I have been saving since I arrived in Canada 25 years ago. During my first year I saved as little as $10 month, but in general I saved about $25 during the first 10 years, then I increased the amount I was saving to about $500 per month and during the past 5 years I was saving as much as $1,000 per month.
Finally this year, I stopped contributing to my retirement accounts. Instead, I started taking out whatever I get as a dividend distribution from my non-registered account.
I have to tell you. It feels good!
I have accumulated over $500,000. According to the 4% rule, I can withdraw the equivalent of $20,000 per year, which is more or less my cost of living.
At this moment I am only withdrawing from 1% to 2% of my capital per year. I am withdrawing the dividend distributions from my non-registered accounts.
I see some cash siting on my broker’s account and I just transfer it to my checking account and I invite myself for dinner.
At the beginning of the year, I transfer the maximum allowed from my non-registered account to my TFSA. I have a feeling that the maximum allowed for 2024 will be $7,000. I will be ready.
Transferring capital from non-registered account to TFSA will allow to earn more and pay less taxes.
I am in the fortunate position where I don’t even need my retirement money right now. My part time job, which I love, provides me enough to live.
I think that I will use my retirement money to pay for some luxuries that I haven’t paid for myself before, like… instead of taking one vacation per year, I will take two vacations per year, one to my home country, and another to any other random country. Continue Reading…
2023-2024 HireAHelper Moving Migration Report: Artwork by Esther Wu
By Volodymyr Kupriyanov
Special to Financial Independence Hub
When we released our last study of starting a moving labor company as a side hustle, it was a great time to get into the business. Home sales were at an all-time high, and the number of Americans who moved that year inched up for the first time in a decade.
However, after only one year, the housing market has cooled off. And even though sales of newly built homes are still up 6%, home sales as a whole aren’t as high as last year.
The cost of moving has also grown 4% in 2023 (ahead of inflation rates), and this is actually good news! It means movers’ earnings have most likely also increased. So if you’re interested in adding a side hustle to your income, starting a moving labor company is well worth considering.
Findings from 2023 Study on Moving Labor
In 2023, a typical moving company earns between US$90 and $150 per hour on average, or from $244 to $407 per move
Mover earnings in 2023 are highest in Birmingham, AL where average hourly earnings on a labor-only move reached $146
The state with the greatest demand is Mississippi, with 434 moves per moving company registered in the state
What is a Moving Labor Company, and can it work as a Side Hustle?
You can start a side hustle as a full-service mover. These are the huge van line companies, and they tend to offer the whole service package and charge significantly more. Moving labor companies are often responsible for loading, unloading, and, sometimes (though rarely), packing up people’s possessions.
Why is labor-only so profitable?
Here are a few more reasons why moving labor is a good choice for a side hustle:
You don’t require a special mover’s license in most states
No need to invest in your own truck or spend money on gas
With almost half (48%) of all moves taking place on the weekend, you can keep this side hustle alongside your main job or your studies
Fast Facts about Moving Company Earnings in 2023
Here are some estimates on moving marketplace earnings:
How much revenue do movers make per hour?
In 2023, the average amount a moving labor company earned on HireAHelper is $113 per hour (after fees). That rate is based on the service of two movers loading and unloading a customer’s belongings and does not include potential tips.
According to Forbes, local movers usually charge between $50 to $250 per hour in 2023. Continue Reading…
Investing in Artificial Intelligence: We feel it could have a huge positive potential, but watch for these risks and rewards
Deposit Photos
Artificial Intelligence (AI) only crossed the fiction-to-news barrier in recent years, after decades as a staple of Arnold Schwarzenegger films, but it’s already influencing the economy and is likely to increase its impact. We feel it could have a huge positive potential. This development has also caught the attention of many investors who are contemplating the prospects of investing in AI.
Media comments on this subject abound, as do surveys. The average person seems fascinated with AI’s potential for good, but wary of its potential for harm. You might say this resembles the atmosphere a decade or so ago when self-driving cars started appearing in the news.
In both cases, middle-of-the-roaders were in the majority. Extreme types came up with much different outlooks.
Negative observers said self-driving vehicles would lead to an economic collapse because multitudes of drivers of trucks, taxis, buses and so on would lose their jobs.
