Check back here for replays of our live coaching calls:
BUILD A SAVINGS POT
Hello there Ken and Mary
I hope you are both well. I was looking for your general thoughts given my current financial position and recent changes…
Like many, I have been saving and trying to get on the property ladder as a first time buyer. I have just purchased my first home (after a stressful time in a crazy market lol). It feels good to get on the housing ladder and although the deposit/stamp duty and fees has absorbed most of my savings, I am pleased to be paying into an asset. So now, I am hoping to build up my savings again…
I have been in a simliar role for the past 15 years and moved around different companies. I am bored, and would love to earn more in my role in project management or in a different industry but dont have experience. I am keen to also have a side hustle but I am not passionate about anything in particular. I have £20k of savings and continue to save. Buy-To-Let was the area I wanted to target but i would rather somewhere in London but can’t afford it. I’m 45 with 3 kids and would love to spend more time with my kids. What is your advice?
Links provided during the call:
Invest in cheaper properties: https://members.financialjoyacademy.com/courses/buy-cheap-properties-for-passive-income
I am writing a childrens biligunal book. I am self publishing.
I have found my illustrator, she will be starting the images very soon.
For the last part of making this book. I don’t know how to put the book together, how to design the book format, does anyone know how to get the book ready for KDP amazon printing?
Link provided during the call:
Hello Ken and Mary 🙂
Good to be here, I am new to the community and am familiarising myself with the resources. Thank you for the work you have put in! I have a question which you have likely answered many times before (sorry!)…
I am looking to create a blog that I can eventually monetize. I was going to use Squarespace to host and design my blog; mainly for ease of use and because I don’t have to worry about updates.
I have noticed that you discuss WordPress more, is this just a preference or are there reasons WordPress would be recommended over Squarespace for example?
Link shared on call: https://help.mediavine.com/en/articles/79355-in-content-ads-faq
Image shared on call:
SAS STOCKS & SHARES INVESTMENT
Nicky and I have transferred profits from one of our businesses into our SSAS pension and now have our first SSAS funds to invest.
We would like to invest in the stock market until we look for our next property project next year.
I have found out from our pension administrator that we can use Vanguard Investor to invest our SSAS.
And as I use Vanguard for my personal investing and like the platform, I’m going to do this.
When I chose funds for my stocks & share ISA I just chose a few funds I thought would perform well and offered some diversification.
Now investing a significant sum for our SSAS.
And being accountable to Nicky I feel a little more pressure!
I’m wondering if it’s just the same approach
– choose funds you think will do well based on the market/past performance
– spread risk across funds which offer some diversification.
Or is there anything else I should take into account when choosing funds?
I know you can’t give advice, but just from your knowledge, which funds would you be looking at if you were investing now?
I was hoping to share some current circumstances I am faced with financially and to get your advice.
I have a normal 9-5 job earning 60k per annum before tax. I have another part time job that gives me 15k before tax
My 9-5 job takes care of all my tax liabilities but the issue is the other 15k
Based on my earnings I am required to pay 40%
I urgently need your advice on how I can maximize my expenses and reduce the tax I get to pay before this financial year runs out in about 6 weeks.
I also want to set up a Limited Company to properly manage this same situation for the next financial year.
I found your video about that on youtube.
CREATE FACEBOOK COMMUNITY
I’m thinking of starting a free Facebook community alongside a blog. I have been in many free business groups where they just become a flea market with business owners trying to sell their wears to other business owners who are not their ideal clients…
BLOGGING OR YOUTUBE
I am considering starting a blog but am cautious that readers have become watchers… Would love to hear your thoughts?
Is it better to enter the property ladder as soon as possible (for me this would mean getting a two bed flat with hopes of moving up the ladder later) or wait until I can afford the property I really want (a three bed house). In both circumstances, I’d like to rent out the spare room/s. The main thing stopping me from getting “my dream house” is my current income. I’m also conscious of the leasehold v freehold debate. I currently live at home and though I contribute to the household, it isn’t as much as the average rent so I’m in less of rush to move out.
Also (this is a hypothetical question) if I was planning to get married soon, myself and my partner are in the position to buy properties independently of one another.
2. For the purpose of building wealth, is it better to buy separately or wait until marriage and buy together.
I have a buy to let 1 bedroom property that I am thinking of letting out to contractors as I understand that you can get a higher return on your money than normal lettings.
What’s ur view on this and how do I go about finding contractors/where do I advertise. Turning it into an Airbnb is also another option.
BUSINESS PARTNERSHIP OR SOLE TRADER?
Several months back I set up a limited company with a close friend/business partner, this was set up as a 50/50 partnership. Since then I’ve been reading a lot about how this might not have been a good/practical idea for the fact that neither of us has a controlling share in the business which could stop us moving forward if we can’t agree on something.
Have you got any practical tips, trips or hacks that can help with the cost of running a car. With maintenance, insurance, tax, repairs and MOT – this can all add up to a substantial amount.
My question is about the LGPS (Local Government Pension Scheme) Defined benefit pension. I learnt the other day there are rules in place which might prevent investing the tax free lump sum into a pension or purchasing ETF’s, (preventing 2 x tax free benefits.) I want to draw down and invest the lump sum and regular amount to avoid inflation & maximise the drawdown, say over the next 10 years.
link shared during coaching call:
What would be the best way of generating significant revenue through stocks & shares? I have made some profit with ETFs, individual shares & dividend shares … but none of this has been significant. Is it time for me to move onto other forms of investments ? Also, Mary you stated in a previous video that 40k of your income each year comes from dividends. Can I ask how you made that happen?
Apologies if I’ve missed the deadline date for submitting questions. What would we the best way of generating significant revenue through stocks & shares. I have made some profit with ETFS, individual, shares & dividend shares … but none of this has been significant. Is it time for me to move onto other forms of investments? Also, Mary you stated in a previous video that 40k of your income each year comes from dividends. Can I ask how you made that happen? Thank you. Adil
00:02:04:24 Adil Haneef
Pension schemes through work are normally invested in a mixture of stocks & bonds. I have recently moved my funds from the default scheme to 100% equity to get better returns.
WORK LIFE BALANCE
I’ve had a few changes recently and it’s starting to become quite overwhelming; I had my wedding, I quit my job with my last day ending in a few weeks, plus I’m about to launch my coaching programme. It’s been quite stressful and I’ve found it difficult to juggle being a wife, employee and new CEO of my business.
