Eric Tippetts

Why Should You Consider a Roth Conversion in 2020

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For so many people, their incomes took a hit in 2020. Layoffs, furloughs, cut hours….almost every family was affected in some way. Now the year is wrapping up, you might be feeling anxious about going into another year of uncertainty.

One way to take advantage of the current climate and do something that will benefit you in the future is to convert your IRA to a Roth IRA before the year ends.

This is called a Roth conversion, and it can be very beneficial in the right situations.

What is a Roth Conversion?

A Roth conversion takes an IRA and converts all, or part, of it to a Roth IRA.

The difference between a traditional IRA and a Roth IRA is in the tax benefits.

With a traditional IRA, you contribute pre- or after-tax dollars so that your money grows tax-deferred, and your withdrawals are taxed as income after age 59 ½.

With a Roth IRA, you contribute after-tax dollars, your money grows tax-free, and you can make tax- and penalty-free withdrawals after age 59½ (with some exceptions.)

You can contribute to a Roth IRA as long as your modified adjusted gross income (MAGI) is equal or less than $139,000 for single filers and $206,000 for married couples filing jointly. But what if you want the tax benefits of a Roth IRA, but your income is too high? That’s where a Roth conversion comes in handy. You can convert the money in your traditional IRA to a Roth IRA regardless of income.

Why You Should Consider a Roth Conversion in 2020

What makes this year a prime opportunity for Roth conversions? Because the best time to take advantage of a Roth conversion is when you know you’ll be in a higher tax bracket in the future. What you’re doing is putting money away for retirement at a lower taxable income, so you ultimately save money.

And this year, so many people took a hit on their incomes that they have fallen to lower tax brackets. However, that might not be the case next year. Their income or hours could pick up again, and they’d be right back at their original tax bracket.

So if you made a lot less in 2020 than usual but are expecting your income to increase again next year, this is a prime time to put money into a Roth IRA.

How to Convert to a Roth

There are 3 steps to a typical Roth conversion:

1.Make sure the money is in an account that can be converted to a Roth IRA. Those include:

  • Traditional IRA
  • Simple IRA
  • SEP IRA
  • Annuity plan
  • Tax-sheltered annuity plan (section 403(b) plan); or
  • Governmental deferred compensation plan (section 457 plan)
  • Employer’s qualified pension, profit-sharing, or stock bonus plan (including a 401(k) plan) [NOTE: If you’re still working at the company where your plan is kept, this in-plan conversion could make sense. But if you’ve left the company, not every plan offers that.]
  1. Open a Roth IRA, and move the money there.

3. Make the conversion and know that you will have to pay taxes on IRA contributions and gains at tax time.

It sounds simple, but there are some often overlooked steps that could get you on the IRS’s bad side. There are a few approved ways you can do the conversion, including:

-Indirect rollover: You take the distribution out of a traditional IRA account and move it to a Roth IRA within 60 days

-Direct rollover: You notify the financial institution that has your traditional IRA that you want to transfer the funds to a Roth IRA at a different financial institution.

-Same trustee transfer: You set up your traditional IRA and Roth IRA at the same financial institution, and ask the trustee to transfer the amount you want to your Roth.

If you’re hesitant about converting to a Roth IRA, you can also work with a financial advisor or CPA to make sure the transaction is processed correctly.

Just make sure you’re certain you want to convert to a Roth before you move ahead. Part of the Tax Cuts and Jobs Act back from December 2017 stipulated that Roth conversions could no longer be undone.

About Your Richest Life

At Your Richest Life, Katie Brewer, CFP®, believes everyone should have access to financial resources and coaching. For more information on the services offered, contact Katie today.

The post Why You Should Consider a Roth Conversion in 2020 appeared first on Your Richest Life.

Happy Veterans Day: A Celebration of Service

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Veterans Day is a time to honor the service of U.S. military veterans. For many, this means giving thanks to a friend, family member, or coworker. And, just like you, we have many in our Commonwealth community who have proudly served our country.