At the other end of the spectrum, a smaller extreme felt driver-less vehicles would balloon human productivity and expand wealth around the world. After all, people could do valuable work in traffic, just as well as in an office, or use the time for a nap. They looked forward to a day when owning your own car would be a needless extravagance. When you needed a lift, you’d just summon a driver-less limo on your cellphone. A little further along, new homes will be available with or without garages or parking spots. Your self-driver will be able to valet itself to a community parking lot.
Looking a little further still, your car might be able to take itself out for maintenance, service, fuel, or any number of errands. Artificial Intelligence just might speed the arrival of these advances.
However, there’s an even wider opinion spectrum on Artificial Intelligence. Rather than a booming jobless rate, the negative side foresees Armageddon: humans versus machines.
It seems conflicts of interest are playing a role, along with honest differences of opinion, in disputes over Artificial Intelligence. This reminds me of the debate over Y2K.
The Y2K debate showed there is big money in alarmism. Some of the top Y2K promoters used Y2K fears to build a following and boost their incomes from writing, consulting or public speaking. Pessimists worried needlessly about Y2K and made a lot of money. I expect the same reaction to AI.
Mainstream opinion or Al Gore on steroids?
Ratings for cable news pioneer CNN have been slumping for a decade. Coincidentally, CNN.com recently published an essay entitled: “Experts are warning AI could lead to human extinction. Are we taking it seriously enough?”
The essay begins: “Think about it for a second … The erasure of the human race from planet Earth. That is what top industry leaders are frantically sounding the alarm about … potential dangers artificial intelligence poses to the very existence of civilization.”
It passes along a warning: “… hundreds of top AI scientists, researchers, and others … voiced deep concern for the future of humanity, signing a one-sentence (italics added) open letter to the public … mitigating the risk of extinction from AI should be a global priority alongside other societal-scale risks such as pandemics and nuclear war …”
You have to give them credit for leaving climate change off the list.
Read MarcAndreessen’s essay on AI
If you’re investing in AI and Artificial Intelligence fears keep you awake at night, I’d suggest a 7,000-word remedy by Marc Andreessen, entitled, “Why AI will save the world.”
In all I’ve read about AI, this is the best comment I’ve seen. It describes AI in plain English; explains how AI can expand human intelligence; how we have used human intelligence over millennia to create today’s world. It also speculates about the gains we may see in the new era of AI. Continue Reading…
In the quest for Financial Independence, digital products stand out as a versatile and scalable source of income.
We’ve gathered insights from nine business leaders, including entrepreneurs, creators, and coaches, to share their success stories.
From pivoting to evergreen design templates to automating market gap solutions with your platform, discover how these professionals have created and monetized digital products.
Pivot to Evergreen Design Templates
Monetize Niche Books via KDP
Break Down Consulting to Manageable Engagements
Sell Bulk Online Training Programs
Create a Recurring Revenue Product
Offer Personalized Digital Journals with Subscriptions
Gamify a Toolkit Subscription
Develop Financial Tools for Entrepreneurs
Automate a Market Gap Solution with Your Platform
Pivot to Evergreen Design Templates
After burning out as a done-for-you service provider, I pivoted my web design expertise into strategic website templates that I created once and sold over and over again! Then, as I learned more about marketing and selling digital products, I went on to teach others how to package up their knowledge, processes, and shortcuts into paid digital products too. These days, I sell digital products directly from my website using a mix of evergreen and live-launch strategies, which make up more than my old service provider income! — Michelle Pontvert, Digital Product Coach & Creator, Michelle Pontvert
Monetize Niche Books via KDP
I’ve built a sustainable revenue stream by creating books through Amazon’s Kindle Direct Publishing (KDP) platform. Each book was tailored to the niche topics of my blogs, offering specific, useful insights to my audience.
As my blogs grew to over 50,000 monthly sessions, I strategically promoted these books within relevant articles, reaching readers already interested in the subject matter. This alignment between my content and products not only increased book sales but also played a key role in supporting my financial independence. — Alexander Weber, Founder, Axlek
Break Down Consulting to Manageable Engagements
We monetized our consulting services by quickly breaking them down into bite-sized, manageable engagements. This strategy helped us generate over $1M in services on platforms like Fiverr Pro. These platforms allow you to build a network and trust in a marketplace while continually testing new offerings.
