6 Ways to Earn Money Through Passive Income

Posted on September 20, 2020September 19, 2020 by Jennifer Brazer

Most responsible adults earn money through active income, which is income for services that have been performed. Active income includes salaries, wages, commissions, and tips. It also includes earnings from a business that you own and operate.

Passive income is earning money through sources in which the earner is not actively involved. This includes dividends, royalties, interest, and rental income. Passive income is a rewarding way to earn money because your money is doing all the work while reaping the benefits. Here are six ways to earn money through passive income.

Real Estate Investment

There is more than one way to earn money through real estate investments. You can purchase a property then rent it out. Once expenses are paid, such as a mortgage, taxes, and maintenance, the rest of the money earned is passive income.

Another way to earn money is through crowdfunded real estate. This type of real estate investment offers investors less money to purchase real estate as the buy-in amount ranges from $500 to $5,000. Most crowdfunded real estate options don’t allow you to choose where to invest, nor is it easily liquidated. But it is still a great option to earn money through passive income.

Dividend-Paying Stocks

Buying stocks is not a new concept when it comes to earning money through passive income. Dividend-paying stocks generally pay out dividends quarterly. Most smart investors take dividends and reinvest them. But if you are looking at it as a passive income source, you can use the money you earn to pay bills or save towards long term goals.

Peer-to-Peer Lending

Another great way to earn a passive income is through peer-to-peer lending by becoming a part of a lending club. You earn money receiving returns on interest. There is some risk though minimal, due to the possibility of the lendee defaulting on the loan. The risk is far less in lending clubs than if you directly lent money to a loved one.

High-Yield Savings

There are several types of savings accounts but opening a high-yield savings account immediately starts earning you money on dividends, earning you passive income. Similar to dividend-paying stocks, some high-yield savings account will earn you a usable income, quarterly. Check with a financial advisor to find the best high-yield savings options that will earn you the most passive income.

Royalty Earning Creations

There are multiple creative ways to earn a passive income after you complete the initial work. Writing an ebook is one way to earn money on a passive income. You can also earn royalties by selling your photos on stock photo sites. And yet another way to earn a passive income through creativity is to produce an online course. Once you do the initial work, the income from that point forward will be passive.

Use What You Have

There are several ways you can earn a passive income using what you have. You can use your car to earn money while you drive by using it to advertise. You get a percentage of the income that comes in from your efforts. You can also earn money by renting out an extra room in your home. Yet another way to earn is by shopping. Some apps offer cash for shopping in certain stores or for specific products.

Conclusion

A passive income is a great way to increase your income streams or replace your main source of income. There are many other ways to earn a passive income. The main thing to remember is you may have to put in some initial work to earn money, but the payoff will be worth it.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Boost Your Financial Health Mindset

Posted on September 20, 2020April 22, 2025 by Jennifer Brazer

Many adults, though they may try, are in poor financial health. This is due to high debt and lack of savings and financial planning. Most would likely cite money as a significant source of stress though the principals to reach financial health are simple, don’t live beyond your means, and have some savings for the future. While this does sound easy, it proves difficult for one simple reason; financial psychology.

People fail to realize that when they get to a place of complete financial breakdown and sleep-depriving stress, money problems have as much to do with the mind as it does money management skills. You can talk yourself into and out of financial health issues by merely having the wrong mentality. Here are five mentally focused steps to psych yourself up to better financial health.

Identify Three Financial Goals

Identifying a specific number of goals helps you figure out what is most important to you. Keeping it limited makes the goals more easily attained then having several financial goals that are waiting to be reached all at once.

Name Your Financial Goals

This step is going to seem silly, but in reality, it is a highly effective technique. Instead of calling a goal “retirement” call it something more exciting like “Golden Years Goals.” This simple mental trick will help keep your goals in focus.

Time-stamp Your Goals

Once you have named your financial goals, it’s time to give them a deadline. This time-stamp can be a specific date, or simply a month or a year. What’s important to remember is that by setting the time-stamp or deadline, you will not leave the goals lingering unreached because you have an achievement goal.

Picture Your Financial Goals

Visualizing has been a form of mental goal setting used successfully for years. There are many ways you can bring out visualization, and you should do the method that is right for you and proves the most successful. Here are some methods of visualization that work.

Picture yourself succeeding
If you see yourself with the things you hope to accomplish by saving towards your future, you will more likely complete it in reality
Create a vision board when most people think of a vision board; they see something arts and craftsy. In some ways, it is, but this gets you creatively involved in your goals. It doesn’t have to be a board; it could be a vision wall or whiteboard. It just needs to be interactive.
Meditate or pray towards success

Meditating or praying towards your goals connects you spiritually to your vision, which adds to the visualization and success.

