Tentmaking Tips

Is that a Baby Step worth following?

Absolutely, but with a caveat!

I think the percentage is too low.

Really?

Yep, here’s why.

Let’s assume you are in your early 40s like me (some of these variables will change with your age).

Average net worth of someone in their early 40s is: $549,600

Now, don’t panic if you’re my age or older and you’re not there. Some say median net worth is a more accurate estimate than the average (likely due to some people who are worth tens of millions or more at that age).

Median net worth of someone in their early 40s is: $135,600

Median household income: $74,580

Plugging in the median net worth & income at networthify.com with a 15% savings rate, you’ll be financially free (able to live on your investments) in 33.1 years, or when you’re in your mid 70s.

Is that what you’re hoping for? I would guess not.

Let’s increase the numbers a bit.

Let’s say your house

But what if you want more business than that? What if you want to represent a few more clients to meet your income goals?

That’s where marketing comes in.

And marketing is scary to a lot of people. The reason why is because you spend money in advance not knowing if you’ll ever get it back. That’s why many people avoid it altogether.

But I think that’s a big mistake & it limits the potential of many businesses.

I’ve spent tens of thousands of dollars in marketing over the years and my return on investment is sky high. You just have to start small, spend the money strategically, and eventually you’ll be paying for your marketing costs with revenue you’ve made from prior marketing efforts.

If you’re looking for new clients to represent in buying/selling houses, I’d encourage you to sta

I totally get it.

One of the principles that I love in the best-selling book, Atomic Habits, is the idea of breaking down big goals into very small next steps that don’t seem so intimidating.

Why not do that with flipping houses?

Instead of thinking about building a house flipping business in 2024, what about trying to flip just one house?

Surely you could do just one if you had the entire year to figure it out, right?

And what’s really cool about flipping houses is just one flip can make you life-changing money.

Once you flip one house, maybe you’ll want to try a second, then a third, and before you know it, you’ve built a business flipping houses with employees that run it for you.

But it all starts with your first one.

Many of the premium credit cards I recommend have annual fees ranging from $65-$200 per year.

These annual fees are totally worth paying in the first year because the welcome bonus on these cards is often worth thousands of dollars.

But what about in the second year, and third year, and so on?

It really just depends on the card.

I’d say, as a general rule, I cancel most of my credit cards at the one year mark from when I was approved for them.

A few weeks ago, I had 3 annual fees hit various cards since these cards are beginning their second year.

This is usually my reminder to decide whether I want to keep the card or cancel it.

The good news is that, for most cards, when the annual fee hits, you have about 30 days to cancel the card & get a refund of the annual fee. It’s very common for me to see an annual fee hit

Some of us even grew up in churches were many of the staff were paid full-time.

It’s easy for us to assume that our experience is the norm.

But it may surprise you to learn that many churches, perhaps most churches globally, don’t operate this way.

There just aren’t the funds available to pay a pastor full-time.

Most of us live in a context of great wealth. But most of the world doesn’t live in that context.

And the early church certainly didn’t live in that context.

Tentmaking is the norm. Funding pastors full-time is the exception.

It may not have been the norm in the church you grew up in, and that’s ok.

But, even in a Western context, there are thousands of bi-vocational pastors. They serve in churches where they get very limited pay, if any at all.

So, the first way I’d answer the question, “Is tentmaking a distraction?” is to say:

Far from being a distraction, tentmaking is what enables man

How can the guy teaching us about travel hacking using credit cards tell us to never get a credit card?

Haha - great question!

Here’s the reason.

A great case can be made for never getting a credit card.

In fact, if you get a credit card or multiple credit cards, you should know you’re taking a risk.

Period. End of story.

Having credit cards is like playing with fire. Generally speaking, it’s a bad idea, but some people, through years of financial wisdom, have learned to “play” with fire in a way where the likelihood of getting burned is very low. They may choose to take the risk with significant guardrails in place to keep them from getting hurt.

They are the exceptions to the rule.

Perhaps that’s you and me.

I don’t think the “rule” is that people should have credit cards. I think it’s the exception to the rule.

I think the best general wisdom is that people should not get credit cards. Which is

More and more people are starting to earn money this way.

Many of them have a blog, or a newsletter, or a podcast, or a YouTube channel.

They also actively share helpful information on social media.

They have courses, ebooks, communities, and coaching programs.

And they often work from home and make money while they sleep. Pretty cool, right?

Having an online business can be a great extra stream of income to support your ministry. And it’s easier than ever to get started.

I started TentmakingPastors.com in 2020 to help pastors, missionaries, & Christian leaders earn extra money in their spare time to supplement or replace their incomes. And I’ve made so many new friends along the way. Plus it’s been a great extra stream of income for our family.

You may be thinking, “How do you even start an online business?”

That’s what I’d like to discuss in today’s newsletter.

The first and most important step is to figure out what people online

Most cards don’t have great redemptions for grocery spend.

The Chase Sapphire Preferred is 1 point per dollar spent on groceries

The Chase Freedom Unlimited is 1.5 points per dollar spent on groceries.

These are two of our main daily use cards & that’s not a great point redemption.

Recently, we applied & were approved for a new card that we chose mainly because of its grocery benefits.

Which card is it?

The American Express Gold Card.

It gives you 4 points per dollar spent on groceries up to $25,000 total per year.

Wow!

With my Chase Freedom Unlimited card, I’d earn 37,500 points (1.5x) if I spent $25,000 on groceries in a year.

But with the AMEX Gold card, I’d earn 100,000 points (4x) on that same grocery spend! Whoa!

And those 100k points are worth about $2,000 in free travel.

That’s a nice extra vacation a year just by putting your grocery spend on a strategic card.

Now, if you’ve been following this blog for

Many different licenses can take a long time to get.

A Real Estate License is not one of them.

If you move quickly, you could probably get your license in 3-4 weeks.

If you want to take a bit more time, you can finish up easily in a few months.

And that’s just working on it during evenings & weekends.

Taking the courses & tests can usually all be done online, with the exception of the final exam. You can also take the courses in person, if you prefer, but it’s usually more expensive.

After you take the courses, you’ll have a final exam along with fingerprinting, background checks, and other documentation you’ll need to submit.

You can find discounts & coupons for the online courses, so the cost to get your license is fairly inexpensive. Then you’ll have some ongoing costs which should usually be more than covered by doing one transaction each year (or even one every few years).

If you’re assuming it’s not worth getting a real estate license because it wou

“Treat making money as a hobby.”

For most of us, we don’t think about making money this way.

A hobby implies you do it on the side for fun. That it’s not your main gig.

But, for most of us, making money is a full-time job or a business that we work in full-time.

Of course, there’s nothing wrong with that.

But how great would it be if you made all the money you needed as a hobby and you could spend most of your time doing whatever the Lord led you to do?

Some pastors have told me that they’d probably be in a different ministry position if it wasn’t for the money. And they mean this in the most sincere way possible. Not that they’re in their current position for the money, just that what they have a vision for doing doesn’t pay much or anything at all. As a result, they feel they can’t pursue that passion yet, because they need more money than it can provide.

But, if you make money as a hobby, on the side, i