Author Archives: Eric Lafleche
Author Archives: Eric Lafleche
Best Gyms in Chiang Mai Thailand
Sometimes while moving to a new country, it is very easy to lose track of your daily schedule and give fitness a break. While this might be fine if you are on a short trip; on a relatively longer move, it could be quite damaging to your overall health and well-being. Especially in a place like Chiang Mai with a wide array of bars, pubs, roadside joints dishing out delicacies, basic fitness regime is an absolute necessity if you want to keep in shape and remain healthy. It is exactly, for this reason, I have created this compelling list of some of the best-known gyms in Chiang Mai which have a healthy ambiance, clean equipment, regularly maintained and a strong line of clientele.
The rates for the services start from as low as 60 baht per usage to 5900 baht for the entire year. The rate for a 6-month membership is around 3500 baht while monthly charges are around 900 baht per month. Some out of the box and interesting fitness options like hoops and silk facilities along with aerobic classes is a major attraction at this gym.
I have now been in Thailand for just under 3 weeks. After traveling to Bangkok and Chiang Mai I have to say that Chiang Mai is my favorite city so far. The hard part about staying here is the limited time I am allowed to be in the country. I currently can only travel here for about 30 days at a time. Now if you are planning to come to Thailand what options do you have to stay a longer duration? What are the options available for you? Well, the good news is there are several other visa options available for tourists who are planning on a relatively longer trip anywhere in Thailand and especially in Chiang Mai. Here is a quick run through on the various options:
The Basic Visa Requirement
There is no visa required before or on arrival for US citizens. Without visa, any US citizen is allowed to stay for 30 days if they arrive by flight and 15 days if they arrive by land. This stay can be extended further twice first by a month and then again by a week. For a stay that is longer than that US citizens can apply for a tourist visa that enables 60-day stay and this can be extended twice both times for a month each. So in all with basic formality, one can easily plan for a 4-month stay. However of your idea extends beyond the stipulated period and you are targeting significantly long-term period, there are some other options as well. It goes without saying that they need a certain amount of paperwork and documentation to establish authenticity and overall credibility of a person choosing to spend a longer period on the Thai soil.
There are many types of long-term visa that one could look at applying depending on nature and need for one’s stay in Thailand. This will not just allow foreigners to stay on Thai soil legally but even apply for work permit if the need arises.
This is particularly relevant for those above 50 years and close to the retirement time. If one has sufficient retirement funds and are keen to take a longish break, they can easily come to Thailand on a 90-day NonImmigrant Visa. This type of visa can be then extended to one year. All you need to do is go to the Thai Immigration Office and meet the following requirement:
In the country following the satisfaction of the below requirements:
This is most relevant for those keen about conducting business in Thailand or are keen about expanding their presence in the Thai soil. This visa also entails a valid work permit that will enable you to work efficiently and absolutely legally without any worry. In case you are already working for a Thai company normally, your employer will take care of this and process the required information for visa work. In case you have plans to make a company or establish a new business in Thailand your visa will be processed through the documentation required for your company.
In this way, you will not just be able to work and live in Thailand peacefully but also won’t face any kind of impediment towards further enhancing your work and success.
As the name indicates this visa is applicable for those wanting to pursue higher studies in Thailand. Whether you are targeting a Government establishment or international organization or even language schools, you can organize your stay through this kind of visa. Normally the school that you apply for studies will handle the processing for you and provide the required documents as a part of the admission formalities. The validity of the visa will be variable depending on the specific course and institution you might have enrolled for. While applying for the courses students should, therefore, be careful about the program they choose and the kind of impact and bearing it would have on the overall stay formalities.
This is an eventuality for many foreigners who end up staying for an extended period in Thailand. If your spouse is Thai and you wish to stay with them you can apply for this visa once you meet the requirements outlined by the Visa authorities:
In case you are already in Thailand and working there, your marriage visa will also facilitate the procurement of your work permit.
Apart from these you also have the option of applying for Non-immigrant O Visa or another visa. This is relevant for dependants of those applicants choosing to apply for retirement or business visa. Select Thai consulates also provide 1-year visa with multiple entry options to visit your friend who might be stationed in Thailand. Though the paperwork is not very tiring, visa applicants must ensure that they report their address to the nearest Immigration office every 90 days. Also be careful if your long-term visa is a single entry one. In that case, you need to apply for re-entry permits if you travel in between.