Today, we’re taking a personal look at one of our veterans, John Ferrante. John was a senior airman in the U.S. Air Force (1989–1993) and has been an advisor with Chicago Oakbrook Financial Group (Oak Brook, Illinois) since 1998. He told us about his experience being a service member, how his military service has affected his career, and ways we can all help veterans in our communities.

A: First, I’ve always loved the military and knew enlisting would give me the opportunity to serve my country and see the world. Second, I knew the military had college tuition assistance, and I wanted to earn my education. Third, I didn’t know what I wanted to do with my life. I did know that having a military background would look good on a résumé and thought that at least four years in the military would prepare me for whatever came next.

A: Basic training was at Lackland Air Force Base (AFB) in San Antonio, Texas. It was six grueling weeks of physical activity and even some mind games. While there, I earned high scores on my ASVAB tests (similar to SAT/ACT for college) and was given the rare and exciting opportunity to be in the intelligence field as a target intelligence specialist.

My technical training school was 13+ weeks at Goodfellow AFB in San Angelo, Texas. The class had a 25–30 percent failure rate, but I was up for the challenge. In tech school, you filled out a “dream sheet,” indicating where you’d like to be stationed. Although I selected Hawaii, Germany, and Italy (I’m 100 percent Italian), I ended up at Strategic Air Command Headquarters, smack dab in the middle of the U.S. at Offutt AFB in Nebraska.

I didn’t love my first job there, pulling classified information requested from air bases around the world. But my second job at Offutt was awesome. I worked with something called an APPS, which essentially derives precise bombing coordinates. When Iraq invaded Kuwait in 1990, the Desert Storm conflict began, and my job suddenly became vital. I worked 16- to 18-hour days, but I felt as invigorated as ever, as I was actually doing something meaningful. Pilots were flying their F-15E fighter jets into harm’s way and taking out mission-critical targets in Iraq. If I didn’t do my job correctly, these pilots would have to go back and the troops’ safety on the ground could be compromised.

I earned several ribbons and promotions while serving—something I’m very proud of. When it came time to reenlist, I had grown up quite a bit and was looking forward to the next chapter. I left the Air Force as an E-4 senior airman, which was the top rank you could earn in a four-year period.

A: As a child, I used to reorganize our refrigerator, our pantry, anything! The regimented nature of a military career put my organized nature into overdrive. Not paying attention to detail wasn’t an option in the military. And it’s a skill I use every day in my practice. I have about 300 households, and I have to keep on top of all the details. It’s not always easy, but having an organized staff is essential—and the tools from Commonwealth are fantastic.

As advisors, we’re a source of confidence for our clients, so they can feel more secure about achieving financial independence. I feel privileged and blessed to be doing what I’m doing and to have such wonderful, loyal clients. We pay attention to the details, and it’s one reason we’ve maintained such high retention rates over the years.

From joining an elite division to serving through Desert Storm, my military career also taught me how to overcome challenges. When your country goes to war, failure and excuses aren’t choices. But when you have everyone working toward one goal, pulling on the same rope, it creates a lot of momentum. I feel like I’ve learned that in my business as well. Our firm has always had a mission statement, we’ve had lofty goals, and we’ve overcome many challenges over the past 20+ years, including the tech wreck, the great financial crisis, and this year with COVID-19. Life will always give you challenges. In my opinion, it’s how you deal with them that separates you from the competition.

Serving my country reinforced that I love to help people—it’s one of the reasons I became an advisor. It pushes me to seek new clients and try to change their lives for the better. Along with this, the military taught the value of being respectful and polite. I’ve seen time and again how my clients appreciate that level of sophistication in our personal communications. It’s amazing how being polite and respectful can help strengthen relationships with clients and prospects.

A: I recently went to my local Veterans Affairs office to learn about the issues veterans in my community are facing and to share my ideas. I was shocked they had virtually no social media presence, so I discussed how to build that on Facebook and LinkedIn. I also hope to volunteer one to two days a month to help those veterans who aren’t sure where to go for financial guidance.

