It feels like forever since there was a long weekend. Labor Day weekend unofficially marks the end of summer and this summer flew by so quickly. And there were of course big changes in the Living Rich Cheaply household this summer: new baby boy and my wife’s new job.
Here are the some articles I enjoyed from the past week:
DC from Young Adult Money: 5 of My Small Business and Website Failures
This made me reminisce about the website that my friend and I started back in 2006. Yes, 2006…many of you guys were probably looking at college brochures or getting ready for junior prom. We made about $24 from google adsense which we could not get because it was below the minimum payout. But in early 2013, they went me a letter saying they were releasing the money, probably because it’s been so long and the website had been defunct since 2007. That was one of the things that inspired me to start this blog.
We started a forum and figured that once it got some members, it would run by itself. The people on the forum would create “content” by themselves. I did write a few articles though. My friend who was responsible for the technical side of the job built the site and tried to get some links. We hired a service to post on the forum and I assumed multiple identities on that forum as well. Ahhh…fun times!
We also wanted to start a site that focused on Fantasy Football (who doesn’t love fantasy football?) And we opened an eBay store but never sold anything. Actually it is something that I might consider trying again, but I won’t be using an eBay store.
I just finished reading The Single Moms Guide to Starting a Side Business by Alexa from Single Moms Income. I am not a single mom, but the book provides valuable information and a great guide for anyone who is interested in starting a side business. If only I had Alexa’s blueprint back then, I think my friend and I would have had a much better chance of success.
Free Money Minute: What is a 529 Plan?
We welcomed a beautiful baby boy to our family in July, but I had already opened a 529 plan for him before he arrived! Now I have to change the beneficiary. Check out this article to learn more about the 529 plan. Another interesting thing of note was in the comments, the blogger from Free Money Minute mentioned that he was thinking about contributing more to his Roth IRA plan and if his retirement plan is set, he would use some of those funds for college. This got me thinking about a conversation I had with Matt from Mom and Dad Money in the comments section of Roth IRA as an Emergency Fund-Is it a Good Idea?, where I contemplated saving in a Roth IRA for a goal other than retirement. We have different feelings about doing this and it is something I will have to explore. I definitely don’t think that it’s a good idea for everybody, but it may be for me. Hopefully, I will explain my perspective in a future post.
Journey to Saving: Two Sides: Car Accident Edition
I hate injustice and when E.M. wrote that her boyfriend’s parked car was hit and the lady who hit the car blamed him…that just made my blood boil! Need I remind you that it was a parked car?
Cash Rebel shared a pretty cool comic. It is about the life of Bill Watterson, the creator of Calvin and Hobbes. It starts off with this quote: “Creating a life that reflects your values and satisfies your soul is a rare achievement.” I just shared the comic with my wife. It is very touching and a must read.
Enjoy your Labor Day Weekend!