I have been dropshipping for a while now and there are some key Benefits and Risks of setting up a dropshipping business. Â The opportunity it provides for anyone that is looking to have more freedom and flexibility is incredible. Â I never thought I would have this much flexibility as a business owner and traveler. Â At the same time, the amount of challenges that I have had to overcome is hard to quantify. Â At the end of the day I would recommend setting up a dropshipping store to anyone looking to start a passive income stream online but want to call out both the positives and negatives in this post!
Pros of Dropshipping
Generally, there are huge upfront costs involved in starting a retailing business since you have to invest in inventory, warehouses or stores where you will be keeping your products and labor force among other things. You can greatly reduce your opening capital by choosing to partner with a drop shipper who will be bearing such costs on your behalf.
Starting a traditional retaining business is pretty challenging since you have to make some considerations like sourcing for products, delivering them to your stores, packing, tracking inventory and shipment among other things. Drop shipping eliminates such inconveniences, and you can comfortably start operations by simply having a small office and a laptop with internet access.
You will be enjoying low overhead costs when relying on a drop shipper compared to running your own stores and fulfilling orders yourself. This is a case where you will be avoiding expenses like renting a warehouse, paying staff salaries, packaging and shipping costs among others. You should greatly consider this model if you were dealing with bulk products since these will definitely cost you more in terms of receiving, storing and shipping out to consumers.
Choosing to go with drop shipping in e-commerce will assure you of great convenience where you can easily grow your business even with limited resources. You will be leaving the wholesaler or manufacturer to handle all the packaging, storage and even delivering the received orders. You will only be actively participating in receiving orders and forwarding them to your drop shipper. This will be leaving you with enough time to handle even other businesses.
You will be enjoying the flexibility of running your business from any place since this can be as simple as having a laptop with reliable internet connection. This means that you can comfortably work from home or even when taking a vacation. With so much time on your side, you can concentrate on increasing efficiency by focusing on ways of improving customer relations, marketing strategies and operations among other things.
Cons of Dropshipping
Setting up an e-commerce business that relies on drop shipping is pretty easy and this is a situation that creates huge competition for fast moving products. The retailers are therefore left to adjust their pricing and some of them even go to very low levels since they only invested some small amounts. This leads to very small profit margins. The best way to stand out is to find better ways of offering value to consumers instead of relying on lower prices.
When stocking your own products, it is pretty easy to keep track of your inventory where you can easily know what is available and have more supplies delivered for what is out of stock. This is pretty hard in a drop shipping model since you canâ€™t really tell when some products are out of stock in manufacturersâ€™ or wholesalersâ€™ warehouses. You can limit such inconveniences by relying on multiple suppliers.
Having the orders you receive fulfilled by a third party can be quite a challenge and there are usually high chances of consumers receiving the wrong products, damaged items or experiencing delays in shipping among other inconveniences that can weigh heavily on your reputation. They will then be blaming you for such errors instead of the supplier, and they will be expecting you to sort out the existing problems.
There are numerous manufacturers or suppliers who do not offer drop shipping as a service, and this may greatly limit the choices available to your customers on some products. This is a situation that can affect the growth of your e-commerce business due to low consumer satisfaction. To avoid such a scenario, you should first take the time to understand the niche that you are planning to invest in and how distribution is handled by the manufacturers or other authorized distributors.
There are additional costs that you may be required to handle when operating your business and these may further reduce your already low-profit margins. Some of these may result from compensation for wrong deliveries and damaged products among other things. You will also be missing on some incentives extended to retailers by manufacturers including bonuses, discounts, and marketing/ advertising incentives.
Succeeding in drop shipping
Currently, the field of e-commerce is highly competitive, and you should be a bit innovative for your business to succeed. Instead of competing on pricing, you should focus on other ways of adding value and gaining customer confidence. You should have in-depth knowledge of the products that you are selling, and you should come up with ways of developing strong customer service among other things.
If you are just starting your online business, you may be tempted to go with â€œtop sellersâ€ but this will just make it hard to establish yourself. You should, instead, look for a niche that is not very competitive and then develop strategies that will open up your business. Trying new products should be pretty easy and less risky since you will not be holding any inventory. This will be a great move in increasing the number of products in your catalog.
