#62 Financial Freedom & Filing Advice

Welcome back, and Happy April!

Seriously, where does the time go? It seems like just yesterday that…

(checks calendar, double-takes)

…OMG, it’s already April?!? And I haven’t done my taxes yet?!?

Sorry, gotta run. No time for an introduction. Let’s jump right in.

Some Knowledge for You to FILE Away:

💰️ Habits for Financial Freedom

👍️ 17 AI Productivity Tools for 2024

💡 A Last-Minute Tax To-Do

➕ Much. More.

Expert Advice 🤝 

Who is Adam DelDuca?

• He “helps [people] grow and monetize faceless YouTube channels.” He’s got over 2M subs on YouTube and 115K followers on X.
  

• Faceless YouTube channels are an incredibly-popular side hustle, so if you’re interested, we strongly recommending clicking the tweet above.

Who is Andrew Lokenauth?

• Andrew was featured recently, but ICYMI:
  he runs TheFinanceNewsletter.com (over 50K subs) and has over 350K followers on X.

Making Cents 💰️ 

What Are 4 Habits To Help You Reach Financial Freedom?

Short and Sweet: According to Investopedia, there are actually 12 habits that can help you reach financial freedom. We chose a core 4 to focus on; the other 8 can be found by clicking the link.

Why It Matters: Because even though the term financial freedom means different things to everyone, at its core it's about having enough money to live the life you choose.

Whether you dream of traveling the world, not having a mortgage, or simply having more stability, adopting key financial habits can turn those dreams into reality.

Let’s Get Specific: 4 Habits To Help You Reach Financial Freedom.

• 1) Set Life Goals: What's your financial freedom look like? Sketch it out with real numbers and deadlines. The clearer your vision, the closer you are to living it. Let's get specific and make it happen!

• 2) Crush Credit Card Debt: Ditch the debt. Credit cards are wealth-building's kryptonite. (Maybe go back to last edition’s 50-30-20 rule to help you become debt-free.)

• 3) Automate Your Wealth Game: First rule - pay yourself! Jump into your employer's retirement plan and snag that match—it's like free cash. And set up auto-payments to your emergency stash.

• 4) Invest ASAP: Bear markets got you spooked? Shake it off. Investing is the ultimate grow-your-dough move, thanks to the wizardry of compound interest. Time's your bestie here, so start as soon as you can! (If you are new to the investing game, you might consider paying someone to help you.)

Let’s Take Action: 3 Things to Do ASAP

• Set Financial Goals With Intent: Define what financial freedom means to you and set specific, measurable goals to get there. Whether it's saving a certain amount or paying off debt, know your targets.

• Educate Yourself: The more you know, the better decisions you'll make. Read books, listen to podcasts, read newsletters consistently (cough, cough), and attend workshops on personal finance and investing.

• Budget with Purpose: Start by tracking your spending and categorizing your expenses. Know where every dollar goes and adjust your spending to align with your financial goals.

Always Informed 🦾 

💸 POTENTIAL ECONOMIC EXPLOSION…

A recent article from Vox detailed how the further development and prevalence of AI could result in the “superexponential growth” of our economy.

The argument breaks down into three parts:

1. Historical precedent: There is precedent - i.e the Industrial Revolution - for certain events throughout human history causing major economic booms. (And when we say boom, we mean 20-30% growth in a year, as opposed to the typical 2-3%.)
   

2. Population growth: Paraphrased from the article: More ideas ➡️ More innovation ➡️ More resources ➡️ More people ➡️ More ideas…
   

3. Labor, Capital, and Productivity: There’s an economic theory that posits the size of the economy depends on those three things. In this context, “capital” refers to “tools and property that can be used to make stuff.” It is here where the growth of AI really has an impact, since it can literally increase all three at the same time.

In short, there is more than enough here (in theory) to suggest that AI growth could lead to an increase in wealth and prosperity not seen since the mid-1700s.

For a much deeper dive into this potential boom - and the factors that could prevent it - click here.

Working With AI 🤖 

✍️ 17 TOOLS TO ENHANCE YOUR PRODUCTIVITY

Typically, this section goes in-depth with a tutorial focused on a single AI tool, but this week, in the spirit of the section above, we’re sharing the “17 Best AI Productivity Tools for 2024” courtesy of Notta.

TL;DR Takeaways

• When you click the link, the tools are broken down into the following categories: Best Note-Takers (and Meeting Assistants), Best Content-Writing Tools, Best Image-Generators, Best Video Creators, Best Tools for Presentations, and Best Educational Tools.

• While the link doesn’t provide any tutorials, it gives brief synopses of each tool so you can decide which seem right for you.

O.T.F O.F.T = ONE FINAL THOUGHT

We are big proponents of using any tool available to boost productivity. That said, we do recognize that most of these are not free.

Consider some of our recent financial / budgeting advice - again, that 50-30-20 rule - before subscribing to any of the aforementioned tools.

And as far as content creation goes, make sure you go back through the text and edit to ensure the voice/style sounds like you.

If 99% of people who use AI for content creation sound exactly the same, it’s the 1% who will thrive.

2 DO This Month 💡 

April’s 2-DO is focused on getting our last-minute tax filers the best possible tax return. (If you’ve already filed, these resources are still worthwhile for next year.)

1. Read THIS…

The Street has been going hard with tax content. The link above gives a lot of general advice that anyone can use.

If you’re looking for more specific advice, they also have articles specifically targeting investors and side-hustlers. 

(Note: the main link at the top offers 🚨 VIDEO CONTENT 🚨.)

2. …And THIS

Just like in our first suggestion, this is another tax expert sharing info that most people might not know. In this particular case, he is discussing strange deductions that he’s seen people claim successfully. The lesson here: if you spent big money on something this year, take a shot!

Before You Go

We hope you enjoyed this edition of OTF.

Next week, we’ll be back with the return of Hustle Hub, a Search Bar that looks back at March, and a Cool Communicator that gives you three phrases to sound more intelligent.

See you then!

You are now On The Fly and In The Know.