Daily affirmations

These affirmations are a way of verbally claiming these goals until they are obtained in reality.

Mental rehearsal

Mental rehearsal is something athletes have used towards winning. Mental rehearsal is going into your mind and seeing yourself making the plays or taking the steps and seeing the winning outcome.

Automate to Success

Now that you have set the goals, it’s time to automate them to success. One of the best ways to trick ourselves mentally when it comes to financial health is the theory that if money is allocated to savings automatically, we get used to the lower amount of spendable income, and we “don’t miss it.” We already take part in the automation when taxes are withheld, and what we receive in our paycheck is the net income after the IRS and social security take their allotment out. Using automation for savings lowers the net income more and puts the money withheld into one or various accounts set up for savings.

Conclusion

Financial psychology is directly related to financial health, so your mind is as essential as learning money management skills. If you use these simple steps, you will say goodbye to the stress money issues have been causing you for years.

The Biggest Mistakes Small Business Owners Make and How to Avoid Them

Posted on September 19, 2020September 18, 2020 by Jennifer Brazer

When starting a small business and even in later phases of operations, there are mistakes you want to avoid to have a successful business. Knowing what the typical mistakes are for small businesses and how to avoid them will spell profits and success. Here are the common mistakes made by small business owners and some ideas on how to prevent them.

No Business Plan

A business plan is a must for every small business before start-up, and every year the business operates. A business plan pinpoints the company’s mission statement, which is the foundation for the rest of the plan. Planning also lays out financial needs, marketing plans, supplies and equipment, projections, and summarizes. These plans are essential for the business owner and potential investors or lenders.

No Market Research

No amount of market research will be too much. The more you know about the market, the more chances of success at both start-up and throughout the business. Market research is essential for pinpointing your target customer. This should be done every few years to ensure there is no shift in your target demographic unless what you sell is specific to the same demographic.

Building the Wrong Team

A small business’s success often depends heavily on the supporting staff as it does on the owner. When hiring staff, you must make choices that will work well within the business dynamic and other staff members. It is also vital that the team members have skills to serve your business best and fill the various positions needed for your business type.

No Website

In today’s heavily digital world, not having a website for your small business can be a fatal mistake. Every business needs to be searchable by people who don’t know about your business but may search that will lead them to you. Most small business owners don’t have a site because they think the cost will be too much. However, having a website designed is not as expensive as you think, and there are even sites that you can build your own site for little to no money. However, you make it happen; getting a business website operational from the beginning is crucial.

Lack of Financing

Many small business owners fail to get the proper financing in place before opening. This lack of financing can cause problems that become insurmountable quickly and sink the business. The way to avoid these points back to the business plan. A financial overview of your business can let you know how much financing you need and when to obtain it.

Underpricing Your Products or Services

Some small business owners have difficulty coming up with prices for products and services. The greatest fear is that people will not bring the business to you if it’s priced too high. To deal with this issue, first, do research and set a price comparable to the market. Another rule of thumb to follow is to figure out what the bare minimum is you need to make to pay bills and staff and do what needs to be done in the business and set your prices to match this need.

Failing to Invest in Marketing

In today’s digital world, marketing is not as expensive as it used to be. In many cases, marketing is free when using social media platforms to market. If you have the solid foundation of a business plan, marketing, and its costs are built into the plan, there would be no surprises regarding planning and costs.

Ignoring Accounting and Bookkeeping

There are a lot of reasons accounting and bookkeeping needs focus. The main reason you need to focus on accounting and bookkeeping is always to be aware of your business’s financial health. Whether you use a professional (recommended) or use a bookkeeping or accounting software and do it yourself, it is essential to take control of your business’s accounting and bookkeeping.

Conclusion

Starting and running a successful small business is not for the faint of heart. It requires dedication and intelligence. These are common mistakes new or small business owners make. If you know what they are and have a plan, you can avoid these mistakes for your business’s lifespan.

A Bakery Customers Will Love!

Posted on September 19, 2020April 7, 2024 by Jennifer Brazer

Bakeries are one of the most popular food service establishments and are generally started by entrepreneurs with a passion for baking. The person who chooses to own and operate one is typically someone who started in their own kitchen and then turned their love for baking into a business. While this passion will serve you well in the industry, you will need to focus on some key areas to have a bakery that customers will love and support.

Atmosphere

A bakery is very similar to a coffee shop in the customers it attracts. Focusing on the decor and seating in your bakery can be a charming way to woo customers to try your fare. The baked goods will do all the work on the aroma, but before customers open the door to be met with the wonderful smells, what they see through the window should already set their imagination to work. Choose cheerful, warm decor that visually represents you as a baker but also keeps comfort in mind.

