Probably more important than saving & investing.
There’s is no doubt that spending less, saving, and investing
are good money habits. But they won’t help you keep up with the cost of living if you have a low income or a mountain of debt to pay
Spending less isn’t going to solve your problem because it has its limits.
If you want to spend more, save more, invest more or give more to others it is important you earn more.
Earning money is important since it gives you more choices and freedom.
However, for you to make the right choices when it comes to money, you still have to understand the concepts of spending, saving, investing and sharing money.
If you don’t make enough to eat 3-square meals, especially after eliminating unnecessary expenses. Then the problem is that you have hit your expense limit. This the minimum amount of money you need to live a fairly comfortable life. When you hit this limit you cannot reduce your expenses any further.
It is important that you enjoy life while you work on your financial goals. If not, one day you’re going to break down and probably lavish the money you’ve accumulated on something insignificant or something that you might regret later.
You don’t need to be rich to enjoy life. You need to allow yourself to have some little indulgences so you can avoid a breakdown that doesn’t sabotage your financial goals.
If you’re spending less and you have reached your expense limit. How then do you continue to make sure your bills are covered? How do you save? How do you pay off your debts? Or how do you even begin to invest?
Earning and making more money is the answer.
You can reach your financial goals faster by finding ways to earn more money. You have to make a decision to start making more money.
So how do you earn more money?
There are three ways to earning more money:
- Get a raise or get a better paying job
- Get a second job or freelance
- Start a business or a side hustle.
A second job is one of the fastest ways to earn more money but it isn’t the easiest. Because you’ll have to find the job first. But if you have very marketable skills then you might not have a problem. And finding freelance work will be easy as well.
Is earning more money easy? No.
It will require effort and patience.
If you’re tired of continuously cutting expenses without any significant improvement. Make the decision to start earning more today.
Decide to do whatever it takes to start earning more money so you can reach your financial goals faster.
if getting a better or second job is your preference, then gain more expertise by taking more courses, ask for more responsibility at work or even switch careers.
Just make sure you continue to become more valuable skill-wise and you’ll definitely begin to attract more monetary value.
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📈 Stock Tip of the Week
$AMZN - Amazon
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