

Email Marketing to Boost Profits While Blogging

The bottom line is that they may feel that no one would want to sign up for their website when it’s so new. However, you would be surprised at how many sign-ups you may get, even with your first post, so it’s important to have an email-capturing system in place from the start.

It’s essential to do this because your email list becomes your customer list. You can send out e-newsletters with informative information that contains affiliate links within the text, and the like. Also, if you create, let’s say, a “how to start a blog that makes money” course, you can inform everyone on your email list.

I use Active Campaign for my email marketing program. It captures email addresses as I sleep; it’s easy to use and reliable. They run specials all the time, and you can look more into what they are offering by visiting the main Active Campaign website.

5. Dress Your New Blog Posts Up with Professional Stock Photography

If you’re serious about starting a blogging business in 2022, I recommend signing up for a stock photography account with either Adobe Stock or iStock Photo. It’s important to make your site look appealing because you’ll have competitors with well-designed websites, awesome post images, and so on. I’m sure you’ve seen blogs with horrible, blurry, dark, or uninteresting images, so you know what I mean. Dressing up your posts with exceptional images will make your site look more professional.

Try Not to Use Free Images in Your Blog

I’d like to mention that you really should stay away from free stock photography sites. If you read the fine print for most of these companies, it will say that they are not responsible if an image they provide isn’t copyright-free. This means that the person who uploaded an image to the free stock site might not own the image, and shouldn’t have uploaded it, and the free stock company can’t check the copyright, so they go by the honor system.

If an image is placed on your website and it’s not copyright-free, you could end up getting a letter from the legal department of, let’s say, Getty Images, with a demand letter for $2,000. It’s just not worth the risk.

Most of the free image services don’t have the type of quality images that the paid stock sites have anyway. If you’re serious about blogging it’s worth the cost for a monthly subscription – I pay $29.99 a month with Adobe Stock. Also, the cost you pay for this service is a tax deduction.

6. Place Affiliate Marketing Links in Your Blog Posts

Affiliate marketing is one of the most popular ways to make money blogging, and one of the main reasons some people start a blog. If you’re not familiar with affiliate marketing, it’s when you promote another company’s service or product, and they pay you a commission when your reader purchases or signs up with them. The transactions are tracked through an affiliate link that’s specific to your website.

Imagine if you have a popular blog post that brings in a lot of traffic; you could reel in big commissions just from that one page alone. Now, imagine that you have 100 blog posts – are you starting to see the income potential?

Affiliate Links Can Only Be Clicked On When You Have Traffic

For people to click on your affiliate links, you have to get them to your website first, right? To do this, you need to learn how to get traffic to your site. I didn’t know anything about this until I read a book called Traffic Secrets. You can get it for free and just pay for shipping by heading to the Traffic Secrets website.

You should also look into SEMrush, which deals in SEO optimization to get your posts to rank well in Google, which will bring more people to your site. You can sign up for a free trial to test it out by visiting the SEMrush campaign page. They’re one of the biggest companies for doing SEO research.

Get Set Up for Financial Success by Starting a Blog Before 2022 Ends!

Make sure to start your blog this year so you can reap the financial rewards as soon as possible. The sooner you have your blog up and running, the faster affiliate commissions will start rolling in. Also, if you’re trying to leave your day job, each day you procrastinate creating your blog is another day you’ll have to drive to the office! I hope this article has provided you with the information and inspiration you’ll need to begin blogging, and be excited about it!

Before you go, be sure to check out this video on additional ideas for making money:

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Ultimate Guide to 2020 Stimulus Checks – Economic Impact Payments

Guide to 2020 Stimulus Checks – Economic Impact Payments

Many individuals and families have been hit hard financially due to the effects of the coronavirus that has caused an economic collapse. With businesses closed across the nation and millions of hard-working Americans forced to stay at home to ensure their safety, the federal government is preparing to provide financial relief in the form of economic impact payments, also known as stimulus checks.

What is a Stimulus Check or Economic Impact Payment?

A stimulus check, as referred to during the COVID-19 pandemic, consists of payments that will be provided to the American people to offset their financial hardships during the current economic crisis. These economic impact payments are a direct result of the $2.2 trillion fiscal stimulus bill (CARES Act) that was passed by Congress and signed by the president.

Stimulus Payments – Your Questions Answered

With millions of Americans out of work, many are eagerly awaiting their much-needed stimulus checks to help with unexpected financial losses. During this waiting period, many questions come to mind. Because of this, we’re providing a comprehensive list of the most common questions regarding the coronavirus stimulus check.

