My Money Blog — Personal Finance and Investing Blog

Time 2020-06-22 09:03:53

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If you enjoy listening to podcasts about entrepreneurial stories on a smaller scale (i.e. not tech unicorns), I recommend the Forrager Podcast about cottage food businesses, where people sell food made in their home kitchens (as opposed to a commercial kitchen). Depending on the cottage food laws in their state, you can learn from successful small (often solo) business owners selling their homemade bread, granola, nut mixes, cookies, pies, and other food products in both retail or wholesale environments.The cottage food industry allows you to start small with minimal upfront investment. You keep your big potential upside, but you ve minimized your downside. Being able to take asymmetrical risks like that is very powerful. You only need to hit it big once!Here s a quote from an episode with baker David Kaminer, who makes a living selling about 300 loaves of sourdough bread each week: What s so nice about the cottage food law is you have the opportunity to start small. Prior to cottage food laws existing, if I wanted to open up a bakery I d be a quarter of a million dollars in before I could even produce my first loaf of bread. You can start making six loaves a week and trying to sell them on the weekends while you re working your normal job and then see how it goes. I feel like as long as you love making bread and you re comfortable charging people for it and you understand the value of your time you could make a go at it pretty easily. For me it was starting like that just seeing if I could potentially ramp this up. So I feel like as long as you re you re ambitious and you love making bread you can pull off a cottage food business almost at any scale. It just all depends on defining how much you need and if it s worth your time.However, many people choose to keep it small on purpose. There is a common theme with the financial independence community of being able to work more on your own terms. Owning a cottage food business definitely won t be for everyone, but it is more of a lifestyle choice that will be very attractive to a select few. Sound familiar? Here is a quote from an episode description with Lisa Kivirist who runs her own farm, bed breakfast, and home bakery amongst many other things. It could very well be the bio for a personal finance author.Lisa talks about living off the land, moving away from the corporate life-style, creatively packaging products, diversifying income streams, advocating for your laws, and everything in between.Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on LinkedIn (Opens in new window)MoreClick to share on Reddit (Opens in new window)Click to print (Opens in new window)Click to share on Pinterest (Opens in new window)Click to share on Tumblr (Opens in new window)Last updated: June 22, 2020 Father s Day Advice from Jack BogleJune 19, 2020 By Jonathan Ping 3 Comments Art Carey of the Phildelphia Inquirer shares some great quotes from a past interview with the late Jack Bogle, in which Bogle shared the advice he would give his own son: Vanguard’s John Bogle gives tips for life on Father’s Day. The advice is inspiring and has very little to do with investing in particular. The entire interview is worth reading if you can, but here are some partial excerpts:[ ] First, don’t forget your family, because in the end, that’s all you really have. Next, be a decent human being, and don’t think you’re better than anybody else, no matter what your condition of wealth or importance.Never let things — the material possessions you may come to accumulate — become the measure of your life. It is an easy trap to fall into during these days of such material abundance in America, or at least in the privileged part of America that we see — with grander homes, bigger stores, more powerful cars, smarter phones, more exotic rock concerts, more sophisticated toys for children, and more elaborate toys for grown-ups, a cornucopia of things almost beyond measure.And never forget the important role of luck in your life. Never, never, never, never say, ‘I did it all myself.’ Nobody does it all themselves. And when somebody has the temerity to tell me they did, I say to them: ‘That’s wonderful. I’m not sure I’ve ever met anybody who did it all themselves, but could I ask you one question: How did you arrange to be born in the United States of America?’Above all, never give up your idealism. No matter how dark things get, keep your eye on the brighter side of things. Never let your determination falter. Even when the world turns against you and ridicules your ideas, ‘Press on, regardless.’ [ ] You don’t say, ‘I’ve arrived, I’m here.’ You say, ‘I’ll try to do a little better tomorrow, and all the tomorrows after that.’Share this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on LinkedIn (Opens in new window)MoreClick to share on Reddit (Opens in new window)Click to print (Opens in new window)Click to share on Pinterest (Opens in new window)Click to share on Tumblr (Opens in new window)Last updated: June 19, 2020 Sprint Unlimited Line On Us: Add Line For Free + T-Mobile TuesdaysJune 19, 2020 By Jonathan Ping 1 Comment If you are a current Sprint customer, they are running a promotion called Unlimited Line on Us where you can add a extra line with no monthly charge, although you are still subject to the monthly taxes and fees (approximately $5 to $10 a month [Read the rest]Last updated: June 19, 2020 Pay with Citi ThankYou Points, Get 20% Off at Amazon.com (Targeted)June 18, 2020 By Jonathan Ping 1 Comment If you have a Citi credit card that earns ThankYou points, you can redeem them to buy eligible items at Amazon.com. The redemption rate is 1 ThankYou points = 0.8 cents to spend at Amazon, which may not be the best value available. You can also [Read the rest]Last updated: June 18, 2020 Money in Excel: Automated Budgeting and Personal Finance Template (Free for Microsoft 365 Subscribers)June 16, 2020 By Jonathan Ping 15 Comments It's not the classic Microsoft Money application (which I'm still asked about periodically), but Microsoft 365 Personal or Family subscribers can now download "Money in Excel" (free) which promises to help you manage your personal finances using [Read the rest]Last updated: June 17, 2020 Hertz Used Rental Cars: Good or Bad Idea? Big List of Pros and ConsJune 16, 2020 By Jonathan Ping 9 Comments In better times, Hertz took out a big loan and put up their vast inventory of cars as collateral. COVID-19 caused the lender to worry about getting their money back, so they called in the loan. Hertz doesn't exactly have much cashflow right now, [Read the rest]Last updated: June 16, 2020 In Defense of Working One More Year (OMY)June 15, 2020 By Jonathan Ping 3 Comments In early retirement discussion forums, you'll often see the term OMY, which refers to people who have reached their calculated retirement savings target, but decide to keep working "One More Year". Sometimes that one more year becomes two more [Read the rest]Last updated: June 15, 2020 Don t Expect Too Much From Exotic Asset ClassesJune 12, 2020 By Jonathan Ping 6 Comments If you like having a complicated portfolio and owning exotic asset classes for diversification, you might want to prepare yourself before reading Skating Where the Puck Was: The Correlation Game in a Flat World by William Bernstein. Most of the [Read the rest]Last updated: June 12, 2020 Coursera: Free Guided Project (All), Free Courses/Certificates (College Students), Selected Free Courses (All)June 10, 2020 By Jonathan Ping 1 Comment Update: Coursera has another promotion for a free guided project open to all. Retail value about $10. Topics include data science, business, computer science, and IT. One-time use only. Offer valid until 6/12/2020. Your discount will be applied [Read the rest]Last updated: June 10, 2020 Amazon Prime: $8.98 Echo Dot (3rd Gen) + Music Unlimited TrialJune 10, 2020 By Jonathan Ping 8 Comments Update: Offer is back again, but sold out quickly last time!Amazon has brought back a good deal for Prime members interested in a cheap Echo Dot (newest 3rd generation). Sign up for a 1-month Amazon Music Unlimited membership for $7.99, and [Read the rest]Last updated: June 10, 2020 529 College Savings Plans: All 50 States Tax Benefit Comparison (Updated 2020)June 10, 2020 By Jonathan Ping 28 Comments Updated for 2020. When choosing a 529 college savings plan, you can open a 529 plan from any state. However, each state can vary widely in what they offer in terms of tax deductions and/or matching grants. 16 states offer no tax break on [Read the rest]Last updated: June 10, 2020 The Rare Stock Market Do-OverJune 9, 2020 By Jonathan Ping 2 Comments It used to be that you were supposed to use your experience from the 2008 stock market drop to help understand your true risk tolerance. Well, now we have a more recent reference point in the 2020 stock market drop. Allan Roth reminds us that [Read the rest]Last updated: June 9, 2020 Next Page Hi! I'm Jonathan and I've been sharing about money since 2004. Father, husband, self-directed investor, financial freedom enthusiast, and perpetual learner. More about me.Follow @mymoneyblog

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