Location

Every storefront business chants the mantra, location, location, location, but the bakery owner needs to focus on this to be successful. A bakery needs to be in a location that will attract customers who may not have been looking for a bakery. Most successful bakeries rely on new customers as much as returning customers. Locating your bakery among other shops or in an area with a lot of daily foot traffic will boost new customers’ attraction. Even if you have to spend more on a lease for the perfect bakery location, it will pay off later in profits, offsetting the extra expense. Never underestimate the power of location to be a large draw to your bakery.

Products

Bakeries or coffee shops that offer baked goods are a dime a dozen (pun a little intended), so your bakery needs to stand out with its baked goods. It is important to balance having traditional favorites available while offering unique flavors and items customers can’t get anywhere else. Owning and operating a bakery is typically born from a passion for baking and creating. After you open your doors, creativity should grow and constantly be tapped to keep customers returning to see what you come up with next. Offering samples is also inexpensive, allowing customers to decide by the dozens.

Marketing

While every business, no matter the type, requires some level of marketing, the bakery has unique needs and advantages when it comes to marketing strategies. Baked goods are eye-catchers, and using social media and a website are inexpensive ways to market with excellent results. You can do this by merely posting eye-popping pictures of your goods. Also, tap into community events where you can feature your baked goods, even for free, to entice people to visit your bakery.

Online Presence

Bakeries are not just unique in the food service industry because their fare is all about baking. Bakeries have goods that can often be shipped, which opens up a market outside your locality. Don’t be afraid to explore the possibility of offering some of your goods for online ordering and shipping. Just be sure you are ready to add staff as needed to handle the volume if you’re a hit!

Conclusion

If you love baking, owning and operating a bakery is a dream come true. The aroma of freshly baked goods wafting through the air and the satisfaction of seeing customers enjoy your creations can be an incredibly fulfilling and rewarding experience. To ensure the success of your bakery, it’s essential to focus on critical areas such as quality ingredients, exceptional customer service, an inviting atmosphere, and innovative marketing strategies. By prioritizing these elements, you can create a warm and welcoming environment that customers will love to revisit time and time.

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

How to Have a Positive Company Corporate Culture

Posted on September 19, 2020January 11, 2022 by Jennifer Brazer

A positive corporate culture is essential to the success of any company, large or small. While there are many factors in creating an excellent corporate culture, some elements are consistently found in all companies with a positive corporate culture. To ensure your company has a positive corporate culture, there are four key components on which to focus.

Vision

A positive corporate culture is first built on the company’s vision. The vision is laid out in a company’s mission statement. This statement will lay out the company’s goals and should be on the mind of every employee from CEO to receptionist. If every employee knows the company’s mission, it will promote confidence and understanding of what the overall goals are to help guide individual goals. This will be something you need to ensure is instilled in your employees through evaluations and conversations. The top of the pyramid of importance is the vision of the company so that everyone is striving towards the mission of the company every day.

Values

A company’s values are the core of its culture. While a vision is a company’s mission, values are guidelines on the mindset and behaviors necessary to achieve company goals. Values communicate to everyone in the company how it treats employees and co-workers, serves clients, and upholds professional standards. The company’s values are based not only on the vision but also on the authenticity of the values presented. The values of a company can differ from the values of the individuals within the company. While you would encourage each person to be themselves, you need to make it clear that within the corporate culture of your company, while at work, everyone is expected to uphold the company values.

Practices

Company practices are how vision and values are put into use. If your company has a compelling vision statement and clearly defined values, if there is no action behind them, the corporate culture will be negative and cause a company to suffer or possibly fail. Whatever the vision and values are, they should be reflected in the policies and operations of the company. Vision and values mean nothing if they are not expressed through action set forth through company expectations of each position and the person holding it.

People

No company can have a positive corporate culture without people sharing the vision and values. The shared vision and values should be part of the recruiting and hiring process. To ensure the company’s corporate culture is positive, all new or seasoned employees must be on board with the core vision and values. Having this be part of the recruitment and hiring process helps with retention and reduces issues that can negatively impact the corporate culture. People stick with corporate cultures they like, and bringing on the right “culture carriers” through recruitment reinforces the culture a company already has. This attention to staffing will pay off when it comes to the company continuing to succeed through the vision and values it practices. And having such a positive corporate culture will promote productivity and high employee retention rates.

