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Let’s Talk About Making More Money, Rather Than Just Saving
By Mel, Posted on January 23, 2015
I am thrilled to introduce this fantastic piece by Sarah Brooks, a gifted writer, mom of two, and blogger at The Frugal Millionaire. When she’s not jotting down her thoughts on productivity and sharing income reports, she enjoys some downtime with her family.
How often do you consider money subjects? I know I do, more than I’d like, but can’t help it given my line as a finance blogger. I used to worry over bills and how to cut costs, but then I had a change of heart. Saving is excellent, but it’s only part of the equation. Regardless of how thrifty you are, the amount you can save is tied directly to your total income.
Take a median American household earning about $50,000 per year. If your take-home pay is around $42,000, you’ll find it tough to save substantial amounts even if you live frugally. With expenses such as healthcare and retirement contributions, there won’t be much left to tuck away. In fact, the maximum you can save is $42,000, assuming zero expenses, which is impossible.
This limitation made me switch my emphasis from saving money to earning more. No cap exists on earning; as I make more, I can save more without resorting to a survival diet. To enjoy life’s finer things and possibly retire earlier, I’ve learned that earning more is essential.
How to Boost Your Income
Wondering how to increase your income? Start by auditing your free time. Do you spend excessive hours watching TV or scrolling through social media at the expense of productivity? I had to cut distractions to create room for more income sources, and I started by uninstalling Facebook. The few weeks without the app have given rise to more productivity and income for me.
The methods to earn extra are limitless. For instance, my husband and I are self-employed for the freedom and the potential of unlimited income it offers. Working for a company means swapping time for money, with your annual earnings dependent on the whims of executives. For those in regular employment, it’s time to think creatively.
Here are 10 ways you can earn more:
1. Start a small business, like a handyman or catering service.
2. Sell a product or service.
3. Flip antiques — buy cheap, restore, sell high.
4. Take online surveys.
5. Launch a blog, grow your audience, then monetize.
6. Sell unneeded items online.
7. Rent out a room in your house.
8. Write and sell an eBook.
9. Get a part-time job.
10. Offer house sitting or pet sitting services.
These are just a few paths towards more income. Shift your focus from saving to making more money and cut out distractions. This could lead you to a creative extra income source. The additional cash can be saved, invested, and even used to purchase cryptocurrencies like Bitcoin to enrich your life further. Earnings from these investments, together with other incomes, can transform your life significantly.
I dare you to come up with five ideas to earn more in the coming month and bring at least one to life!
Date: January 23, 2015
Categories: Earn More
Tags: how to earn more, mindset, side hustles