Here for the first time? Welcome! My name is Nigel, and I'm the author/founder of NigelChua.com (more on me here). I've four core interests:
Leadership and Entrepreneurship - Ever since I started my entrepreneurial journey in 2008, it has profoundly and positively changed my life. For the better. I learnt how to challenge myself, overcome invisible habits/scripts, learnt from mistakes (my own and others) and more importantly, muster the courage to keep learning and growing and progressing.
Money and Passive Income - Mastering money, be it in big or small amounts, is one of the core pillars of life and freedom. Done well, mixed in with sound and conservative dividend stock investing, you can live a financially secure or financially free life.
Making Money Online - Building profitable online businesses by providing valuable products and services that solves problems to clients. Wealthy Affiliate (WA) is my #1 recommended platform to learn how to build profitable WordPress online businesses, including affiliate marketing, Amazon associates, e-commerce and more. Sign up for Wealthy Affiliate free membership here.
Targeted E-Leads Generation - building niche specific websites for offline businesses that ranks well in search engines, and gets free targeted online leads that converts to sales.Solo Build It (SBI) is my #1 tool for offline businesses local search engine optimization (SEO) domination, ranking and generating targeted business leads online. I've been using since 2010 personally for multiple projects. Read why I chose Solo Build It...and more importantly, why I still stay with Solo Build It (SBI) till today and use them exclusively for all my SEO, traffic and e-lead generation. Visit Solo Build It today.
How To Retire Early (Or Get Richer) With The Humble $10
Ah, the humble $10. So easily and often neglected and mis-used.
In Singapore, that'd be about:
2 starbucks drinks
2 cans of beers
1 movie ticket
0.5-1 cab ride
4-5 pieces of single piece bread from common bread/bakery shops
half a pack of cigarettes
some impulse purchases that can be useless (the 1000th hair pin etc)
You get what I mean: the humble $10 is terribly under-rated and unappreciated. Think about it, how many $10 decisions do you make a day, that you could possibly save on?
1x per day = $10 saved per day
3x per day = $30 saved per day
5x per day = $50 saved per day
Say you could save $30 per day, multiply that by 365 days per year = $10950 savings in a year.
If you invest that amount in dividend stocks with an average of 5% return, that'd be $547.50 passive income
In 10 years, you'd have $144,614.32 with $7,230.72 dividend per annum (and growing)
In 20 years, you'd have $380,175.81 with $19,008.8 dividend per annum (and growing)
In 30 years, you'd have $763,880.65 with $38,194.03 dividend per annum (and growing)
Yes, from the humble, unassuming and under-rated $10.
And that's based on 3 occurrences per day on determining if you use $10. Or not.
What happens if it's 10x per day? Or more? And that's just cash decisions.
What happens if you:
buy a cheaper phone plan instead of the more expensive one, saving you anything from $20 to $100 per month?
buy a slightly cheaper internet plan that's slightly slower, spending $30 per month instead of the cutting edge $60 per month, saving you $40 per month
don't subscribe for cable TV, saving you anything from $65 to $100+++ per month
don't subscribe to newspapers, magazines, that monthly wine/toy/food etc, saving you at least $100 per month and up to $300+?
The permutations and possibilities add up a lot. With just the above 4, that's a minimum saving of $225 per month, or $2700 per year (assuming you cannot save on anything else and just the above 4).
Take this amount, invest it in dividend stocks and roughly 5% return:
In 10 years, you'd have $35,658.33 with $1,782.91 dividend per annum (and growing)
In 20 years, you'd have $93,741.98 with $4,687.10 dividend per annum (and growing)
In 30 years, you'd have $188,354.13 with $9,417.70 dividend per annum (and growing)
Imagine how much faster and earlier you'd retire.
In fact, I'd recommend you take USD 299 out of your savings per year, and invest into building and improving a skill of making money online. I recommend Solo Build It to build your online businesses, which I've used since 2010, and I recommend them because I've so much outcomes with them (read my review here). On NigelChua.com, I use WordPress but that's because NigelChua.com has been around since 2009 =D
PS: if you're a die-hard WordPress fan, then go with WordPress (I use Bluehost to manage all the domain name and hosting stuff). But if you're not technically inclined or want your online business to be easier with less tech hassle, I highly recommend Solo Build It.
Note/Disclaimer: My writings and works are NOT financial advice.
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