Assuming I have around £14,000 to invest right now and every effort to get a £60,000 – £70,000 property is proving difficult,
00:24:56:06 Adil Haneef
Hi Ken & Mary, I don’t have a North Star goal. There are many things I’d like to achieve but no one big, ultimate ambition.
00:31:18:18 Adil Haneef
Hi Ken & Mary. This is not an easy question but I’ll give it a try. I’m purchasing a second property which will be my main residence. I have been staying in rented accommodation for the past three years & this is not a good utilisation of my finances. My two children live in the first home & I pay the full mortgage on it.
Link provided during Coaching Call:
00:36:54:21 – advice to Adil from Mortgage Advisor Manda
00:38:36:18 Live Q&A
00:39:16:08 Eunice – I would like to create a talking service for the lonely. How can i do this in a simple way that i can manage. E.g online calendar and payments? Also how can I promote it for the Christmas period?
Link provided during Coaching Call: https://calendly.com/
00:49:37:13 Foluke – Do I have to launch my blog before starting a membership site?
00:51:22:12 Afua – work have offered me to buy individual stocks at a discount. I have an ISA and i am saving for my emergency fund. I don’t want to buy for the sake of it. How would you assess whether it is a good idea or not?
00:57:12:00 – Miranda – Property Tax – I am a higher rate taxpayer but with my new rental property i am inching towards the 45%. What can I legally include as part of my expenses?
WORD PRESS PLUGIN
00:17:56:02 – Mark Lobban
Designing the website wanted to know the best plug-in do use that my customers can pay me.
MAXIMISE POSITION AND MINIMIZE RISE
00:21:19 Ahmed Khan
Thank you for reading and considering my question, it was actually something I was hoping to chat to Ken & Mary about during the meet up but unfortunately I didn’t get a chance.
I have taken the decision to resign from my job this autumn after 15 years working in the fashion retail industry (all I’ve ever done), this is to facilitate a career transition into youth work to pursue a passion project as my job.
It is my hope that this move will have great benefits for my work-life balance, job fulfilment and give me more time to spend on myself, my relationships and side hustles etc however this will come at a price of significantly reduced income (-55% in monthly take home).
I have a loose idea of how I can make it work financially (just about in the short term) but I am worried about this impact on my journey to financial freedom –
I have two rental properties that currently make a small net loss per month of -£6, however when I make the career change and drop down a tax bracket that should generate me a net profit of £213 pm for the two rental properties combined.
I should also add that I have 3 months of living expenses in an emergency fund but have no other income streams currently.
00:32:59: Fiona Muzee
In your recent blog post titled ‘Turned My Side Hustle To Full Time Business In 2 Years’, you mention taking out insurance for the business. I am a Sole Trader and not earning any money yet and would like to know if you would recommend taking out insurance? Thanks, Fiona
00:35:59:12 – COMMUNITY Q&A
00:37:18 Youtube progress update from Nelly
00:48:26:10 – Ama – Mic recommendations for filming Youtube Videos
00:54:48:21 – Cat – It is confidence holding me back, not knowing what to talk about. Not sure people will be interested in what I have to say.
00:58:25:19 – Tasha Hill – When you’re doing YouTube Videos, do you have thorough scripted notes or bullet points?
PENSION VS STOCKS AND SHARES
00:08:04:24 Ama Dwaah
I am not a permanent member of staff, I’m a freelancer and therefore do not get any company benefits for contributing to my pension. To be help build a picture, I am 29 and earn around 5k per month. My expenses are around 3.5k per month.
NEXT STEPS AFTER QUIT JOB
This past week has been so significant, I have QUIT my corporate 9-5 and will depart from my position in October 2021. I have 6 months of living expenses and will be moving to contracting to live a more flexible lifestyle and invest more time in growing my coaching business, Youtube channel and blog.
What best practices did you adopt when transitioning from a full-time job to full-time solo/entrepreneurship (ie; how did you structure your time effectively throughout the day, and how did you keep your energy up etc. to grow your business)?
PENSIONS AND STOCK AND SHARES ISAs
00:23:35:21: Muripo – I’m an agency nurse and my income is 4k, left with £1,300 to invest every month, no pension, only started last month with Pension Bee and started over paying with my mortgage, which I got in 2019. What is the best places for me to invest as a 53 year old who is late to the game.
00:33:06:17 – Babatunde – I have an ISA account. As a self employed and as an employee, do you need to tell the tax man that you have that investment even though it is tax free?
00:39:11:23 – Eunice – Where might be the best place to shop for a mortgage in terms of interest and getting the best rate of interest, perhaps on a fixed term rate first.
00:40:22:14 – Eunice – I have a property with no mortgage on it. If I want to take some funds out to invest it into another property, is that a mortgage or a loan I’d be looking for?
Book mentioned in video: https://amzn.to/3DbrGZD
00:50:58:07 – Naomi – My husband and I piloted our first client at the moment which is going well. Tips on launching a Finance Coaching Business?
00:57:39:07 – Michelle – question to Naomi – How did you go about pricing your services?
00:02:16:08 Muripo Reed
I am a 53 year old agency nurse. In 2019 I bought a house on a help to buy scheme with 5 years fixed interest of 1.99% I also have savings of about £30,000. I currently make about £4000 a month . But have no pension I need help to decide on the following:
As you can see I am in a bit of a pickle.
I have a tenant in my residential property for personal reasons. The tenant’s rent is in arrears for 2 months now and refusing to leave my property; claiming they are waiting for the council to sort out a house for them. I can’t start an eviction process because I didn’t hand over the safety check to the tenant at the start of the tenancy.
What steps would you suggest I take please ?
Can you guide me how to set up an ETF trading account, taking into consideration cash ISA with a recommended broker?
Please note that I do not have a cash ISA account.
00:23:52:05: Chabala Musonda
I am planning to relocate to another part of London from the Docklands. What advice would you have around converting a residential apartment (3 bed, 2 bath, close to Crossrail station) to HMO status vs selling and buying an investment property elsewhere?
00:42:37:07: Babatunde – Is it worth investing in Property training?
00:48:42:14: Nemi – Tips and advice to set your children up for the future, e.g. pensions, money literacy
00:02:53:01 – Kay
I am about to launch my podcast and have created a landing page for this to capture emails in order to send information to the podcast subscribers ahead of time, bonuses etc. I already have an email list for my blog which I send a newsletter to weekly but am now wondering as people begin to subscribe to the podcast do I include them on the weekly newsletter or do I need to have two different newsletters a podcast one and a general one?
