5 Ways To Make More Money in 2019 | Summary and Q&A

TL;DR

Pay off debts before interest rates increase, take advantage of internet shopping and start an e-commerce store, be mindful of market volatility, understand new tax categories of income, and build a strong online presence.

Key Insights

• ☠️ Paying off debts before interest rates increase is crucial to avoid higher monthly payments.
• 🛍️ Selling products online offers opportunities to capitalize on the shift towards internet shopping.
• 💁 Being informed about market trends helps make better investment decisions.
• 👶 Understanding the new tax categories can help individuals optimize their earnings and minimize taxes.
• 🤕 Building a strong online presence is essential in the digital age to monetize through advertising or selling products.
• 🤑 Earning more money requires hard work and consistency, especially in the beginning.
• 👨‍💼 Investing and starting a business contribute to increasing income.

Transcript

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Questions & Answers

Q: How will increasing interest rates affect monthly debt payments?

Increasing interest rates will result in higher monthly payments for variable interest debt such as credit card debt or auto loans. It is advisable to pay off debts before rates go up to avoid increased financial burden.

Q: What are some ways to take advantage of the shift towards internet shopping?

You can sell your old products online or become an online reseller by selling other people's products. Starting an e-commerce store or selling on platforms like Amazon provides opportunities to tap into the growing online market.

Q: Why is it important to stay informed about market trends and volatility?

Market volatility, influenced by factors like trade wars, interest rates, and political changes, can impact investments. Being aware of market conditions allows for better financial management and decision-making.

Q: How does the new tax plan reward individuals for not following the traditional path?

The new tax plan establishes four different income categories, with earned income (from a job) having the highest tax rates. Generating passive income, portfolio income, or starting a business can result in lower taxes and more money in your pocket.

Summary & Key Takeaways

• Pay off your debts before interest rates increase, especially if you have variable interest debt like credit card debt or auto loans.

• Take advantage of the shift towards internet shopping by selling products online, either your own or other people's.

• Stay informed about market trends and volatility to make wise financial decisions.

• Understand the new tax categories of income and consider investing and starting a business to maximize your income.

• Embrace the digital revolution and build a strong online presence through various channels like e-commerce, blogging, YouTube, social media, or podcasting.