The other important thing that you should be concerned with is making consumers aware that your business is in operation. This is where you should consider investing in practices that will make your website more visible in the search engines. You should consider hiring a Search Engine Optimization expert, investing in online marketing strategies and providing quality content that relates to your business and the products that you are selling.
If you want to check out one of my courses check it out on Udemy!
As a buyer on Amazon, I am sure you would have often noticed many products touting the â€œFulfilled By Amazonâ€ tag and many times that has formed a basis of why you chose a specific product over another. But why exactly do seller choose to take this paid service and how can this help them increase the total number of buyers and expand the market reach for them?
Well as the Amazon tagline for FBA says, â€œyou sell it we ship itâ€. This â€˜Fulfilled By Amazonâ€™ feature is one of the best and most advanced forms of fulfillment benefit program created by one of the worldâ€™s biggest and best online retailers. Sellers are increasingly embracing it not just because it ensures all your shipping hassles are taken care of but also the fact that this is one of those benefit programs which result in a direct increase in overall sales coupled with creating a better stamp of credibility and good will for your product.
So when you choose to sell your product on Amazon one simple way to boost the overall numbers or units of products you sell along with getting the best mileage and exposure for your brand is by using FBA.
Here is a quick lowdown on some of the most pronounced benefits of the FBA service offered by Amazon for an average seller keen to reach a vibrant marketplace.
Plus this feature ensures free listing on other relevant marketplaces as per the type of product you sell. This means that with one simple listing you are able to reach out a relatively larger number of buyers not just in your home marketplace but also many foreign marketplaces where there could be demand for the specific type of goods that you might be peddling in.
In a nutshell, therefore, the Amazon FBA benefits sellers in a multi-pronged manner by not just ensuring a larger clientele but also helping them create a better and lasting reputation for their products. In exchange of a nominal fee, sellers get to use specialized features like
Therefore, the FBA is an easy way to boost the quantity and quality of returns and sales margin that you can target achieving on the e-commerce platform. So now you can sell without a worry and 100% reliability.
My Goal: Passive income – which is another word to explain a steady stream of monthly fund inflow which does not need a lot of hard work for maintaining it but surely requires sharp strategy and in-depth thinking in original initiation and creation of the base approach and product. A passive income online to complement what you get from your full-time job goes a long way in boosting your financial health. Taking the steps to build these passive income sources will bring you the ability to explore your passions build a lifestyle that you enjoy and ultimately drive freedom for yourself.
Freelancing provides a lot of benefits- you can work at the comfort of your home, less stress and you can spend more time with your loved ones. There are many websites that provide work for web designers, IT professionals, writers, graphic designers, financial advisors, translators and data entry operators. All you require is a computer, the internet, and skills and you are good to go. Common sites providing work include Upwork, Freelancer, Guru and Academia-Research. You stand to earn more if you get repeat customers by providing them with quality work.
It is the best way to make passive income online for creative minds specializing in a particular niche. You need to research on your target audience for you to offer content that they would be willing to spend on. It could be eBooks on cooking, traveling, or even entertainment. For instance, if you choose cooking you could have eBooks on â€˜Chinese Cuisine Demystifiedâ€™ or â€˜The best Italian Restaurants to Visit.’ However, you will need to market your book to attract a steady income stream. You can sell them on websites such as Amazon and EBay. Therefore, you need to research on a need in the market and provide a solution for it. Â A fellow Digial Nomad Adrian Ingram explains how he does it here.
Monetizing your content on YouTube
YouTube has made it possible for its subscribers to generate a passive income online through the monetization of the content they upload. You just create your YouTube channel and add content (usually videos) to it regularly to earn an audience. Your video is monetized when YouTube places ads on it. You earn an income based on the number of clicks on the ad placed on your video. You need to market your video to earn more traffic social networking sites like Facebook.
You have an opportunity to make passive income online through the promotion of the products of a certain company for a commission for each sale made from the promotion. All you need is to link up with affiliate programs, obtain their affiliate links, and begin promoting them on as many platforms as possible. You need to build trust with your audience through avenues like creating an email subscriber platform for the products you are marketing. A common example is the marketing of Amazon products through their Amazon Affiliate program.
