How much money you make isn’t the sole factor in becoming rich — which is why we have multiple steps in this course. In-fact, in the book, The Millionaire Next Door, Dr. Thomas Stanley reveals that the average American millionaire household only made $90,000/year. While that’s true, it took those “average” income earners longer to become millionaires compared to their counterparts that made $250,000/year or more.
Having said all of that, making more money will make it a lot easier for you to build wealth, and will allow you to save MORE of your monthly income.
Think about it. If you make $100,000/year (assuming you don’t live in San Francisco or New York City), it’s plausible to think that you could comfortably live off $60,000 while saving $40,000/year! On the other hand, it would be nearly impossible to live off of $20,000 if you’re only making $30,000/year.
For the majority of people that are reading this, the easiest way to increase your income is by getting paid more at your current job!
There are a number of ways that this could work for your particular situation:
If you’re lost in terms of where to go in your career, or you’re not sure what you should be doing in life, then check out my favorite career book and the one that led me to becoming a financial advisor (which led to me starting WorkSaveLive and therefore the reason you’re reading this): 48 Days to the Work You Love by Dan Miller.
Making extra money from a good side hustle is a GREAT way to get hundreds (if not thousands) of dollars in additional money coming in each month! All of which you can use to save, invest, and build wealth!
Here are a few great ideas (and some I’ve tried myself):
If you need more creative ideas on low-cost ways to start a business then invest $20 and buy this e-book by Dan Miller (it has some GREAT ideas): 48 Low or No Cost Business Ideas, and also check out this free resource from Moolanomy.com: 40+ Passive Income Ideas and Ways to Make Extra Money.
While this method won’t make you the type of money that a good side hustle will, it’s still possible to make $1k-$3k year by maximizing what you already spend and making money while NOT working.
Just last year alone, I made over $2,500 in rewards and cash-back between my debit card and my credit cards. It doesn’t take a lot of work as it simply involves picking the right card. We were able to use that money to buy a new washer/dryer in addition to a new (fairly expensive) camera.
Here are my favorite cards that you need to check out:
Work Smarter, Not Harder
While I’d never encourage anybody to work a job they hate (or pursue a job) solely for how much you get paid, reality is that the more you make, the quicker you can become rich. Realizing that to be true, I’d encourage you to find your true passions and pursue career paths, or open part-time businesses, along those paths.
At this point, I want to you think about (and begin to implement) ways to increase your income. It can be one of the things I mentioned above or a combination of a few of them. Increasing your income is a very important part to building wealth, which is why it’s the 1st part of “How to Become Rich”
Did you know:
So, what are you waiting for? Go make some more money.
The articles are written by personal finance enthusiasts (not certified professionals) based on their personal experience. What works for them may or may not work for you, and you should always consult a financial advisor before making important financial decisions.
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