Sahel Tamayo - Sahel Rafael Tamayo

September 14, 2021January 26, 2022

Are Entrepreneurs Born or Made?

Since time immemorial, there has been countless of debates about nurture versus nature. The same thing goes for entrepreneurs. Is an entrepreneur born or made?

While there is no way to solve this long-standing argument right here and right now, there are a few things that you ought to know first so you can decide for yourself whether you can be born as an entrepreneur or made to become one.

What are Entrepreneurs?

Although definitions differ from one source to another, there is one important thing that stays constant in every source. That is, entrepreneurs are people who build and manage a business.

Based on this definition, another simple question may rise. Is it a birthright to start and manage a business? Or is this an act open to everyone who is willing to seize the opportunity and take the risk? Consider that the answer is more favorable of the latter, it might be safe to say that the opportunity to become an entrepreneur is open to everyone, which means that entrepreneurs are not born.

However, it is possible that the usual perception of entrepreneurs is not really the definition standard. Instead, it is something that makes you think of the image of a thriving and successful business. For this reason, it is important to look into the traits that make entrepreneurs achieve success in order to know the answer to the age-old question.

What Does It Take to Become a Successful Entrepreneur?

The defining traits and characteristics of triumphant entrepreneurs can also vary from one person to another just like all traits. However, if you consider the most common traits, you might notice a pattern soon.

With this pattern, it will become apparent that successful entrepreneurs do share several key traits and these include:

- Determination
- Interpersonal skills
- Discipline
- Vision
- Passion

If you take a closer look at these traits that make an entrepreneur successful, you can tell that these are not just common in people who had them since birth.

In fact, everyone has these traits at varying degrees. Having said this, it might be safe to assume that successful entrepreneurs are people who cultivated these traits to achieve their vision for success, something that anyone can do if they put their heart and mind to it.

This brings back the original question once again.

Is an Entrepreneur Born or Made?

At the end of the day, it might be safe to assume that the spirit or sense of entrepreneurialism isn’t something that a person has right upon birth. Instead, it is the product of training, determination, and some luck combined with a foresight of coming up with solutions that can make a person an entrepreneur.

So, it might be time to stop asking whether entrepreneurs are born or made. One thing is for sure here. The opportunity and chance of building a business around a certain idea and becoming successful on one’s own terms is something that is available to anyone who is willing to take that first step to achieve it.

August 16, 2021September 20, 2021

What Does Passive Income Mean?

Are you curious to know how you can earn some extra money on the side with minimal effort? Then, it is about time that you learn more about passive income.

Passive Income – What is It?

Passive income is an income source that can be achieved with minimal effort. Good examples of these passive income opportunities include stock market investments, rental property incomes, and affiliate marketing participation.

Most people who try the different avenues of passive income use these as secondary sources of income and still retain their primary income at the same time such as their hourly wage or salary.

Similar to other forms of income, passive income can also be taxable. But, depending on the specific passive activity, you will notice that there are some that have higher tax rates compared to others. For instance, interest income is being treated similarly to ordinary income as far as taxes are concerned. Capital gains and dividends, on the other hand, have a tax category of their own.

Passive Income vs. Active Income

Now, you know what a passive income is. This time, it is time to know what sets passive income apart from the two other forms of income namely portfolio income and active income.

Portfolio income is the form of income made from stock investments, capital gains, interest, and dividends. Portfolio income is often considered as one type of passive income.
Active income is basically the exact opposite of passive income since effort is required to maintain and keep it. In general, active income is your hourly wage or salary.

Benefits of Having a Stream of Passive Income

Just like other financial decisions, it is important to consider the effects of a passive income stream not only on your financial situation but also on your personal life. Most financial experts suggest that people should try having a passive income as it provides a long list of advantages that could help boost your goals for personal finance.

Here are some of the exciting benefits of having your own passive income stream:

Having your own passive income stream helps you improve your discretionary income with no need to sacrifice other aspects of your budget. Have you always wanted to tour Europe but you cannot afford it with only your primary income? Passive income will give you the much-needed financial freedom so you can pay for all lifestyle expenses with no need to use up most of your free time.
Upfront money is not always necessary to start earning. You can choose from different options to earn extra cash with no need to spend anything to get started. There is also no need for you to become an expert just so you can take advantage of your skills.
You can start earning passive income no matter where you are. With all the available passive income opportunities online, you are free to work from the comforts of your home, during your lunch break, or even as you travel the world.

If you wish to establish better financial security and earn money according to your own schedule, passive income might be exactly what you need.