Selling your photos online
Nowadays, you can sell almost everything online as long as it is not copyrighted to other parties. You can take your photos of things such as natural phenomena and animals and sell them to make passive but steady income online. Websites such as Shutterstock and Alamy provide suitable platforms for selling all types where you gain a certain royalty fee. The images you take must be unique and not be claimed by anyone else after the sale.
You can create your personal blog that provides content in a particular niche. It is very easy to create your blog since blogging platforms like WordPress provide templates that you can customize according to your desires. After gaining traffic to your blog, companies would be willing to place ads on your blog. You make a passive income when visitors click on the links to the ads placed on it. On a blog, advertisers can either use direct advertisement or affiliate marketing. Therefore, you need to come up with compelling content and make regular updates to ensure you maintain steady traffic to your blog.
It is similar to affiliate marketing only that it makes use of a list of subscribers to a certain blog in the promotion of certain products. If you are looking to exploring the world of blogging, then this method would suit you. It is because the subscribers of your blog are your target audience the probability of more purchases since you share similar interests with your subscribers. The advantage of this technique is that it creates a relatively personal touch with your target audience, and they trust you more.
Some websites enable you to make passive income online without possessing a product to sell or a website. For instance, if you like writing, you can generate additional income by creating articles of the highest quality and submitting them to various locations on revenue sharing sites. Squidoo, HubPages, and Infobarrel are the common revenue sharing platforms for you to make money online.
Peer to peer lending
Also known as P2P lending, it is a service that provides loans for individuals who donâ€™t qualify for credit from conventional financial institutions. You require some capital investment to start this activity. As a lender, you have the freedom to select the borrowers you can offer loans while you can also spread your investment amount out to cushion your financial risk.Â Prosper and Lending club are the two common platforms you can join to start making a passive income online.
Selling products on Amazon and eBay
You can also sell your physical products online in addition to the digital ones. Amazon and eBay provide you with the best platform to do it. To maximize the profits, you need to buy products in wholesale and then sell them as power-sellers on Amazon and eBay. All you are required is to pay a small insertion fee for your product to be listed. It is also easier to sell your old items that you donâ€™t need on these platforms owing to the millions of customers buying from these sites.
Technology has now put the capacity to make money at your fingertips. All you need is a basic understanding of how to use the internet and you are set. You can make a passive income online through several ways. However, some take a long time to pay dividends while others can be instantaneous.
As many of you know I already have multiple dropshipping stores that bring in monthly recurring revenue. Â These stores drive are easy to set up and provide a solid passive income that can help you drive investment in other platforms and businesses that can help you grow your passive income over time. Â Below you will find the intro to my course for dropshipping. Â Also if you want to find any of the resources that i use to build dropshipping revenue check out my resources section.
At the end of the day choose one or two projects to focus on and put your time and effort into making those work. If you put the hours in over time your effort will pay off and allow you to start generating the profits you need to grow a real business. Looking forward to seeing you guys take your first steps.
As many of you know I have moved to Chiang Mai Thailand to work on my businesses full time. Â These include 1 Dropshipping Store, 2 Private Label eCommerce Stores, my blog which hopefully your reading and enjoying Â 🙂 and a Software company. Â For those of you, that are just getting started on their first business venture in the online space I would Highly recommend getting into Dropshipping. Â It is a business that does not require much capital upfront and you can learn all the skills that you need to jump into other businesses later. Â It will teach you how to source product, Market, buy digital advertisements on platforms like Facebook, Google and Pinterest. Â Overall it’s a great way to get started in the online business world!
Dropshipping as a trend is fast catching up in the world of e-commerce. Currently, almost 30% of the e-commerce globally is conducted using Dropshipping. It gives you the opportunity to start your online business with little or practically no capital investment and very little effort involved. All you need to do is list your product, send an email to the supplier to ship on your behalf once you get an order. While setting up can be simple but getting in touch with a reliable supplier can be a tough task. This is where AliExpress comes to play. It is an extremely convenient and simple to use marketplace that you can use to further your ecommerce business. Remember the edge that you have with AliExpress is not cheaper priced products, but the ability to reach customers before your competitors manage to.