1. Who is Eligible to Receive a Stimulus Check?

With a few exceptions, most U.S. residents are eligible to receive a 2020 stimulus check. Review the following information to determine your eligibility:

Tax Filers Who Meet the Required AGI Limit: 2018 or 2019 tax filers who have the proper adjusted gross income, as shown in the amounts below, and who meet certain criteria such as having a Social Security number, and are not claimed as a dependent by another taxpayer, are eligible to receive the full economic impact payment.

You’re Eligible for the Full Payment if Your Adjusted Gross Income is Not Higher Than:

  • $75,000 for individuals
  • $112,500 for head of household filers
  • $150,000 for married couples filing joint returns

Tax Filers with a Higher AGI: Taxpayers over the income limit will still be eligible, but will receive a reduced payment if their adjusted gross income is between:

  • $75,000 – $99,000 with a filing status of single or married filing separately
  • $112,500 – $136,500 with a filing status of head of household
  • $150,000 – $198,000 with a status of married filing jointly

Those Who are Not Required to File Tax Return: U.S. citizens who receive Social Security, Railroad Retirement, disability, or veteran’s benefits, as well as those who don’t make enough money to be required to file taxes, are eligible to receive a stimulus check. Also included in this group are citizens who make no income, and those who receive benefits such as supplemental security income.

2. Who is Not Eligible to Receive a COVID-19 Stimulus Check?

Those who fall into one or more of the following scenarios will likely not be eligible to receive a 2020 stimulus payment:

  • If you were claimed as a dependent on someone else’s tax return.
  • You currently don’t have a valid Social Security number.
  • You’re considered a nonresident alien.
  • You have filed any of the following forms: 1040-NR, 1040NR-EZ, 1040-PR, or Form 1040-SS for 2019.
  • You have an adjusted gross income that is greater than:
    • $99,000 with a filing status of single or married filing separately
    • $136,500 with a filing status of head of household
    • $198,000 with a status of married filing jointly

3. How Much Money Will I Receive in My Stimulus Payment?

Federal Coronavirus Stimulus Payment Information

With the U.S. government preparing to release the funds to the American people in the hopes of easing the financial hardship brought about by this economic shutdown, many are wondering just how much they will receive.

Review the following information to determine if you’re eligible for the full amount or a reduced payment, and how much you will receive.

Full Payment: Eligible U.S. residents who meet the AGI requirement limits of $75,000 for single filers, $112,500 for head of household filers, and $150,000 for married filing jointly, will be sent $1,200 if they are filing as an individual and $2,400 for married filing jointly. Additionally, they will receive $500 per eligible child.

Reduced Payment: Eligible citizens with adjusted gross incomes that are above the AGI limits can expect their stimulus payment amount to be reduced by $5 for each $100 above the $75,000, $112,500, and $150,000 thresholds. Single tax filers with an AGI that exceeds $99,000, head of household filers that exceed $136,500, and joint filers with no children who exceed $198,000 will not be eligible and will not receive payments.

4. What Do I Need to Do to Get My Stimulus Check?

With so many Americans out of work during this coronavirus pandemic, as well as many individuals and families spending large amounts of money stocking food and supplies (money that was originally designated to pay their bills), many are now in desperate need of a stimulus payment. If this sounds like you, we can assume that you want to ensure that everything is done correctly so there are no delays in getting your stimulus check. With that in mind, review the details below to make sure all your bases are covered:

No Action is Needed in These Situations:

For those who meet the eligibility requirements as mentioned above, and have already filed your 2018 or 2019 taxes, then the IRS does not require you to take any further action. Additionally, those who receive Social Security, Railroad Retirement, or SSDI benefits, the IRS already has your information, so no action is needed and the IRS will send you a stimulus check by mail or direct deposit, whichever you typically use for your current benefits.

You Will Need to Take Action If these Situations Apply:

Have Not Filed Your Return Yet: If you’re required to file a tax return and have not done so, you will need to file in order to receive your stimulus check. The IRS is determining who is eligible through their 2018 or 2019 tax returns.

If you have not filed your 2018 tax returns yet, it may not be possible to file that year electronically at this point, and your taxes will need to be mailed. However, The IRS has recently stated that they may not be processing paper tax returns at this time due to coronavirus safety concerns, which may cause a significant delay in your COVID-19 stimulus check being processed. Because of this, you will want to at least make sure your 2019 taxes are filed and done electronically.

The IRS Does Not Have Your Information: For those who are currently receiving a pension, survivor benefits from the Department of Veteran Affairs, receive veteran’s disability compensation, or have an income level where you’re not required to file taxes, you will need to take steps to provide your information to the IRS. This will enable them to verify your eligibility, calculate your stimulus payment amount, and have your correct address and direct deposit information on file.