August 16, 2021January 26, 2022

Top 5 Ways to Earn Money in This Gig Economy

The gig economy has seen significant growth for the past 10 years and has dramatically changed the relationship that people have with work.

If you want to make the most out of this current gig money, here are the top 5 ways you can start earning money through it.

Food Delivery

Thanks to on-demand delivery services, you can now have almost everything delivered right on your doorsteps. Although there are only a few restaurants with traditionally offered home delivery, today’s gig economy made the process easier through food delivery apps.

Delivery gigs will require you to have a smartphone of your own. Having a car is not a requirement, too. You can start working for food delivery services even if you only have a motorcycle or a bicycle. Food delivery also lets you make money almost right away.

Freelance Writing

Although the modern world has become more visual, writing remains important, valuable, and relevant. Businesses don’t only need skilled content writers since there are also online publications that work with freelance writers.

Aside from straight-up articles, your task may also include writing ads, website copy, billboards, and other types of writing.

It is a popular and common gig economy job because you can write no matter where you are in the world. While some credentials and experience can help you get more gigs, you will be successful without this if you practice and build your writing portfolio.

Personal Grocery Shopper

This particular gig might be a bit different from the rest of the gigs in this list. When you are a personal grocery shopper, you will not only make the deliveries because will also go to the store, find the items on the shopping list of your customer, and buy them.

It is a job that will require more communication with the customers compared to other forms of delivery gigs. If you need to find a substitute or you cannot find a certain item, you should confirm this with the customer first.

Ridesharing

Working for ridesharing services is among the most popular jobs in the current gig economy. This lets users turn their vehicles into taxis. Different ridesharing services have become renowned among users since they are more convenient and affordable compared to traditional taxis.

Ridesharing services will require you to have a smartphone and a car of your own. There is also an application process and background check involved during which you will get acquainted with the rules and regulations of the service. It is a quick process that lets you start making money almost instantly.

Virtual Assistant

Hiring virtual assistants who can handle daily and recurring tasks is a remarkable time saver for most small businesses and online business owners.

Things such as booking travel trips, handling email, basic website management, scheduling social media, data management, scheduling meetings, and others are just some of the responsibilities of a virtual assistant.

These are the kind of tasks that could be done no matter where you are in the world as long as you have a decent and stable internet connection.

Which of these ways to earn money would you like to try in this current gig economy?

August 16, 2021January 26, 2022

How to Quit Your Job without Burning Bridges

Not everyone leaves a job for negative reasons. Maybe you were given the chance to move to a different city or a new opportunity came that you cannot simply pass up.

But, there are also many negative reasons why people leave their current jobs. You might feel dissatisfaction with your company at the moment or your role no longer challenges you.

Whatever it is, it is very important that you learn how to quit your job without burning bridges. Here are some tips you can follow:

Don’t Look for a New Job While You are Still on the Job

Maybe the first common mistake job seekers make every time they look for a new job is doing it while they are still at the office. Your company has all the right of tracking how you use their technology.

Once they notice that you are visiting inappropriate sites or you are spending your time looking for a new job instead of doing your current responsibilities, they might take some actions against you. The best thing you can do is to do your search after office hours.

Don’t Let Anyone in the Office Know about Your Plans

Rumors are your ultimate enemies when you are searching for a new job even before you are finally ready to call it quits. In fact, even your closest confidante in the office might not be to protect your secret. Be sure to keep everyone in the dark until you have formally submitted your resignation letter to your boss.

Be Familiar with Your Rights and Those of Your Employer

Can you still recall all those papers you signed when you were hired for the first time? You might have a non-compete agreement with the company you are working for right now. There are also states that are “at will” states wherein either employees or employers can have the job terminated at any given time. However, there are some that are not. Prior to making any crucial decisions, check the employment laws in your state and go through the original package you have with the company.

Prepare the Proper Notice

Most of the time, you don’t have the obligation to give your employer notice of your resignation but this is considered as a professional courtesy. A minimum of two weeks will let your employer look for and hire your replacement.

This also gives you the chance of sharing your best practices with your replacement or your team. You can also try giving more than two weeks if possible. Providing notice to your current job is also something that even your new employer will appreciate.

Give Your Employer a Written Notice

Aside from the two-week notice, you also need to personally give your formal resignation letter to your direct supervisor. You can plan your message ahead of time and add positive thoughts about your stay at the company.

This will also force you to face your decision straight on as professionally as possible. Nothing can burn a bridge faster than leaving your letter of resignation on your table or simply walking off your job.

Use these tips and say goodbye to burnt bridges when quitting a job.