I have many clients who are veterans. In my view, some hadn’t been served appropriately by their former advisors. As a veteran myself, I feel connected to them and do everything I can to get them on the path to financial success. I even give them a sizable discount on their fee because I feel like I owe it to them.

Then there’s the small things that mean a lot. I send out cards to my veteran clients on Veterans Day and even to my veterans’ parents, as they’re proud of their sons and daughters. I also make annual donations to the Wounded Warrior Project. For my birthday this year, I raised more than $1,400 for the charity on Facebook. I was elated to see many of my friends donate and am so grateful.

A: I would encourage them to reach out to their local Veterans Affairs office, as well as VA hospitals and rehab centers, to talk to them about volunteer opportunities. Making a difference to veterans in your community is so rewarding, especially in times like these when many could use a helping hand. There are also many national organizations that are doing wonderful things, such as the Wounded Warrior Project and the USO.

To John and all of our veteran advisors, staff, and colleagues, thank you for your service to our country. Happy Veterans Day!

Veteran_photos

How to Present Your Opportunity in 5 Easy Steps

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I have a trick to tell you. It’s not easy to tell you. Presenting your opportunity is one of the very first obstacles you have to overcome. If you want someone to buy into what you’re supplying them, it’s needs to be done properly. What I had to find out was that it could be different for every prospect but the methods are all extremely similar.It is our task as a Multi level marketer to show individuals that there is a different way. A far better way to live our lives and really feel satisfaction at the same time. A few percent of individuals will certainly show passion in the opportunity we provide and others will not. It’s a numbers game.There are two things we must relay in our message. Initially, we have to allow individuals recognize that living without a sense of satisfaction as well as accomplishment is ineffective. Second, they have complete control over their future.Following time you hear someone discussing: – Their work is overbearing. – They have a boss that aims fingers and also treats every staff member like dirt. – They are underpaid. – How they wish there is something they can do to boost their life. Bear in mind that this is your opportunity to welcome them to try a different means. A way of life that gives them ambition, control, as well as potential. An opportunity that does not depend upon the health and wellness of mega-businesses, and the joblessness price. A way of life that is taking over by storm.If you wish to really assist people, pay attention! Listen to the people that are crying out for assistance. The people that really feel embeded a rut. Extra importantly, the people that are undoubtedly miserable with their current circumstance as well as desire an adjustment.If you want to help individuals, begin with the ones that are requesting your ear.Below are 5 steps to presenting your possibility: 1) Use a method that excites the person. A perfect instance is Increase of The Business owner. 2) Fulfill them where they are. Everybody has actually overcome challenges as well as every person has factors for being where they are right currently. Keep in mind, you need to fulfill that person where they are and afterwards carefully guide them back to the path of success. 3) Take care. Our work is NOT to offend. We want to understand as well as guide individuals to a much better method. 4) Prepare. Practically each time you provide your possibility, you will certainly be met with an argument. Be ready for it. 5) See to it you remember you journey. You weren’t constantly a Multi level marketer. You weren’t always successful. Every one of have stories we can tell that will relate to an individual with inquiries. Inform your story. I want you to see your invite as an obstacle. Show up your paying attention skills. Wait on people to grumble. When they do, and trust me they will, understand as well as assist.Monitor the amount of times this sort of conversation occurs over the following 30 days. If you use these approaches on only 10% you will certainly be 90% ahead of your peers. Best of luck as well as God Speed.

Top 10 Start Ups to Watch For in Australia

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The Australian tech startup segment can possibly contribute $109 billion or four percent of the nation’s GDP to the economy. Thinking about this measurement, it is sheltered to state that the nation is on target to turning into another place where there is open doors as an ever increasing number of fruitful Australian new businesses add to worldwide financial prosperity.

Numerous effective Australian new companies have gotten worldwide applause inferable from their extraordinary worth. This gives us a little window into the boundless capability of things to come of the Australian startup division.