5. Are Stimulus Checks Being Deposited This Week? When Will I Receive My Payment?

The coronavirus payments will not be deposited this week but are due to arrive next week instead. This is actually quite fast and demonstrates just how strategic and efficient their planning and processing have been. When the 2008 financial crisis was taking place, and stimulus checks were set to be distributed to the American people, it actually took several months before stimulus payments were issued.

First Batch of Stimulus Payments Arriving Next Week: The IRS website posted on April 10th that stimulus direct deposits for those who filed their taxes in the 2018 or 2019 tax years, are scheduled to be released next week. This could be as soon as April 13th-15th. The coronavirus aid payments being dispersed next week was also confirmed by Treasury Secretary Steven Mnuchin during a recent White House briefing.

Arriving in the Weeks to Come: If you receive Social Security retirement, SSDI, or are a survivor or disability benefits recipient, or you receive Railroad Retirement benefits and have not filed your taxes for the years 2019 or 2018, you will automatically receive a payment in the coming weeks. The IRS has not announced a specific date as of today.

Arrival Dependent Upon When Information is Provided to the IRS: For those who are not required to file taxes due to their income level and who are receiving a pension or veteran’s disability compensation, as well as survivor benefits from the Department of Veteran Affairs, your coronavirus stimulus check arrival date is dependent upon when the IRS receives your information.

6. Can Stimulus Checks be Tracked?

Yes! You can use the Get My Payment tool to check the status of your stimulus relief check. It will provide the date your economic impact payment will be deposited into your bank account or when your stimulus check will be mailed. Be patient, though; there may be millions of people trying to access this tool, so there can be delays.

Get My Payment will also allow those who are scheduled to receive a paper check the opportunity to fill out their bank account information so they may receive their stimulus money by direct deposit instead. This will speed up the delivery date. Additionally, tax filers who, for whatever reason, did not need to provide the IRS with their bank information on previous returns, will be able to provide it through the Get My Payment tool.

7. Will the IRS Take My Stimulus Check if I Owe Back Taxes?

No. The IRS will not apply your COVID-19 stimulus payment toward taxes that you may owe. This is an economic relief payment specifically issued to U.S. citizens to help ease the financial burden of this unforeseen economic crisis. Taking your stimulus money would defeat that purpose.

8. Are Coronavirus Stimulus Checks Taxable?

The economic relief payments of 2020 are not considered taxable income and it will not increase your tax bracket. It would be counterproductive to its purpose for the IRS to ask for any portion of your COVID-19 relief payment back in the form of taxes.

9. Can Stimulus Checks Cause Inflation?

The large amounts of money needed to cover the stimulus payments have caused many to question whether or not it will cause inflation. Some are suggesting that the nation will not experience inflation in the short term, especially since consumer spending has come to a halt, and will not pick up for some time now as the fear of contracting the coronavirus hovers over our heads. However, experts weigh in with the fact that with this large amount of money dedicated to the COVID-19 stimulus package, it will eventually need to be repaid in one way or another, maybe through inflation or higher taxes at some point.

Income Ideas to Get Ahead Financially

If you’re laid off from work, lost clients as a freelancer, need extra money, or you’re not comfortable returning to work and would prefer to generate an income from the safety of your home, we have a few helpful resources that may be of interest:

We Hope Our Coronavirus Stimulus Check Informational Post Has Been Helpful

With millions unemployed and many Americans struggling to keep up financially, we hope your 2020 coronavirus stimulus check brings you and your family some relief during these challenging economic times. In addition to this, be sure to stay safe, and remember, there will be a light at the end of the tunnel in the very near future.

For those of you who have been shaken by a sudden loss of income and have come to realize that you don’t want to rely on someone else for your financial stability any longer, take a look at the following video to get your thought process on the right path.

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Top 5 Self Directed IRA Tips That Will Make You Rich

If thought out properly, self directed IRA (SDIRA) investments can maximize a retirement fund, as well as provide the opportunity to become rich. This is where seeking out the best self directed IRA tips comes into play. Your retirement fund’s growth potential can become virtually unlimited when you use certain investment strategies. With this in mind, we have compiled a list of the top 5 self directed IRA tips that can help you gain financial independence and allow you to fully enjoy your retirement years. But first, let’s cover what a self directed IRA is:

What is a Self Directed IRA?