Therefore it can be easily concluded that setting up an AliExpress Dropshipping store entails some solid research, quick thinking and strategic brand positioning. This, therefore, would mean that the not only gets the right kind of exposure to potential customers but also gives you the competitive edge in terms of product selection, pricing and most important delivery speed and precision. In the dynamic and ever-changing world of ecommerce dropshipping will often be the deciding factor that helps you deliver your products more efficiently to your customers.
If you head over to my courses section of the site you can find a few of my dropshipping courses that I over. Â Hopefully, these will give you the insight you need to start your first ecommerce business. Also if you go to my resources section of the website you will find some of my favorite applications and discounts for you to use. Â (Disclaimer: I get a small commission for helping you find these applications but everything i recommend i have used and love!)
My Favorite Applications for Dropshipping:
On October 19th I took a step that I have been working on for well over six months now. I moved away from New York and Boston and relocated to Chiang Mai Thailand. The amount of thoughts that went through my head when I was planning this trip was undesirable. I was excited, nervous, scared, pumped, emotional and antsy. I had been dreaming about taking the step to finally be 100% focused on my businesses for years but had never taken the necessary action needed to achieve full independence. You see when I was 16 years old a few friends, and I started an online private video game server because we believe there was a gap in the private server market for this one game we were playing. We thought the other servers were unfair and the players on those servers would be willing to switch â€œproductsâ€ if we changed a few elements about our server. That was my first entrepreneurial experience, and it made me over 10k in 3 months before we shut it down because we were 16 and could not figure out how to run a business! After that, I was hooked on creating, building and pushing new products that I could call my own. â€œUnfortunately” after three years and a bachelor degree later I jumped into Corporate America where I spend the next six years. Now donâ€™t get me wrong it was one of the most amazing experiences of my life, and I would not reverse time, but I do believe I stayed around for a little too long.
Fast forward to today and I am back in the mindset that I had when I was 16 years old building my first private gaming server with friends. 100% focused on what’s to come and building products and businesses.
With this transition, Chiang Mai Thailand was the perfect option to start that journey again. The city is beautiful, there are great apartments to rent throughout the city, living expenses are low, transportation is easy, and there are plenty of coworking spaces throughout the city. I have only been here for one full day, but I have already found the apartment that I am going to live in(Luxary Huay Kuaw), The coworking space I will work in(Punspace) and the bike I will use for transportation.
If you are looking for an apartment in Chiang Mai here are some others that I explored.
My Home – Luxary Huay Kuaw – 14,000 – 18,000 Baht https://goo.gl/maps/fs58qU8gFR82
Pansook Urban Condos – 12,000-16,000 Baht – https://goo.gl/maps/azxG4WdCPTy
The Doom – 14,000 – 16,000 Baht – https://goo.gl/maps/JBjyn2CGZB22
P.T Residence – 9,000-11,000 Baht – https://goo.gl/maps/DwKRi6TsBf82
Sakul Chai – 15,000 Baht – https://goo.gl/maps/tXxRUBAiwSC2
Pansook Quality Apartments – 12,000 – 16,000 Baht – https://goo.gl/maps/HJe4d1qAAis
Chai Mansion – 10,000 – 17,000 Baht – https://goo.gl/maps/B4h2tsESXr42
Huay Kuaw Residence – 4,500 – 15,000 Baht – https://goo.gl/maps/5rvWPGtof6q
Finding an apartment in Chiang Mai Thailand is incredibly easy. I will be putting together a full guide over the next few weeks to walk you through the steps you need to take and where to find apartments.
I am excited to start this journey and will continue to write and post about it over the next few months.
A few weeks ago I started my year long adventure around the world. This plan all started in July when my old company and myself decided to part ways. It was one of the most liberating feelings in the world. Walking away from the world that I have been involved with for over seven years and starting from scratch. It was the most exciting and nerve-racking experience I have ever been through. Fast forward to September first and I was on a plane to Denver Colorado to work and see my good friends Ethan and Tim for ten days.
Denver is easy one of my favorite cities in the world. The combination of nature( Mountains, Rivers, Lakes) and modern city progressive policies is a combination to get attached to. Marijuana Dispensaries are surround by corporate sky rises, parks, and gyms. You will find a vast range of individuals from all around the United States and the world that moved to the city for one reason or another. The culture, food, atmosphere and diversity brings an exciting twist to the modern city.
