Although considered one of the smallest countries on the globe, Cyprus is presently the fastest rising nation.
This nation is part of the Asian map, though politically included in the European Union. It is currently enjoying the perks of being a part of the European nation, one of which is having the Euro as their main currency. This country is also physically attractive, as proven by the growth of the tourism industry supported byOne Visa.
Much like other physically small nations like Singapore, this country is also rapidly developing due to a more concentrated nationalistic focus in terms of their administration. Because of their current stature as a developing country, more and more people are investing in this nation, for many of reasons.
Here are some things you should know if you’re thinking about investing in Cyprus:
1. Perfect Location.
Cyprus is located in the eastern part of the Mediterranean, bridging three top active trading countries. This is why it serves as the European outpost in this area. The island is situated in the intersection of Asia and Europe, as well as Africa. This perfect location is ideal for vital ports to get products to said continents.
2. Tourist Hub.
Aside from having a perfect location for trading, Cyprus is also full of beaches, which makes this country an ideal destination for tourists.
Tourism is one of the best sources of national income because the more money the country receives, the more they have for their national fund. Because Cyprus is a very good tourist hub the economy is steadily flowing for investments.
Aside from that, businesses can benefit from tourists because they are a very good target market.
3. Financially Rising.
It was just a little more than a decade ago when Cyprus was welcomed by the European Union, thus receiving the full privilege of having Euros as their main currency.
At present, the Euro is still the strongest currency in the world. Obviously, investing in this country will make you earn in Euros, thus making returns of investment more profitable.
4. Less Tax.
Taxation in Cyprus is envied by a lot of countries, not just in Europe. At present, the country is experiencing the lowest corporation tax in Europe, with a rate of only 10%. Aside from that, as a country with a lot of shipping ports, Cyprus has relatively low rates for these processes. With the tax this low, investments here are sure to profit very well.
Investing your money is a very good thing to do if you have extra resources and want them to grow. However, investing can also be a tricky business due to the fluctuations in the economy and in the world in general. That is why it is important to use your head in this game. In investing, quality comes over quantity as proven by small countries like Cyprus, where your extras can grow to become massive income, if investment is done right.
Before I went full-time into blogging, I spent ten years in the financial services industry. Specifically, helping families buy the right type of life insurance.
During my time with a full-time job, I’ve always had different side hustles going on. From freelance writing, Amazon FBA, conversion rate optimization, to website design — there were many projects I pursued outside of work.
How did you start your career in finance?
I got started in finance straight out of college working for my the family insurance business. As I love the financial planning side of things, I choose to specialize in life insurance planning. This led me down the path to obtaining the CFP® Certification.
What made you start blogging?
The Ways to Wealth, which I started in 2016, has been my 5th blog.
The others mostly fizzled out most due to a lack of interest. But, in 2009 I started a personal finance blog called GenYWealth.com (no longer around) that had some success.
The idea GenYwealth.com was to write about what I was learning about studying to take the CFP®. The blog was, by all means, a success. I was able to gain valuable knowledge, pass the CFP® exam, earn some extra money and build up a good community.
I then took this knowledge and started a business blog, which allowed the insurance agency I was working for to generate leads.
I started The Ways to Wealth because my passion is personal finance–from investing to travel hacking, I love the challenge of optimizing my finances.
How was The Ways to Wealth born?
I didn’t have much of a plan for starting The Ways to Wealth when I purchased the domain name.
1) Write high-quality content that Pinners want to click through, read, and share.
2) Pin to my own and high-quality group boards, with a keyword-rich description.
3) Continue to Pin my best pins across my own boards/group boards, ruthlessly eliminating Pins that don’t perform well.
One thing to keep in mind is impressions don’t mean much on Pinterest. What counts are clicks to your website. So, you want to design not for impressions but clicks.
What aspects of the online business are you outsourcing or automating and how?
The first thing I outsourced was Pinterest design. I’ll design about 30-40 pins a month, so this was big time saver for me.
Of course, it took some work to get going. At first, I hired 5 or so people on Fiverr. I found one decent designer but the work quality deteriorated over time.
I then went to Upwork and posted a job for agraphic designer. I found a great team down in Argentina, who I’m very happy with.
I’m currently experimenting with working with a ghostwriter. A few of my latest posts have been transcribed from my recording, with the ghostwriter making sense of it all.
I can compile about 3 posts in 90 minutes, then take another 90 or so minutes to prepare them. Saving me around 3-4 hours per post this way.
What’s your main income stream and why do you think it works for you?
My main source of income for the blog is affiliate revenue. It works because the partners I do have are high-quality businesses, who deliver value and solve real problems. This makes it easy to naturally link to such a partner.
When did you start making more than $10K/month and what was the turning point?
My first month over $10K was in January of 2018. In December of 2017, income was around $3,000 and in July of 2017 around $500. So, it was definitely a jump.
What happened then in January?
First, personal finance is at its peak interest in January.
Second, I had multiple Pins go viral.
Third, in November I started driving traffic via Facebook to the site. So, in January I could take campaigns I’d been fine-tuning for a few weeks and scale them.
How do you balance work and family life?
I have a routine I stick to Monday through Friday.
When inside of my designated working hours, I work. When outside of these hours, I’m not.
This is a lot easier said than done. But the thing important for me is not to take work everywhere I go. This means I don’t have any apps on my phone that are work-related (email, analytics, etc..)
What are you 3 best finance tips for newbies?
Focus on your savings rate. How much you save is the most important decision you’ll make.
Small incremental improvements add up over time. My favorite example is increasing your savings rate 1% every quarter, means you’ll be saving 20% of your income in just 5 years.
Study happiness. Become a student on how to increase your level of happiness. The natural result is you’ll want less overtime, making the game of personal finance a lot easier to win.
What books, blogs or podcasts help you stay motivated along the way of growing an online business?
I read a fair amount to keep fresh ideas in my head.