How You Can Easily Create A Financial Foundation

Chris McQueen

Use your 20‘s to diversify income streams.

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Photo by Karolina Grabowska from Pexels

Your 20‘s are one of the greatest periods in life. You move out from your parents, start dating, hunt for jobs, go to parties and come up with crazy startup ideas!

With all these changes in our lives, it‘s also important to not forget the financial responsibility, that comes with this freedom. In this article, I will explain how I have diversified my income streams and made room for financial growth and stability.

Join me on this journey, to receive clear takeaways on how you can start diversifying your income, today!

Contents

  1. Every beginning is tough.
  2. Daily work
  3. Medium
  4. Teespring
  5. Final advice

1. Every beginning is tough

As you might already know, I‘m not a marketing expert or a guru in running side hustles. However, over the last few months, I have looked into the basics of side hustles and investing. It’s been an amazing journey. I’ve loved every minute of it.

However, I’m still starting. And every beginning is tough. In this article, I described how hard it was for me to get into the e-commerce business in the first place. It takes grit, tenacity and courage to keep up something, that doesn’t provide instant gratification.

In today’s world, we are spoilt. Almost all our daily needs are just a click or a swipe away. Sadly this doesn’t apply to all areas of life. Everyone who has completed school or university has heard of “deferred gratitude”.

The Oxford University Press defines deferred gratification as follows:

“The ideological principle which encourages individuals and groups to postpone immediate consumption or pleasure in order to work, train, invest, or gain in some other way an enhanced return at a future date. Deferred gratification is an essential principle behind capital accumulation and implicit in any system of industrialization.”

The lesson:

You need to find an area in life, where you can practice deferred gratitude. Do you have to work hard for your final exams? It’s worth it, as you will probably get a great job in the future. Will you miss out on earning money while you’re young? Maybe, but again deferred gratification will help you overcome this mindset. In 10–20 years, you will, hopefully, be earning way more, than if you keep working weekends and evenings in the bar.

Keen to start investing? There isn’t a better time to start than in your twenties. The longer your money works for you, the more you’ll have. So start now. Even though your learning curve is high in the beginning, I assure you it will be worth it.

So without further a due, let’s get started with how I am laying a stable financial foundation and how you can do likewise.

2. Daily work

I have just started my fifth semester in business informatics (computer science). It’s been a journey of ups and downs, but I’m extremely grateful to have made it this far.

I am a dual student in Stuttgart. This means I alternate between work at Capgemini and the Uni in Stuttgart. Every three months, I get to switch between studying hard for exams and working fulltime on different IT-projects.

This course also offers a regular monthly income of just under 1000€. It might not seem much, but compared to most students around the world, who have to pay off their student loans of 9000$ per semester, I feel very blessed to have no debts when I start working fulltime.

The work I do on day to day basis brings me fulfilment. I feel connected to colleagues and other students. My work is fulfilling, and I enjoy doing it. It’s a challenge not to see people in person. However, we need challenges. So what are the lessons?

The key message for you

Motivation is my drive to succeed. If you’re motivated, you’ll be productive, get promoted and thrive in your job. Your first years in the business world can be fundamental in making a lasting impression. Use these opportunities to give your very best!

Here’s how I find fulfilment in my day job:

  • I plan my workday in the mornings.
  • I formulate three tasks I want to get done by the end of the day.
  • Every Monday, I set three big goals I want to finish that week.
  • I try and socialise with at least three people on phone or video during the day.
  • Unproductive days will come your way. Try and figure out what causes them and take necessary actions to reduce these.

These Bullet points help my stay focused and connected, despite COVID-19. Try them out if they help you start loving your job!

Even if it’s still a long time until I’ll see my colleagues again, I still feel connected and in sync with them. The dual studies provide me with a set income, that helps me grow my savings. As this is my main income, it serves as the majority of my financial foundation.

So let’s go on to the next section.

