Monday Night Finance- Volume 54

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Frugal Living Tips from the Great Depression

We are slowly starting to emerge from the shadow the the coronavirus has cast over our lives this past year and a half. I can’t tell you how many times I heard the word “unprecedented” during 2020 and the beginning of 2021. While COVID-19 was certainly a unique crises and no one alive had experienced anything like it, was it really unprecedented? At some points throughout the pandemic, people drew comparisons between the economy and the economy of the Great Depression. While the economy bounced back more rapidly than many people thought it would, it is still worth looking back and see if any lessons learned from the great depression can help us today.

As with any period of struggle, there are lessons to be learned from this window of time. Those who survived the Great Depression had to learn how to live frugally, getting the most out of their meager resources. While we are fortunate today to not deal with these same kinds of struggles, we can learn some lessons that may help even in the modern world.

In this article, Forrest of Don’t Work Another Day presents 65 frugal living tips that people practiced during the Great Depression. Even if you think you practice frugal living today, it is fun to look at the list and see how many of these practices you already incorporate. Or, if you’re new to frugality, it might be eye-opening to see all the different ways you can save. Some of my favorite tips involved borrowing instead of buying and drying clothes on the line instead of using a clothes dryer. Check out the article for 63 more great tips.

The Financial Independence Milestones, Gamified

Have you heard of the FIRE (financial independence and early retirement) movement? The idea is that by saving up a large chunk of money (typically 25x your annual expenses) you are financially independent and can live off of your savings. At that point, you could retire or choose to continue working. Achieving financial independence takes years of dedicated saving. Sometimes it can be hard to stay motivated. Darcy, of We Want Guac, came up with a way to gamify your savings. So while you might be years away from reaching your target net worth, you can look forward to your next milestone.

Other folks get stuck in the same thinking I did, only able to see the end goal and not what all the smaller victories grant you along the way. Let’s face it: anyone who’s aiming for financial independence has to pursue it for several years, even decades. That’s a hell of a wait when you’ve only got the end as your one milestone.

One of the best parts of the article is that Darcy tied each of the milestones to an emoji. For example, once you reach a net worth of $50,000 you’ve reached “Vacation FI” with a tourist emoji. Why is $50k the vacation level? Well, according to the 4% rule you could withdraw 2,000 of your net worth annually in perpetuity, which Darcy states could be used for a nice vacation. Other interesting milestones include “Demon FI” at $200k, “BonJovi FI” at $300k, and “Blaze It FI” at $420k. For an explanation of the names, check out the article. This is the perfect article to read if you need a laugh AND motivation to save at the same time.

How to Make $100 a Day & Fast in 2021

Are you interested in making more money? With the gig economy, it has never been easier to start a side hustle to earn some extra money on your own terms. Instead of working a second job with fixed hours and an inflexible schedule, the gig economy allows you to ramp up and dial back your extra income at will. If you’re looking for ideas on how to earn your first $100 outside of a traditional job, this article is for you. Saranya of One Fine Wallet presents 20 different ways to make $100.

Can you imagine being able to make $100 a day as an extra income? That would total almost $3,000 a month! With growing expenses everyone needs extra cash – bills, food, tuition fees, mortgage, it’s just endless.

Many of the ideas on the list involve writing. If you are inspired, you could submit articles to several different media outlets that accept contributions. Other possibilities involve doing freelance writing or starting your own blog. If those ideas sound interesting to you, there are lots of great tips and tricks in the article to get you started. Looking for more ideas? The article explains how to use cash back and referrals to earn money. If you’re comfortable with technology, you could try freelancing with Fiverr or take online surveys to earn money. On the other hand, if you’re not into technology, you could try re-selling thrift store items or work as a proofreader. Still curious? Check out the article for all of the fun details.