00:09:51:10 – Michelle
Referring to your point, ‘Jab jab jab hook’, what do you do if you don’t currently have anything to sell?
00:14:37:24 – Link https://www.tryinteract.com/ quiz platform
00:18:16:22 – Philippine – How do you manage to balance your corporate job, side hustle and children?
00:33:31:21 – Nadeem – Been going through some personal issues which have taken an emotional toll. It can zap your energy, motivation and creativity. I appreciate everyone has their own challenges but I think it gets to a point where it’s a bit more than normal. Has anyone got any thoughts on how to best handle that and stop it taking over everything else?
Babs: I am new to FJA and you have mentioned things on this call that i am not familiar with. What do you suggest i do to catch up and get up to date and get to the same stage as the other Dream Makers?
00:53:05: Foluke: Advice on using work laptop to watch lessons, will my workplace know?
00:54:34: Bongiwe: How do you combine different pension pots? I remember you mentioning this
Link provided in video: https://thehumblepenny.com/pensionbee
NEXT STEPS FOR INCOME GENERATION
00:02:04:21 Veronia Spaine
In the last coaching call I had a question about balancing my time with a potential new promotion my manager had encouraged me to go for. Unfortunately I was told that they think the timing isn’t right, so I now feel a bit lost. The real reason I wanted to go for it was to increase my income, now that the situation has changed I need to think about next steps.
As I originally wanted to leave my job in the first place; my question is how do I figure out whether to:
It would seem to us that your biggest issue is the need for free time to focus on your business. All roads seem to point to this.
00:14:08:22 Louis Kakhu
Hello, I would be most grateful for feedback on my tutoring website so far, In particular if
Eladio – I have an interview on Friday. Excited, but worried too. Tips and techniques for the interview?
00:33:15:00 – Nelly – Veronia’s response really resonated with me. My own FJA has been very amazing but also awakening. I’ve been working while growing my Coaching business but I feel work is getting in my way. I am now ready to jump and go full time with my business. I am ready for my exit and have a financial plan. I want to be out in the next 3 months.
00:45:40:07 Nemi – Tips for people working from home – I feel closed in. I sometimes feel tired and uninspired. What advice would you give to keep my energy up?
00:52:46:20 Michelle – I have Mummy PHD Blog and also have the Children’s Doodle Dozen book also. I have struggled to get it noticed. Would you recommend using a publicist to get word out for that or just do it organically and email and contact people directly?
01:07:52:17 – Donna
KL Gordon: 00:01:57:17
I want a new side hustle, but advertise covertly because I don’t want my jewellery clients to know I have a side hustle. Although I was thinking of social media management already.
1) I was wondering if you can advise me on my new side hustle?
I am not sure where to post/promote in an authentic way- I don’t want to go on a platform site Fivver and Upwork etc. I rather do it in an informal way on Facebook.
2) Where to promote informally for serious enquiries?
1) We’d suggest specific Facebook Groups.
Side Hustle Nation
Happy Side Hustle Community
Side Hustle Pro
FJA Community (only on PROMO DAYS)
Tony Daniels 00:13:14:09
We have a holiday let property that we recently purchased and I am interested in exploring how I could potentially create my own web page for bookings. I see opportunity here to potentially create wealth and am hoping the ongoing costs of doing this are an awful lot less than the fees charged by holiday let companies.
how do I get the traffic to my page?
See our Facebook Ads for Beginners Course within FJA as a good starting point.
My question is about Mindset. Yesterday I was listening to the Choose FI podcast in which they were interviewing the founder of MadFientist.
He said a sentence that resonated a lot with me, he said “Focusing on your goals sometimes makes you unhappy because you are always thinking into the future and you forget to enjoy the present moment”.
This is something that has been happening to me intermittently since I started the blog last year. Every now and then I need to adjust, meaning that I have to slightly reduce the time invested in my side hustle slightly in order to reduce the anxiety of dwelling too much into the future.
Is this something you experienced too in your path to FI?
Romanah Malcolm 00:24:10:12
How do you make a service based business very profitable?
Atarah Green: 00:27:48:15
Within the next six months, I would like to scale my business so that I am making between £2,000-£3,000 each month. I am not yet ready to register my business.
However I am seeking clarification on whether or not I will be required to pay tax once I reach such income (£2,000-£3,000 each month).
THIS WAS ANSWERED ON COACHING CALL ON 19TH DECEMBER.
Here is an article that shares more on that topic if you need to learn more.
Here is some more information to learn more about the differences between Soletrader vs Limited Company, etc https://smallbusiness.co.uk/should-i-go-sole-trader-partnership-or-limited-company-2452737/ done!
Do you ‘need’ to own your own house when seeking financial freedom. We in the UK are obsessed with ownership. Is there an argument to forever rent? Thoughts from the group. Thank you Cat
When it comes to tracking traffic for your blog, could you please share the different types of metric you are looking at specifically (i.e. sessions, click throughs etc…)?
I mainly track Sessions as that is what matters for Paid Ads (MediaVine).
I also look at Page Views as it’s important for marketing our services to brands via our media kit.
what tool you use to track these?
Google Analytics and WordPress app.
More generally, what are the KPIs of a professional blog?
Answers given in call:
Finding and optimising the top 20% of blog posts that bring you around 80% of your traffic.
Monthly Unique visitors/users
Time On Page
Number of Sessions / Page Views
Traffic Split – Organic vs Social vs Direct.
Number of email subscribers
As a 55+ lady of three, I realised that my husband was making plans for retirement that did not include me.
I have become quite frantic and have started three businesses but neither is making money. I tried investments and have been scammed a few times.
I am so thankful I have found your YouTube channel and have joined Financial Joy Academy for guidance.
Question: Vanguard ISA 80% stocks 20% bonds is my preferable choice at the moment, what is your suggestion
Link given during the call:
Charity Okoro: 00:47:28:10
I thought about Investment ISA with either Hargreaves Lansdown and Vanguards.
After watching your videos I still do not know which one to choose. Please help
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Vision Board Party starts at 36:17
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Coaching Call 18 – 04 November, 2020
Lately I have been struggling with a lack of energy / motivation, especially with this second lock down.
Any suggestions on how to improve and enhance energy?
