Just go for it

I made the decision the other day that I should just go for it. Go for what? Moving.

I have talked about it. I do not want to stay where I am and it is just getting worse. I tried to like ti, I made new friends and worked on our house etc but I am still really unhappy here. You should not spend your life living somewhere or doing something that makes you unhappy.

So I decided to start applying for jobs where I want to live. If I get one I am moving. Taking this step and deciding to just go for it has motivated me to finally finish some projects around the home to make it easy to sell.

Deciding to just go for it has given me the motivation to go through the house and get rid of things we do not use and I do not want to move.

I borrowed my parents trailer last week when we went to Canberra so I have about a month to get as much as I possibly can done which I will need the trailer for such as clearing our garden, getting new doors and things like that.

I want this house gone. I want to move. I want to live somewhere I love not somewhere I have to.

Have you ever just jumped right in and decided to change your life?

Completing goals

I have some goals and I am not completing them. I have so many things on the go that I really need to complete and set deadlines for. I have blogging to be a great way to keep me on track and since these things all relate to my ultimate goal of becoming a millionaire I thought where better to list them then here?

Blog To Book eBook
I have been meaning to complete this eBook since October 2011! I had it almost ready to go and my computer crashed, taking everything with it. I was pretty devastated, then ended up supremely busy with other projects so it got pushed back, and back. No more. I have decided I will be launching this eBook in 2 weeks. I have finally got my butt into gear to finish writing it. It is a complete guide on how to go from blog to book (as this is what I have done and spoken about at a couple of conferences now.)

I need to organize the cover art, get it edited and formatted, work out my marketing plan and set that in motion but I WILL launch it in 2 weeks!

50 + ways to make money from your blog 
This is a post that has been at the back of my mind for sometime, then I discussed at the Digital Parents Conference that I was going to post it soon. That was 3 weeks ago. I will be posting by Friday 27^th April 2012 on KylieOfiu.com

Fast Money eBook 
This is another eBook I have been meaning to finish. It has been in the works for over a year. How bad is that? I am great at starting things, not so hot at finishing them it seems. I sort of lost my passion for this project for a while. I will be launching this by June 30^th 2012.

Freebie Blog Launch
I have been working on a new blog for just over a month, then was close to launching and managed to kill it. I was aiming to launch it this week, but had to rebuild it this week. This I will have finished and ready to go by May 1^st, 2012.

Ways To Make Money Site
My book 365 Ways To Make Money came from a post I did entitled 1,001 ways to make money. I have actually thought of even more since I wrote that post. I kept meaning to post them on another site or something, but as with so many other things, too many projects sees none of them actually happening. I will have this site done by 31^st July 2012.

It will not really be a blog like my other sites, but more a static site with all the ideas up there, so more like a resource site.

Sell 1,000 Things 
This challenge has been going on for way too long. I wanted it finished by now and it is actually starting to bug me. I have sold over 700 items and have a bunch of stuff to sell. I have decided that it will no longer be a focus for me. I feel it is actually holding me back now.

At first it was great as I had so many things to sell, and I do still have plenty to sell. Now I feel the time it takes me to list, sell, post or arrange pick up it is just wasting my time. I would rather spend that time completing my other challenges. I find this difficult to let go. I will sell things at different times when I feel like it, but I am no longer going to pressure myself into completing this challenge within a timeframe. 

Other niche sites 
There are a few other niche sites I have wanted to set up. I have the domain names it is just a matter of getting it all together. My aim is to have these completed by 30^th September 2012. I think that is realistic given how many projects I need to complete before then.

I am also analysing where I spend my time, where I want to focus my efforts and am changing things I do both in my personal life and with my blogging.

How about you - do you have goals and projects you need to set deadlines for?

Wealth Management

We all have different ways of managing our wealth. One of the most popular ways I have heard of is something called a ‘money tree’ or the envelope system. This is basically where every pay your money is divided into different envelopes each labeled something such as groceries, petrol, rent etc. and once the money in those envelopes is gone, it is gone and you cannot spend anymore.

These sort of systems are a great tool for wealth management, but there is just one thing I think you could do to improve your wealth management and that is to use accounts instead of envelopes.

Some things are good to get out in cash and if you know you are not great with a card, even a debit card then definitely do things in cash. If you do your groceries weekly, or need to fill up the car weekly or anything else you do weekly then cash is good. For other things such as quarterly or annually bills I think a better move is to either sit it in your redraw facility or offset account if you have a mortgage and if you don’t to open a high interest savings account so you earn interest on the money.

The principle is the same. Every pay put aside the money to cover, say your land rates or electricity bill. Instead of putting it in an envelope you are putting it somewhere it will work better for you and earn (or save) you money instead of doing nothing.