August 16, 2021January 26, 2022

How to Prepare for Your Estate Planning

If you think that only the rich and wealthy should bother with estate planning, you might want to think again. Your wishes during your end of life might cause confusion and emotional stress for your loved ones if you don’t have a sound estate plan in place.

Here are a few tips on how to prepare for your estate planning.

List Down and Distribute Your Assets

Start by listing down all of your assets that will include your investments, financial accounts, real estate, and property. Jewelry, boats, motor vehicles, and other properties of value are examples of personal property.

Your investments can include bonds, life insurance policies, retirement accounts, stocks, and others. Be sure to include all liabilities and debts to take care of their payments after your death. You can work with an estate attorney to make it easier to plan and work on these legal documents.

Identify Your Beneficiaries

Most estate plans indicate who will receive the person’s properties after death. You can use a living trust or will to name your property’s beneficiaries. Many people use their will to name their beneficiaries since this is simple. Using a living trust can be used as an alternative to avoid probate and get the chance to have further levels of planning.

Prepare Powers of Attorney

Powers of attorney are legal documents that allow someone else to choose to act in your behalf during those times when you cannot. A power of attorney is especially crucial for the elderly and those who want a person they trust to act in their behalf. Medical power of attorney and financial power of attorney are two types of power of attorney.

Plan Guardianship for Young Children

The estate plan can also be used for naming a guardian who will look after your young children if ever you and the other parent of your children are no longer available. You can also name a conservator or a property manager to look after the property of your kids.

Store Important Documents Properly

Be sure to itemize all of your assets that include locations and numbers. Have a printed copy of your list then keep this with your healthcare directives, insurance policies, wills, and other essential documents for faster reference.

Trusts and Wills

Wills are common tools for estate planning since these are simpler, cheaper, and more popular. Your will states who you like to inherit your properties and might also name the guardian who will look after your young children if ever something happens to you or the other parent.

The state law determines who will get your property if you failed to make a will prior to your death and a judge is going to decide who is going to raise your kids without your input.

It is not enough that you just have an estate plan in place. You also need to review it every now and then. A new baby, appointees or children getting older, or a change in marital status are only some instances that will require you to change or update your estate plan.

August 16, 2021January 26, 2022

How to Politely Ask for a Raise

Everyone hopes for a raise. Now more than ever, this is a fact that no one can deny. Sadly, most people have no idea how to politely ask for a raise. Read the tips below to enjoy a pay rise soon.

Exude Confidence

Yes, you can be confident and still be polite at the same when asking for a raise. This may sound a bit intimidating but sometimes, this is the key to have your request granted. Just be ready to get a no for an answer, though.

However, once you received a raise, you also need to gear up to continue to work hard or even harder soon. Since you are confident that you deserve a raise, it is time to prove it to your employer.

Be Familiar with the Competitive Salary for Your Specific Position

There are websites where you can get a salary report for free to see how the industry standards compare to your salary right now. Make sure you consider the specific industry where you are based in, your benefits, and the size of your company or organization.

Some companies don’t really pay well and this is why it is best that you consult hiring professionals if possible. If you got connections with hiring managers and local recruiters, you can request them to check your resume and give you a more realistic salary goal according to your experience and position.

Let Your Employer Know How They Can Benefit from Giving You a Raise

Employers never care about your dream vacation or the mortgage you need to pay during a salary negotiation. The only thing they care about is what they can get out of it.

Aside from explaining the things you have done for the company, you might also want to explain your future goals. Share your goals with your employer, the benefits of these goals for the company, and how you plan to reach for these goals.

Present Your Achievements

Describe the positive effects of your achievements not only on your department but also on your company in general. If possible, you can try to provide specific statistics and numbers. Managers find it hard to turn down a request for an increase in pay once presented with numbers. You can have more chances of getting that well-deserved raise if you provide stronger data.

Write Your Request

There is a chance that your employer also has a boss to whom they need to share your request for a salary or pay raise. Give them a handout that will summarize your request, similar pay ranges, and benefits that the company can get out of your efforts.

What to Do After Presenting Your Request

There is a very small chance that your boss will agree right away to your request. More often than not, they will need some time to talk about it with the rest of the decision-makers before getting back to you. You can ask them for the timeframe when they will reach a decision.

It can be uncomfortable and stressful to ask for a pay raise but you won’t lose anything if you give it a try.

August 16, 2021January 26, 2022

How Many People Get Audited by the IRS?

Does your heart skip a beat every time you hear the term “IRS audit?”

