Good morning, wealth builders!

One day, the sun ☀️ and the wind 💨 had a competition to see who was more powerful…

The wind said to the sun, “you see that man down there in the park? Let’s use our powers to see who can make him remove his jacket first.”

The wind tried first. It blew as hard as it could at the man with mighty gusts and high-force winds… but the man clung on tight to his jacket and braced firmly. The wind failed to get the jacket off.

Next it was the sun’s turn. But it used a different strategy… Instead of shining as hard and hot as possible and scorching the man, the sun beamed gentle and light rays down to the park, making it a perfect temperature.

The man loved the gentle sun rays, and wanted more, so he removed his jacket to feel the beautiful sun on his skin.

*****

Just a quick reminder for today… Being gentle is a strength. Being kind is a strength. Making other people comfortable is a strength.

Sometimes your true “power” —> is using more kindness and less dominance.

OK, now let’s get to the money stuff! 👇👇👇

TO DO

+1 and -1 Influencer

Your mission this week: Delete 1 influencer that isn’t providing you any value, and follow 1 new one that does!

Whether it’s on Insta, TikTok or whatever platforms you frequent, who you follow has an important sway on your thoughts and actions — including your money midset/habits! Try tilting the scales towards good peeps that sway you in the right direction! ➡️

Ps. One cool newsletter we’ve been liking a lot: Long Term Mindset by Brian Feroldi. Comes out each Wednesday, highlighting 5-6 short investing topics with timeless advice and informative comments. Check it out!

CAREER

Starting a Business With $0

Chatting with a friend the other day, they mentioned a fun new business idea they wanted to try… BUT they were afraid to take any action because they “didn’t have the big bucks needed to start a business”…

I immediately recalled this old interview with Alan Donegan, in which he went through some crafty ways to get a business off the ground without spending any money…

Here are some tips and ideas to get your wheels turning if you’re looking to plunge into entrepreneurship…

• Start with sales: Way too often small business owners make or order too large of a supply of their new product, and end up out a few hundreds of dollars with boxes of unsold product in their garage. Instead, can you sell your products/stuff first based on a model or design? “Pre-orders” are so common these days. If you can get revenue first, it can then pay for the production.

• Barter for what you need: Instead of spending money to get resources, see if you can trade skills with other professionals in your network. For example, if you’re starting a photography business and you need someone to design your website, offer the web designer a free shoot in exchange for a simple site.

• Take advantage of freebies: Even if you need supplies or office equipment to get started, you might not have to shell out cash for it. Take a look on FB Marketplace or your local “buy nothing” group to see if anyone is giving it away for free. You can also look to websites like Udemy and Coursera for free classes to learn any necessary skills. YouTube is one of the biggest resources for free how-to guides on pretty much everything in the world.

• Use word of mouth referrals: If you don’t have a budget for marketing, don’t underestimate the power of word of mouth referrals and good ‘ol fashion networking. Especially if your first customers are your friends and family. Tell them you’re looking to grow your business and they’ll be sure to pass the word along.

• Consider starting a service industry business: Service industry businesses typically have very low, if any at all, start up costs. You can usually perform most operational tasks from your home or your clients homes, and you don’t have to spend the money creating a physical product. (eg. event planning, fitness coaching, freelance writing)

• Sell your stuff: OK, so maybe you do need a little startup capital… You might have more available cash than you think — it’s sitting in your unused possessions! Sell that stuff to scrounge up money so you don’t have to dip into your savings.

Believe it or not, starting a business with zero dollars is totally doable. You just have to get a bit scrappy, think outside the box, and start small before scaling.

Related stuff:

• 💻 Full HTM Blog: Starting a Biz Without any Money (Plus 10+ free ideas!)

• 📝 Even More: 12 Tips for Starting a New Business, and Money Advice for Freelancers

TOGETHER WITH FLEXJOBS**

Kickstart Your Remote Job Search 👩‍💻

OK, so entrepreneurship ain’t really your thing? Why not find a gig that already exists and suits your preferred lifestyle…

FlexJobs is a legit career marketplace to help you find remote, hybrid, or flexible jobs across all industries (and all countries!). Their team finds and screens all the best opportunities, so you don’t have to worry about scams/fake listings.

They also have a ton of support and guidance resources to help you land that perfect gig. Check them out! 💪

INVESTING

Becoming a Roth IRA Millionaire

I was thinking the other day… How long would it take someone to achieve the illustrious title of “Roth IRA Millionaire”?

Well, if you were to contribute the max allowable amount each year ($6,500 in 2023), assuming no annual increases and an average 8% growth rate —> it would take just shy of 34 years to grow $1M in a Roth.

Then I got thinking, what about becoming an HSA Millionaire!?!? Is that even possible? (Yes, it is!)

Here’s a chart showing how long it would take to reach a mill in various retirement accounts, investing monthly… 👇👇👇

But while this is all fun to think about… in reality, is it a good idea to only prioritize one type of account just so you can reach a 1M value? Probably not.

Becoming a millionaire in any one specific account isn’t as good as becoming a millionaire across multiple account types. Having substantial chunks in each bucket is a better goal. This lets you enjoy the unique benefits and flexibility that they all offer, collectively.

Bottom line: Just like you diversify with index funds, you should diversify across different account types. Pre-tax, post-tax, even fully taxed if you have the extra funds! We’d LOVE you to become a “Roth IRA Millionaire”, but don’t let that flashy title blind you from the better goal — flexibility.

Related stuff:

• 💻 HTM Blog: How to Become a Millionaire - 5 Practical Steps

• 👨‍💻 HSA Accounts: The Triple Tax Advantage

ICYMI

Buzzing around the internet...

Restaurant Fees 🍔
Annoyed diners across major cities are banding together to do something about hidden fees and surcharges found on their bills. They’ve even created public Google Sheets with lists of restaurants and charges to watch out for. Here are the (growing) lists for Chicago, LA, San Diego, and Washington DC.

Crypto Mix 🙅‍♀️
An interesting study by Morningstar explains that including even just a tiny bit of cryptocurrency in your portfolio gives you a disproportionate amount of volatility. Tread lightly, peeps!

#GirlMath 💅
One of the latest trends on TikTok — “Girl Math”. It’s basically when you do mental accounting to trick yourself into into thinking you’re making good financial moves, but really aren’t. Stuff like: “If I buy something for $50 and then return it, I’ve basically made $50”. Don’t justify overspending.

Recession Watch 📉
Fidelity put out a cool piece for those economy-curious… 3 signs of weakness, and 3 signs of strength. You might find just as much clarity from your Magic 8 Ball- according to the report: “The scales are nearly balanced”.

FRIENDS OF HTM

The Budgetnista — Tiffany Aliche

Tiffany is a trailblazer in the personal finance space. Not only has she helped over 1 million women worldwide pay off hundreds of millions of dollars in debt, she spearheaded “The Budgetnista Law” (A1414), which passed in January 2019, making financial education mandatory for all middle school students in the state of New Jersey!

What a rockstar! Follow her awesome content on Insta, FB, or check out her Netflix documentary Get Smart With Money!

That’s it for now! Cheers for reading, and remember to spread a little kindness out there today 🤗

Best friends out 🍻