Anita Namara: 00:10:00:06
I am looking to buy a property this time next year. Ideally want a freehold to live in and rent out, £130k, a house not a flat. I already have £12k saved in a LISA and will continue making contributions with the aim of having £20k total deposit amount.
I am working on improving my credit score and have recently cleared all my credit card debit. NB: I am single with no kids or work commitments as can work from home.
Apart from the above, what else should i be doing in the next 12 months to prepare for this big transaction?
Link provided during the call: Read this online letting agent guide:
Also I am struggling trying to narrow down on a location – how should i go about narrowing locations?
Link provided during the call: Cheapest properties with the best rental yields:
Nadeem Islam 00:16:30:05
There are a number of companies out there for BTL who claim to help prospective investors and lots that provide education courses,
Can you recommend any?
Any suggestions how to separate the good from the bad.
can you suggestion how to find a mentor for BTL
Can you suggest a good mastermind group for BTL.
Agustin Azorin Segura 00:20:18:23
After a period of stagnation that lasted about 8 weeks (August and September) I am back on track creating content for my blog. So far 23 articles uploaded and currently creating a freebie (money course).
When would be the best time to create events in order to grow my email list or use Facebook ads to increase my visibility?
Should I wait a bit longer?
My sister is helping me with social media but perhaps I should hire a social media manager?
I’m new to Pinterest and not sure I’m using it properly to drive traffic to my blog.
What Pinterest strategy would you recommend for a new blogger with virtually no traffic?
How do you create pins without wasting hours doing it?
As a result of a late start in life in investing in funds and ETFs the interest compounding spreadsheet (per the investment course in FJA) shows that if investing 1000 pounds a month I will become financially free at the age of 81. As it seems that passive investing, where funds are simply left to accumulate over many years but without active effort to mitigate any losses is not taken.
Is a more active way of managing investments a better option for older people?
Or is this way of achieving financial freedom simply not viable?
Is it still worth investing in passive funds?
What would you do with a lump sum of money but no income at the moment? (some income but bills exceed this!)
Eladio Salomon: 00:32:02:14
My wife Silvia and I are on the second step of the financial independence journey. We have a £180,000 mortgage (My monthly payment is £796, for 23 years and my interest rate is 1,79%) and £2,800 incomes. Our expenses are £2,500 per month so we are only able to save £300 monthly on our shares ISA account. If you were in my shoes and you receive a £500,000 tax free
How could you manage that money to burn steps on your financial independence route?
How much money will you save?
How much will you invest?
Can I assume that you will pay off the mortgage?
I currently feel I cannot build visibility in my area of expertise and develop my business as I think any LinkedIn profile, youtube channel, website or blog linked to me and discovered by my employer could result in malicious comments and could be used as an excuse to build a dismissal case in future.
What can I do and how can I overcome this?
I am having trouble with getting any Amazon affiliate sells. I’ve had a few sales with Bluehost and Awin but I can’t seem to get anything with Amazon, even though Amazon affiliate links are everywhere! I’ve tried affiliate pins with Pinterest and I’m not quite sure what else I could do.
Can you help?
Ngozi Okafor: 00:57:16:11
Speaking of timelines/deadlines, what is the best way to plan for X amount of money by Y time, without any indication of how much can be made by any given amount of time? I hope this makes sense
I recently started a non profit funded project and just wondering if there is any one who’s ventured into something similar.
How does the 5am session work?
Are you supposed to join the zoom?
Coaching Call 15 – 23 September, 2020
I hear a lot that best practice is to release content at least twice a week. I’m currently releasing a blog post every week which takes a lot of time and effort, probably because I’m at the start of the journey.
Is one post a week enough?
Any tips/hacks on how to write quality content faster?
Your FB live on how to plan a blog post was an eye-opener! I’ve used Keyword Everywhere and Google Keyword Planner but am really struggling to come up with definitive content ideas.
PS: refer to my question in the community
Could you do a live demo of your content/keyword research process?
We discussed registering our blog name as a shop sometime ago.
I want to know whether we just use the name as it is or do we need to register the domain name again with Shopify for instance by adding shop or store.
My blog name is “The Fulfil Circle” even though I have not yet launch the website.
Do I just use the name with Shopify or how do I go about it?
The Fulfill Circle Shop/Store/Fashion or The Fulfil Circle?
MAILING LIST CHALLENGE
Following your challenge I am working towards it (although it will not be in September). I have realised that in order to have breakout rooms on Zoom you need to pay. and it’s not cheap.
Please can you recommend good websites for hosting webinars/online events that have this feature?
I tried using BuzzSumo, but struggling to stay abreast, someone has offered to do keyword research for me. Do you recommend this?
SELLING DIGITAL PRODUCTS
I’ve noticed that you sell the Budgeting template on THP site whilst others sell theirs on platforms like Etsy.
Which of these 2 ways would you say is better or one to do?
I’m getting confused about whether I need to be mindful of Digital Products VAT which seems to work differently from ‘normal’ VAT.
Do you know much about this?
Link provided in call: https://www.gov.uk/guidance/the-vat-rules-if-you-supply-digital-services-to-private-consumers
What weekly and monthly habits would recommend we need to adopt or ingrain to reach the goal of financial freedom and to bring some order into our hectic lives.
What is a better investment for a child?
To keep his money on a child trust fund( which means I can’t open a stock in share in Uk)
or to close the Trust fund and invest the child money on a stock and share?
What is the recommended number of words for a blog post?
Does hrefs work with any language e.g. french?
Can this technique be used to gain followers on instagram or for creating and or converting ads on Facebook or IG?
Tools you can use:
Cleaner App: helps you unfollow people who don’t follow you.
Captivate App: This is the App we briefly used to follow people in the hopes of them following back. Just found out that the app has been shut down. Used
This post has a list of some alternative apps: https://socialpros.co/unfollowers-for-instagram-app
I will be doing a master class for a fellow coach friend. She has asked me to create and offer a short course/challenge to her audience and potentially mine too; putting me completely out of my comfort zone. I am very excited and appreciate her encouraging me to do something I have always wanted to do sooner than expected.