A self directed individual retirement account allows for more control over a retirement fund’s buy and sell decisions. For instance, when utilizing a traditional IRA, typical investments include stocks, bonds, mutual funds, CDs, and the like. As a result, an investor’s funds may be at the mercy of the volatile stock market. In contrast, investors who self direct their IRAs may invest in alternative assets. Investors must still follow certain self directed IRA rules, but for the most part, they have more freedom to invest as they see fit.

Top 5 Self Directed IRA Tips That Will Make You Rich

I know from personal experience how financially powerful it can be to utilize a self directed IRA to invest in rental properties. So, with that said, let’s begin diving into the top SDIRA tips that will make you wealthy so you can start your journey toward becoming financially independent.

1. Start Your Self Directed Individual Retirement Account Early

If you currently do not hold a self directed IRA, we suggest that you start investing in one as soon as possible. This self directed IRA tip is valuable when it comes to securing a comfortable nest egg that you can depend on later in life. It’s common for younger individuals who are in their 20s and 30s to not realize the importance of investing in their future. As they approach the age of retirement, they then regret not starting their retirement investment plan earlier in life. By then, unfortunately, it may be too late.

Top Advantages of Starting Your SDIRA Account Early

Compound Interest: Investing in a self directed IRA early in life will allow you to reap the full benefits of compound interest. This essentially allows you to earn interest on the interest you have already earned. To explain further, it’s when an investment earns a return, and these interest earnings are automatically reinvested, and start growing the funds on its own. This, coupled with the fact that self directed IRAs are tax-deferred, will allow your funds to grow more rapidly over time.

Tax Breaks: Starting early will allow for significant tax breaks each year that your SDIRA is in place. For instance, you can deduct your self directed IRA contributions from your taxable income. This will lessen your tax burden, and therefore, allow you to save a considerable amount of money over the years. If you need advice on how to lower your tax burden, Tom Wheelwright handles all our personal taxes. He is also the tax advisor to many world-renowned real estate investors. Or, you can obtain expert tax advice from his book Tax-Free Wealth.

Self directed IRA tips such as this one can be simple to implement and will yield significant results. Starting early can mean the difference between working a part-time job in your retirement years, to retiring comfortably.

2. Choose a Self Directed IRA Custodian Carefully

Selecting a capable and trustworthy self directed IRA custodian is essential when it comes to properly growing your retirement funds. If you’re unfamiliar with the term, a custodian holds the self directed IRA assets, as well as buys or sells investments on behalf of the client. Experienced custodians are capable of dealing with the complexities of an SDIRA. They will be aware of wise investment choices and prohibited transactions.

Many new investors assume that a Fidelity or Vanguard self directed IRA will be the best route to take. After all, they are reputable companies. However, they do not offer truly self directed IRAs. They mostly deal in investments such as stocks, bonds, and the like. Therefore, companies such as these typically do not allow IRA investments such as real estate and other alternative assets. Get some insight as to why a majority of financial advisors don’t talk about self directed IRAs.

Specialized SDIRA Custodians

To achieve specific goals, you would need to seek out a specialized self directed Individual Retirement Account custodian. You may have run across reputable companies that offer this service, such as Pensco or Strata Trust Company. Self directed IRA custodians like these are capable of effectively investing your money into alternative assets. This is important if you have a special interest such as investing in real estate. In this case, it would be wise to find an SDIRA real estate custodian that has an extensive portfolio in this area. If you play your cards right, this is one self directed IRA tip that can make you rich, allow you to retire comfortably, and give you a peace of mind.

Tips for Finding Professional Self Directed IRA Companies that Have Custodian Services:

  • Because they demonstrate different levels of expertise and services, be sure the company that holds your SDIRA is actually a custodian, and not just an administrator or facilitator.
  • Ask for an overview of the latest self directed IRA tax rules, if any. This will allow you to see if they are up to date with pertinent tax laws.
  • Inquire about the types of assets they hold as well as the number of clients they are currently serving. This will give you a general idea if the company is limited as to what they can handle. Or, if they offer a full scope of self directed IRA services.
  • Conduct research utilizing the Better Business Bureau, as well as reviews to check their track record.

 

3. Diversify with Lucrative Self Directed IRA Investment Assets

Asset diversification is one of the most popular reasons many investors prefer to self direct their IRA. Being able to invest in more than just stocks, bonds, mutual funds, and CDs opens up an opportunity to use your special interests and expertise to maximize your retirement funds. In addition to this, when you utilize other investment avenues, you can protect your retirement funds from the ups and downs of the stock market.

