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!
Great articles, I’ll be sure to check them all out. You’re smart to start an education plan for your baby so early. He’ll be comfortable later on which is great. I was also disturbed by the parked car story – that’s horrible.
Daisy @ Prairie Eco Thrifter recently posted…How Much is Your Commute Costing You?
Thanks Daisy! Yea I started the education plan early but haven’t set up a monthly contribution plan which is on my to-do list. Have a great weekend.
You guys definitely had an eventful summer. Nice articles here, and thanks for the shout out. Hope you guys are enjoying some R&R.
Matt Becker recently posted…Cool Stuff Around the Web #4
No problem. It is always good not having to wake up early to go to work. Hope you guys have a great one too.
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An eventful summer indeed!
Looking forward to reading Alexa’s book, probably over the weekend, am sure I’ll glean a few insights on areas I can improve on. Oh, and I love that comic, the insight is just priceless!
Have a wonderful Labour day weekend.
Simon @ Modest Money recently posted…Mint Review – Detailed Review of Mint.com Software
Yes it is an incredible comic. Definitely check out the book for some more ideas on side hustles and to improve on your current ones… Enjoy the rest of your weekend.
The story of your first website is pretty nice, actually. I started my first blog in 2008, a blogspot journal actually that made me 10 cents in the first week, and I was sure that I’d start making tons of money. A couple of months later that blog was left to die as I had less than $1 in the account. So your $24 was huge money! 🙂
C. the Romanian recently posted…Eating Healthy Is NOT More Expensive than Eating Unhealthy
Well, I can’t compare to the latest blog project you had where you were able to sell for a good amount. So at least you’ve made progress and have learned more about web design/SEO etc, etc…I still have a lot to learn.
Thanks for the mention! I’m sure you’ll find more success with this blog and your future endeavors. Have a great weekend and enjoy the extra day off!
E.M. recently posted…The Costs of Tattoos
No problem. Yea hopefully this one will be more successful. Well I actually do like the interactions with my fellow bloggers so it is already a success in that sense. With the forum…there were very few “real” people so that was no fun. Enjoy your vacation!
I hope you will find more success in this blog and wishing you all the best!
Thanks Rita! And I wish you guys all the best too at digitalspikes!
Thank you for taking the time to read my eBook! I really appreciate it! I hope you are having a great Labor Day Weekend and enjoying time with the new baby!
Alexa recently posted…Goals Galore: September Goals and an August Recap
No problem…I really enjoyed and will have to implement what I learned. Hope you had a great weekend as well.
Andrew,
I would recommend maximizing all your retirement accounts before you contribute to a 529. If you have any money left over than put it in the 529. The reason is colleges do not count retirement as part of the parent contribution, while a 529 balance is counted. You want to maximize grants and scholarships first.
charles@gettingarichlife recently posted…The #1 Reason Why You Need To Save For Retirement
I definitely think that contributing to my retirement accounts takes priority over a 529…but as I don’t currently max out my accounts, that would mean I’m contributing nothing to the 529. I think I’ll contribute a small amount monthly and increase if or when I max out my retirement accounts. Good point about financial aid looking at 529…I’ve been meaning to look into that even though it is so far off. I think that 529 plan is counted but it is not a big percentage when determining aid.
Thanks for the mention! It’s always fun to think about website failures. Despite the fact that yes, I was going to my senior prom in the Spring of 2006, I had already had a website failure by that point.
DC @ Young Adult Money recently posted…Reflections and Tips on the Quarter Life Crisis
Haha…man you just made me feel old. But pretty amazing that you already started a website at such a young age. Good for you!
Thanks for the link to the Young Adult Money article — that was fascinating. Like you two, I started up some websites a handful of years ago and pretty much failed miserably. I actually had some pretty good success for about 3 whole months (sad, I know) until I got smacked down by Google; that was the price I paid for following some of those “SEO gurus.”
I had this great soccer site that Google really valued highly and it just got decimated by these ‘black-hat’ techniques. I know it was all my fault, but it still hurt quite a bit…
After reading the 4-Hour Workweek I started up a few drop ship sites, which were really fun (it still amazes me that someone would come to my site and drop $300+ on a fire pit or a firewood rack), but they also got devalued by Google.
I just didn’t have the passion for these sites, and that’s why I started up my PF site. I doubt it’ll ever make $1, but I at least enjoy it!
Brad @ RichmondSavers.com recently posted…Save at Least 20% of your Income to Live Within your Means
Wow Brad, you have a lot of experience in that area. I honestly know next to nothing about SEO and “black-hat” techniques…I’ve heard the terms and have a general idea about them, but haven’t had the time to really learn about them. I should though. I also was interested in the drop ship sites…it like a good idea. I can see how not enjoying what you’re doing when working on sites would make it not worth it. I’ve made nothing on this blog, but I do truly enjoy interacting with fellow bloggers who I’ve learned a lot from.
Looks like some great stuff here, Andrew. I’ll head over and check it out – thanks for sharing!
Laurie @thefrugalfarmer recently posted…How to Make Rabbits Stop Eating Your Garden
Thanks Laurie!
Definitely an eventful summer! I’m going to check out some of the resources you mentioned, thanks!
Joshua from CNAFinance.com recently posted…How To Make A Budget Spreadsheet That Makes Budgeting Fun!
Yes, it has been quite a summer. Hope you had a great one as well.
Thanks for sharing the articles, I’ve read a couple and will check out the rest! The story from E.M. made my blood boil too! Unbelievable!
debtfreeoneday recently posted…How to stop wanting stuff that you can’t afford
You’re welcome! Yes, I know…it boggles the mind that you can blame a parked car for an accident.
I started playing Fantasy Football in 1993 – yes you read that right.
If I had known how enormous it would become, I would have done everything in my power to capitalize on it. Kudos to you for giving it a go!
No Waste recently posted…I Once Belonged To A Union
Yea I played Fantasy Football in the early 90s…and this was before the internet! I barely gave it a go and by 2006, it was already a big deal.