Monday Night Finance- Volume 44

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How to Start a Gift Wrapping Business: 6 Easy Steps

The holiday season is upon us. This can mean some extra expenses as we try to pull together gifts for loved ones and prepare special meals. But it also presents an opportunity to earn some extra money. If you’re looking for a new side hustle- consider becoming a “wrapper” (bad pun fully intended). Many people hate the thought of wrapping the gifts they purchased and are looking to outsource gift-wrapping so that they can spend more time relaxing. If you think you might want to make money wrapping gifts, this article gives you a step by step guide.

People will pay a premium for someone else to do the hard work of wrapping presents.
Know how I know? Because I loathe wrapping gifts. My husband is especially good at it – but if it weren’t for him, I’d gladly pay someone else to do it for me. ~Early Morning Money

The first step is maybe the most important- learn how to wrap gifts! While I’m sure we can all cover a package with some paper, if you want someone to pay you for your skills, you probably need to make the present look half-way decent. Practicing wrapping also gives you a chance to photograph your skills, which will be important for attracting clients later. You’ll also want to invest in supplies for your business. Luckily wrapping paper and tape do not represent a major financial outlay. After this, the next step is to target a niche and start attracting clients. There’s a lot of possibilities here- will you make house calls? or will people have to drop off presents at your house. You’ll also need to develop a pricing structure. After that you’re officially ready to start wrapping and hopefully making lots of cash!

How To Retire At 50: 10 Easy Steps To Consider ~Growth Rapidly

In last week’s article, we featured an article that discussed the question “when can I retire”. That article talked about the financial, emotional, and practical aspects you’ll need to work out before you can retire. What if you had a target retirement date in mind- say 50 years old. How would you know if you’d be able to meet this target? If this sounds like you, Growth Rapidly has you covered.

On average, people usually retire at 65. But what if you want to retire 15 years earlier than that like at 50? Is it doable? Below are 10 easy steps to take to retire at 50.

The first step is to determine how much money you need to retire. The article states that some studies state that $500k would be enough to retire with. However, more research has been done demonstrating the 4% rule. That is, if you withdraw 4% of your assets a year, your portfolio will likely last through your entire retirement. Did you know that CountAbout now can calculate a 4% withdraw rate of your assets and compare it against your spending? This new CountAbout feature makes it a great tool for determining whether you can retire at 50 (or earlier!). The article has even more great tips for how to manage your money to balance tax advantaged and traditional accounts to make sure you’re on a safe path to retire early.

How This Teacher Made a Million Dollars in the Stock Market Before 40 – with Brian Weitzel

Although inflation means that “millionaire” doesn’t quite mean as much as it used to, being a millionaire still has some mystique to it. Only about 3% of Americans have $1,000,000. If you’re a long way from having a million dollars, you need a plan on how to get there. Hearing people’s stories who have become millionaires can help you develop your own plan to reach a million.

By age 35, high school teacher Brian Weitzel already had a net worth of a million dollars, a successful photography business, several rental properties, and a padded nest egg. Before 40, he’s amassed a million-dollar investment portfolio.

In this article, Andy Hill of Marriage Kids and Money interviews Brian Weitzel, a teacher who reached a million dollars in stocks by age 40. When Brian just started his teaching career, he was making $30,000 and money was very tight. He realized that he didn’t want to live this way for the remainder of his life so he starting making changes. His first step was to earn more money taking on side hustles. As Brian’s side hustle income grew he began to grow his investments at the same time. Brian taught himself about stock market investing through reading books and invests entirely in index funds. Although Brian had originally wanted to retire early, 2020 has taught him that he enjoys the structure that work brings him. He currently plans on working “until the day he dies”. The end of the article ends with Brian’s 5 pieces of advice for people hoping to become millionaires.