Your dread of an IRS audit may affect how you are filing your federal income tax return. Well, the good news is that you are not the only one in this situation.

Studies revealed that most taxpayers claim that their fears and worries of being audited are among the key factors that motivate them to be honest during federal income tax filing. Most people also say that another factor is their personal integrity.

Of course, there are times when these fears are unfounded. You can still be honest on the tax return, file it diligently, and make timely tax payments, and still fear an IRS audit.

Good thing that your fears may be higher than your chances of getting audited by the IRS.

How Many People Undergo IRS Audits?

The IRS typically audits less than 1% of all the tax returns that are filed in a single fiscal year.

In 2017, for instance, the IRS was able to audit 0.9% of the corporate income tax returns exclusive of returns from S-corps or S corporations and 0.6% of all the individual tax returns during that year.

Even though 196 million tax returns were received by the IRS in the same year, it audited only 1 million the next year. Almost 75% of the audits were done through correspondence for the audits during the 2018 fiscal year. Approximately 25.2% of return audits took place on the field or that dreaded personal audit with an agent from IRS?

Who Gets Audited by the IRS?

Majority of high earners go through IRS audits. Those who report AGI or adjusted gross income of $10 million or higher made up 6.66% of audits in 2018 fiscal years. That very same year, taxpayers who reported $5 million to $10 million AGI made up 4.21% of the audits.

However, just because you are lower-income earner doesn’t completely eliminate the possibility of being audited. In 2018, 2.04% of the audits, the third biggest percentage of returns, involved those people who didn’t report any AGI at all.

What Factors Trigger IRS Audit?

There are several reasons why the IRS may choose your return for an audit. However, remember that being audited doesn’t mean that you have been dishonest or there is something wrong with your tax return.

Here are some of the common reasons why the IRS may audit your tax return:

There is a questionable item on your tax return.
There is computer scoring program that designates a score to several corporate and all individual tax returns once they are processed. If your tax return is chosen due to the high score under the scoring program, an inspection of your return may result to a change to your liability for income tax.
Information coming from sources like individuals, newspapers, or public records indicates possible tax return inaccuracies or noncompliance with tax laws. The IRS checks the accuracy and reliability of these sources before they act on the details from them.
Information on some third-party documents doesn’t match what was reported on your tax return.

August 16, 2021January 26, 2022

Are We at the End of the Housing Bubble?

It is expected that the housing boom today will flatten by 2022 or even by early 2023 as the rates of mortgage interest increase. The truth is that there is actually no bubble that will burst here although prices might back down from the highs of panic buying.

Is There a Housing Bubble in the First Place?

The market boom led to bids beyond asking prices, frantic purchases, and lots of worry among aspiring homeowners. However, this cannot be considered as a bubble. A housing bubble is not only a mere rise in prices for at the same time, there is also a demand that basic economic factors cannot justify. The reason behind the buying boom is the change in the preferred type of housing on top of the low mortgage rates.

Mortgage rates reached what used to be the all-time low of 4% back in 2011, lingering within this range until the COVID-19 pandemic when they reached 3%. The declined mortgage rates last 2020 further cut down monthly house payments by 12% that allowed most people to purchase houses sooner than later.

Aside from the low mortgage rates, there are also people who saw that remote work will continue in the future .These people craved for additional space and as a result, they felt the need to relocate to single family houses from their smaller and cramped apartments. There are also found it less fun to live in urban areas so they moved to the suburbs where it is common to see more houses than apartments.

Just as predicted, housing prices rose because of the increased demand. However, the supply wasn’t able to adjust as quickly as the demand. The second half of 2020 saw a ramped up production among home builders but supply constraints occurred after several months.

Ready-to-build lots were purchased, construction labor was tricky to find, and workers become less productive because of social distancing. Back-order goods and rising prices of materials squeeze profit margins and this paved way to the current housing boom.

Will the Boom End Soon?

Once again, this current boom is not really a bubble since the increased prices can be explained easily by the basics of limitations in supply and affordable mortgages. Recent housing starts are lower than historical averages although the lower population growth justifies it. However, with the shift to single family from multifamily homes, current levels of construction make sense. Sudden drop in the new constructions is not necessary to maintain reasonable equilibrium.

Is this boom going to end soon? The two secrets here are mortgage rates and meeting the new demand. Young families were able to purchase houses earlier than they might have been able to otherwise because of the low mortgage rates.

It didn’t change the buying economics for people who won’t become homeowners at all. The low mortgage rates instead allowed people to make their dreams come true earlier than what would have been otherwise.