For instance, a review puts Sydney on the spotlight for positioning twelfth out of 20 urban communities in the Startup Genome Ecosystem Index. Actually, urban areas, for example, Sydney, Melbourne, and Perth are rapidly rising as favored Australian startup center points.

The top new businesses in Australia have set the bar high with regards to advancement and enterprise. Some are pacing up for rivalry while others are nearly turning into the following business sector pioneers.

However, all these fruitful new companies share two things for all intents and purpose – point by point arranging and convenient execution. Before we look at the best new companies of Australia as for their urban communities, we should look at the top Australian new businesses as far as subsidizing.

Top Australian Startups (supported)

  • Canva – Total financing: $301.6M Million
  • Prospa – Total financing: $96.7 Million
  • Spaceship – Total financing: $41.1M Million
  • Uno – Total financing: $46.1 Million
  • 99Designs – Total financing: $45 Million
  • The Iconic – Total financing: $44 Million
  • Go1 – Total financing: $83.7 Million
  • Lendi – Total financing: $40 Million
  • Force Ledger – Total financing: $35 Million
  • Get together – Total financing: $32.3 Million

Best Startups in Sydney

There are just a modest bunch of new companies that can develop their deals and clients in thousands inside only months. They are on the front pages of well known news sites where they flash with a foreseen multimillion-dollar market valuation. Some among them include:

  1. Canva

Canva needs no presentation. It is one of the main visual communication stages creators around the world love to utilize. Up until now, this effective Australian organizations has raised over $40 million (AUD$57.18 million) to acquire a business estimation of USD $345 million. Today, as of January this year, it has developed to USD $1bn market valuation.

“Canva makes extraordinary plans more open” ~ Forbes

The Co-author and CEO of Canva, Melanie Perkins, hails from Australia and stands tall as one of the best youthful CEOs on the planet. She puts stock in engaging the advanced workforce. This is the motivation behind why Canva as of now has more than 10 million clients. This startup is a well known name in the Silicon Valley and is required to become further.

  1. Mission Monitor

A Sydney-based startup, Campaign Monitor stood out as truly newsworthy with a seed subsidizing of over $250 million of every 2014. It required a time of tireless exertion and difficult work to make this email showcasing organization a huge achievement. Established by Ben Richardson and Dave Greiner, the startup presently has more than 250 representatives with workplaces in Sydney, London and San Francisco.

“Mission Monitor accomplishes 98% consumer loyalty with 2 million clients” ~Forbes

The organization centers around little to-medium measured organizations. This is regardless of being the need of web goliaths, for example, Buzzfeed and Rolling Stones.

  1. ShippIt

Established in Sydney by William On and Rob Hango-Zada in 2014, Shippit is a cloud-based startup. It powers conveyance administrations for up to 300 dealers and organizations. With a complete value financing of $1.63 million, the startup offers advanced delivery answers for transporters and purchasers.

“The inventive new delivery administration with ideas”~ Shortpress

The new company’s is constantly on the ascent. ShippIt has now collaborated with fat cats of the transportation business, for example, Australia Post, TNT, Mail Call Courier, and so forth.

  1. Afterpay

Dispatched in 2014, Afterpay is one of the celebrated Australian new businesses that has upset the neighborhood method of making installments. Established by Nick Molnar, Afterpay is a simple to-utilize installment strategy that empowers anybody to pay in four equivalent fortnightly portions.

“FineTech Organization of the year award”~ The Finnies

Advancing a superior and advantageous method of making installments, this startup has collaborated with Australia’s driving stores, including, Marcs, TopShop, Glue, Hype DC, and so forth.

  1. TheIconic

Discussing the style business, TheIconic is one of Australia’s most mainstream design retailer. Established by Adam Jacobs and Cameron Votan, the startup accumulated a seed financing of $26 million sponsored up by the tech monster, Rocket Internet.

“The Iconic named Australia’s ‘best portable retailer'”~ Internetretailing

The startup is well known because of a 3-hour conveyance strategy in Sydney and Melbourne. Another huge in addition to is its 100-day merchandise exchange. It additionally offers free delivery on orders that are up to $47.