Avoid a Stock Market Downturn by Diversifying with an SDIRA

Keeping funds locked up in an account that is at the mercy of the stock market is an unpredictable investment strategy. There is a great possibility that you could lose a quarter, half, or almost all your savings if the market crashes. This has happened before, and it can happen again. You don’t have to put all your eggs in one basket. You can diversify with a self directed IRA to keep your retirement funds safe from the volatile stock market.

Allowable Self Directed IRA Alternative Investments for Diversification

Diversifying by investing in allowable alternative assets is a self directed IRA tip that can certainly make you rich. Additionally, it will allow you to deal with investments that you have knowledge of. For instance, if you’re a rental property investor, and you’re wondering, “Can I buy real estate with my IRA?” The answer is yes, just as long as it’s self directed. Land purchases are also allowable if they meet certain criteria. Cryptocurrencies and other digital money, as well as precious metals such as gold, silver, and the like, are also included in the list of allowable self directed IRA investments. As you can see, this opens up a world of opportunities.

The IRS states that collectibles, life insurance, and self-benefiting items such as personal property, are not allowable SDIRA investments. However, there is much that you can invest in. Here is a list of the most popular alternative investment opportunities:

  • Real Estate
  • Raw Land
  • Oil and Gas
  • Precious Metals
  • Digital Currencies
  • LLC Membership
  • Promissory Notes
  • Start-Up Businesses
  • Tax Liens
  • Cryptocurrency

If you buy and sell cryptocurrency, I highly recommend reading this article I put together on using an SDIRA to invest in Crypto – you will be especially interested in learning about being able to trade without it being a taxable event.

4. Acquire Financially Out of Reach Assets with Co-Investing

Co-investing is one of the more creative self directed IRA tips. It allows for investing in assets that you may not have the funds to invest in yourself. This particularly comes in handy with more expensive assets such as real estate. You may co-invest your self directed Individual Retirement Account funds with another SDIRA. This can include SDIRAs that belong to your spouse, other family members, as well as yourself. Partnering IRAs can open up a variety of investment opportunities that can build great wealth.

Co-Investing with Your Family Member’s Self Directed IRAs

Although you may co-invest with your spouse and other family members, each lineal descendant is a disqualified person when it comes to buying, selling, or lending to or from them. However, you can proceed to do business and co-invest with these individuals if you’re dealing with a 3rd party. For example, a husband and wife can co-invest their self directed IRAs to pool enough funds to invest in rental property that they are purchasing from an unrelated property owner. If you are thinking of co-investing with someone to purchase a rental property, we recommend first ensuring the deal will be profitable by simply running the numbers through DealChecks property analyzing software.

Partnering with Your Own IRA

If you have multiple IRA accounts, you may co-invest with yourself. When doing so, you must avoid self-dealing situations. This is when an investor receives personal gains from their retirement fund transactions. When this occurs, the investor may receive penalties, as well as owe taxes. Self-dealing examples include personally residing in a house that you bought with your self directed IRA, buying digital currencies from yourself, taking out a salary from your SDIRA, and so on. If you would like to co-invest with yourself, speak with your custodian to obtain a list of self-dealings to avoid.

Co-Invest Through a Limited Liability Company (LLC)

Sometimes, co-investing through an LLC just makes sense. Investing through an LLC means that the IRA owns the LLC, and the LLC would then have ownership of the investment. This is especially beneficial when using your self directed IRA to invest in rental properties. When utilizing an LLC, the tenant pays their rent in one payment to the LLC. In contrast, if the LLC did not exist, the tenants would need to pay each co-investor’s IRA separately. In this case, forming an LLC is a much more efficient way of doing business. When forming an LLC, it’s best to seek the advice of someone who has experience setting up corporate structures. We recommend contacting Corporate Direct.

5. Consider a Backdoor Roth IRA Contribution

Before we dive into backdoor Roth IRA contributions, let’s start with the basics of what a self directed Roth IRA entails. In general, it’s a retirement account that differs from a conventional IRA in that you can’t write off or take advantage of tax deductions from your contributions. At the same time, your earnings are tax-free with a self directed Roth IRA, even when you withdraw them during your retirement years. This is an exceptionally smart investment strategy because tax rates may go up by the time you retire. The bottom line is that a self directed Roth IRA allows you to withdraw your savings without owing taxes.

What is a Backdoor Roth IRA Contribution?

Although a self directed Roth IRA sounds like a perfect investment strategy, there is a significant issue. The IRS has set certain restrictions on who can contribute to a Roth IRA. Plus, they have also set limits on how much money you may add to your account.