LINKS MENTIONED IN ANSWERS:
Thinkific – https://thehumblepenny.com/thinkific (FREE PLAN: UNLIMITED STUDENTS / 3 COURSES)
Teachable – https://thehumblepenny.com/Teachable (FREE PLAN: 10 STUDENTS / UNLIMITED COURSES)
SIDE HUSTLE / ONLINE BUSINESS
Moving with parents (out of London- rent-free) to spend 100% time on my business next month. I will have no income 🙂 Working on increasing jewellery orders will take time. I want to make some ‘pocket money’ and money to sustain the business. Don’t want to do Amazon, Uber or be a PA etc. I am not too technical- so no tech jobs. I should really focus most of my time on my business, but looking to do some gig work- so I can be flexible to make some money. I have experience in project management, public speaking and events co-ordination.
Just thinking of gig-economy work which I can do. I want to make money from my laptop:)
Can you help?
LINKS MENTIONED IN ANSWERS:
TOP 10 GIG ECONOMY PLATFORMS:
Choose which one best fits your skills and need:
Another platform and example:
I’ve created multiple pins per post. I just wanted to clarify, after pinning the first pin to all relevant boards, do I post the 2nd and subsequent pins to the same boards (as the 1st pin) or make new boards for each pin?
In other words, is it wise to have an overlap of pins (different look but for the same post) in the same board.
I am enjoying this journey to financial freedom. However, time to work on my side hustler is not enough because of working long hours. But will not give up. I’m creating a blog to help young adults aged 18 to 30years on issues of becoming independent, managing finances and living a healthy lifestyle.
I’m struggling to come up with a name. So far I have thought of baby steps to a
good life. Steps of a victor Perseverance is key.
Turning the impossible to reality or possibility. Gateway to Success.
Since doing some of the FJA finance courses I have found a new interest and my eyes have opened to the significance of money in terms of how empowering it can be to keep track, organise and plan. This is something that I have never been exposed to, not at school or by parents.
Do you have any advice on what qualifications someone, who does not have a background/degree in finance or accounting, for them to start pursuing a career in finance? Qualifications that could boost skills and knowledge and boost a CV.
For example I work in the marketing department for a big company, but I am planning to ask if I could transfer to work as a trainee in its finance department.
What qualifications could strengthen this request?
LINKS MENTIONED IN ANSWERS:
Ken, when you were employed, what changed at work when The Humble Penny started to take off?
What would you do differently if you had known what you know now?
DREAM MAKER CASE STUDY
NGOZI – Elevated Mum Blog Launch: 00:32:02:09
LIVE QUESTIONS TO THE COMMUNITY: 01:00:42:04
What are you stuck with?
Are there times when you wanted to give up on your side hustle and how did you overcome those hurdles to make it a success?
As there will always be challenges arising how did you stay focused?
I have been participating in other groups on Facebook and LinkedIn in order to get more visibility. I found that many groups on Facebook do not allow you to join with your Facebook page.
Would a Social Media Manager increase the chances of visibility as they are experienced in this field?
I don’t mind investing a bit more money in my project as I see it as ROI.
List of Social Media Manager jobs for job spec ideas:
A typical ad:
I wanted to know how much content (blog posts) I should prepare before I publish my first blog post.
I would like to blog at least once a week at first and then build up to twice a week. I am worried about having writer’s block.
A few weeks ago Amazon confirmed cutting the affiliate commissions for most categories by 60% and for some specific categories by as much as 90%.
My wife and I have as main objective for 2021 to buy our first ever home by July next year. We are now 6 months ahead of schedule with this objective, however we want to wait until our planned date just to have a healthy emergency fund in place.
Seeing that banks are absolutely ridiculous and the time will be too short to invest our savings, what do you think about using NS&I premium bonds to hold our money until we buy our house?
READ THE BROCHURE HERE –
OTHER THINGS TO READ:
I would love to do an EMBA to fast-track my career, and I know that Ken highly recommends it. My current firm doesn’t currently provide financial support for it and it feels too expensive to self fund (£50k – £100k+ depending on the school).
I am currently a full time employee, and at the same time working on my own as a side hustler sole trader on the weekends to increase my family income.
– Can the company I work for find out that I run a side business based on my tax self assessment?
– If yes, how can I avoid that? – Being a sole trader, how can I swap to become a limited company?
Pros and cons of being a limited company?
Pros and cons of being sole trader?
Here is an article that compares the pros and cons:
Would you say it is better to start a blog to promote your business before creating podcasts?
Mediavine had a requirement that you must reach 25k sessions a month before you can be approved for ads, are there any other ad platforms who are accepting a lesser threshold?
And for a new Blog, should you wait till you generate a certain amount of traffic before you start to include ads as soon as you have started the Blog.
A bit of background, I am a fine Jeweller, and I wrote an open letter to the Jewellery trade, about the lack of inclusiveness for black jewellery and visibility in the UK , and the letter went viral. All of a sudden, I have become a black spokesperson overnight, when I’ve been doing jewellery for 9 years and no one cared about me until about 4 weeks ago.
Please watch the video for the rest of the community Q&A
I have published 12 articles so far. I know that Google does not send you traffic the first 3 months.
What else can I do to promote the blog in the meantime? Facebook ads? Joining other groups and commenting in social media?
LINKS MENTIONED IN ANSWERS:
Use LSI graph https://lsigraph.com/ to get other keywords to use as subheadings.
00:08:51:20: Bonani Mapundu
LINKS MENTIONED IN ANSWERS:
00:27:28:24: Agustin Azorin Segura
Just a follow up on the question I asked last time with regards starting a youtube channel.
This idea of trying different niches comes from the book “”Click millionaires”” by Scott Fox
00:29:22:12: Anita de Souza
LINKS MENTIONED IN ANSWERS:
Budget Read the following resources: https://thehumblepenny.com/5-ways-to-motivate-yourself-to-budget-consistently
Would it be a good idea to invest in at least one of the courses?
LINKS MENTIONED IN ANSWERS:
00:53:52:17: Nelly Elessa – Open discussion with the community
Most of the products I am selling are from China, and it is very difficult to source most of the products from China at the moment because of Coronavirus. This is holding me back. I have tried to join the East coast UK , and wondering whether I will be able to find products from there. So thinking I should join as a premium member for £75 per year. This is what I am currently considering.
Mine is whether my Blog has been set-up right. It is ready for launch but not sure whether I need to make any changes and improvements to. Scared it will not be received well.
Also want to know what CRM tool to use for my mailing list.
My environment is stressful at the moment. I live with my son, my mum and my niece. My relationship with my mum is not very good. I am working from home at the moment, this is contributing to the strain in our relationship. I am tired and not able to focus on my goals. My mum is financially dependent on me. Even though she works, I pay for everything. It is difficult for her to move because she receives minimum wage, but she does not help with anything at home. I am feeling down about this situation. I want an apartment where I can have a good apartment and neighbours for my son.