Conclusion

Of course, there are other factors that can influence a positive corporate culture. But these components provide a firm foundation for shaping a positive company corporate culture. A positive corporate culture promotes the retention of like-minded employees and has a strong impact on productivity, attendance, and promotion from within the company. Making sure every employee fits into the corporate culture by sharing the vision and the values and putting them into practice will guarantee overall company success.

Painless Ways to Save Money

Posted on September 18, 2020September 18, 2020 by Jennifer Brazer

Saving money is something every responsible adult wants to do but often fails to do. It’s not that it’s incredibly challenging, but it does take some work to do it. Saving money is not something that comes naturally to most people. It is the opposite; what seems to come naturally is spending and often outside their means.

Even micro-savings can add up over time. Some savings are even from sources that essentially are giving you free money. Here are some painless ways to save money that should add up to a more significant savings account.

Painless Ways to Save Money:

The Internet is filled with many online rebate sites such as MrRebates and Ebates offering money-back rebates and online coupons.
Signing up for customer rewards is another great way to save money. Many stores offer client rewards on many products the customer is already buying.
Switching from ordinary bulbs to compact, bright bulbs will go easy on electricity and eventually save money.
Buy a programmable thermostat to power cooling and heat when nobody is at home.
Buying coffee from a shop is costly. Making coffee at home is easy and saves a lot of money.
Use clipped coupons to save that extra money on groceries and household products.
Pack and bring homemade lunches to work instead of going to a restaurant.
Eat at home more often can help save money and is a healthier option.
Avoid buying name brands instead of buying store brands, as most of these generic brands are just as good as name brands and are much cheaper.
Start drinking tap water by filtering it instead of buying bottles.
Avoid buying items from vending machines; they are usually over-priced.
Daytime movie showtimes are cheaper than night showtimes.
Cancel extra cable/satellite channels that nobody watches.
Using online automatic payment systems saves money, as many companies offer discounts for automatic payments.
Buy daily use items in bulk as bulk pricing is significantly cheaper.
Get a library card instead of buying books; it is free in most cities.
Cancel all the newspaper or magazine subscriptions that you do not read, use the Internet to get news or information.
Checking the air pressure in your tires while keeping up proper automobile maintenance will result in better fuel mileage.
Make a habit of buying used items, whether small like a video game or big such furniture or a car. Buying useful conditioned used items will save a lot of money compared to buying new ones.
Avoid going off the grocery list. Make a list of the household items before going shopping and stick to that list at all costs.
Never be afraid to ask for a discount. Ask for discounted prices and bargains when shopping.
The Internet is filled with instructions on how to fix or refurbish almost anything. Try fixing old stuff instead of buying new ones.
Many legit online sources allow a user to swap and trade used books, music, and movies with other online users.
Compare prices before buying items such as clothes and accessories.
Seek out free items; they can be for your use or to resale for pure profit.
Buy items used and refurbish, repurpose, or resale.

Budget and Financial Goals

Once you have built some habits and found some ways to save money, you should consider keeping a budget that includes your financial goals. Most people are barely getting by living paycheck to paycheck with no savings or financial goals. This is the time to set goals such as:

Purchasing a home
Purchasing a car
Getting married
Taking vacations
Emergency funds
Retirement
And more…

Conclusion

Everyone hears about spending habits, but now you need to focus on savings habits. Until you stop spending beyond your means or ignoring your savings account, you can never expect to be financially free or reaching your financial goals.

The Pros and Cons of Hiring Temporary Employees

Posted on September 18, 2020September 18, 2020 by Jennifer Brazer

Temporary employees have been around since the “Kelly Girls” of the 1930s. These employees can be a lifesaver for a business, and it helps the temporary employee gain skills or get their foot in the door for permanent positions. Temporary employees can be used for many different reasons, from a company needing someone with a special skill set for a project to filling in for someone who is out for an extended period.

Temporary employees carry with them positives and drawbacks. Here are some pros and cons of hiring a temporary employee to help you decide if it’s right for you and your company.

Pros of Temporary Employees

Immediate Availability

This pro is a good one. Because temp agencies have multiple employees on hand who have already been tested, interviewed, and vested, if you need someone last minute, they can often come as soon as the same day or first thing the next day. The agency will also make sure you get a temporary employee with the skillset for the job to be fairly painless to get them up to speed on the position and work to be done.

No Wasted Hours

Since temporary employees are generally hired for a specific project or length of time, the completion hours are often pre-set. The temp agency negotiates the hours, payment, and length of the job, so there are no surprises for the employer, employee, or agency. This negotiation ensures there are not wasted hours, and any extra time has to be negotiated.

