Podcasts about timika downes

S3:Ep 19 In this episode, I gain side hustle nuggets from Timika Downes. Timika is a Registered Nurse for Boston Public School System, Owner of Lice Clinics of America- Medford, Creator and Host of the Reluctant Frugalist blog and the FI-Rx podcast, Public Speaker, Wife, and Mother of 3.

Today in the guest chair we have a new edition of Side Hustle Pro—Side Hustle Spotlights! We are talking to a certified side hustler who is still a side hustler and we are going to find out how and why she got started, how she’s making it work, and squeeze all types of advice out of her. Her name is Timika Downes, she is a Nurse, who is pursuing financial independence by saving over 50% of her income with a family in tow, and she started a 6 figure side hustle when she opened her Lice Treatment Clinic in Boston.  She treats all races, all textures of hair, in this clinic. She also fun fact, has a blog and Podcast about the FIRE movement (which we will talk about in this episode) and she is one of my Podcast Moguls students. So excited to have you Timika in the guest chair. Listen on Apple Podcasts, Soundcloud, Stitcher This episode is brought to you by: Gusto. Gusto offers modern, easy payroll, benefits, and HR to small businesses across the country. Sign up and give it a try at Gusto.com/shp. Zola. To start your free wedding website and also get $50 off your registry, go toZOLA.com/sidehustle  Links mentioned on this episode The Reluctant Frugalist Pomodoro method Five Stars by Carmine Gallo Podcast Moguls Masterclass Click here to subscribe via RSS feed (non-iTunes feed): http://sidehustlepro.libsyn.com/rss Announcements If you’re looking for a community of supportive side hustlers who are all working to take our businesses to the next level, join us here: http://sidehustlepro.co/facebook Social Media Info Reluctant Frugalist - @thereluctantfrugalist Side Hustle Pro – @sidehustlepro #SideHustlePro

On today's episode, Cody and Justin are joined by Timika Downes from The House of FI podcast to share her amazing journey. Her story involves marriage, divorce, children, military service, career changes, and six-figure side hustles. Her constant urge to better herself is truly remarkable and we think no matter what your journey is or where you are on it, this episode has something to offer for you. Time to go listen, comment and show us some love with those ratings.  Enjoy! Episode Summary Born to immigrant parents growing up in projects of Boston In the 5th grade, she was a part of a program where she began attending school in a much more affluent neighborhood When she got in high school, they moved to a two family home and began house-hacking Her parents instilled saving money but no deeper financial discussions She racked up about $94k in debt over the course of her three degrees Timika ended up with a Master’s in Accounting and a Nursing degree She talks about how she plans on handling her children’s education based on what she learned from her experience There was a discussion about a situation she was aware of where the parent’s had different payouts they would support their kid with based on how profitable the degree was they went after. She got married earlier on and they both made good money and bought a house but they never really managed their money or really worked their way out of debt or built wealth That marriage ended in divorce at age 30 and was a wake-up moment for her financially She also joined the military which greatly helped with her college debt She talks about the great experience the military was and her commitment was 1 weekend per month and a two or three week period every summer and she got a $50k bonus plus pay on those duty weekends. After being remarried and having a child, she realized she wasn’t going to stick around for 20 years and get retirement so she stepped away from the military. Once she got debt handled she started looking at side hustles and entrepreneurship Her first effort was for a breastfeeding product to help women feed at work Unfortunately, in the end, she realized the profit margins just weren’t good enough It did, however, teach her how to handle websites and social media campaigns Her recommendation is to spend your time before you spend your money when looking at a new business idea Then she found a very successful business venture in a head lice clinic She got the idea after going through a lice outbreak in a school she was working at as a school nurse Her clinic utilizes a machine that is leased through a University program that dehydrates the eggs of the lice You purchase rights to a region for the clinics and now the business is moving to a franchise model Lice Clinics of America is the organization she utilized to get started She also mentioned that there is a mobile version of the business people can get involved in now In her first year, the business made over $100k of revenue She continues her personal growth by starting a blog, podcast, and even taking coding classes Her tangible tip is to always look at a problem creatively and deliberately and realize that your journey to financial independence is a marathon and not a sprint Key Takeaways Paths aren't always marked: She ended up with three degrees which led to debt but it was part of the process for her to find her path. Some people are lucky enough to have a calling from the time they can talk and others need a little more exploration. Don't compare yourself to others, just focus on finding your path. Failure is our best teacher: This is one of the most reoccurring lessons I've ever seen with entrepreneurship. Timika didn't strike gold on the breastfeeding business in terms of revenue but the lessons she learned were priceless. Invest in yourself: I absolutely love her commitment to self-improvement.