Most banks let you set up an extra account or 5 for no extra charge so you can manage your money better.  You can usually name these accounts as well so you could have your every day account, an annual bills account for land rates, insurance and things, then a quarterly account for electricity bills etc. and finally a high interest savings account for your savings.

Of course this is only smart money management if your bank is not going to charge you fees on these accounts, so look into it carefully.

How do you handle your money?

Money Making Challenge

On my other blog I have started a moneymaking challenge where you start with nothing and eventually have a whole lot more. It might sound silly, but I really think it is doable. You start out by finding money, so looking for it on the street and things for a few weeks to a month, then do what you can to double that money.

I found more than most of my readers, which was not intentional. I started with over $20 and so far have managed to spend $4.95 and turn that into $13, which I am pretty happy with. The aim is to double your money each time. So if you found $1, do something to turn it into $2, then that $2 into $4 and so on.

Obviously the higher you go, the harder it gets, but I do think it is possible and there are lots of opportunities and things out there. You just need to set your mind to it and the opportunities will flow.

I decided for the smaller amounts my best bet is probably buying things to resell so that is what I have been doing. I got a few items of brand name kids clothes from a second hand store, washed them and listed them for sale on Facebook. I love selling on Facebook because it is free and so much quicker than eBay.

I joined a garage sale group on Facebook in my area and it has been fantastic not just for selling but for finding things we have wanted for our home for very cheap.

I think the hardest part about this money making challenge will be not spending the money. So far, most of the money I have made throughout my journey to become a millionaire ended up getting spent last year when we had pretty much no work and high expenses. I am grateful I had that money to fall back on, but it feels like I am starting from scratch in a way, but at the same time it feels like I have just been setting the groundwork for the past 2.5 years and now things will flourish.

On the one hand I may not be that close to my millionaire goal, but I now have more income streams and opportunities, so it has been worth it.

So are you interested in joining in the money making challenge on my other blog?

Risk Free Investing

The following is a guest post.

Risk-free investing is a bit of a misnomer. Other than government-insured savings accounts, every investment carries some risk. It may not be the level of risk involved with taking out online loans but there is some risk. However, there are several types of investments where the amount of risk is negligible.

Savings Accounts

When it comes to no-risk investing, the gold standard is a savings account. These accounts are offered by banks and credit unions and are insured by the U.S. government up to $250,000 per signature per account. That means that if you and your spouse have a joint account, it's covered up to $500,000.

Savings account interest rates, even those that advertise themselves as "high-interest" accounts, are very low compared to other investments. These days, you might have better luck getting no-interest online loans than finding savings accounts with decent interest rates.

One alternative is a certificate of deposit, or CD, which offers slightly higher interest rates and is also government insured.

The drawback to CDs is that you have to agree to tie up your money for a specific period of time, such as one year. If you withdraw money early, you may have to pay a penalty, which can wipe out any interest you have earned. Generally, the longer term you commit to, the better interest rate you will get. There are CD terms that go as long as five years, which is about as long as you would have to pay back online loans.

Although the U.S. doesn't have an equivalent to the British ISA, where anyone can stash away cash tax-free, you can increase your earnings if your savings account or CD is in an individual retirement account.

Of course, a big drawback of an IRA is that the money must stay there until you are at least 59 years and six months and even then you will still have to pay taxes on the money when you withdraw it.

Bonds

Another very low-risk investment is government bonds. This includes savings bonds, Treasury bills and Treasury notes.

These investments are not government insured, but they are backed by the full faith and credit of the U.S. government. That basically means that for you not to get your money, the U.S. government would have to default, which is something that has never happened.

You also can invest in the bonds of other countries, but you need to make sure you are investing in countries with high credit ratings that are unlikely to default. Canada, Australia and several Western European countries are generally considered safe investments.

Municipal and corporate bonds can also be good low-risk investments. Municipal bonds are bonds issued by cities, states and counties for infrastructure projects, such as new jails or schools.

As long as you invest in bonds from municipalities with high credit ratings, these investments are considered to be very low risk. Another advantage of municipal bonds is that some may qualify to be exempt from federal taxes, which increases your earnings.

Corporate bonds are a bit more risky, because unlike municipalities, which can simply raise taxes if needed to pay back bonds, corporations have to rely on their earnings.

That means a recession or cyclical downturn could put the company in a precarious position. The good news is that bondholders are higher in the payback pecking order than shareholders.

Again, you should invest in companies that have high credit ratings, which indicates they are unlikely to default.

Another way to invest in bonds is to do so through a mutual fund. Mutual funds take funds from many investors and pool them together to invest in certain investments or sectors of the economy.

The funds are managed by professionals, which lessens the risk. A further way to lessen the risk is to invest in conservative funds. The more conservative the bond fund, the less likely it is to lose money. Investigate potential funds and also check out their past performance before investing.