Effective Trial Periods

If the position filled by the temporary employee is a permanent opening, the time they spend working the position could be considered a trial period. This period will eliminate the need to post the job, pull resumes, and conduct interviews to fill the position and save time and money. The employee may also be right for other positions for permanent hire if their position is not one.

Specialized Skillsets

When you have a company, especially a small business, you may not have employees to cover a specific skill set you need for a project or a temporary period. Contacting a temp agency to find an employee with the specialized skills you need can be a quick solution to the need.

High Productivity

Though many may think that a temporary employee would be less productive, the opposite is true. Temporary employees are fresh, motivated to impress, and many times eager to earn a permanent position.

Cons of Temporary Employees

Training Requirements

In many cases, the temporary employee’s skills will be enough to step into a position and take over without skipping a beat. However, if the position requires training, this can be a frustration in hiring a temporary employee. Training takes time and resources, and for someone that will be there a short period, it can feel like a waste. Training can be especially frustrating if you have to fill multiple positions within your company that require training.

Safety Issues

Because temporary employees generally don’t benefit from orientation and other permanent employee familiarity measures, temps are at more risk of on-the-job accidents. The solution is to ensure there are enough training or safety instructions to keep the temporary employee safe while on site.

Lack of Teamwork

Temporary employees often don’t have the time to forge relationships with co-workers that cultivates teamwork. In some cases, permanent employees can even feel threatened by the hard-working temp, and the treatment of that employee can be less than ideal. This kind of difficulty is not always the case but can happen depending on your company’s work dynamic.

Conclusion

Temporary employees can be a significant asset to a company who needs extra help on a project, has a temporary position to cover, or requires special skills they don’t have within the company. While there are some drawbacks, the benefits of using a temporary employee surpass them. Who knows, you may even end up with a new, valuable employee that has already shown their abilities and assets.

How to Save in your 40’s

Posted on September 18, 2020January 9, 2022 by Jennifer Brazer

Every responsible adult would agree that savings are essential at any age, but most middle to lower-income earners have little to no savings by the time they reach forty. If you put it off or life had you living paycheck to paycheck and staring forty in the face, it’s not too late to start saving. Below are some tips to help you save money for retirement, emergencies, and other life goals.

Investments

When people hear the word savings, they generally think of taking a set percentage of their paycheck and putting it directly into a savings account. While this is a good idea in the respect that you are working to save money, bank savings accounts are not the way to save towards big goals.

Savings accounts are often low interest and are closer to putting your savings under your mattress or in the cookie jar. Instead, consult a professional financial planner and find ways to invest money to gain you more interest and grow your money more quickly. These investments could be through mutual funds, investment savings plans, investing in stocks, or buying properties or items that appreciate over the length of ownership. The essential thing to remember about investments is that you should research options and understand the risks and rewards.

Multiple Streams of Income

Besides investments that increase your existing income, another way to save towards your goal of three times your annual income by age forty is through additional income streams. In today’s world, the side hustle is typical as people make ends meet or work towards savings or other life goals financially. These side hustles could include driving for Uber or Lyft, or Postmates, etc. Like investments, additional streams of income should be well researched. Some options require little of your time and virtually no interference with your main job paying the bills.

Retirement Savings Plans

Many companies offer a retirement savings plan. This savings plan is a fund that the employee will contribute to from each paycheck. In most cases, the companies that provide retirement savings plans will also have offers to match a certain percentage of what the employee is investing in. While retirement savings plans are a great way to save money that has you seldom missing the money put into them, there are also some drawbacks to this type of savings. There are often penalties on early withdrawals of the money. Even because most of these savings plans are not taxed at the time of savings, you will owe a tax percentage on the savings when you withdraw the funds. Many retirement savings plans are also attached to mutual funds to increase them and are vulnerable to market fluctuations. When the economy is in a downturn or recession at retirement or the time of withdrawal, your money will not hold as much value.

Conclusion

Though leaving your thirties behind and facing the fabulous forties seems daunting, when it comes to savings, it’s easier than you think. Investments, multiple streams of income, and retirement savings plans are three reliable ways to save money for emergencies, big purchase items, and retirement. Most people decide that if they didn’t start saving earlier, they are too late to start in their 40’s, which is not factual. Any age can start saving if they have not and decide to put some money aside. Be prepared to be more aggressive to save what you need for the things important to you, but if you follow these ideas, you will be saving in your forties in no time.

Proven Ways to Save & Invest Money

Posted on September 17, 2020August 23, 2025 by Jennifer Brazer

Master Smart Strategies to Save and Invest Money Wisely

Save and invest money effectively by prioritizing emergency funds, automating contributions, diversifying investments, and maximizing tax-advantaged accounts to build lasting wealth.

