The ONLY two ways to have more money (increase your income)
Did it ever occur to you that There are only two ways to have more money globally as a country, business, or an individual?
Personal financing and investment opportunities are made more fluid and successful by the money you have, the deals you break, and how you manage your finances and investments. However, all these can improve with more money in your hands to apply the investment decisions you want to make.
Money has become an important element that determines people’s worth and capital for a very long time, but many individuals lack the ability to understand that no matter who you are, there are only two ways to have more money.
In this Personal Financing and Investment write-up, we share with you the only two ways to have more money globally. To make more money and invest, you have to either [a] Increase your income or earnings or [b] decrease your expenses.
Let us delve into how to make or have more money now…
The above are the real game changers that determine whether you will have more purchasing power in the future or not. But, hold it right there. There is more to that, and knowing what to do to increase your earnings or decrease your expenses has eluded many people today.
The secrete to financial independence has been kept away from many globally, leaving just a few people who command the biggest fraction of the world’s wealth.
The World Bank says 3 billion of 7 billion inhabitants of Planet Earth are “employed”. Almost 70% of those are paid “wages” but how many of these wage earners including you are actually making enough and beyond money to keep the body and soul together?
READ: 5 Reasons You Should Say No to That Loan During a High Inflation Period
Below is the “How to make more money”
Under the increase income approach, you need to
a. Have a second job or not less than two income streams.
Anyone who relies on just a day job that takes away all your time will be broke or will make less money at the end of the month. To have multiple streams of income means earning money from different genuine sources. Today, acquiring two or more IT skills that are in high demand can help you start earning from multiple sources as you leverage your skills for jobs remotely or on-site, or a hybrid.
b. Get a side hustle in motion if you want to make more money.
You may have a teachable skill, and knowledge to share with a few, you may be able to make and sell handmade toys, cakes, pastries, etc. Why not start an online sales marketing of these products and services on Facebook, WhatsApp, etc to generate extra cash? Teachers, for instance, can teach online courses to make money from their skills. May-June 2022, I decided to teach blogging for free and build the interest of people, and help disabuse the minds of people about it. In the end, I landed over 10 side hustle contracts to create blogs and websites for some of those who join the free class.
c. Get a better-paying job.
To make more money, you need to find out what your worth is as an employee and how much others with your qualification paid elsewhere. Once you get to know and the disparities are that huge, you may have to start looking for a new one that pays better. Once you get one, you exit the current one. Better still, if you have your own side hustle that is helping you make more income than a day job, you may take a calculated risk and make that hustle job a full-time job.
d. Invest in stocks
Study the stock market and buy stocks that are doing well or those that have their prices falling. Buy when the price is low and hold on to it until the price rises. You can also trade on reputable online stocks after learning the art of trading online. This can help you make extra income and more money for that matter over time.
e. Start an Online Business
Yes, today, almost all customers you need for services and products are holding mobile phones connected to the internet. This means you can reach more customers online, get leads and make sales. Think deeply about products or services you can offer and take this online, which will help you reach many potential customers. This will help you make more money if done well.
f. Blogging or Vlogging
Blogging is a profitable venture to consider if you have ideas you want to share with the world on a specific matter, or if you have the writing flair to communicate ideas. Bloggers earn from direct advertisement fees they charge advertisers. They also make money from Google AdSense. You will need a blog and an experienced blogger to guide you, or read about blogging and watch YouTube videos about it. You can also build a new YouTube channel and create relevant, useful videos for your audience, but you need to know how to monetize this channel. If you need help on that, visit fiverr.com to learn more about how to get the service provided to help you get your YouTube channel ready for earning.
g. Freelance
The world’s creative industry is driven by the works of freelancers. Nearly every digital service provided today can be bought online on some of the world’s most trusted sites, like fiverr.com. You can write content and be paid, you can make videos, build websites, do voice-overs, etc, and be paid.
Now, as you make money, you need to manage and reduce your expenses. Avoid impulse or unplanned buying. Spend less, eat less, or reduce the lavish eating and rather increase your exercise, Shop smarter, Cut the cord, compare insurance, and Use Cash Back Apps and Coupons. If you make more money, and you keep spending, you will be left with little or none to reinvest.
From the above, it is clear that the only two ways to have more money, you need to increase your income or earnings and decrease your expenses.
[wp-rss-aggregator]
Source: Wisdom Hammond