This page contains all the resources mentioned throughout The Modern Day Millionaire.
Click any of the chapters below to jump to the specific resources for that chapter. Or feel free to browse as you’d like.
The tools below all link to third-party websites. While I have used and recommend all of these tools – both personally and with clients – things on the ol’ Internet change rapidly. If any of the links are broken, lead to dead sites, or don’t contain the tools mentioned, let me know HERE!
Online Financial Tools by Chapter
Step 1 – Save Something
- High-Interest Online Savings Accounts: Need to get started saving and don’t have anywhere in which to put your savings? Don’t overthink it right now, just open up a savings account and set up an automatic, recurring transfer from your checking account. You can get that money invested later. At least get saving today!
- Future Value of Savings Calculator: Curious how much money you’ll have in the future based on how much you’re saving today? Use this tool to estimate. You have to choose your own assumed rate of return. I recommend 8% for any long-term goals (10 or more years out), 5% for anything in the 3-10 year range, and 1% (or 0% to be ultra conservative) for anything less than 3 years out.
Step 2 – Find Your Bearings
- Debt Payoff Calculator: Wondering when you’ll ever make it out of debt? I like Credit Karma’s calculator because it can show you either how long it will take to pay off debt based on what you’re currently paying or how much you’d need to pay each month to pay debt off in your desired time frame.
- Student Loan Refinancing: It seems like there is a new student loan refinancing start up every few weeks, but Laurel Road has gotten the best reviews from people I’ve worked with. SoFI is excellent as well. Know the difference between refinancing and consolidation: with refinancing you’re taking out a new loan, with a new interest rate, to pay off your old loans; with consolidation you combine all of your existing loans into a single loan with an interest rate that is the average of your current loans. Consolidation makes management easier because you only have one payment, but you won’t save money because you’re not getting your interest rate lowered like you may be able to do through refinancing.
- Account Aggregation: Account aggregation works by linking to all of your bank or investment accounts so you can get real time balances from all accounts in one place. Mint.com is currently my favorite (and completely FREE), but there are many others available. An added bonus is that your transactions are all tracked in one place as well, making it easier to get an idea of your expenses as well. I highly recommended using some kind of account aggregation app; it’s much easier than checking accounts one-by-one, or keeping an old school spreadsheet that you update manually.
Step 3 – Plot Your Course
Ideal Lifestyle Expenses: If you’re interested in increasing your current living expenses so you can live a bit better in your financially independent goal, these tools will give you an idea of what that desired house/condo/apartment, car, or other items would cost.
- Zillow & Mortgage Calculator: Using these two together, you can estimate how much owning a home or condo in your desired area would cost on a monthly basis. Be sure to included not just the mortgage payment but any condo fees, tax and insurance estimates you can find on Zillow (or other real estate listing sites, of which there are many.)
- PadMapper: Great for finding apartment rentals. If you’d rather rent so you can live in different places more easily, I find the PadMapper rental listings to be more thorough than those on Zillow (which also includes rentals.)
- Car Loan Calculator: For estimating how much your preferred car would cost you month-to-month.
Step 4 – Make More Money
- Save More Money Self-Contract:
Step 4.1 – Employment Income
- Book – Getting Things Done: An excellent book on personal productivity by David Allen. Allen’s comprehensive Getting Things Done system is a little overkill for some people (myself being one of them), but even if you don’t use his entire process, you’ll pick up some great nuggets of useful advice for sure.
Step 4.2 – Business/Passive Income
- Book – The 4-Hour Work week: I mention this book multiple times in The Modern Day Millionaire, and for good reason. It really is the perfect starting point for thinking about starting an online business. Not only that, it also is great for how to think about being more productive – i.e. doing the right things and not necessarily just doing more things. There are a few points in the book with which I disagree, so I’m not suggesting you follow all the advice to a T. But it’s a great starting point for the world of online business and personal productivity.
Online Business Resources:
- Shopfiy: If you’re looking to sell anything online Shopify is basically an out-of-the-box web store. It lets you set up your products or services, take credit card orders, host your site, and more. They also have professional website designs that you can choose that are plug-and-play, ready to go. It is perfect for somebody who wants to website set up part of their online store to be as easy as possible. You do pay for all this high-level of service: their lowest priced option is $29/mo. Squarespace is a similar service, letting you choose from many pre-designed layouts. It’s more versatile when it comes to website design, but not as robust when it comes to merchant options. You’ll want to explore both
- Bluehost: If you want a truly customized website, you’ll need to purchase a domain name and use your own web host. Bluehost is my favorite in this area and the one I’m currently using. I had used others in the past, but, in my opinion, Bluehost is easiest to use.
- Amazon Seller: By far the biggest online marketplace, you can have products up to sell on Amazon within 20-30 minutes in general. Their professional seller program is $40/mo, but, if you’re just getting started, you can sign up as an individual seller and list items for free. Amazon gets a higher cut of your sales as an individual seller, so as you reach the point where you’re moving higher quantities of product it will make sense to switch over to a professional seller. You also get access to more advanced tools and reporting.
- Alibaba: Some have called Alibaba “Amazon for manufacturers.” You can higher quantities of goods directly from manufacturers and suppliers through Alibaba. Great for finding and sourcing physical products.
- Upwork: For finding general purpose virtual workers. You can hire pretty much any kind of work you can think of through Upwork. Editing, content creation, graphic & web design, virtual admins, programming, and more. Or you can post your own project and have workers apply to fulfill it.
- Fiverr: is similiar to Upwork in that there is almost any service you can think of available (or you can post your own request) but it tends to be less expensive, and therefore a bit lower quality.
Examples of Online Side Businesses:
Step 5 – Don’t Waste Money
- Coach.me: As mentioned in the book, most spending comes down to habits. Fortunately there are dozens of apps available to help you create new habits. Coach.me is my favorite. The free habit tracker is all I use, but there is also personalized coaching available (for a fee). The habit tracker lets you customize habits you want to acquire, then gives you a daily reminder to do them. For “to-do list” people, checking off your desired actions each day is quite satisfying and definitely is part of Coach.me’s appeal.
- Book – The Life-Changing Magic of Tidying Up: Anyone interested in early retirement, or simply living a less wasteful life, will benefit from reading this gem. Check out my full book review.
- Decluttr: After you read Tidying, get all excited and end up with piles of stuff you no longer want, why not take the opportunity to make a little extra money. Your trash certainly can be someone else’s treasure. Decluttr is great for getting rid of DVDs, CDs, video games, and even books. You simply scan barcodes with your phone (or enter them on the computer), then print out the pre-paid shipping label they email you, drop off at the post office or UPS and voila, they deposit cash in your bank. You’re not going to make millions, but it’s an easy enough way to get rid of stuff and at least get something from it.
Step 6 – Investing: Make Your Money Make More Money
- Sample Investment Portfolios: Wondering what the advice from the book looks like in action? These are some simple investment portfolios you can use to invest your money.
Hiring a Financial Advisor:
At the point where you’re ready to hire some help? Here are resources to help.
Step 7 – Live Your Life
- Five Minute Journal: There are countless journals out there, and really the process of journalling is more important than the specifics. I liked this journal because it wasn’t overly complicated so I could consistently stick with it. Since then I’ve stopped using this journal, but use the same process on my own. All you really need is paper and a pen, after all.