In 2015, I got really serious with my side hustle and ended up earning well over $30,000. While I was proud of the extra money I d made, I realized I d made one major mistake when tax season rolled around not closely tracking my income or expenses. I was so excited about making money with a side hustle, but I paid for it the following spring by spending hours trying to organize my financial documents and data.
Not tracking my income meant not knowing how much tax I might owe
As a freelancer or contractor, I did receive a few 1099 forms from companies I worked for. As long as you earn $600 or more as a contractor, it s a requirement that companies send you a 1099 form stating how much you earned; this also gets sent to the IRS.
Here s how you can use points and miles from your travel rewards credit cards to get to and stay in the Maldives for a fraction of the usual cost.
We re focused here on the rewards and perks that come with each card. These cards won t be worth it if you re paying interest or late fees. When using a credit card, it s important to pay your balance in full each month, make payments on time, and only spend what you can afford to pay.
How to use credit card rewards for flights to the Maldives
Prior to COVID-19, there were tons of options for getting to the Maldives using award miles. Some of those options have been temporarily limited, while others have been axed permanently. Don t fret, because there are still some truly spectacular options for flying to Malé, the capital, in style.
1. The magic ingredient in compounding is time
Compounding helps investors build wealth by generating returns on investments over time. These returns then continue to compound and help grow assets. Compounding is sometimes referred to as earning interest on interest.
Many of us know that compounding works, but we can t really understand it on a huge scale. Housel delivers some perspective by taking a look at Warren Buffett.
Buffett is well known as one of the wealthiest investors of all time, but it s not all because of his skill as an investor.
Buffett started investing when he was a kid, at the young age of 10, so his money has had decades to compound. Most of us can t go back in time and fill up investment accounts we never had, but we can start investing now. The longer your money stays in the market, the more it will grow.