Here’s the reality that keeps me up at night: 59% of Americans can’t cover a $1,000 emergency expense without going into debt. After two decades as CEO of Complete Controller, I’ve watched countless entrepreneurs and professionals struggle with the same challenge—knowing they should save and invest but lacking a clear roadmap to make it happen. The good news? I’ve also witnessed remarkable transformations when clients implement the right strategies. In this guide, you’ll discover the exact methods that helped our clients build emergency funds, create multiple income streams, and achieve financial security through systematic saving and strategic investing.

What does it mean to save and invest money wisely?

Saving and investing money wisely means balancing immediate financial security through emergency funds with long-term wealth growth through strategic investments
Smart savers prioritize building emergency funds of 3-6 months’ expenses before pursuing higher-risk investment opportunities
Wise investors automate contributions, diversify across asset classes, and maximize tax-advantaged accounts to compound growth
The combination accelerates financial goal achievement by providing stability while capturing market returns that outpace inflation
Success requires understanding when to prioritize saving versus investing based on individual financial circumstances and debt levels

Building Your Financial Foundation Through Strategic Saving

Creating wealth starts with establishing unshakeable financial stability through disciplined saving practices. The foundation of any successful wealth-building strategy rests on having adequate emergency reserves that protect your investments during life’s inevitable challenges.

Your emergency fund serves as the cornerstone of financial security, preventing you from derailing investment progress when unexpected expenses arise. Financial data shows only 46% of Americans maintain sufficient emergency savings to cover three months of expenses—a sobering statistic that highlights why this foundation matters. Start with an initial $1,000 emergency fund to gain immediate peace of mind, then systematically build toward three to six months of living expenses in a high-yield savings account.

Smart saving techniques that actually work

Automation transforms good intentions into consistent wealth-building habits. Set up automatic transfers from your checking account to designated savings accounts immediately after each paycheck deposit. This “pay yourself first” approach makes saving non-negotiable rather than optional.

High-yield savings accounts offer the perfect balance of accessibility and growth for emergency funds. Current rates provide returns significantly above traditional savings accounts while maintaining FDIC insurance protection up to $250,000. Consider these proven strategies:

Schedule automatic transfers for the day after payday
Open separate savings accounts for different goals
Use online banks offering competitive yields without monthly fees
Review and increase contribution amounts quarterly
Track progress visually with savings thermometers or apps

Mastering Investment Fundamentals for Long-Term Wealth Growth

Investment success comes from understanding core principles rather than chasing hot tips or timing markets. The relationship between risk and return drives every investment decision—higher potential returns require accepting greater volatility.

Conservative investments like government bonds and CDs provide stability but may struggle against inflation over time. Growth-oriented investments such as stocks offer superior long-term returns but demand emotional discipline during market downturns. The key lies in finding your personal balance based on time horizon and risk tolerance.

Essential investment vehicles every wise investor should understand

Index funds and ETFs represent ideal starting points for new investors, providing instant diversification across hundreds or thousands of securities. These passively managed funds track market indices while charging minimal fees—often below 0.10% annually—allowing more returns to compound in your account.

Dividend-paying stocks create passive income streams while offering growth potential. Companies with 25+ year histories of increasing dividends (Dividend Aristocrats) demonstrate business stability and shareholder commitment. Consider these investment categories:

Index Funds: Broad market exposure with minimal fees
Dividend Stocks: Regular income plus appreciation potential
Bond Funds: Stability and predictable returns
REITs: Real estate exposure without property management
Target-Date Funds: Automatic rebalancing as you age

Tax-Advantaged Strategies That Accelerate Wealth Building

Smart tax planning dramatically accelerates wealth accumulation by reducing or eliminating investment taxes. Understanding available tax-advantaged accounts helps keep more money working toward your goals.

Employer 401(k) plans offering matching contributions provide immediate returns—often 50% to 100% on your investment. Research shows plans with automatic enrollment achieve 94% participation rates versus just 64% for voluntary programs. Always contribute enough to capture full matching before exploring other investment options.

Advanced tax optimization techniques for high earners

Traditional and Roth IRAs offer different tax advantages depending on your situation. Traditional IRAs provide immediate tax deductions while Roth IRAs generate tax-free retirement income. The annual contribution limit of $6,500 (or $7,500 if 50+) applies across all IRA accounts.

Health Savings Accounts function as triple tax-advantaged vehicles:

Tax-deductible contributions
Tax-free growth
Tax-free withdrawals for medical expenses

After age 65, HSAs allow penalty-free withdrawals for any purpose, making them powerful retirement planning tools beyond healthcare needs.

