EBiz Income Solutions

𝗠𝗶𝗻𝗱𝘀𝗲𝘁 𝗮𝗻𝗱 𝗪𝗲𝗮𝗹𝘁𝗵: 𝗛𝗼𝘄 𝘁𝗼 𝗚𝗿𝗼𝘄 𝗬𝗼𝘂𝗿 𝗪𝗲𝗮𝗹𝘁𝗵 (Part 4 of 4)

𝗦𝗲𝘁𝘁𝗶𝗻𝗴 𝗨𝗽 𝗥𝗲𝘃𝗲𝗻𝘂𝗲 𝗦𝘁𝗿𝗲𝗮𝗺𝘀

Next come the revenue streams. We’ve seen how you can actually become richer without changing your job, simply by spending less. The other strategy is to become wealthier by having more than one income stream. Once again, your salary isn’t determining your wealth! So, what might this mean? One simple option is to take on another job, such as a weekend job.

If you are happy to work on a Saturday, then you will have potentially $150 extra to spend each week! That’s $600 per month or $7,200 per year! Save that and in a couple of years, you can be living in a nice house – or you can use it right now to feel that bit wealthier and wear those fancy clothes. This is a big sacrifice though granted. So, what would be better for most people would be to earn money online for instance.

Tim Ferriss describes creating a ‘muse’ in his book The Four Hour Workweek, which is a small online business that generates a passive income. This can be as simple as finding an affiliate product (a product that you sell for commission) and making a simple website recommending it, then sending people there with ads. This is very low maintenance but can potentially make a fair amount of money.

You could try matched betting alternatively (a form of betting that ensures you can’t lose – it uses only the free bonus amounts that you get given for signing up) or you could look for a simple online job. How about selling photography online? Working as a writer or a web designer? Or, like a friend of mine, try commentating on sports for websites?

You can also make money from arts and crafts of course and sell some things you make on the side, or you can buy and sell items in bulk on eBay! Then there are the other options that work offline: these include such things as renting out rooms to students, such as mowing the neighbor’s lawn, cutting hair, teaching an instrument etc.
All these options will help you to make an income that will be additional to your current income.

Not only does this of course give you a better total, but it will also help to make you more ‘resilient’ so that if anything ever happens with your main job, you’ll of course still have some money coming in. Another tip? The more you make, the more you’ll make. Try to look for investment opportunities, whether that means buying a second house and letting it out to someone else, or whether it means moving to an area that you know is up and coming.

A strange thing to think of here is board games. If you’ve ever played Monopoly, or any other game where you have to amass a kind of resource, then you might have found that it pays to invest wisely early on. To get the card that will pay out just a little bit every round, or that will prevent you from losing a little bit every round.

These seem like small changes in the short term but over the course of the game, they ultimately put you in a position of great power and help you to win decisively! It's the same in real life. Make a few right choices that will build up over time. Know what you want. Be patient. And avoid the temptation to splurge on the short-term gratification. That is how you get into a wealthy mindset!

𝙂𝙤𝙤𝙙 𝙡𝙪𝙘𝙠 𝙤𝙣 𝙮𝙤𝙪𝙧 𝙢𝙤𝙣𝙚𝙮 𝙢𝙞𝙣𝙙𝙨𝙚𝙩 𝙟𝙤𝙪𝙧𝙣𝙚𝙮

𝓘𝓯 𝔂𝓸𝓾 𝔀𝓪𝓷𝓽 𝓽𝓸 𝓯𝓲𝓷𝓭 𝓸𝓾𝓽 𝓶𝓸𝓻𝓮 𝓪𝓫𝓸𝓾𝓽 𝓱𝓸𝔀 𝓽𝓸 𝓭𝓮𝓿𝓮𝓵𝓸𝓹 𝓪𝓭𝓭𝓲𝓽𝓲𝓸𝓷𝓪𝓵 𝓻𝓮𝓿𝓮𝓷𝓾𝓮 𝓼𝓽𝓻𝓮𝓪𝓶𝓼, 𝓵𝓮𝓽 𝓶𝓮 𝓴𝓷𝓸𝔀...