  1. Classbento

It is a startup that causes you draw out your imaginative side. Classbento enables nearby craftsmen from Australia and makes craftsmanship and imagination open, moderate, and engaging for everybody. John and Iain while cooperating at The Iconic chose to work together and make a successful path for Australians to access ART. With in excess of 500 respectable public surveys, Classbento’s normal rating is 4.9 out of 5.

Every one of the individuals who are enthusiastic about turning into a business person can gain from the best in the business. The originators state that you must be enthusiastic about anything you need to fabricate and it will acquire you what others will miss.

  1. Fledgling Stack

Situated in Sydney, Sprout Stack is an eco-accommodating agritech startup that gives networks new produce to assist them with carrying on with solid lives. Set up in 2016, by Francisco Caffarena, Sprout Stack depends vigorously on progressive acts of developing new produce through front line metropolitan cultivating and indoor agribusiness strategies.

His many years worth of involvement with business the executives gave him the abundance of information needed to plant the seeds of his phenomenal startup Sprout Stack. Since its origin in 2016, Sprout Stack has definitely cut out its notoriety for being a progressive agritech food new business.

By keeping its innovation in-house, it’s had the option to dispatch and present in excess of eight unique items through a savvy, yet practical gracefully chain. However long business people set aside the effort to approve each phase of their business, the better possibility their new companies have of continuing development and benefits over the long haul.

  1. Inamo

Established by Peter Colbert, Inamo permits clients to effortlessly make installments with its scope of wearable installment tech items without conveying wallets. Installed with a NFC installment chip, its items can be advantageously appended to your watch, wrist band, or wellness tracker for included simplicity and adaptability.

Most new companies are an aftereffect of thorough meetings to generate new ideas. Yet, for Inamo’s situation, its idea and execution was on-spot, attributable to the aptitudes and ability obtained from numerous ventures.

In the earlier years, Inamo accomplished incredible achievements including raising an astounding $1.5m of seed financing; dispatched three wearable items: The Classics, The Curl, The Wave; entered a beneficial specialty market; turned into the first of it’s sort to sell prepaid wearable gadgets and then some.

Inamo has likewise gotten wide recognition from the press. It has been highlighted in a few huge distributions including Business Insider, Financial Review, and The Australian.

  1. Checkbox

Fintech expects to apply computerized developments to existing budgetary methods of tasks so as to improve the nature of monetary administrations. It is developing brilliantly in ubiquity, on account of the endeavors of a few startup hatcheries down under.

Checkbox, the brainchild of CEO Evan Wong, is an endeavor that digitizes complex guidelines into robotized cloud programming without requiring any engineer coding. It brings a drastically novel idea of carefully changing long and complex guidelines, (for example, review, charge, authoritative archives and government guidelines) into an edible programming.

This transformation gives the client a few cost-investment funds for organizations, notwithstanding raising new income streams through adaptation openings.

  1. Scouta

Scouta is a collective tech enrolling organization established by Stuart Hunter and David Smyth. The Sydney tech new business started its activities in 2019, and its absolute subsidizing of $1.2 million originates from seed financing.

The center thought behind this startup is a straightforward however smart one – to help quickly developing innovation organizations locate the correct contender for the activity. In addition to the fact that this helps organizations pick the correct possibility for the activity, yet it additionally lets applicants give more pertinent data about themselves than they can fit on their CVs.

Hence, this shrewd online arrangement causes organizations rapidly interface with the correct assets in a brief timeframe.

Give Your Startup the Cloudways Edge

With excessively quick and solid oversaw facilitating stage you can develop your startup the manner in which you need

Effective Melbourne Startups

Essentially known for its occasions (it is booked to have 15 occasions this year!), Melbourne additionally has in excess of 250 new businesses. In late news, the new businesses in this city have had about $2 billion worth of complete capital financing so far this year.