I am not the only child, I have 5 siblings. But my mum only relies on me. She thinks I need help because of my disability but it is my mum that needs the help, financially. My brothers set boundaries for her, but i never set boundaries.
Coaching Call 7 – May 31, 2020
These are questions related to how relocating outside the UK may affect your UK ISA/investments:
Here are the residency rules:
Test for residency – https://www.gov.uk/government/publications/rdr3-statutory-residence-test-srt
We plan to rent out the flat we have on mortgage in London. I would have the option of working but I am hoping to create Passive and Side hustle income to support our life over there. So as this is the goal, what would you advise in regards to split between investing and mortgage overpayment in next few years?
I don’t know where to start.
Agustin Azorin Segura
Business structure: I just want to know, do I register a business before I can start Amazon FBA?
Property vs Investing: My wife & I are hoping to buy our 1st property one day. At
the same time, we also want to be investing for the kids and retirement.
So with the current situation right now, what would be the best thing? Do a bit of both, or just focus on one more than the other??
Business structure: If I want to create a store on Etsys or Shopify, wouldn’t it be better to create a company for Tax purposes? And which should you go for?
Contribution from Ade regarding setting up company
Coaching Call 6 – May 17, 2020
LINKS MENTIONED IN ANSWERS:
Blogging Course: https://thehumblepenny.com/blogfree (sign up for 7-day free course)
Blogging Tutorial: https://thehumblepenny.com/blogging
Blogging Video Playlist: https://www.youtube.com/watch?v=RPkNlnpQvWk&list=PLzh2LcI1GSpvR9oDHdtRzWXapL8B2Y6Ve
LINK(S) MENTIONED IN ANSWERS:
Here is a good article for understanding blogging metrics:
I am currently building an occupational health business and have been promoting essential services as a side gig.
I’ve asked my workplace how much we charge per hour for support when done under what’s known as “Block Hours” we will essentially try to support ANY query the user might have on their system and it’s £85 an hour!” Which is too much
LINK(S) MENTIONED IN ANSWERS:
We have a detailed resource here that answers these: https://thehumblepenny.com/self-publishing
You Tube: Which software could we use in creating animated videos?
LINK(S) MENTIONED IN ANSWERS:
Here is a link to various options:
I have £15k sitting in cash isa in VANGUARD ready to go across to Life Strategy 80% Equity Fund.
Problem is I have been too busy and almost not wanted to invest it as a lump sum. I saw the fund bottomed on 23 Mar and is slowly climbing so I should have just invested it all straight away when I put the money in at the end of last financial year.
I am almost paralysed as it feels safe in cash but I know that is not the right way with inflation and so how do I pound cost average? £500 a day over next month. Thank you 🤷♀️
LINK(S) MENTIONED IN ANSWERS:
Investing: In terms of investing in funds, is there a particular day that is good for that?
I’ve been awarded £500 and would like to invest it, so does it matter if I invest it
today or tomorrow?
Investing: I’ve recently joined FJA and it’s amazing. I’ve got so many ideas and wanted to
find out where to start off? Not sure whether I need to send you a proposal or plan or
do I just crack on?
Just a quick one, Ken what you the name of the ETF at Vanguard you mentioned earlier?
Investing: In terms of prioritising investing money now, over saving,
we are trying to put money aside for our emergency funds, but we are in
a unique time in the market where we should be buying in my
opinion, so given the circumstances, should we prioritise that over saving?
Side Hustle: I’ve started a new side hustle but I have a lot of new technical skills to learn
and currently struggling with it. Should I stop and do something else or carry on with it? I want an extra source of income
04:30 – Is there any Financial Joy Academy offer/affiliate program? If so, please could I have details?
06:05 – I currently have a freelancer designing my website, but feel I am missing out on the learning process of setting up a blog.
Q1: Is setting up your blog on a website different to a standalone blog?
08:04 – Q2. Is it best to set up your own blog or get someone to do it for you, even if through a website?
08:26 – Q3. Would you recommend that I get my designer to teach me how she has set up my blog or go and learn how to do it myself on the side (you have a blog on how to start a blog which takes us through the setup process). Thank you!”
Blogging and Social Media
10:13 – Should I write on my social media platforms every time I post?
10:59 – Anything else that I should be writing on social media regularly?
13:02 – Anything else I should be doing at this stage? I guess the most important is creating content consistently.
14:35 – Should I let all my friends know about the blog? Or should I take it easy when it comes to friends?
Blog not yet live, have 10 blogs posted.
15:58 – Regarding blogs, is it possible to amend the structure as you go along / over time?
E.g. you start with 5 category menu and some sub menus. Along the blogging journey, due to expansion in your activities you decide to increase to 10 menus and more sub-menus.
17:35 – Is this feasible without losing earlier blogs and information?
18:00 – Is the process painless?
– Is there a software that helps with this?”
Blogging for client relationships
18:25 – My brother had sports related clients, but has not been able to work with them again since paternity leave.
What are the best topics to discuss in terms of blogging to reach potential clients and maintain his client base?
29:42 – How does he monetise the blog in order to secure financial income for his family?
31:01 – Regarding FIRE number course – current spreadsheet only accounts for cash available for investment into stock/shares, however how do we account for properties that we own in our own name as well as Ltd which contribute to our retirement calculations?
Regarding Budget For Life Course – Our life insurance, critical illness insurance, childcare costs etc are paid for under our businesses, do we include this here? Or are we only looking at what comes out of our personal accounts?
32:11 – Can I still contribute to my daughters private school fees, pay a mortgage, build a business and achieve financial independence all once I secure a graduate job?
For background I am 27 and live at home with my parents, I have not yet secured a graduate job but hope to very soon. I have a dream of purchasing property for me and my daughter.
FJA Course Suggestion
38:18 – Could you please do a course on the creation of digital products. Courses, ebooks, etc?
38:58 – share hacks and useful experiences.
– masterclass on those who’ve been on that journey to share experiences and best practice.
– explore the technical aspects.
39:29 – I am in the UK on a working contract which expires in 20 months time
Where should I start in terms of investing? What are the most appropriate steps to take?
