Why I Started the Wallet Wit Blog
BY BRANDON VAGNER, CPA, Ph.D., & WALLET WIT FOUNDER
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There are MANY reasons why I kickstarted the Wallet Wit blog. I launched the blog in July 2018 and it’s going to be really exciting to see how much traction it can develop over the years and decades to come.
Really quickly, you should have a snapshot of my background if you don’t know it already….I had a very successful corporate career going in my early to mid 20’s. I was climbing that corporate ladder and well on my way to either being a Partner or CFO. I had just made manager at KPMG, which is one of the Big-4 accounting firms (massive company), when I decided to leave and pursue my Ph.D. in Business Administration with an emphasis in accounting. I successfully completed that Ph.D. program by age 31 and started working as a full time professor, which I absolutely love, but I also have online businesses that earn extra income.
While in that Ph.D. program I started earning some online income to help my wife and I out financially as we went through that tough time. Well, I fell in love with the idea of building passive income and businesses that can work for me as I sleep.
I absolutely LOVE developing income streams and strategizing our family budget. Those are two of my favorite things to do in addition to hitting the links and the gym.
Helping Others Reach Their Goals By Example
Keep in mind, there are two sides to this blog. There is the money management side of things and the building businesses side of things.
Money Management Inspiration
It’s one thing to make money, but it’s an entirely different skill set to manage money. Growing up, I had great role models all around me. For example, both sets of my grandparents managed money REALLY well. Now, that doesn’t mean they had tons of money. They just knew how to budget and manage what they did have.
I learned some incredible lessons from them, as well as my parents, that has influenced the way I manage money. I know not everybody has great influencers in their life. So, through this blog, I’ll pass that knowledge on that I learned from my role models in addition to all the personal finance experience my wife and I have had budgeting and managing our own money through our 20’s and into our 30’s. We definitely made mistakes that I don’t want you making.
Earning Extra Income Inspiration
I’ve always had a love for business. Not just researching it or teaching it in the classroom, but the nuts and bolts of actually doing it. When I say I love it, I really mean I love every aspect of it. So much so that I’m also a business advisor. I’m on the phone just about every week talking through business strategy with owner(s). It’s a blast for me, and I want to share my knowledge and tools online so people can build and create their own businesses. I want you having just as much fun as I’m having with business.
Yes, as a kid, I had a lawn mowing business as most entrepreneur spirits do, but by my late 20’s I was itching to have my own real business. Something that I had control of and was scalable. Something that could grow into a revenue generating powerhouse.
I had all the technical knowledge, but it was time I dove in and got to work on my own thing……Enter problem #1 that TONS of people face….I didn’t have loads of money to get me started and I certainly wasn’t going to borrow to start a business. Not a chance that was happening.
I knew I had to bootstrap something, and the best option I could come up with was an online business. The great thing about online business is that they are relatively cheap to start. With $200/mo you can have a lot of bells and whistles for your website and online venture, and you don’t even need to spend that much money if you start out really simple. You can easily have a blog going for under $50/mo. Learning how to start a blog is the best thing you can do.
Problem #2 I faced was that I had a lot of people doubting my ability to earn income online, but, lucky for me, I always thought for myself and made my own success happen. You want to talk about a lack of support, I have story after story on that. The only person I had supporting my moonlighting efforts was my wonderful wife.
After lots of hard work in a couple niches, I was able to generate really good revenue from my online efforts. No, we’re not talking crazy $100,000/mo figures. Maybe one day, but I can tell you how happy I was when I had my first $1,000 month of passive income. Wow! Was that exciting!
Really sit back and think about how much an extra $1,000 per month can do for you and any family. It’s huge! Don’t focus on all the noise you see on social media. $1,000 per month means you can save $12,000/year and go buy that reliable car you needed. $1,000 per month covers most people’s monthly mortgage. Can you imagine not having to pay your mortgage out of your 9-5 regular paycheck? $1,000/mo is life changing for most people.
Earning an extra $1,000 – $10,000 per month is possible and it is possible while working a job. As mentioned above, I love my job as a professor and I put all my energy into that during the day. That job comes first for me, and I’d imagine you have a job right now that you need to put time into. I get that.
Instead of watching TV at night though, I’m working on my businesses. Creating and building passive income streams is my hobby. Some guys take up wood working, others go to the local pub every night, I build businesses. It’s just what I like to do in my spare time.
Here is the thing though…..If I can build passive income streams in my spare time, then so can many other people. I hope to be that real life example for the people who think it’s impossible. It’s not impossible and I’m going to show you that through this blog.
My Passive Income Goals
My wife and I have financial goals for purposes of security and opportunity for our future children. I’m not building businesses to afford me the opportunity to go buy a super car or a million dollar mansion on the beach. For anybody who knows my wife and I, you know that’s just not us. The only jeans I own are $65 levi’s that I got on sale for $49, and I’ve driven the same car for over 10 years now.
My wife and I both just don’t see the need for an expensive life. I actually have been talking to my wife about living in a ‘tiny house’ even though we can afford a nice big new house.
All that said, I will tell you that I want to make a significant amount of passive income. Just because we want to live simply doesn’t mean I’m pumping the breaks on how much we earn. The more we make means the more my wife and I are able to give and help others. Once we reach a financial point where we feel comfortable, our giving will go through the roof.
To sum it up, securing our financial future and increasing our ability to give and help others is why I push so hard to build successful businesses.
You will be able to follow me on this journey as I’ll document all the ups and downs of my extra income progression each month. Through the monthly income reports, you’ll be able to see how long it takes me to make this Wallet Wit blog profitable and how I do it.
Inspired By the Household Debt Crisis
Another major inspiration for me is the ongoing debt crisis.
There is a crisis going on worldwide and especially in the United States. It’s the debt crisis and I don’t see it slowing down anytime soon. So many people live on credit cards and buy crap they don’t need. They don’t live on a budget and have no idea how to manage the money they have coming in.
I could literally keep typing on this topic for weeks, but I’ll save my in-depth debt discussions for future blog postings. Just know that my blog will help people who want to help themselves. I’ll give you the tools and knowledge to climb out of debt and stay out of debt.
I hope you enjoy the blog and all it has to offer. If you find it useful or are inspired by any of the topics, please remember to share it with your friends. They might get a lot out of it too.
Best of luck to you on your journey to earning extra income and learning how to manager your finances. If you want to start a blog like this one today, check out my article on how to start a blog. In that article are the exact steps I took to start this blog.