In this series we will be highlighting burgeoning entrepreneurs in the modern era. These are folks who have taken the risk of quitting their conventional jobs in pursuit of their passions. This is a difficult road that many never find the courage to venture upon, but the rewards are so worth it, and as you know, no risk, no reward, know risk, know reward.
In this episode we meet Elisha Ali, who went from a chef with humble beginnings to transforming his passion for travel into a profitable career and business.
Tell Me A Little More About What You Do And How You Got Into It
Well you know how people want more fun, freedom and fulfilment in life? I help and show people how to create just that. I got into by watching someone else live how I wanted to, until I dropped my EGO and asked him what he does. Now I travel for a living and enjoy every bit of it.
Do you Remember Your First Day? What Were You Feeling?
My first day was November 4th 2015 and I was super excited, I was ignorance on fire. I was feeling like everyone I know MUST see what I just saw that made me say yes.
What Were You Doing Before? What Made You Want To Try Something New?
I was chefing it up, it was all I knew, and growing my brand #ICMOD ( I create my own destiny) I needed something different in my life, I was missing something, I needed a vehicle to help me reach my goals faster. Fast is fun slow is painful, but I also didn't want to be in hurry. And I knew if I kept doing the same thing I would keep getting the same results. So I made a Decision to go all in with this deal.
How Do You Balance Your Time?
I balance my time very well, I still work a part time job, which makes my living and build this business to make my fortune, all I need 5 hours a week to our into this and I can prosper, of course more time I choose to put into it better results so get. Some weeks are 5hours minimum and others are 20 or more, all depending on my schedule, but never less than 5 hours a week is put into this.
Tell Me About Your Business...
So pretty much I'm in the travel and entertainment industry, one being a trillion dollar industry and growing and the other being something that people partake in on a daily. I just show people a better way to travel and create memories, because our memories is all that matters in the end.
How Much Time Per Week Would You Say You Dedicate To Your Work?
Like I said before I dedicate 5 hours minimum to my business. Some weeks more. I love spending time with family and serving others in my "free time" if there's a such thing, lol.
What's Next For You?
Up next is becoming a married man, so my life will transform a bit, I'm going to keep pushing until I exceed my financial goals, we have speaking engagements coming from myself next, and some movies I actually wrote and will be producing. So much more to come from me and our team.
Any Advice For People Wanting To Follow A Similar Path?
My word of advice for anyone is to make the DECISION to get it done. "Plans change, decisions don't", and you create your own destiny.
You can check out Elisha's site here, and hit him up, so he can hook you up with travel deals and keep some extra dollars in your pocket.
When you take out a loan for a car, charge something to your credit card, or get a personal line of credit, there is going to be an interest rate that applies to your loan.
A lot of different factors go into what you will be charged, including your own personal credit score. But even those with flawless credit still see a minimum charge that they can't get around. That all goes back to the Federal Funds Rate.
One thing consumers rarely realize is that all of our banks are lending money to each other every night. Banks are legally required to maintain a certain percentage of their deposits in non-interest-bearing accounts at the Federal Reserve to ensure they have enough money to cover any withdrawals that may unexpectedly come up. However, deposits can fluctuate and it's very common for some banks to exceed the requirement on certain days while some fall short. In cases like this, banks actually lend each other money to ensure they meet the minimum balance. It's a bit hard to imagine these multibillion-dollar financial institutions needing to borrow money to tide them over for a bit, but it happens every single night at the Federal Reserve. It's also a nice deal for those with balances above the reserve balance requirement to earn a bit of money with cash that would normally just be sitting there.
The Federal Reserve
The exact interest rate the banks will charge each other is a matter of negotiation between them, but the Federal Open Market Committee (FOMC) (the arm of the Federal Reserve that sets monetary policy) meets eight times a year to set a target rate. They evaluate a multitude of economic indicators including unemployment, inflation, and consumer confidence to decide the best rate to keep the country in business. The weighted average of all interest rates across these interbank loans is the effective federal funds rate.
This rate has a huge impact on the economy overall as well as your personal finances. The federal funds rate is essentially the cheapest money available to a bank and that feeds into all of the other loans they make. Banks will add a slight upcharge to the rate set by the Fed to determine what is the lowest interest that they will announce for their most creditworthy customers, also known as the prime rate. If you have a variable interest rate loan (very common with credit cards and some student loans), it's likely that the interest rate you pay is a set percentage on top of that prime rate that your lender is paying. That's why in times of low interest rates (it was set at 0% during the Great Recession), a lot of borrowers should go for fixed interest rate loans that won't increase. However, if the federal funds rate was relatively high (it went up to 20% in the early 1980's), a variable interest rate loan may be a better decision as you would be charged less interest should the rate drop without the need to refinance.
The federal funds rate also has a major impact on your investment portfolio. The stock market reacts very strongly to any changes in interest rates from the Federal Reserve, as a lower rate makes it cheaper for companies to borrow and reinvest while a higher rate may restrict capital and slow short-term growth. If you have a significant portion of your investments in equities, a small change in the federal funds rate can have a large impact on your net worth.
Whether you're leaving a job involuntarily, departing for something new, or just want to prepare for the unknown, it is smart to understand all your options regarding your 401k.
Frugal gifting often gets a bad reputation. However, this shopping method does not make you cheap — it makes you practical. Frugal gifts often avoid waste and overspending and can be just as meaningful (if not more so) as any other present.
With the National Retail Federation predicting each consumer this holiday season to spend upwards of $1,000 on holiday gifts amidst an economic recession —this year might be the perfect time to reconsider your spending budget. We've formulated the ultimate list of frugal gift-giving ideas to get you started.