Save more, make more, and be rich
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The document outlines a Life Hacker Club meetup event held on August 22, 2017, featuring various speakers discussing financial topics like opportunity cost, budgeting, and passive income. Notable speakers included Sharky Liu, Teresa Gomes, and Kriss Petrounov, each sharing insights and strategies for wealth building and effective money management. The document also provides detailed event scheduling, hacks for financial literacy, and information on the club's future activities and structure.
![Why I like blogging/vlogging
▪ People who produce (as opposed to consume) are significantly happier than
those who don’t
▪ Low upfront cost (i.e. minimal financial barrier to entry)
▪ A lot of people use the internet
▪ There is (almost certainly) an audience obsessed about your passion
▪ In summary, blogging/vlogging is very fulfilling when done right
▪ You do what you love, and it supports you
▪ Meanwhile, you impact and [ help / educate / entertain ] a lot of people](https://image.slidesharecdn.com/s4ujbexbqmyrlst4wkvs-signature-afe9fe17b827deec5d2d9edd78196f6ea865ddcf265cee1eb194e3eaeca02123-poli-170825201847/85/Save-more-make-more-and-be-rich-49-320.jpg)
Save more, make more, and be rich
- 2. Sharky Liu Lecturer at the University of Toronto Founder & Speaker for the Dental Marketing Conference CEO of DentistFind – Dental Marketing Management Tech Company Founder & Lead Designer for JUZD Streetwear – Got into Holt Renfrew
- 4. Stories
- 5. Format ▪ 5:30-6:00 - Meet & Greet ▪ 6:00-6:15 - Welcome Intro & Stories ▪ 6:15-7:30 - Discussion ▪ 7:30-7:50 – Share ideas ▪ 7:50-8:15 - Accountability Task ▪ 8:15-8:30 - Closing and announcements
- 6. Today’s Hacks: ▪ You will live longer than 365 days – Sharky Liu ▪ How Money Works – Teresa Gomes & Meagan Lyons ▪ Banking 101 – Jenny Tran ▪ Crush it with Passive Income – Kriss Petrounov
- 7. Save More, Make More and be Rich Life Hacker Club Meetup #4 – Tues Aug 22th 2017
- 8. You will live longer than 365 days Sharky Liu
- 10. 4 Months: Work $40K Vs. Startup $0K
- 13. Choice: Steady Job $40K-$200k Vs. Business $10k for 10 yrs then $200k+
- 14. First 10 Years Work: $40k + 10% raise Business: $10k
- 15. First 20 Years Work: 10% raise till $200k Business: Double till $200k/yr Then 25%
- 16. First 43 Years (Retire at 65) Work: $200K till Retirement Business: Max $1M
- 17. First 53 Years (Avg Lifespan 75) Work: No Income Business: $1M/yr
- 18. 1 Year Perspective: Work $120K Vs. Startup $10K
- 19. Life Time Perspective: Work $120K Vs. Startup $1,000K (DCF)
- 20. Hack #001 – Evaluate Opportunity Cost Based on the Long Term 4 AUG 22 2017 001
- 21. How Money Works Teresa Gomes & Meagan Lyons
- 22. Create a Budget you can live within ▪ 35% Housing ▪ 20% Transportation ▪ 15% Debt ▪ 20% Living Expenses ▪ 10% Savings
- 23. Budget $50,000 Income ▪ 29.65% tax bracket = $2931 of disposable monthly income ▪ 35% Housing $1025 ▪ 20% Transportation $586 ▪ 15% Debt $439 ▪ 20% Living Expenses $586 ▪ 10% Savings $293
- 24. If you want to be wealthy If you want to be wealthy, it is recommended that you increase your savings to 20% of your income ▪ 35% Housing $1025 ▪ 15% Transportation $439 ▪ 10% Debt $293 ▪ 20% Living Expenses $586 ▪ 20% Savings $586
- 25. Revolving Debt vs. Fixed Debt Look at how revolving debt can erode your financial security:
- 26. Debt Stacking
- 27. Rule of 72 Divide your interest rate into 72 to find the approximate number of years it takes for money to double!