This means that the 2020 and 2021 strong housing market borrows from the future. But, the change in preferences to suburban living from urban living by people who could have purchased houses in the past will become a new demand for good. That is, as long as they don’t get disillusioned when it comes to homeownership.

June 27, 2021January 26, 2022

Where to Find Reliable Contractors

Some homeowners are often surprised to realize that the work itself is not really the most challenging part of a home renovation project. Instead, it is not knowing where to find reliable contractors who can competently do the job.

No matter how good your DIY skills might be, hiring a contractor is often necessary, especially for bigger and more serious works. If you are looking for the best contractor to work with, here are some of the top places where you can find one.

Angie’s List or Thumbtack

Platforms like Angie’s List and Thumbtack let you search for the most reputable contractors online. In fact, Thumbtack also allows you to send out a blast notification to all local contractors in your place to request for bids. It offers you some leverage to find the best deal for your budget.

However, one common disadvantage of these websites is that the listed contractors might be on the more expensive tip of the spectrum. Make sure you consider how much you are willing and prepared to spend before you search on these portals. If you fail to find the one that meets your budget, it might be better for you to search for other cheaper options.

Craigslist

Although Craigslist might not really be as reliable as its Angie’s List, this is another great place where you can search for contractors, particularly those that offer more affordable services. If you will be going down this route, you will be do yourself a big favor if you request for references from past clients and photos of previous work. The most reliable contractors will already have all of these prepared in advance.

Local Grocery Store

Ads and flyers on the corkboard of local grocery stores usually advertise services cheaper than the rest of the options available. If you cannot find the specific service you need there, you can make a flyer of your own that advertises that you are looking for a contractor. If you ever hire a contractor you found from a flyer, be cautious when approaching one. Always ask for pictures and references.

Yelp

Yelp has now optimized how people do reviews to allow people to share their opinions to the public about pretty much everything. During your search for a contractor, you have to check if the company has reviews on Yelp. The people who leave their feedback are usually the most passionate about a certain company, whether positively or negatively, so you could get a good idea about the people you plan to hire.

Word of Mouth

Despite all the technological advancements, word of mouth still remains as one of the best and easiest ways to look for and hire the right person to do the job. If you are gearing up to hire someone for your project, you can seek advice from people in your own circles such as those from your community center, office, or church.

There is a big chance that some of them have worked with contractors before so they can point you to the right people. Now, don’t just hire the nephew of your colleague because he is getting started with plumbing during summer break. Use your discretion before you take advice from peers.

June 27, 2021January 26, 2022

What’s Turo and Why You Should Rent Out Your Car

Turo is one of the newest forms of car rental services right now. So, what’s Turo and why should you rent out your car using this service in the first place?

Turo – A Quick Definition

The best way to describe Turo is that it is the Airbnb of cars. Instead of looking for big rental companies when renting a car, people will be able to rent cars from private individuals. Average hosts on Turo can earn up to $545 a month using the platform.

The motto of Turo is to let your car work for you. This is one interesting way to earn some cash as you offset the cost of your vehicle payments. This can also be considered as a passive source of extra income. It means that you won’t have to trade time for money. All you have to do is list your vehicle when it is available then earn some extra money with the least work and effort on your part.

How Turo Works

Turo can be found in 2,500 cities in the USA including 300 airports. Average owners in the community of Turo US can earn significant income and on the part of renters, the cost is up to 30% lower compared to average rental agencies. This concept is currently being exported to Quebec, Ontario, and Alberta.

For you to rent on Turo, the first thing you have to do is sign up on the platform. They check and validate first all drivers and car owners before they are allowed to rent from the marketplace. Car owners can set the price, information, and location of the car. Travelers can browse through all the available cars and check the ratings and comments of other users. There are also owners that provide pick-up and some even deliver.

Why Rent Your Car Out on Turo?

The following are some of the top benefits of renting your vehicle out on Turo:

The app and website is easy and simple to use.

Turo’s interface is very user-friendly and this is what makes it very simple to navigate the website for bookings, getting paid, editing listings, messages, and more.

You can get good 24/7 phone support even for the smallest things.

Turo got reliable phone support available 24/7 even for common things like late returns or billing queries. However, if it is anything that is more serious like a damage claim, for example, the company doesn’t offer phone support for it.

You will have plenty of bookings.

Since Turo has now become very popular, you can consider yourself lucky, especially if you are living near the airport or in a major city. As long as your vehicle has open availability and comes with a fair price, you could expect that your car will be booked more often. To get a good idea of how much you will earn from your car, you can use Turo’s Calculator based on your vehicle’s make, model, and year and city you are renting from.