🌼The Two Things You Must Do To Transform Your Money Situation(MUST READ)
It’s not rocket science; anyone can accomplish financial freedom
My friend often states, “It’s not rocket science,” and the exact words apply to your financial situation.
If you want to transform your money, there are only two things you need to do, which are:
1. Spend less than you earn.
Learn More2. Increase your income.
Read also: Building wealth is a simple 4-step process (amazing insights)
#1 Spend Less Than You Earn
There is no way around this. Spending less than you earn doesn’t sound sexy, but it’s what’s required if you want to impact your finances.
Nine ways you can spend less than you earn is eradicating or significantly decreasing how much money you invest in the following areas:
Recreation
Too much car
Subscriptions
Entertainment
Too much house
Emotional spending
Dining out too frequently
Overspending on groceries
Shopping for unnecessary items (e.g., clothes, shoes, accessories, etc.)
The more you decrease your outlays, the more money you keep each month; this is only part of transforming your financial situation.
#2 Dramatically Increase Your Income
Remember, you can only decrease your expenses so much. Even if you decreased your expenses to zero, your income would be your limit. To improve your financial situation, you need to increase your income.
For some people, the income might come from getting a part-time job, being over-employed (having two or more full-time jobs), starting a business, freelancing, investing, etc.
Everyone’s path to increasing their income looks different and doesn’t need to be the same. For some people, it will be easier to earn money in sales; for others, it will be easier to earn money in tech; for others, it might be coaching or selling a service.
Explore Your Wheelhouse
What are you good at? What do you enjoy doing? What would you do for free? What do your friends and family ask you for assistance with most frequently? What ventures have you already made money with previously? What opportunities have you recently turned down because you felt you didn’t have enough capacity?
Explore and experiment to determine which path will work best for you, but know outside of decreasing your expenses, you will need to increase your income if you want to save more, invest more, and enjoy a higher lifestyle.
Read also: 4 misunderstood concept in personal finance (highly recommended)
Learn From Those Who Are Where You Want To Be
Once you determine your path to earn more money, study the people who are already doing it and are successful. You don’t have to reinvent the wheel. Most of the time, someone else has already achieved what you desire to accomplish; take the time to learn from them so you don’t have to waste time “figuring things out” that others already have figured out for you.
CONTRIBUTED BY Destiny S. Harris
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