- 28. 3 D’s of Investing - Diversification
- 29. 3 D’s of Investing - Discipline
- 30. 3 D’s Investing - Dollar Cost Averaging
- 31. 3 D’s of Investing - Dollar Cost Averaging
- 32. How Money Works - Hacks ❏ # 101 - Budget: not only watch what’s coming in, but also pay attention to what’s going out ❏ # 102 - Make a list of goals from short term to long term of what you want to purchase so you can start saving in different vehicles for different purposes ❏ # 103 - Don’t blindly accept credit increases, know what affect they have on future borrowing ❏ # 105 - Organize your debts/credit cards from highest interest to lowest amount owing and make a plan to knock one down one at a time! ❏ # 106 - Notice your shopping habits, are you making impulse buys on needs vs want based products, what are your triggers? ❏ # 107 - Make your savings automatic; deduct right from your cheque at work or align it to be saved every payday into an investment
- 34. Avoid Fees and Interest Charges 1. The no-brainer: try to use a no fee bank (i.e. Tangerine, PC Financial); evaluate the right banking plan fit for you if you are not using a no fee bank 2. Instead of EMT, just make a payment to your friend / family’s credit card 3. Avoid NSF charges by connecting your CC as secondary funding (no need to pay for overdraft protection)
- 35. Monitor Your Accounts 1. Look at your credit card bills for mistakes, monitor recurring charges 2. Mint.com; which also allows you to set budgets 3. Ask them to reverse it or waive the fee!
- 36. Saving Tips 1. Automatically save, ask payroll to split your pay into two accounts 2. Automatic recurring transfer
- 37. Relationship and Money 1. Keep it simple, keep it transparent 2. Consider a prenup 3. Joint account / co-signing precautions
- 38. Travelling and Money 1. Put a travel notice on your cards 2. Always have more than one card and cash on you, don’t get stranded 3. Order foreign currency ahead of time 4. Check your travel benefits: insurance, baggage, delay, cancellation
- 39. Credit Cards 1. Research the right credit card for you, it’s a common misconception that a free credit card is the most thrifty choice 2. Maximize your point collection 3. Maximize your point redemption 4. Take advantage of introductory offers
- 40. Banking 101 - Hacks Avoid fees and interest charges ❏ # 201 - The no-brainer: try to use a no fee bank (i.e. Tangerine, PC Financial); evaluate the right banking plan fit for you if you are not using a no fee bank ❏ # 202 - Instead of EMT, just make a payment to your friend / family’s credit card ❏ # 203 - Avoid NSF charges by connecting your CC as secondary funding (no need to pay for overdraft protection) Monitor your accounts ❏ # 204 - Look at your credit card bills for mistakes, monitor recurring charges ❏ # 205 - Mint.com; which also allows you to set budgets ❏ # 206 - Ask them to reverse it or waive the fee! Saving ❏ # 207 - Automatically save, ask payroll to split your pay into two accounts ❏ # 208 - Automatic recurring transfer Relationship Finances ❏ # 209 - Keep it simple, keep it transparent ❏ # 210 - Consider a prenup
- 41. ❏ # 211 - Joint account / co-signing precautions Travel ❏ # 212 - Put a travel notice on your cards ❏ # 213 - Always have more than one card and cash on you, don’t get stranded ❏ # 214 - Order foreign currency ahead of time ❏ # 215 - Check your travel benefits: insurance, baggage, delay, cancellation Make the most out of your credit cards ❏ # 216 - Research the right credit card for you, it’s a common misconception that a free credit card is the most thrifty choice ❏ # 217 - Maximize your point collection: pay your insurance, phone bills, parking tickets with your credit card to # 218 - maximize points and reduce debit card fees ❏ # 219 - Maximize your point redemption: this is complicated, but generally redemption for long-haul travel, or special redemption offers are the best value ❏ # 220 - Take advantage of introductory offers ❏ # 221 - You can be in control of your finances while owning and using multiple credit cards