With all that Denver has to offer you will also find a thriving Digital Nomad and Entrepreneurial culture that drives the innovation throughout the city. Big tech companies including Google and Twitter are starting to move to the city as tech and marketing talent continues to grow year over year. With this influence of corporations, you see other startups starting to call Denver home. Ibotta the biggest coupon app on the Apple App Store who has raised over 60 million finds themselves located in downtown Denver. You will also find a few Weworks and other co-working spaces pop up throughout the city. The city is a thriving community for any individual that is working to build their own business and life. If I move back to the United States, I most likely will call Denver home.
The majority of digital nomads here in Denver work on eCommerce and Amazon FBA Businesses. The Rocky Mountain Resellers conference is based in Denver where you will find mainly eCommerce entrepreneurs including The Amazing Seller.
You can find a quick summary of my trip to Denver above. I spent a lot of my time visiting Ethan but during that time I took some time to find the best coffee shops, co-working spaces, and Hostels for anyone that is planning to take a trip to this great city.
Little Owl Coffee Shop – 1555 Blake St #150, Denver, CO 80202
Purple Door Coffee – 2962 Welton St, Denver, CO 80205
Thump Coffee – 1201 E 13th Ave, Denver, CO 80218
Co- Working Spaces:
Thrive Workplace – $25 a Visit
UncubedSpace Â – $200 a Month
Green Space:– $150 for 3 days per weeks
Hostel Fish – $40-50 a Day
If you plan on visiting for a week or a few months, a combination of staying at Hostelfish at night working at coffee shops two days a week and grabbing a membership for 150 a month at Greenspace would be a great combination to work connect and explore Denver.
A full month in Denver without flight would cost you about:
Housing: 1000 – 1400 USD
Coworking Space: 150-200 USD
Monthly Food and Activity: 600-900 USD
Total: 1750 – 2500 USD
Now if you planned on staying longer, you could grab short term leases or sublets on Craigslist for less than staying at hostels, but you would lose the daily community that comes along with staying at a hostel. There is so much opportunity that comes out of a hostel style living situation that I would recommend it to anyone that is traveling and working on their business full time.
Score for Denver: 9.2
Copywriting is often in its own little world. It is often misplaced in the priority of things. The people behind the ads or the blog posts donâ€™t get thought about. When people talk about writers, the first thing that comes to their mind are books. What books have they written? How many have they written?Truth be told, writing is a much bigger world than the credit given to it. Outsourcing your copy writing needs is one of the easiest way to streamline your cotent marketing creation.Where can you turn for your writing needs? Itâ€™s not like writers are advertising themselves on the television or radio. Writing is a quiet world, and to be in it, you have to respect the art of being a wordsmith. Careful writers are not wordy, and they donâ€™t fill your space up with unnecessary filler. What may seem like filler may actually be a carefully worded introduction or transition from one topic to the next.
Content creation is emperor in the online world, and if you hope to make it in the competitive online world, then you know you need unique content. One of my favorite providers of Content Marketing copy is Copywriter today. Â They have a team of some of the best writers you can find. The tagline, â€œUnlimited Fresh Contentâ€ means exactly what it says. TheyÂ are more than happy to write anything, from a short article to an entire 10,000 word eBook. In fact, itâ€™s thats their bread and butter.
Gabe Arnold is the owner of Copywriter Today. He has extensive experience in start-up businesses, copywriting, and marketing campaign management. He has lived in the online world since he was 16 and selling websites. He is currently the owner of Copywriter Today and Get Traffic Boosterâ€”another writing service that sets clients apart as authorities in their respective fields. Copywriter Today managed a team of remote writers from her hometown in Arizona.
If you were to look up the definition of copywriting, you would find that it means the words you find in advertisements. While this is true, one of our specialties falls under article writing. Article writing doesnâ€™t get nearly the credit it deserves, but then again, we go online and see poorly written articles every day. Blatant grammatical errors can cause people to leave your site. You wonâ€™t be an authority in your field, and you wonâ€™t make any sales. Writing is something that needs to be outsourced if you donâ€™t have the time to do it on a regular basic.