𝗠𝗶𝗻𝗱𝘀𝗲𝘁 𝗮𝗻𝗱 𝗪𝗲𝗮𝗹𝘁𝗵: 𝗛𝗼𝘄 𝘁𝗼 𝗚𝗿𝗼𝘄 𝗬𝗼𝘂𝗿 𝗪𝗲𝗮𝗹𝘁𝗵 (Part 3 of 4)

𝗔 𝗖𝗼𝘂𝗽𝗹𝗲 𝗠𝗼𝗿𝗲 𝗪𝗮𝘆𝘀 𝘁𝗼 𝗦𝗮𝘃𝗲 𝗠𝗼𝗻𝗲𝘆

And what if you have run out of things you can cut in order to save money? What if you are living on as little as possible? A few other options include changing your providers for bills, selling off old items, or even moving money between accounts in order to receive bonuses. A friend of mine does this religiously and will even take out credit cards with 0%APR, just so that he can put all of that money into an ISA and then make profit on it.

If he gets a cash incentive to signing up for anything then he will sign up! And he never buys a new piece of tech or even clothing without taking one of the older items to sell and thereby offset the cost. Something else to note is that if you have a dream of a wealthy future, then you might need to ‘be okay’ with living a little more simply for a while in order to get there.

You need to put the work in now, to reap the rewards in the future. And this is hard because it often once again means forgetting the conventional signals of wealth and success. Once again, you have to do this for you and not be worried about what others might think. So for example, if you want to someday have a beautiful home, one of the very best things you can do is to live with your parents if they will let you.

Sure, it’s not glamorous and it’s not fun, but if they charge a small amount of rent you’ll be able to save so much per month that it will help you to get on the property ladder MUCH faster. You could then buy a smaller home in a less attractive area but flip the property to make a big profit. You need to put in the graft and have an eye on the future.

Likewise, you might need to learn to stop trying to demonstrate your wealth and stability to friends. Have you ever met up with a friend and eaten in a restaurant that you can’t really afford because you want to see them and because it is embarrassing to suggest eating somewhere cheaper? As you can imagine, this isn’t exactly conducive to getting wealthy quickly! Again, you need to be willing to tell them that you can’t afford it and to go elsewhere.

How about you suggest they meet you at your house?

𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐌𝐨𝐝𝐞𝐥𝐥𝐢𝐧𝐠

This will also help you to set up a budget and/or a plan. If you know how much you have coming in and how much you’d like to be making per month, saving per month and spending on things that make you feel wealthy per month, then you can create a budget that will help you to reach that point within a specific timeframe. This then is where you can look at those small things you can cut out to save money.

If you have a spreadsheet that contains all your income and all your outgoings per month, then you can look at what kind of impact cutting coffee from your routine would actually make. You’ll be left with a total profit at the end of each month and you can decide how much of that you want to put into savings and how much you intend to spend on other things.

You can even set up standing orders in your accounts so that money saved automatically gets transferred to a savings account. With such a spreadsheet, you can then multiply the savings you are making by any given number of months and see projections of what your finances are likely to be at certain points in the future. Need more money for an upcoming expense?

Then look at something else you can do to cut your expenditure. This is called ‘financial modelling’ and it’s a powerful tool for building your wealth rather than just letting it ‘happen’ without your direction or input.

𝘾𝙝𝙚𝙘𝙠 𝙥𝙤𝙨𝙩 𝙩𝙤𝙢𝙤𝙧𝙧𝙤𝙬 𝙛𝙤𝙧 𝙢𝙤𝙧𝙚 𝙤𝙣 𝙢𝙤𝙣𝙚𝙮 𝙢𝙞𝙣𝙙𝙨𝙚𝙩.

𝓘𝓯 𝔂𝓸𝓾 𝔀𝓪𝓷𝓽 𝓽𝓸 𝓯𝓲𝓷𝓭 𝓸𝓾𝓽 𝓶𝓸𝓻𝓮 𝓪𝓫𝓸𝓾𝓽 𝔀𝓪𝔂𝓼 𝓽𝓸 𝓼𝓪𝓿𝓮 𝓪𝓷𝓭 𝓶𝓪𝓴𝓮 𝓶𝓸𝓷𝓮𝔂, 𝓵𝓮𝓽 𝓶𝓮 𝓴𝓷𝓸𝔀...