3. Medium

I wasn’t born the perfect writer. The essays I wrote in German lessons just didn’t have the “Wow” effect. English is my first language. I feel at ease when I formulate sentences in English, as I often find the right words to pour my heart out on paper. German doesn’t give have the same kind of depth.

In June this year, I stumbled upon Medium. It blew me away. I had never seen a platform like it. After having written a few sample articles, I realised how hard it was to connect to the readers emotionally.

I’ve been writing for almost three months now, and it’s not easy earning money. The earnings I make aren’t worth mentioning. I could maybe buy a coffee with the entire profit I’ve made of writing.

But that’s not the reason I write. What keeps me going is that I absolutely love writing articles. The feedback I’ve gotten from my friends and family on my writing has made every minute worth it.

Writing has filled me with a sense of happiness and joy. I feel like I can share my story with you and other readers. Never before have I had this opportunity. And that’s the very reason it’s one of my key pillars in my financial foundation.

It boils down to the same principle stated in the beginning: deferred gratification. I hope to set up a foundation that will improve my financial security shortly. I want to put my content out there and grow as a writer. It’s my goal to learn from other writers and improve my style.

The key message for you

How does my writing apply to your life, you might ask. Granted. You might not be a born writer. But neither am I. One thing you have, that everyone in this world shares with you and me is this:

You have a story to tell

You are unique. Nobody out there has had the same experiences and challenges as you. The world needs you. And your story.

How can you apply this mindset?

  1. Write down your story. Make yourself vulnerable. Write full of honesty.
  2. Join Medium (it’s free) and post your first article. (also free)
  3. Share the article with your friends and family.
  4. Evaluate how you feel after writing down your story.

Everyone can do this. Time is the only cost you will have to pay for. Is your story worth the time? Absolutely. So are you up for the challenge?

4. Teespring

Teespring is an e-commerce platform where you can upload your designs and print them onto T-shirts, Hoodies and other apparel. There’s an endless amount of items you can print your design on. I already wrote an article on setting up my store and the challenges I’ve faced here.

I started the e-commerce site because I wanted to set up another pillar in my financial foundation. My goal comprises of making simple designs and printing them on T-shirts, cups, bags and masks.

I had the vision of people wearing my designs — everywhere. The challenge is to get people interested. If I can keep up the work, I am confident that I will reap the benefits a few years down the line. I believe that as soon as one design is exactly what customers want sales will increase. So I keep trying to coming up with designs. Every week I challenge myself to design a new logo, that can be applied to the apparel in the online shop.

So far, I’ve sold two items of clothing. Both customers were family friends. It’s a slow start, but again I’m aiming for deferred gratitude. The foundation has been laid, and now the building will start.

The key message for you

You might not be a designer, but you definitely have a hobby. Plan out how you might make money with your hobby. These ideas may help you reach this goal:

  • Research online opportunities to earn money.

For example, photographers might want to join GuruShots to take part in competitions or a stock website to earn some extra cash. Awesome cooks could start a YouTube channel and share their cooking talent with the world.

  • Add a unique twist to your hobby to stand out from the masses.

Surprisingly enough, it’s easy to stand out. You just have to be unique. What makes you different from all the other YouTube cooking stars? Add an element of fun and joke to your cooking videos to add this unique twist to what you’re doing.

  • Show persistence.

Set up a system of putting content out there regularly. This will help you grow your account or increase your sales.

Consistency is key

So stick to it and make it happen. One day soon, you reap the benefits.

With these tips, you can set up your online business. But don’t underestimate the time it takes. Many famous creators took years until their channels went viral. They kept at it because they loved what they were doing. So if you love what you’re doing, show perseverance!

5. Final advise

If you’ve read this far, nothing is stopping you from setting up your financial foundation. A foundation needs to be strong and reliable. Only if it fulfils these criteria, the next levels of the house can be built on top of it.

You have many years of your life ahead of you. More than 40 of them will be working in a job. If you aren’t enjoying what you’re doing, it might be time to rethink your goals.

This could mean making your hobby into your fulltime job. It’s doable if you have the drive.