- 42. Crush It with Passive Income Kriss Petrounov
- 43. Kriss’ law of money ▪ Saving helps… but it’s not likely to make make you rich ▪ Earning More > Spending Less ▪ However, this is not permission to spend frivolously – saving is still essential ▪ Especially EARLY in life ▪ Financially, you won’t go wrong if you live like a student for as long as possible
- 44. How to earn more ▪ Work more :) ▪ Easier said than done ▪ Constraint: we all have limited time (24 hours / day) ▪ Exploit passive income
- 45. 3 primary categories of income 1.Active Income ▪ Selling your time for money (e.g. consulting, a 9-5, etc.) 2.Portfolio Income (could argue this is still passive) ▪ Making money with money (e.g. investing in stocks) 3.Passive Income ▪ Loosely, this is when you put in a finite investment upfront (time + money) that results in perpetual earning of money down the road with little or no additional effort
- 46. Examples of passive income ▪ Invest in real estate (rental properties) ▪ Invest in stock market index funds ▪ Grow a self-running business ▪ Buy others’ time to act out your “script” and make you money
- 47. Examples of passive income ▪ Invest in real estate (rental properties) = $$$$ ▪ Invest in stock market index funds = $$ + risk ▪ Grow a self-running business = time + a specific personality ▪ Buy others’ time to act out your “script” and make you money
- 48. Examples of passive income (that I personally, perhaps subjectively, like) ▪ Running a website/blog with ads (e.g. almost every webpage, a YouTube channel, etc.) ▪ YouTube constitutes a subset of blogs (called vlogs: video blogs) ▪ Selling digital content (e.g. an eBook, an app, etc.) ▪ Running a website with affiliate links (e.g. any travel site, any price comparison site, etc.)
- 49. Why I like blogging/vlogging ▪ People who produce (as opposed to consume) are significantly happier than those who don’t ▪ Low upfront cost (i.e. minimal financial barrier to entry) ▪ A lot of people use the internet ▪ There is (almost certainly) an audience obsessed about your passion ▪ In summary, blogging/vlogging is very fulfilling when done right ▪ You do what you love, and it supports you ▪ Meanwhile, you impact and [ help / educate / entertain ] a lot of people
- 50. Closing remarks ▪ Building a passive income stream still takes work and time ▪ It’s hard to work while everyone else is having fun (but it pays off) ▪ Do what you love and money will follow ▪ Do what you love STRATEGICALLY and money will follow
- 51. Crush It with Passive Income - Hacks ❏ # 301 - Earning more > spending less ❏ # 302 - Live like a student for as long as possible ❏ # 303 - Find your passion ❏ # 304 - Start a blog/vlog about that passion ❏ Sell digital content ❏ Become an affiliate partner if applicable in your niche ❏ # 305 - People who produce (as opposed to consume) are significantly happier than those who don’t ❏ # 306 - Do what you love STRATEGICALLY and money will follow
- 52. Share
- 53. Accountability
- 55. Private Facebook Group ▪ Invite Only ▪ Posting of the slides and notes ▪ Need to be at 1 of the Meetup event in person and post a review for group ▪ http://Facebook.com/clublifehacker
- 57. Life Hacker Club Committee ▪ Do things you love ▪ Meet new friends – build your network of smart & intelligent people ▪ Learn new skills ▪ Add to your resume ▪ The most valuable thing….
- 58. Opportunities ▪ Planning the schedule ▪ Speaker/Presenter Search and Liason ▪ Writing Content / Post Event Summary ▪ Social media Management ▪ Event setup ▪ Photography ▪ Host and MC ▪ Attendance Manager ▪ Facebook Live ▪ Note taking ▪ Manage social event - (i.e. dinner after meetup)
- 59. Committee Members ▪ Sharky Liu – Organizer ▪ Charlene Chu – Co-Organizer ▪ Vita Khan – Speaker Liason ▪ Kriss Petrounov – Social Events ▪ Jean Lala - Host
- 60. Next Meetup: Simple, less unknown but proven time management hacks Tues Sep 5th