Creating Your Personalized Investment Portfolio Strategy

Successful portfolios balance growth potential with downside protection through strategic asset allocation. Research indicates allocation decisions account for approximately 90% of portfolio performance variations over time.

Younger investors benefit from higher stock allocations given longer recovery periods for market downturns. Those approaching retirement shift toward bonds and conservative investments providing stability and income. A common formula suggests holding your age in bonds—a 30-year-old might maintain 30% bonds and 70% stocks.

Implementation strategies for different life stages

First 30 Days: Establish emergency fund automation, research investment options matching your risk profile, open necessary accounts, and begin tracking expenses to identify additional saving opportunities.
Days 31-60: Fund investment accounts, set up automatic contributions, implement employer 401(k) participation, and establish initial asset allocation based on age and goals.
Days 61-90: Monitor progress, adjust contribution amounts based on budget analysis, implement rebalancing strategy, and schedule quarterly review sessions.

Portfolio rebalancing maintains intended risk levels as market movements shift allocations. Set calendar reminders for quarterly reviews or use threshold triggers when allocations drift 5% from targets.

Avoiding Critical Money Management Mistakes That Derail Success

High-interest debt represents the greatest obstacle to wealth building. Credit card rates averaging 20%+ make debt elimination priority one for balances above emergency fund minimums. Mathematical reality: guaranteed 20% savings from debt reduction beats uncertain investment returns.

Only 50% of U.S. adults demonstrate basic financial literacy—a concerning statistic given respondents rate themselves 5.1 out of 7 for financial knowledge. This overconfidence leads to costly mistakes including:

Investing while carrying high-interest debt
Abandoning strategies during market volatility
Chasing last year’s top performers
Neglecting employer matching contributions
Allowing lifestyle inflation to consume raises

Learning from real success stories

Corey Forsythe achieved Coast FIRE status by age 35, accumulating over $2 million through disciplined saving and investing. His strategy: living on $3,000 monthly while investing $42,000-$50,000 annually. His portfolio allocation included 70% index funds, 20% individual stocks, and 10% cash reserves.

UPS implemented workplace emergency savings programs, resulting in $10 million of new employee savings within one year. Participants who built emergency funds proved twice as likely to increase retirement contributions—demonstrating how financial foundations enable greater investment success.

Building Passive Income Streams for Financial Freedom

Multiple income streams provide security and accelerate financial independence. Passive income strategies require initial effort or capital but generate ongoing returns with minimal active management.

Dividend investing offers accessible passive income through regular distributions from profitable companies. Building diversified dividend portfolios across sectors reduces individual company risk while creating a predictable cash flow. REITs provide commercial real estate exposure without direct property ownership, typically yielding 3-6% annually.

Advanced passive income strategies

Bond laddering creates predictable income through staggered maturity dates. Purchase bonds or CDs maturing at regular intervals—perhaps quarterly or annually—providing consistent principal returns for reinvestment or expenses.

Consider these passive income approaches ranked by accessibility:

High-yield savings: Immediate access, lowest returns
Dividend stocks/funds: Moderate effort, growing income
Bond ladders: Predictable income, interest rate protection
REITs: Real estate exposure, higher yields
Peer-to-peer lending: Higher risk, potentially higher returns

Final Thoughts

Building wealth through strategic saving and investing requires patience, discipline, and systematic execution. The most successful individuals automate good habits, maintain emergency reserves, and invest consistently regardless of market conditions.

After guiding hundreds of business owners through their financial journeys, I’ve learned that complexity isn’t the answer—consistency is. Start today by automating your first emergency fund contribution. Take control of your financial future by implementing these proven strategies, and when you’re ready for personalized guidance, visit Complete Controller to discover how our expert team can accelerate your wealth-building journey.

Frequently Asked Questions About Saving and Investing Money

How much should I save versus invest each month?

Build a $1,000 emergency fund first, then aim for 15-20% of income split between savings (until reaching 3-6 months’ expenses) and long-term investments.

Should I pay off debt before investing?

Eliminate high-interest debt above 8-10% before investing beyond the employer match, while maintaining at least $1,000 in emergency savings.

What’s the best investment for beginners?

Low-cost index funds and ETFs provide instant diversification with minimal fees, making them ideal first investments for building wealth.

When should I start investing for retirement?

Start immediately, even with small amounts—compound interest rewards time over timing, and early contributions grow exponentially.

How do I know if I’m saving and investing enough?

Track progress toward specific goals, maintain 3-6 months of emergency expenses, and target total savings/investment rates of 15-20% minimum.