The key is to take what you know, package it, and start selling. Start small and gradually add layers. The freemium model works well if you can convert digital downloads into meaningful actions that lead to a relationship, sale, or partnership. Always keep the end goal in mind: growing sales and building long-term value. — Mike Zima, Chief Marketing Officer, Zima Media
Sell Bulk Online Training Programs
As part of my training and coaching business, I created an online training program for managers called Manager Boot Camp. It’s a 23-lesson course delivered over 8 weeks to managers of all levels. The key to this program and how it adds substantially to my financial independence is that it is sold in bulk to companies. Bulk sales bring a higher revenue per transaction. Manager Boot Camp is currently 55% of my annual revenue.
Additionally, most online courses have very little overhead and administration required to run them, which boosts their profitability. Manager Boot Camp and other mini-courses have set me up to head into retirement with a ‘passive’ income stream that doesn’t require my time in person to train or coach clients. — Cecilia Gorman, Management Training Consultant, Manager Boot Camp
Create a Recurring Revenue Product
As the founder of Rocket Alumni Solutions, I’ve created digital products to build revenue and support my financial independence. Within our first year, we launched an interactive touchscreen wall of fame that provides schools and athletic organizations a modern way to recognize student achievement. The software generates over $2M in annual recurring revenue through 500+ subscribers.
To gain our initial set of clients, I spent 6 months cold-calling schools to understand their challenges in alumni engagement and student recognition. This research led to building a touchscreen solution to digitize their awards display. We started by offering free on-site consultations where I would showcase a custom demo and propose three package options at $3,000, $10,000, or $25,000 per year based on the school’s needs. Nearly every consultation resulted in a multi-year contract.
Once we had 50 schools signed up, I hired developers to build a scalable SaaS product. We now charge $5,000 to $50,000 per year, depending on the number of touchscreens and features. This shift to a subscription model has created a recurring revenue stream and high profit margins. The key was identifying a need, developing a solution, proving its value, then scaling through a tech-enabled product. My next venture will follow a similar strategy of leveraging digital tools to solve challenges and build passive income. — Chase McKee, Founder & CEO, Rocket Alumni Solutions
Offer Personalized Digital Journals with Subscriptions
When I was transitioning to financial independence, I turned my passion for storytelling into a profitable venture. I started by creating a series of themed digital journals designed to help people track their personal goals and creative ideas. Instead of going the usual route, I integrated interactive features that allowed users to customize their journaling experience based on their interests, from travel to fitness.
To monetize these journals, I adopted a subscription model where users paid a small monthly fee for access to new templates and features. I also offered premium packages that included personalized coaching and exclusive content. Continue Reading…
Over the last few years, discussions around personal finance have been louder – and more confusing – than ever.
Market volatility, rising interest rates, the high cost of living and global unrest have dominated headlines and made life increasingly complicated for most Canadians.
Today (October 9) is World Financial Planning Day, a time to dim the noise and focus on the basics: a financial plan, what it is and how it can help you feel financially prepared for your future. More importantly, it’s an occasion to recognize that working with a financial advisor on a personal plan has many benefits, including greater financial confidence and a higher quality of life.
A financial plan is not just an investment plan: in fact, it’s much more. An investment portfolio is certainly a component of a financial plan, but your investments don’t provide a clear direction for any life plans in the coming years. Your investments can indicate financial returns, but their value is not guaranteed at any point in time and investments alone cannot prepare you for the future.
A financial plan is a goals-based document that provides a road map for what you would like to achieve in the short- and long-term. The goals are not necessarily financial, but they need monetary support (like investment income) to be reached.
Goals within your financial plan may include:
When you want to retire, and the lifestyle you want in your golden years.
Affording major expenditures, including a home, vacations or post-secondary education for dependents.
Preparedness for untimely events, such as premature death, disability or critical illness.
Plans for your estate and the legacy you’d like to leave for your family and charities.
These goals are personal and involve answers to questions that address significant, and sometimes difficult, situations. It can be challenging to determine these responses on your own, so working with a financial planner can help you answer these questions, define your goals and create a strategy to achieve them. Your financial planner will get to know you on a personal level. Then, based on your aspirations, project what needs to happen and create a financial plan for your future. Continue Reading…
Posted By 
Posted By 