So get out there to realise the financial foundation you’ve dreamed of. The changes you make today create a better tomorrow.

Your 20‘s are one of the greatest periods in life. You move out from your parents, start dating, hunt for jobs, go to parties and come up with crazy startup ideas!

With all these changes in our lives, it‘s also important to not forget the financial responsibility, that comes with this freedom. In this article, I will explain how I have diversified my income streams and made room for financial growth and stability.

Join me on this journey, to receive clear takeaways on how you can start diversifying your income, today!

Contents

  1. Every beginning is tough.
  2. Daily work
  3. Medium
  4. Teespring
  5. Final advice

1. Every beginning is tough

As you might already know, I‘m not a marketing expert or a guru in running side hustles. However, over the last few months, I have looked into the basics of side hustles and investing. It’s been an amazing journey. I’ve loved every minute of it.

However, I’m still starting. And every beginning is tough. In this article, I described how hard it was for me to get into the e-commerce business in the first place. It takes grit, tenacity and courage to keep up something, that doesn’t provide instant gratification.

In today’s world, we are spoilt. Almost all our daily needs are just a click or a swipe away. Sadly this doesn’t apply to all areas of life. Everyone who has completed school or university has heard of “deferred gratitude”.

The Oxford University Press defines deferred gratification as follows:

“The ideological principle which encourages individuals and groups to postpone immediate consumption or pleasure in order to work, train, invest, or gain in some other way an enhanced return at a future date. Deferred gratification is an essential principle behind capital accumulation and implicit in any system of industrialization.”

The lesson:

You need to find an area in life, where you can practice deferred gratitude. Do you have to work hard for your final exams? It’s worth it, as you will probably get a great job in the future. Will you miss out on earning money while you’re young? Maybe, but again deferred gratification will help you overcome this mindset. In 10–20 years, you will, hopefully, be earning way more, than if you keep working weekends and evenings in the bar.

Keen to start investing? There isn’t a better time to start than in your twenties. The longer your money works for you, the more you’ll have. So start now. Even though your learning curve is high in the beginning, I assure you it will be worth it.

So without further a due, let’s get started with how I am laying a stable financial foundation and how you can do likewise.

2. Daily work

I have just started my fifth semester in business informatics (computer science). It’s been a journey of ups and downs, but I’m extremely grateful to have made it this far.

I am a dual student in Stuttgart. This means I alternate between work at Capgemini and the Uni in Stuttgart. Every three months, I get to switch between studying hard for exams and working fulltime on different IT-projects.

This course also offers a regular monthly income of just under 1000€. It might not seem much, but compared to most students around the world, who have to pay off their student loans of 9000$ per semester, I feel very blessed to have no debts when I start working fulltime.

The work I do on day to day basis brings me fulfilment. I feel connected to colleagues and other students. My work is fulfilling, and I enjoy doing it. It’s a challenge not to see people in person. However, we need challenges. So what are the lessons?

The key message for you

Motivation is my drive to succeed. If you’re motivated, you’ll be productive, get promoted and thrive in your job. Your first years in the business world can be fundamental in making a lasting impression. Use these opportunities to give your very best!

Here’s how I find fulfilment in my day job:

  • I plan my workday in the mornings.
  • I formulate three tasks I want to get done by the end of the day.
  • Every Monday, I set three big goals I want to finish that week.
  • I try and socialise with at least three people on phone or video during the day.
  • Unproductive days will come your way. Try and figure out what causes them and take necessary actions to reduce these.

These Bullet points help my stay focused and connected, despite COVID-19. Try them out if they help you start loving your job!

Even if it’s still a long time until I’ll see my colleagues again, I still feel connected and in sync with them. The dual studies provide me with a set income, that helps me grow my savings. As this is my main income, it serves as the majority of my financial foundation.

So let’s go on to the next section.

3. Medium

I wasn’t born the perfect writer. The essays I wrote in German lessons just didn’t have the “Wow” effect. English is my first language. I feel at ease when I formulate sentences in English, as I often find the right words to pour my heart out on paper. German doesn’t give have the same kind of depth.