To get around these restrictions, the backdoor Roth IRA comes into play. It’s a solution or legal way for higher-income earners to open and contribute to a Roth IRA. It also allows for surpassing the contribution limits. The basics of how to set up a self directed Roth IRA entails placing money in a traditional IRA or SDIRA. The account is then rolled over into a self directed Roth IRA. You will have to pay taxes after you convert to a Roth account, but it’s a one-time deal. In sum, this is one of the clever, but legal, self directed IRA tips that will help you bypass the rules, and step in through the backdoor. If you convert from certain IRAs to a Roth IRA, you will be expected to report it to the IRS using this backdoor Roth IRA form 8606.

Additional Resources for Investors

Utilize These Self Directed IRA Tips to Become Rich and Enjoy Your Retirement!

Whether you decide to co-invest, diversify your portfolio, or possibly roll over to a Roth IRA, you are on the right path to securing your future. Furthermore, with some additional financial planning tips from your self directed IRA custodian, you will be making wise investments that can have a significant impact on your retirement funds. For those who are seeking out self directed IRA tips that will make you rich, or tips to fine-tune your investment strategies, we hope this article has been helpful. If this information has sparked your interest in SDIRAs even further, check out our Self Directed IRA Investing Series.

Also, here are our top resources that we share with our clients to kickstart their investing journey, as well as help seasoned investors reach the next level:

If you’re a real estate investor who’s interested in utilizing your self-directed IRA to invest in rental properties, contact Morris Invest to schedule a free consultation. Our team of experts can provide you with real estate from one of our outstanding rental markets. We also renovate, fill rental properties with tenants, and manage.

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A Beginner’s Guide to Choosing the Best Boxing Gloves for Women

Over the past few decades, more women have become involved in the wonderful world of boxing. With this comes the need for boxing equipment that is well suited for a female, along with the proper education on how to choose the best boxing gloves.

Selecting the appropriate gloves is essential to protecting yourself, as well as your opponent. You will want to consider a few important elements when deciding upon the boxing gloves that are right for you.

  • The glove type determined by its intended use
  • Glove size for a safe and comfortable fit
  • Glove closure based on preference
  • Materials used in the construction of the glove
  • The brand’s reputation

Whether your goal is to get into shape, become a future pro fighter, or just have some fun, I hope my beginner’s guide to choosing the best boxing gloves helps you reach your full potential.

Does My Activity Determine the Type of Women’s Boxing Gloves I Would Need?

If you are currently searching for that one perfect pair of women’s boxing gloves, you may come to the conclusion that you could require multiple pairs for the various boxing activates you are involved in. This is where the glove type comes into play.

I have compiled a list of common boxing activities that women are involved in and their corresponding glove types so that you can gain a better understanding of what would be best for your situation.

Sparring Gloves: These type of boxing gloves are constructed to protect the sparring partner, as well as your hands. They are typically around 16 oz due to the amount of padding needed to soften the blows and absorb the shock. Sparring gloves are perfect for developing your technique and skill as a new boxer, and are great for women to work on their endurance and stamina.

Bag Gloves: As the name suggests, these particular gloves are typically utilized in hitting heavy bags and other specialty bags while training. The main purpose of this type of glove, specifically modern bag gloves, is to protect the hand. With that being the case, you should not use them for sparring with a partner due to the fact that they do not offer much “give” or resilience.

Training Gloves: If you are a woman who is just starting her boxing journey, and unsure as to what type of glove you may want, training gloves are a great option since they are designed to have multiple uses. Used for training purposes, they are firm enough for bag work, and have enough shock absorbency for sparring.

Traditional Fighting/Competition Gloves: If you plan on competing against other women in the boxing ring, these are the gloves for you. Fighting gloves are designated solely for competing, and are normally pro grade. They have less padding, are constructed for speed and power, and designed to inflict maximum damage. There are regulations that set the standard weight of the gloves that can be used during competition, but they are typically 8 0z to 10 oz. In addition to this, there are two types of fighting gloves – amateur and professional.

Aerobic Gloves: Cardiovascular exercises such as cardio kickboxing and aerobic boxing are a great way for women to keep fit. When searching for the best women’s boxing gloves for this activity, you will find that its typical for gloves advertised as aerobic to be poorly made. Be sure to purchase gloves that are of higher quality if you want them to last.

Do Specific Fighting Styles Require Certain Gloves?

Muay Thai and Mixed Martial Arts do require specific gloves. Take a look at a few details that pertain to these styles of fighting and their glove requirements.

