Business: How Josh Spector Earns $48,000/year from Newsletter Ads [Article]
Josh writes one of my favorite newsletters and he's gathered over 18,000 subscribers since first launching in 2016.
While he didn't plan to monetize his newsletter from day one, it's proven to be an effective way to create income without feeling "spammy".
By being thoughtful about what kind of ads would help your audience - and by having a defined audience - you can create a win-win-win scenario for you, your readers, and your sponsors.
"What he does is so simple . . it totally flipped everything I thought when it comes to monetizing via ads"
Money: The Billion Dollar Creator [Article]
Emily Weiss was a fashion assistant at Vogue when she launched a blog named "Into The Gloss" in 2010.
Eight years later, that blog has evolved into fashion brand Glossier and is now worth over $1 billion.
Nathan Barry, founder of the email tool that I'm using to write this newsletter, is currently on his journey to becoming a billion dollar creator and has laid out 4 rules for building a billion dollar audience:
Rule 1) Build more than a personal brand
Rule 2) Sell products, not attention
Rule 3) Drive higher customer value through recurring or repeat purchases
Rule 4) Choose a better business model
This is one of the most in-depth, well-written articles I've read about the business of being a creator - highly recommend checking it out.
Question of the Week:
What should I do with my 401(k) now that I quit my job?
First, congrats 🎉
Second, you have a few options:
If you're leaving your job and you have more than $5,000 in the 401(k), you can leave it where it is and the account will stay invested and continue to grow.
Here are a few scenarios of what may happen with your existing account depending on the balance:
But overall, if you're leaving your job and your 401(k) is invested in good, low-cost funds, it's generally okay to leave it.
However, if the 401(k) is invested in high-cost funds or you're not a fan of the limited investment options, it may make sense to roll it over to a Solo 401(k) - which you would need to set up after becoming self-employed - or into an IRA.
An important note: If rolling over your old 401(k), you have 60 days from the time the old plan releases your funds for them to be deposited into the new 401(k) or IRA. If not completed within 60 days, you may get hit with fees and/or penalties.
When transferring and rolling over funds, be sure to frequently check in on the status to ensure that deadlines are being met and the funds are being transferred correctly.
If you don't want to invest the money for retirement, the least prudent option is to simply cash out and keep the money.
I'll admit, this is what I did when I left my last job 🤷🏻♂️
But rather than keep the money and spend it on unnecessary things, I kept the money and reinvested back into my business.
I didn't want to put the money into an account I couldn't touch for 40 years, so I used the little bit I did have to put towards building Piertree. For entrepreneurial-minded people, I'll be the first to tell you that investing in your business can be the best investment you make throughout your life.
It can provide higher returns than a retirement account, but it also comes with much more risk.
However, if you're leaving your job to start a business, just know that you can use funds from your existing 401(k) but you'll most likely have to pay income tax on the funds as well as a 10% penalty.
So in summary, when you're leaving a job and have an existing 401(k) you can either:
❓ Have a question about money or business? Submit it here!
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