Sources

Bankrate. (2025). “Annual Emergency Savings Report.” https://www.bankrate.com/banking/savings/emergency-savings-report/
Bankrate. (2025, June 6). “Historical CD Interest Rates 1984-2025.” https://www.bankrate.com/banking/cds/historical-cd-interest-rates/
Business Insider. (2025, June 14). “Coast FIRE Success Story: How a Millennial Saved $2M for retirement by 35.” https://www.businessinsider.com/coast-fire-success-story/
CBS News. (2025, January 23). “Most Americans can’t afford a $1000 emergency expense.” https://www.cbsnews.com/news/emergency-expense-americans-savings/
Complete Controller. “Debt Elimination Success Story.” Client Case Study, 2023.
Fidelity Investments. (2024, April 25). “Passive Income Ideas.” Fidelity Learning Center. https://www.fidelity.com/learning-center/smart-money/passive-income-ideas
Investor.gov. (2025, July 1). “Build Wealth Over Time Through Saving and Investing.” https://www.investor.gov/introduction-investing/investing-basics/building-weather-over-time
IRS.gov. “Retirement Plans.” https://www.irs.gov/retirement-plans
Liberty Group LLC Blog. (2025, January 10). “Building Financial Habits That Stick: Long-Term Wealth Strategies for 2025.” https://libertygroupllc.com/blog/building-financial-habits-that-stick-long-term-wealth-strategies-for-2025/
NerdWallet. (2025, August 13). “Best Investments: Where to Invest in 2025.” https://www.nerdwallet.com/article/investing/the-best-investments-right-now
SecureSave. (2024, February 21). “The evolution of emergency savings accounts.” https://www.securesave.com/blog/evolution-emergency-savings-accounts
Vanguard. (2025). “How America Saves Report.” https://institutional.vanguard.com/how-america-saves/
World Economic Forum. (2024, April 24). “Half of US adults lack financial literacy, survey shows.” https://www.weforum.org/articles/us-financial-literacy/

About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.

Jennifer Brazer Founder/CEO

Jennifer is the author of From Cubicle to Cloud and Founder/CEO of Complete Controller, a pioneering financial services firm that helps entrepreneurs break free of traditional constraints and scale their businesses to new heights.

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What You Need to Start a Food Truck Business

Posted on September 17, 2020September 16, 2020 by Jennifer Brazer

A food truck business is unique in the culinary world. Gone are the days of the so-called “roach coach” that had prepackaged junk food and beverages. Food trucks have become gourmet food on wheels and, in some cases, are even considered fine dining. The advantages of owning a food truck business are that you have freedom in ways you could not if you had a storefront restaurant.

You can be open or closed at any time
You can change your location from day to day
You can be creative with the menu
The overhead is low
Marketing is simple

Here are the things you will need to do to start a food truck business.

Get Licensed

Getting a food truck license in some cities can be tricky so do your research before setting out to start this type of business. Find out what you need to get your license and what rules and regulations come with the license. Some cities only allow a certain amount of licenses per year and have restrictions on parking that come with getting the license.

Get a Truck

Once you are licensed, it is time to find and buy a truck. While food trucks can be expensive, there are ways to find ones that are used and customized for your business. If purchasing a truck is too costly, you could consider purchasing a cart, which is far less expensive, and earn your way to a larger food truck.

Create a Business Plan

Just like any other business, a food truck business must have a solid business plan. A food truck owner needs to research the cost of permits, equipment, raw materials, fuel, parking, and employee costs associated with running the business. It would be best if you also planned for financing and projections for various stages of the business. It would help if you also came up with a comprehensive marketing plan as your food truck business will require marketing to attract initial and future business.

Get Insured

Every business needs insurance, but there are some additional insurance requirements since a food truck is on wheels. When you get to this stage, be sure to talk to an agent to determine what insurance coverage you need. This will ensure that the agent designs coverage to cover you and your business well.

Find Parking

Though you can park and sell in some areas, other areas require a food truck to have a permit or special permission to park. In some cities, the food truck must have a permanent, leased parking space from which to work. As part of your research, before starting a food truck business, find out your area’s requirements.

Get on Social Media

The food truck business is not unique in delivering restaurant-quality food; it has built-in appeal for social media platforms. A strong social media presence will be essential in getting the word out about what you offer and let your followers know your location for the day. You can effectively use Facebook, Instagram, and Twitter to have daily interaction with customers.

Conclusion

Mobile food is not unique to this era; these types of food delivery vehicles have been around in one form or another for decades. But the food truck business has come a long way from the chuckwagons and roach coaches of years past. Today’s food truck is more high-end, and the quality of the food has improved. Starting and operating a food truck can be fulfilling and go off without a hitch if you take care of these needs.