Muay Thai Gloves: If you are going to participate in Muay Thai boxing, you will want to invest in a pair of gloves that are specifically designated for this style of fighting. The gloves look similar to traditional boxing gloves, but they are less stiff and therefore allow the fighter to grip their opponent to take them down. There is extra padding on the back of the gloves to better absorb kicks, and the thumb area allows for better cinching and grappling during combat. Like traditional boxing gloves, you will want to pick the best glove for you based on your activity, which would be bag work, sparring, training, clinching/fighting. There is no difference between a man and woman’s Muay Thai boxing gloves, however, you may want to choose a lighter glove that is 2 oz to 4 oz lighter than what a man would require.

Mixed Martial Arts (MMA Gloves): Women interested in MMA fighting should only use specific MMA gloves. Using traditional boxing gloves would put you at a disadvantage. MMA gloves have exposed fingers to allow for holding and grappling. As with Muay Thai gloves, you would utilize a glove that is meant for a certain activity. Be sure the gloves you select have a solid velcro wrist strap to ensure they stay in place and are secure around your fist.

What Size Woman’s Boxing Gloves Would I Need?

After you figure out your glove type, you should focus on looking for boxing gloves that fit properly. Your hand should feel comfortable and not forced into the glove. A glove that is too small can be uncomfortable and interfere with your concentration. A glove that is too large for your hand will be loose, leaving room for injury.

While testing out a new pair of gloves, it’s important to wear hand wraps during the process. While boxing, they are essential in protecting the hands, as well as taking moisture out of the gloves.

Boxing gloves quick fitting tips:
  • Fingertips should easily touch the top glove.
  • It should not take too much effort to make a fist.
  • The heel of your hand should rest completely inside the glove and not extend past it.
  • With your hand outside of the glove, hold it up to the back of the glove, simulating your hand being inside, your wrist should line up with the end of the glove compartment, and not extend into the wrist section of the glove.
A few notes on sizing specifications:

Sizes in Ounces: Boxing glove sizes come in various weights (ounces), with the exception of MMA gloves that are sized Youth-XXL, along with bag gloves that are normally sized both in ounces and Youth-XL. The weight of the glove corresponds with the amount of padding it contains. The weight of your glove is dependent on your activity along with your physical weight. For example, if a boxer’s physical weight is 180 pounds, she will need a 16 oz glove that contains more padding so that her sparring partner is more protected.

Glove Compartment Sizing: Typically, the glove hand compartments can be the same size because they are made from the same mold. For instance, a 12 oz through 16 oz size glove may have the same size hand compartment with the difference being more or less padding, and the amount of weight in the wrist section to compensate when there is more or less padding. It is when you get into the smaller petite sizes such as 6 oz and 8 oz that the compartment size changes. Additionally, hand compartment sizes can vary greatly from brand to brand.

Take a look at this handy boxing glove sizing chart:

Does the Boxing Glove Material Play an Important Role?

It plays a very important role. I have included a few essential elements to consider when looking for a quality boxing glove.

Leather VS Vinyl Gloves: Boxing gloves made from vinyl may seem like an optimal choice to a beginner, but in reality, leather is always the best choice. Leather boxing gloves would make the perfect addition to any woman’s boxing gear collection. They will stand the test of time, resist tears, and have better breathability.

Good Quality Foam/Padding: A well-made boxing glove will have quality foam that offers great protection for your hand as well as your partner. Certain gloves will contain foam padding that springs back easily for superior protection. You can choose, based on your preference, closed cell foam or open cell foam. Closed cell foam is firm, while open cell foam is softer. The softer foam is easier on the hand and better for those that may have a hand injury. Also, check if there is adequate padding around the wrist so that it will remain stable while punching.

Sweat Resistant Inner Lining: A proper inner lining can extend the life of your gloves. Quality gloves will offer a sweat-resistant and antibacterial lining. This will prevent bacteria from taking over.

Lace-up Gloves VS Velcro Gloves

Deciding to go with lace-up or velcro boxing gloves could seem trivial, but it’s actually important, for a few reasons. Have a look at the pros and cons of these two closure systems so you can make an informed decision.

Lace-Up Gloves: PROS – This type of closure system is said by some to offer better support. This is due to its ability to cinch up for a secure fit. Although not a deal breaker, lace-ups offer the opportunity to talk to other boxers as you ask for their assistance in lacing or unlacing them. CONS – Lace-up boxing gloves are almost impossible to put on and take off by yourself. This can become a problem when training alone.

Velcro/Hook & Loop: PROS – Its best quality is convenience. Velcro provides a fast and easy way for boxers to put on and remove their gloves themselves. CONS – The velcro hooks, or the velcro itself, can possibly degrade your wrap if they frequently come into contact with it. Additionally, a sparring partner can be injured by the velcro if it is not secured properly.