41:03 – I watched a YouTube interview of Raoul Pal ( former Goldman Sachs hedge fund manager) he said we will enter a Doom Loop soon:
What do you think that now means for investing in index funds?
I have 3 index funds. I was wondering whether to stop adding money in monthly?
45:40 – With the current market situation (and opportunities that may arise) are there any changes (no matter how slight) you have made to your investment strategy?
Also are there any opportunities on the market you feel we should consider e.g. increasing investments in oil based shares.
I have the following index funds
Vangaurd lifetime strategy 80%
Vanguard ftse 100
Vanguard ftse all share
I would like to sell off the two ftse index funds and invest the money with it’s profit to the lifetime strategy 80% as it includes those index funds in it anyway.
This way the monthly donations do not have to split by 3 as well.
Is this advisable ?
48:57 – In the current uncertain climate what investment strategy would you recommend. Capital Growth or Wealth preservation?
For those who are slightly more risk averse but want some return would you recommend a Vanguard Bond Fund during this particular uncertain time with the view of moving it to an ETF possibly later?
Investing For Children
51:42 – What’s the best use of my two children’s £20,000?
I have saved £100 a month since 2012 and not sure if I should put the money in some sort of investment fund or pay off my outstanding £20k mortgage next year.
54:57 – On your journey to financial independence, did you pay off your mortgage first before saving towards your FI number or did you work on paying off your mortgage as well as saving towards your FI number at the same time?
What would you recommend?
Starting A YouTube Channel
57:50 – On behalf of my 11 years old daughter, please let us know the following;
1) Video editing for Youtube
2) How To Grow Her Youtube Channel
59:35 – How to get someone from Fiverr to help me set up my website?
1:00:15 – What strategies are there for Flipping Properties (Find the Properties and Financing them) in this current client?
00:46:24 – Please explain the Google pay per click and it’s importance.
05:45:14 – what social media platforms do you recommend as part of my blog?
06:54:06 – About trademarking. What are the steps to follow? Is there a website I need to go to?
07:16:13 – Is there anything else I should be doing at this stage
08:35:22 – l want to know how to invest in Index Fund & ETFS Fund without eating my capital.
10:46:20 – What are the key legal implications of starting a new online business (including blog) to be aware of?
15:41:06 – How do you split the amount you invest per month amongst individual shares and funds?
16:37:12 – Also how do you go about selecting your individual shares since you have more confidence in funds?
16:57:22 – You have both HL and Vanguard accounts for your children As you can only open one Junior Isa, what is the other account you use for the other platform?
17:22:08 – How did you make that decision regarding the other account?
18:15:08 – I have not done the dividends course yet, would you still recommend purchasing funds without this knowledge or completing the course first?
18:39:15 – Could you explain a bit more on how to do the trademarking of our brands?
22:27:15 – When monetizing our blogs.. What payment vehicle should we use? Do we have to set up a limited company? Just wondering about the most tax efficient way of getting paid.
22:59:21 – About the legal aspects of our content. I have seen that many websites have a disclaimer, the same happens with You Tube videos about Personal Finance. They always say something like “this channel is just for entertainment purposes only, if you need professional advice…”
Should I write a disclaimer before launching the website?
24:48:04 – I have started an side hustle selling items on eBay what advice can you give on setting up an eBay business or something similar
30:23:11 – How much of an an emergency fund would you recommend and what proportion of this would you keep in cash or liquid assets such as bonds or index funds.
Once you have your emergency fund, how much would you then keep aside for potential investments or is it better to just invest and try to get the money out later if required?
32:29:02 – When building stock portfolio, what proportion should be allocated to dividend investing funds as part of the equity mix where dividends are not being reinvested. i.e. as part of an income strategy.
34:22:23 – Pensions – would you recommend Pension Bee over Vanguard.
37:38:13 – I would like to know what type of saving account I should keep my emergency fund?
38:46:10 – Would make any difference in the amount saved?
39:57:02 – Having an emergency fund equivalent to 1 year or more, where would you save that money?
40:26:17 – It’s generally recommended not to monetise blogs at the initial stages. Is it possible to retrospectively monetise an old blog?
41:40:09 – Is it possible to edit/ update old blogs.
SAVINGS AND FAMILY
43:48:17 – Lindie and I are currently on Stage 2 (Financial Solvency) and we are currently saving up our emergency fund to cover 3-6 months living expenses.
We are wondering is this 3-6 months of all expenses including variables and ‘luxuries’ or only the essential living costs?
44:35:04 – We don’t have children yet (not expecting either) but we are wondering if there’s anything we could be doing now financially to get ready for when the time comes?
48:23:07 – I have heard that is a link to a blog appear on another website that have authority, that it will help that blog to rank on google.
What is the best way to get my blog to appear on websites that have authority?
Is it going to happen organically or is there anything I need to do to make it happen?”
Coaching Call 3 – Questions & Time Stamps
00:11 – Where would you advise us to invest on to have a consistent income flowing in even in crisis like the current situation?
05:00 – Regarding Rob and Sara’s HMO, did they borrow on top of their mortgage, fully or partially, or if they funded it themselves? If the latter, this means the cost to entry is a lot higher than the 25% deposit
06:27 – New tax rules mean that you could no longer offset your mortgage against the income generated, but Rob mentions out of the £60k profit the tax and mortgage is taken out. Could you clarify? Is he accurate?
08:13 – How do you decide what to write on a weekly basis or however often you decide to post?
11:59 – I am however questioning whether there would be enough interest in my field and how to keep it interesting.
14:46 – We are asset rich but relatively cash poor. What should our strategy be as we near ‘retirement’? How do we change that situation?
16:49 – I have ‘little pots of pension”” with various employers, how do I find out their values?
17:40 – Do I somehow consolidate the pots?
Suggested provider – PensionBee
18:53 – How do I know the value of my pension to use in a net worth calculation if the annual benefits statement only tells me what the annual pension will be payable at not a balance.
DREAM MAKER CASE STUDY
20:37 – 53:23 – “Skills Funds” Case Study by Thando
53:29 – Would you personally advise on using Business Property Relief as a measure to mitigate against inheritance tax? What is the process for setting this up, risks etc? Also is there a difference with regards to inheriting money vs property?
BLOG MAILING LISTS
1:02:19 – Regarding newsletters I need some guidance on how to create a mailing list. How often would you send out emails? What programs do you use or suggest?
Coaching Call 2 – Questions & Time Stamps
01:09 – If one has a website with a shop would you say the best is to set up a separate blog website or place the blogs on the shop website?