Timika Downes and Wendy Mays are personal finance experts the co-hosts of a popular podcast called, House of FI.  Useful links: House of FI (iTunes) House of FI (Email) House of FI (Website) GirlFIday.com (Wendy’s Website) ReluctantFrugal.com (Website) Show notes: Wendy shares her entrepreneurial beginnings – her solo practice as an attorney. Wendy’s foray into RE. … Continued

“It’s a business with training wheels,” Timika told me. Timika Downes is a school nurse by day but was looking for ways to add income after hours, and ended up licensing someone else’s business idea. Her side hustle is a lice clinic; a brick-and-mortar facility that helps parents and kids get rid of lice. Not the most glamorous niche in the world, but Timika’s clinic did 6-figures in her first year, all on the side from her day job, and it now runs with little time investment from her. The lice clinic is actually just one of several side hustles Timika has going on – she also co-hosts the House of FI podcast, blogs at ReluctantFrugalist.com, and she has 3 kids. Her story is an interesting one. It highlights the differences between licensing and franchising a business, and Timika explains how you can leverage the support of a licensing company to get a business off the ground quickly. Tune in to hear how Timika evaluated the risks and benefits of the licensing opportunity, how she drives business, and how she’s set this up to be a hands-off 6-figure business.

102R | Brad and Jonathan explain the long-term tax benefits of using a Health Savings Account to pay for medical expenses, discuss the benefits of new index fund investing options, review Monday’s episode with Timika Downes.   Brad and Jonathan are getting back to traditional health insurance, and excited about the Health Savings Account (HSA). Most companies offer health insurance options, typically including: Low monthly premium + high deductible High(er) monthly premium + low(er) deductible. The IRS defines a high deductible plan as anything higher than $1,350 for an individual, or $2,700 for a family. Employees with high deductible plans have access to an HSA (eligible accounts). An FSA (Flex Savings Account) is a reloadable account, that is primarily use-it or lose-it Putting money in an HSA is tax free, and rolls over to future years, and drawing it out for medical purposes is tax free. 2018 HSA contribution limits: $3,450 for individuals $6,900 for families After 65, if you have unused money in your HSA, you can draw it out like a traditional IRA and just pay your normal tax. Brad intends to save his receipts and wait to be reimbursed until later, as HSAs will earn interest the same as any investment account. ChooseFI community members recommend Lively or Fidelity. Review of Monday’s episode with Timika – similar concepts and action points as the recommendations from Alan in the Side Hustle Coaching Series. You don’t need permission: just take action. Dan writes in to report that he’s reached FI! ChooseFI has listeners across the globe – although not all the tax and investment information are relevant to international listeners, the lifestyle conversations are. Brad and Jonathan highly recommend Vanguard because they have low fees, which means investors keep more of their returns. In last few months, Fidelity began offering zero-fee funds and Vanguard has lowered its minimum investment from $10k to $3k for several funds. Investments abroad can have very high fees. Zero fees are not the only thing to consider when picking accounts: tax efficiency is very important as well.   Links: Vanguard Ratchets Up Index-Fund Price Battle

If you’re someone looking for ways to increase your income so that you can reach your financial goals, starting your own business has probably has crossed your mind once or twice. Not only will a business become an asset but it can become an integral step in helping you reach Financial Independence. Timika Downes talks about her journey to starting a lice clinic as a side hustle in addition to working her full-time job as a nurse. Now, her lice clinic makes 6 figures a year and has afforded her a life of options and more freedom. This is an inspiring interview for anyone who wants to increase their income and start a side hustle. Here are the main topics we cover in this episode: Timika’s background Her job How she grew up frugal The importance of saving Her lightbulb moment The methods she used to pay off debt quickly How she became intentional about paying off debt Her next step towards FI Her mission to save as much as possible How she decided what she wanted from life Why FI is about having options Her business Her path to different businesses How she started her lice clinic How she built a business within her means The importance of validating a business idea Plus we talk about so much more! Other related blog posts/links mentioned in this episode: ChooseFI Facebook group Dave Ramsey Mad Fientist Radical Personal Finance Leave me a voicemail- Leave me a question on the Journey To Launch voicemail and have it answered on the podcast! Watch me on News12  Watch my latest segments on News12 My One on One Money Coaching Services - Get my personalized 1on1 money coaching expertise to help you reach your financial goals Connect with Timika: Timika's blog -The Reluctant Frugalist Connect with me: Journey To Launch Instagram Journey To Launch Twitter Journey To Launch Facebook Page Join the private Facebook Group