Can You Recommend a Few Brands that Offer Great Boxing Gloves

Although there are many great brands out there, these select few are worthy of mentioning. You may find that you prefer one brand over other for personal reasons.

Here are 10 great recommendations from top female boxers:
  • Cleto Reyes
  • Winning
  • Grant
  • Rival
  • Ringside
  • Title
  • Longsdale
  • Adidas
  • Fighting Sports
  • Pro Mex
Check out these 5 popular MMA glove brands:
  • Hayabusa
  • Fairtex
  • Combat Sports
  • Venum
  • Title

As a woman new to boxing, I realize that finding the best boxing gloves can be a bit confusing. When searching for the boxing gloves that you feel will be right for you, be sure to focus on safety, comfort, and quality. I hope this beginner’s guide to choosing the best boxing gloves for women has been helpful!

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5 Benefits of Utilizing a 3PL Provider

3LP Provider - Shipping Boxes

Whether a new startup or an established company, in today’s competitive world, businesses can greatly benefit from partnering with a third-party logistics provider (3PL). Outsourcing a company’s supply chain management and logistics requirements can be essential. It provides the much-needed time to focus on core competencies, cuts back on business costs, allows for crucial scalability, and contributes to essential market expansion.

3PL providers are a behind-the-scenes catalyst to the success of businesses around the world. This can pertain to inventory management and storage, processing, transportation, assembly, shipping, and other logistics and management processes.

With all that said, let’s dive into the benefits a 3PL provider can offer any e-commerce or brick-and-mortar business looking to jump to the next level or gain a competitive edge.

Third-Party Logistics Allows for Maximized Core Competencies

To successfully build a business in a rapidly growing market, it must run efficiently in all manners of its operations. To accomplish this, a majority of a business’s energy, resources, and finances should be directed toward its core competencies.

Assigning non-core responsibilities such as managing inventory, shipping, or warehousing to core personnel can result in a quick takeover of their schedules. It will eventually take its toll and stretch a company’s staff thin. In turn, they may work less efficiently, and it can ultimately affect the business’s bottom line and growth potential. Most businesses don’t have the expertise to run every division within their company. Because of this, it’s a wise decision to partner with a 3PL company.

Enables a Company to Run its Business with Low Capital Commitment

By outsourcing to a third-party logistics provider, a company can run its business with low capital commitment. Going this route will allow them to avoid large investment costs. This may include obtaining a proper warehousing infrastructure, equipment, transportation, technology systems, a fulfillment team, or costly liability insurance. A 3PL provider absorbs these operating costs, which will allow a company to run without large fixed overheads.

Leveraging a 3PL Provider Delivers Overall Cost Savings

Achieving lower operational costs is one of the primary reasons a business may decide to outsource its needs. Partnering with a logistics company can deliver significant savings overall and keep a business’s financials on track.

There are many different aspects of cost savings that go hand-in-hand with utilizing a 3PL provider. For instance, eliminating costly steps in the supply chain pertaining to administrative processes. Billing, payroll, hiring, training, and other essential admin duties can add up over time. Additionally, software system updates are often required and costly. A 3PL provider will take on this expense, along with the utility costs to run their operations.

More importantly, a 3PL partner can financially benefit an e-commerce company that relies heavily on shipping. This is because they are able to offer greatly reduced shipping rates. Furthermore, they will also benefit from performance gains. This is true due to the fact that a 3PL provider can easily provide improved accurate order fill rates. With this comes a saving in time, which therefore translates into a savings in cost.

Efficiently Handle Volume Peaks and Fluctuating Demand

An experienced third-party logistics company understands the fluctuating market and knows how to effectively tailor their services to their client’s needs. They are capable of coping with holiday orders, high-sale seasons, as well as last-minute promotion sales. In the same instance, when demand is low, a 3PL provider is able to quickly scale back. Since a client is typically not charged when services are not needed, this is a great advantage compared to having an in-house fulfillment center.

Outsourcing Logistics Allows for Market Expansion

Working with a third-party logistics company can provide the opportunity for a business to expand into new regions. Certain areas may be physically impossible to reach on their own efforts or would cause a financial burden. In addition to this, the rules of logistics are ever-changing. A business must comply with federal transportation regulations, which can become a hassle. 3PL providers have the experience and resources to handle these logistical issues. This essentially makes testing a foreign market accessible and less complicated.

As you can see, there are many benefits to utilizing a 3PL provider. Overall, it allows a business to effectively meet its market demands and customer needs, setting the stage for substantial business growth.