In June this year, I stumbled upon Medium. It blew me away. I had never seen a platform like it. After having written a few sample articles, I realised how hard it was to connect to the readers emotionally.

I’ve been writing for almost three months now, and it’s not easy earning money. The earnings I make aren’t worth mentioning. I could maybe buy a coffee with the entire profit I’ve made of writing.

But that’s not the reason I write. What keeps me going is that I absolutely love writing articles. The feedback I’ve gotten from my friends and family on my writing has made every minute worth it.

Writing has filled me with a sense of happiness and joy. I feel like I can share my story with you and other readers. Never before have I had this opportunity. And that’s the very reason it’s one of my key pillars in my financial foundation.

It boils down to the same principle stated in the beginning: deferred gratification. I hope to set up a foundation that will improve my financial security shortly. I want to put my content out there and grow as a writer. It’s my goal to learn from other writers and improve my style.

The key message for you

How does my writing apply to your life, you might ask. Granted. You might not be a born writer. But neither am I. One thing you have, that everyone in this world shares with you and me is this:

You have a story to tell

You are unique. Nobody out there has had the same experiences and challenges as you. The world needs you. And your story.

How can you apply this mindset?

  1. Write down your story. Make yourself vulnerable. Write full of honesty.
  2. Join Medium (it’s free) and post your first article. (also free)
  3. Share the article with your friends and family.
  4. Evaluate how you feel after writing down your story.

Everyone can do this. Time is the only cost you will have to pay for. Is your story worth the time? Absolutely. So are you up for the challenge?

4. Teespring

Teespring is an e-commerce platform where you can upload your designs and print them onto T-shirts, Hoodies and other apparel. There’s an endless amount of items you can print your design on. I already wrote an article on setting up my store and the challenges I’ve faced here.

I started the e-commerce site because I wanted to set up another pillar in my financial foundation. My goal comprises of making simple designs and printing them on T-shirts, cups, bags and masks.

I had the vision of people wearing my designs — everywhere. The challenge is to get people interested. If I can keep up the work, I am confident that I will reap the benefits a few years down the line. I believe that as soon as one design is exactly what customers want, sales will increase. So I keep trying to coming up with designs. Every week I challenge myself to design a new logo, that can be applied to the apparel in the online shop.

So far, I’ve sold two items of clothing. Both customers were family friends. It’s a slow start, but again I’m aiming for deferred gratitude. The foundation has been laid, and now the building will start.

The key message for you

You might not be a designer, but you definitely have a hobby. Plan out how you might make money with your hobby. These ideas may help you reach this goal:

  • Research online opportunities to earn money.

For example, photographers might want to join GuruShots to take part in competitions or a stock website to earn some extra cash. Awesome cooks could start a YouTube channel and share their cooking talent with the world.

  • Add a unique twist to your hobby to stand out from the masses.

Surprisingly enough, it’s easy to stand out. You just have to be unique. What makes you different from all the other YouTube cooking stars? Add an element of fun and joke to your cooking videos to add this unique twist to what you’re doing.

  • Show persistence.

Set up a system of putting content out there regularly. This will help you grow your account or increase your sales.

Consistency is key

So stick to it and make it happen. One day soon, you reap the benefits.

With these tips, you can set up your online business. But don’t underestimate the time it takes. Many famous creators took years until their channels went viral. They kept at it because they loved what they were doing. So if you love what you’re doing, show perseverance!

5. Final advise

If you’ve read this far, nothing is stopping you from setting up your financial foundation. A foundation needs to be strong and reliable. Only if it fulfils these criteria, the next levels of the house can be built on top of it.

You have many years of your life ahead of you. More than 40 of them will be working in a job. If you aren’t enjoying what you’re doing, it might be time to rethink your goals.

This could mean making your hobby into your fulltime job. It’s doable if you have the drive.

So get out there to realise the financial foundation you’ve dreamed of. The changes you make today create a better tomorrow.

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