02:39 – When it comes to creating the skeleton of the website I am a bit stuck. I am very clumsy when it comes to computers/IT stuff. When you visit the website it appears a “Coming soon” and Bluehost background).
Should I launch the website prior to starting creating the skeleton so I can check the appearance?
The other question is regarding what Ken mentioned last time about outsourcing the technical support for building the website. Does this make sense in order to speed up the learning process?
04:39 – My wife and I are both wanting to do our personal finance business together (called Skilled Funds). My question is how did the two of you find a way that works for you?
06:50 – How would you advise my wife and I to find our way of working together?
07:56 – Based on what you know today, what would you say to Ken and Mary when you were in my shoes of starting out your blog journey?
09:29 – What should I avoid or not waste my time doing because it won’t yield much fruit?
10:50 – What should I be focusing on to truly maximise building an audience and monetising the blog?
11:43 – I’ve heard a lot of bloggers say that affiliate marketing and advertising revenues are dropping. Have you experienced it and if so, what other income streams do you focus on?
13:04 – What tips can you give if there is only one person in the household who is the main earner. How do they manage/monitor their finances?
14:52 – Do I need to open a new account to invest in stock and shares with HL?
15:49 – Can I invest in stocks and shares with the current balance I have with HL?
16:05 – With a financial pot of £600,000 (that is, £2000 monthly income at a withdrawal rate of 4%) at the retirement age of 55, 1. Does this mean that ‘X’ would run out of his pot by the age of 80 if he withdrew £2000 each month over 25 years?
17:48 – 2. If X has a pot of £600,000 but only withdraws £18,000 annually (that is, 3% withdrawal rate). Will X never run out of money? 3. If yes, please explain the reason(s) for this.
19:50 – As a work from home mum of 3, what digital skills can I improve to start generating immediate income? Bearing in mind the only digital skill I have is research skills I developed in Uni.
24:00 – Where do you start from scratch as a single parent when you work full time, have no savings, living paycheck to paycheck and limited time to work on a side hustle? What little things could be done to build wealth from scratch?
31:14 – How many videos a week would you recommend to release starting out on youtube?
32:17 – I wish to start my Youtube videos. I don’t wish to show my face, I wish to record my voice and have overlays of pictures/ illustrations over my voice.
• Which professional will I require to satisfy this challenge?
• Do you have any in mind or can you signpost me?
• This should include subtitles, texts and relevant pictorials?
• Do you have an idea of cost implications?
What’s the best way to go about this, as it relates technicalities, preventing intellectual property infringement, and putting it in the market place.
37:47 – What is your process in making a YouTube video or any other video content? Can you recommend resources on when you first started making YouTube videos? As well as any top tips?
Canon EOS M50 Camera – https://amzn.to/2zcz1K0
Canon 5D Mark II Camera – https://amzn.to/2xRF1XD
Canon EF 24 – 70mm F2.8L Lens – https://amzn.to/2lFwdRQ
Canon EF 50mm F1.4L Lens – https://amzn.to/2lF6Sr9
Manfrotto Tripod – https://amzn.to/2YC3Sto
Apple iMac 2019 – https://amzn.to/2lEXNyz
Rode Microphone – https://amzn.to/2lFs0O2
Abeststudio Lights – https://amzn.to/35Wjj3J
51:01 – Please explain what you mean by editing backwards
52:23 – Do you have an ETA for the proposed blogging and you tube courses please?
52:47 – Am new to property. Had always have interest but yet to get the full knowledge however an opportunity has present itself (rent to rent) to be precise and I was wondering
What are the key things I need to do or have in the contract?
What are the key things the property should have (in terms of the legalities)?
What should the landlord include in the contract?
So as we both have a successful business experience. Business would be based in Essex.
Coaching call 1 – Questions and Time Stamps
04:57 – How would you suggest we should invest our capital in light of a potential correction in the market due COVID-19 which runs the risk initiating a recession?
09:03 – I have an ISA account, am I able to invest in all types of investments such as dividend stocks, bonds, shares, index funds etc? Are there any limitations to investing from an ISA account?
10:12 – Can I still invest in Index Funds during this global coronavirus around?
11:10 – How much would be a good amount to begin investing with and where to begin investing?
12:51 – Would you advice investing in farming/agriculture in Africa?
YOUTUBE & BLOGGING
14:01 – Can you cover some key information on starting a YouTube channel?
15:46 – What online business can I create that does not affect my career or compete against my employer, that has the potential to make many streams of income such as courses, books? Do I create an online business similar to my current career choice or move away and do something completely different?
19:03 – Can you give figures on how much income you generate from writing a blog?
23:49 – What would be your top 10 topics to blog?
24:43 – How do I choose a niche for a blog? The things I am passionate about I have no knowledge of, the things I do have knowledge of, I am losing interest in.
26:26 – I have someone developing my website now but I don’t know what to ask my developer to focus on first?
28:50 – How many different ways can you re-purpose videos in to written content for a blog?
(link video to audio)
30:55 – What do I do next after I have a domain and theme set up?
35:00 – How often should I create blog posts?
36:40 – Do you have any advise on really narrowing down on a blog niche? (already asked in community)
36:55 – Is it better to save when you are paying off your debts or use all your available money to expedite paying of your debts?
38:25 – When will the FIRE Superpower course be released?
40:42 – What career advice/direction would you give a 16 year old that will work well in their future?
43:37 – What can the 16 year old student do while studying to better their chances of a prosperous future?
43:49 – How often will you be adding new courses?
44:47 – I have written goals for 2020, do I share them with an accountability partner? Or share with the whole group? How do I get an accountability partner?
47:35 – How do I move to the next level transitioning from my day job to a successful eBay business?
50:19 – How would you perceive the creation of another personal finance blog in relation to your own blog? Competition or catalyst? Risk or opportunity? Friend or foe? Is the market saturated?
52:31 – My first question is, would you recommend Robo investing apps like Moneybox, Nutmeg, Wealthify etc? As I’m on the journey of learning more about finance and investing, I’m tempted to open a new stocks and shares ISA in the new tax year with Vanguard where I’d have a lot more control over what I invest in and can start to apply my learnings.
If I do this, would you recommend I keep my stocks and shares ISA with Moneybox and just stop paying into it, or transfer it completely to the new Vanguard stocks and shares ISA? What are the pros/cons?