Other "safe" investments

Although savings accounts and government bonds are generally considered the safest investments and about the only ones where the risk of losing some of your investment is zero, there are some other investments where you are unlikely to lose any money.

One of these is a money market fund. Money market funds are similar to savings and checking accounts because they are technically securities and your money is not insured by the government.

Money market funds invest in short-term financial instruments, such as commercial paper, which keeps the risk low. The accounts pay you interest and sometimes a dividend.

These accounts attempt to keep their share values at $1, but there is no guarantee and you can lose some or all of your principal, although this is rare.

Another relatively safe investment is an annuity. Annuities are contracts in which you invest your money with an insurance company in return for a steady stream of income.

Most annuities guarantee you a certain rate of return. However, there are several different types of annuities and they can be very complicated, making them harder to understand than online loans.

For example, some annuities may require your money to sit for several years before you have access to it. Your annuity may also make a lot more than your guaranteed rate of return, meaning you miss out on valuable appreciation.

Annuities are generally considered safe investments. Although they are not insured by the government, the only way you would lose any money is if the insurance company that holds your money became insolvent.

As you can see, there are many choices for safe investments that allow you to earn a small return without risking your principal, which won't leave you broke and needing to apply for online loans.

Investing in shares?

I have been thinking more about shares and investing in things lately. I do not have a lot of free money since my daughter now needs speech therapy which costs almost as much as half my mortgage payment a week, so is a fair chunk of money. But I figure I could start doing some research on companies and things now.

Previously when picking shares I just selected Bluechip shares as they are safe and easy, well relatively safe. I am well aware of the financial situation across the world over the past few years and the drop in value for many etc. This time around I would like to know a little more about companies and things instead of just picking strong companies.

I was shown a site this week, which I really think would help. It is a UK based site so more relevant to my UK readers or those wanting to know about UK companies. It shares all the info on companies house directors with over 20 years of financial history and things too. A site like this I think is very valuable when doing research not just for shares, but for starting a business or comparing things with your competitors. With many businesses aiming to venture overseas sites like this can help you determine how well a company is doing and see if it is worth your while trying to establish your business elsewhere. It can help you see the history of companies to determine if you want to invest in shares (like me) or you can check out the directors to see if they are the sort of people you want in charge of the company you are looking at.

What are your thoughts? Have you ever done much research or used sites like this to know more before investing in shares? Or have you ever considered using a site like them to launch your business overseas?

3 years to go

Today marks exactly 3 years for me to complete my goal. That's right, I turned 27 today. Looking back over the last 2.5 years part of me feels like I should be much further along, but another part of me knows I have learned so much on this journey and it is not really about becoming a millionaire, but more about being financially free.

I am in a better financial position than I was when I started my goal. My house has increased in value, been renovated slightly, we have the car we always wanted (nothing flashy, just a Camry) and I have developed a few streams of income.

I am now an author, blogger, freelance writer and public speaker. I earn money through all of these plus am finding more opportunities.

I have been a landlord, a single parent, dealt with bad tenants, been diagnosed with Borderline Personality Disorder and now just found out my daughter has a disorder surrounding language development delays and will need a lot of treatment to help her catch up to her peers.

I have experienced a lot, learned a lot and am not as far along financially as I would like, but at the same time I feel I am well on my way. I would not be able to be earning money from home like I am had I not set my goal back when I did.

I am happy with how I am doing. I aim to do more and continue to improve. I know the areas I can improve on and will.

3 years is not a lot of time to some, but to others it is plenty of time. I have been laying the ground work for a few projects and I feel like things are starting to come to fruition.

I want to be an example to my daughters that if you set a goal and stick to it anything is possible.

Lack of preparation is costly

I went to a conference on the weekend. This is the only image of a little suitcase I bought for my carry on luggage. You see our plan was to cram everything into 2 carry on cases and then take the 3rd empty to fil up for on the way back. Problem is we left that carry on at home!

That was not our only stuff up.

It started with the flights. I didn't read them correctly and booked us on cheap flights that were so cheap because they didn't go to the main airport and you had to pay for a shuttle back to Melbourne.

That wasn't too bad as the cost of the shuttle to near our hotel was the same as the cost of the Skybus from Tullamarine airport to near our hotel. Problem is I had already book and paid for Skybus tickets. So we had to pay for transport twice. Luckily Skybus tickets are valid for 3 months and you do not put in a set date so they can be used any time.

If we had done a little more research into the public transport at our location and places to eat I am sure we could have saved a little more there too as we used taxi's a bit and ate whatever, whenever we felt like it.

All up it would probably be $200 or so I could have saved had I been more prepared. But I had a great time, so I don't mind. And the carry on suitcase was on my list of things to buy soon anyway, so not a huge issue.

Have you ever spent more than you planned because you weren't prepared?