Home > Author Archives: Kim Parr

Author Archives: Kim Parr

Kim Parr is a private practice optometrist, freelance writer, and personal financial blogger. You can follow her journey to 20/20 financial vision at Eyes on the Dollar.

How to Make “Mailbox Money”

ways to make mailbox money

We all know that making money is one of the keys to financial success. While there are tons of ways to earn income, I think my favorite way is through “mailbox money.” One of my favorite things about being an optometrist is learning oddball things from my patients, and this term came onto my radar a few weeks ago from one of my more colorful clients who had recently retired after selling his business. As he is only in his mid 50’s, I asked if he had another career on the horizon when he told me that he as pretty content to collect his mailbox money from various rental properties acquired over the years.  Sounds like a great plan if you ask me! Mailbox money is income that arrives either in your physical or virtual mailbox, in a somewhat fixed frequency with a minimum of management, basically the definition of passive income. Passive income is the holy grail for those of us seeking financial independence and/or early retirement. Since few have access to royalties or trust funds set up by someone else in our names, that means earning our own mailbox money. Luckily, there are several ways to cash in. ...

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Quitting Self Employment for a Traditional Job

going back to work full time

Except for the first two years of my career, I’ve been self employed. First as a small business owner, then as a contract optometrist. Being my own boss has been a great experience, but very soon I’ll be quitting self employment for a traditional job. Although this flies in the face of those longing to leave the 9-5 lifestyle, it’s the right decision for this stage of my life and career. Self Employment is Great Until it Isn’t I don’t regret being my own boss for all these years. Being in charge allowed me to take off when I wanted, leave work to pick up my kid, and control how much or how little I worked. However, years of managing employees, dealing with self employment taxes and paperwork, and having to work like a fiend before, after, and occasionally even during time off does wear you down. I am a huge believer in hustling. both in your day job and beyond. I don’t think I’ve ever had a traditional 40 hour work week. Even after cutting back on being an optometrist, I made up for the downtime with blogging and freelance writing. That was a game changer as we’ve paid ...

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How To Choose a Career in IT

various careers in IT

It’s no secret that the IT industry is currently experiencing an unprecedented boom. The sheer availability of jobs ensures that whole sector is currently a seller’s market. That is, the people who stand to gain the most from it are the ones who are currently on the lookout for gainful employment. Which is why it definitely helps to gain some perspective on the industry in order to grasp the similarities and differences between positions that might otherwise look quite similar at first glance. Dynamic Web Training have recently compiled data which reflect the salaries of 2015-16 IT industry roles on which this article is based. With that in mind, here are some of the top IT jobs as of right now: 1. IT Manager Being an IT Manager requires one to possess the obligatory technical know-how of the department you’re running, but it also entails handling administrative duties as well. IT Managers often form a bridge between the upper management and the development team and are crucial to the success of any given project. This is reflected in the job’s pay, with entry level IT Managers making around A$50,000 and senior project management specialists earning A$162,000 or more. 2. IT ...

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Why Higher Income Doesn’t Guarantee Financial Success

achieve financial success

During my three plus years as a personal financial blogger, the majority of interaction with the public has been overwhelmingly positive. However, there are always those who like to throw out how easy it must be for us to pay off debt, save for retirement, accomplish any financial goal because we make decent income. I know you’ve heard it or though it too. If I could just make x amount of dollars, my worries would disappear. In reality, higher income doesn’t guarantee financial success and here’s why. Higher Incomes Often Mean Higher Expenses While it’s possible to live like a broke college student forever, some lifestyle inflation as your income grows is inevitable. I used to happily stay at Motel 6 and eat cheap pasta and red sauce for just about any meal. As a forty something adult, the quality of travel and groceries that are now acceptable are just a couple of things that have gone up in price. I’m not sure if it’s having a higher salary or just being a grown up, but many of the cheap things that used to suffice don’t work anymore. Spending More Than You Make Results in Debt Whether you make minimum ...

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Ways to Get Rid of a Timeshare

get rid of a timeshare

When on vacation, it’s easy to let financial reality slip away. While that’s OK when shelling out for a nice meal or spa treatment, what happens if you do something really costly like purchase a timeshare? After returning to the real world, maintenance fees and monthly payments don’t seem so amazing. Whether you’re a new owner facing buyer’s remorse or a long time owner who no longer uses their property, what are the options when it’s time to get rid of a timeshare? Selling a Timeshare Obviously, getting money back for your investment is the best way to get rid of a timeshare, but that can be easier said than done. The problem with selling a timeshare is greater supply than demand, which can drive prices well below purchase amounts. If the property is up to date, in a prime location, and from a well known company like Marriott, Wyndham, or Hilton, it’s worth more. If your timeshare hasn’t been updated since the mid 90’s, it can be almost impossible to sell. The Timeshare Users Group (TUG) recommends looking at properties that have recently sold in your complex, not those still on the market listed for sale. Asking more than ...

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