  1. 99Designs

Established in 2008 by Matt Mickiewicz, 99designs is the world’s biggest commercial center for visual creators. He is most popular for being the fellow benefactor of SitePoint and Flippa. His startup, 99designs associates more than 22,000 visual originators with organizations from in excess of 190 nations.

“99Designs is American Idol for your innovative needs”~ Forbes

The startup began in Melbourne and its site worth is assessed at USD $58 million. It assumes a fundamental function in helping Australia become the new Silicon Valley for new businesses.

Commit to Actions, Not Beliefs

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One of the examples in work – and life – is the cadence of reasoning and doing, consideration and activity. Groups and organizations that adaptively move between these two working modes quicken learning with the consequence of being stronger, spry and persevering. For pioneers, this implies bringing the hindrances that tend down to keep groups stuck in doing mode or thinking mode.

The thought that we need “everybody ready” before resolving to activity in the work environment is an obstruction for groups needing to move from ‘conversation’ to ‘doing.’ This training is connected to outlining ‘doing’ as far as demonstrate and perform. Rather, on the off chance that we outline ‘doing’ regarding improve and learn, we free individuals to clutch their reservations and make it simpler to focus on taking a stab at something new.

Resolve TO ACTIONS, NOT BELIEFS

At the point when we make duties or search for colleagues to make responsibilities, one mix-up is to attempt to get individuals “on board” – as such, attempting to get individuals not exclusively to adjust their activities and practices, yet in addition to make an outlook change. The better path is to just submit activities. For any critical choice, you are probably going to have individuals who might have picked an alternate way. What the association needs is for the whole association to adjust behind the activities expected to help the choice. Attempting to persuade individuals that they have to adjust their outlooks also includes a weight that defers pushing ahead and expects them to concede “they weren’t right.” Since the activity happens following the choice was made, we don’t have the foggiest idea who wasn’t right, on the off chance that anybody.

Envision you need to settle on a choice on a recommendation that one of your representatives submitted. Your associate has expressed that they mean to change a promoting effort with a particular goal in mind. The second you catch wind of the proposition, you experience a negative response. Your own experience is this is an impractical notion. You trust you will lose deals or waste assets. It’s anything but a moral issue and nobody will get injured, however it’s simply not the best thing for the association. All things considered, since this will happen later on, similar to all choices, you are not 100% sure.

The dedication you can make, as a pioneer, is to help the choice with your activities and see what occurs. You don’t need to trust it is a smart thought, just that there’s a sufficient possibility that it is a smart thought to hazard what restricted assets will be spent on it. You are likewise gauging the learning sway for this associate and the association. This is sufficient for the organization.

A similar standard remains constant if the circumstance is flipped. On the off chance that you have requested that your group execute a specific choice, and there are individuals in the group who don’t trust it is the most ideal approach, you don’t need to persuade them that it is. You should let them clutch their thoughts. However long they focus on supporting the choice through activities, the objectives of the association are met.

When the choice is made, don’t attempt to persuade dissidents and exceptions that their reasoning isn’t right. Nobody can know whether the choice is right until you test the speculation on which you based the choice.

ELLA’S KITCHEN: A COLLABORATIVE CULTURE

Ella’s Kitchen is a natural infant food organization outside of London. The pioneers have attempted to fabricate a more communitarian culture where individuals contribute their thoughts. One of the thoughts from the item group was for a breadstick-like food called melty sticks that kids as youthful as seven months could oversee. Actually, it was an extreme item to make – make it excessively hard and it would be terrifying and sharp, make it excessively delicate and it would liquefy into nothing excessively quick. Also, it required extraordinary bundling. This drove up the expenses of bundling and delivery the item.

Hence, authority didn’t think this was a suitable item. In any case, the pioneers had made a guarantee to fabricate this more participatory culture, so they contemplated that they expected to satisfy their side of the arrangement and let the group attempt their thoughts. Review it as a learning opportunity, initiative endorsed creation.

After a year, melty sticks had become the organization’s main netting item.

