Prosperfessional

While there are countless ways to earn income, all fit into one of two categories: Active income and passive income. Some sources of income may be some sort of combination of the two, but that's basically it. Active income is income that requires continuous physical input/labor in order to earn it. It basically means trading time for money. Examples of active income include a job where you get paid for each hour that you work or get a salary for being present and working, a side hustle such as freelancing where you get paid for each service, or a business where you have to be present to earn money such as a storefront. The problem with active income is that you need to be present and working in order to continue generating income. You also need to earn passive income in order to ever become financially independent. Passive income is income you earn by putting up the labor or cash upfront and continue to earn money whether you continue to work or not, even while you sleep! Doesn...

 Let's talk about the basics of what's known as "auto-budgeting". If you're unfamiliar with this concept, it means setting up your financial accounts to do your budgeting, saving and bill payments automatically. This can save you a lot of time and stress, and make paying bills, saving money and investing a lot easier. It basically puts your finances on autopilot. There are three main ways to set up your automatic budget, they are automatic transfers, direct deposit, and automatic bill payments. With automatic transfers, how it works is you set up a weekly, bi-weekly or monthly transfer of money from, say, your checking account to your savings account. Or, you can set it up to go from your savings account to your brokerage account. Many combinations work for automatic transfers. Your money will automatically be directed where and how frequently you set it up to. This goes along with the idea of "paying yourself first", you act like it's a bill that yo...

Let's talk about earning more money outside your 9 to 5 job. There are many ways to earn more income and build additional income streams. The 4 most common are taking extra hours/overtime at your current job, getting a second job, starting a side hustle, and investing. Working extra hours at your current job or asking for overtime is probably the simplest and fastest way to start earning additional income. You can just ask your boss that you have now for more hours, and they'd probably give it to you if you're a good employee. The problem with this is that you can only work a certain number of hours in a day, we all only get the same 24 hours. You're also limited with how much you currently earn per hour at your job. The second most common way to earn more money is to get a second job aside from your day job. You can be in the same industry you're in now, maybe paying a little more or a little less. Or you could try out a different industry than you're working i...

I'd like to share with you a concept I've come up with for Prosperfessional that I call "The Success Trifecta". This is one way to figure out the type of work you should pursue. It applies whether you're becoming an employee at a company, or you're starting your own business. The three points of the Trifecta are Talent, Interest and Marketability. If you get this right, you're going to be successful whether or not you become a billionaire. At the end of the day, your happiness is what matters most. It's always better to be happy with less money than miserable with more money. You'll be more engaged, more productive, you'll make more money, and you'll have greater life satisfaction.  So it's talent, interest and marketability. If you're missing any one of these, it won't work out well. You can have talent for something, and you can be interested in it, but if it's not marketable then you're not going to be able to make a ...