Wealthfront is leading the competition in the world of online financial management. They currently manage over $1 billion of investor assets. Wealthfront achieved this number in a mere two and a half years. Are they worth their salt? Uncover the truth here.
The world of online financial management isnâ€™t quite like online investing, although the two worlds have blurred boundaries. Unless youâ€™re one of the few, rare persons who inherited a multinational, multi-billion dollar trust fund as an infant, then youâ€™re like most people who need to build their wealth. Traditionally, this task has been left in the hands of high-profile financial advisors known for charging a pretty penny to handle money. And why shouldnâ€™t they charge exorbitant prices? After all, they are in charge of keeping wealthy people wealthy, and if you take anything away from todayâ€™s information, itâ€™s to pay your personal professionals well.
Wait. I know what youâ€™re thinking. Iâ€™ll bet itâ€™s something along the lines of â€œHow much do I need to pay?â€, or â€œYou need to define â€˜well-paidâ€™ before I give you a single red penny.â€ The truth isnâ€™t that shocking. Any financial manager worth two beans will charge you a fee to handle your money.
There are many options before you as you research the place for your money. You can have IRAs, investment property, precious metals, foreign exchange, and even stock market accounts. With so many options, how do you sift through the information to make a well-educated decision?
The People behind Wealthfront
The first thing I do to investigate any company before I even care about products, goods, services or even prices, is this. I scrutinize the people behind it. It becomes so much more important before I hand them a portfolio of money that took almost my entire life to build. With Wealthfront, I was not disappointed. All too often, I see â€˜About Meâ€™ or â€˜About Usâ€™ pages with no information about who the person or company is. While some have the equivalent of mission statements telling me what they do, even more donâ€™t even bother with any identifying information at all. Wealthfront has several of these pages, with biographies, full names, and even photos of almost everyone—including the Board of Directors, the Engineering team, the Management team, and even their investors and joint capitalists.
That says a lot for a company. Although I go through and read some of the biographies, they provide enough convincing information to prove they stand behind their products and services. They arenâ€™t afraid of putting their faces on their products. It lends a heavy hand in favor of their credentials. Not to mentioned the are heavily venture backed and have multiple stages of funding in place.
What They Offer
They have a broad offering, including IRAs, Roth IRAs, SEP IRAs, trusts, taxable and non-profit accounts.
Their features include free management for the first $10,000 of your invested monies with an additional $5,000 managed â€˜on the houseâ€™ for every referral, automated portfolio rebalancing, daily tax-loss harvesting, customized portfolio, a single stock diversification program, automated deposits, and the ability to choose your own risk level.
Remember how I said you need to pay your professionals well? Here is some music to your ears. Wealthfront charges 0.25% of your account balance per year. What does that mean for you? Letâ€™s break down a $100,000 account (for easy math).
$100,000 – $10,000 (this part is managed free of charge) = $90,000
$90,000 Ã— 0.0025 (0.25% of account balance) = $225 per year (assuming you donâ€™t make or lose any money—it is based on current account balance at that time)
It doesnâ€™t get much cheaper than that. You usually get what you pay for, but not here. You get much more than you pay for.
Additional features include account setup in five minutes, no minimums for withdrawals or deposits, no account minimum, and automatic deposits.
What Others Have Said
With over $1.5 billion in investor assets, not too much needs to be said here. They achieved this in less than three years in business, making them one of the fastest growing online financial management firmsâ€¦ever. Let the number speak for themselves.
What to Watch Out For
You need be mindful of one thing before you invest a single penny in anything. Investing is not, nor has it ever been, a get rich quick scheme. Investing is a world where it takes money to make money, and it takes time. Investing has no place if it puts your financials in jeopardy. There is always a certain amount of risk involved with any investment. Donâ€™t invest money youâ€™re not prepared to lose. If anything, I hope to help you make an informed and educated decision.
Investing isnâ€™t for everybody. There are several places, mostly legit but some dishonest places, who will gladly take your money and disappear. Donâ€™t fall victim to scams. Wealthfront may be relatively new, but thatâ€™s because the world of online financial management is in its infancy—the internet is not hundreds of years old. However, Wealthfront has done everything they can, putting their money where their mouths are, and that includes complete transparency—something quite rare in todayâ€™s world.