This article is adapted from Leadership is Language: The Hidden Power of What You Say – and What You Don’t by L. David Marquet, with permission of Portfolio, an imprint of Penguin Publishing Group, a division of Penguin Random House LLC. Copyright © L. David Marquet, 2020.

ABOUT DAVID MARQUET

David Marquet, a top graduate of the U.S. Naval Academy, commanded the nuclear-powered, fast-attack submarine USS Santa Fe from 1999 to 2001. Since retiring from the Navy he has worked with businesses nationwide as a leadership consultant. He gives presentations around the world about his acclaimed first book, Turn the Ship Around: A True Story of Turning Leaders Into Followers.

5 Examples Of Entrepreneurs Who Turned Their Hobby Into A Business

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hobby into a business

If you have a hobby, any type of hobby, you have an undeniable passion. And that is an unwritten rule for entrepreneurs: you must have a passion for your business.

So it just seems the most logical move… Turn something you have a deep passion for into a business.

In today’s post, I will share 5 examples of entrepreneurs who turned their hobby into a business.

Entrepreneurs Who Turned Their Hobby Into A Business #1: Kim Lavine

Known as Mommy Millionaire, Kim has an amazing story. It all started when she simply created microwaveable pillows to give as gifts. But when her husband was laid off from his job, Kim realized those pillows could pay the bills.

The company she started was called Green Daisy and from there, she veered into various other products and even started a media company.

Kim embodies the definition of a hobbyist turned entrepreneur and has now founded Heugenis which was designed to bring hope to many on treating Alzheimer’s Disease.

Learn more about Kim at her website here.

Entrepreneurs Who Turned Their Hobby Into A Business #2: Michael Kittredge

When he was a teenager, Michael self-learned how he could melt crayons and turn them into candles. Seeing his creation that he planned on giving to his Mother as a gift, a friend offered to buy it. Seeing an opportunity, 16 year old Michael began to make candles in the family garage and selling them at school and to local businesses.

Michael scaled the business and rented an abandoned building where he started Yankee Candle operations. Once he hit the $1 Billion mark in annual sales, he borrowed to open a retail outlet and a factory.

Yankee Candle was a huge success and it was sold for $1.75 Billion. All from a simple hobby.

Entrepreneurs Who Turned Their Hobby Into A Business #3: Jim Koch

Growing up, Jim watched as his family crafted home-made beer. And they always documented their recipes, because maybe they had a vision of the future.

As Jim entered Harvard Business School and graduated with flying colors, he went to work for a Boston Consulting Firm.

In his spare time, Jim would pull out the family beer recipes and make homemade beer. And with his favorite family recipe, he launched what is now, the largest American Beer Brewery, Samuel Adams.

He took a family hobby and turned it into a successful business.

Entrepreneurs Who Turned Their Hobby Into A Business #4: Jeff Goins

Jeff had always loved writing. His hobby was his journal and any other way he could write. He dreamed of a career in writing and he reached out and grabbed his dream.

He started a blog that turned into a huge success… See it here.

Plus, Jeff has authored several best selling books.

Entrepreneurs Who Turned Their Hobby Into A Business #5: Craig Jenkins-Sutton

gardening

Craig always had a love of gardening. He went to work for a landscaping company but soon realized he did not want to work for someone else.

He ran an ad in the newspaper offering to design people’s gardens. He began to attract customers and promptly founded his new company called Topiarius in Chicago. You can see Craig’s website here.

Craig has used a variety of marketing methods, but the one that worked well was simple door hangers.

Conclusion

What is your hobby?

With some creativity, you can probably make it a business. Think about it, a business doing what you love. And paying the bills doing so.

Keep in mind that Steve Chiang and I founded Nasgo. We are helping entrepreneurs put their small business on the blockchain. Many are ecstatic they did so.

Pop over to Nasgo.com and learn more.

You can also find us on

Get your brand tokenized and watch your business grow substantially.

If you have any questions or feedback, just post below.

Thank you.

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