8 Tips to Earn More Money
The urge to earn extra money is never ending unless and until you are born with a silver spoon in mouth. But still individuals lose zeal or do not take action or are not aware of how to earn more money. That’s what this article aims to help. It provides 8 tips on earning more money.
Tip-1: Write your objectives
This sounds like a pretty simple advice to start with, but the difference will be clearly visible as soon as your goals are written down. You will be much more likely to achieve them.
Tip-2: Create your own business to earn more
Become a creator instead of just a consumer. You need to create a product or service that will bring value to others. In the Internet age it is becoming easier and easier to enter into entrepreneurship. You can do it part-time or full-time.
If have any ideas, develop a prototype, a “first draft”. Compare your idea with the target market and get feedback from users (are there buyers? Are they satisfied? What is missing from your prototype?…).
Another possibility: Find out what works, analyze the market and do even better!
With most salaried jobs, your income is largely capped. Does your salary increases every month? Even if you work for more hours, you will not earn more. As an entrepreneur, you can expand business and start new successful businesses in order to earn more money in the long term. Ofcourse, this does not mean salary does not hold any value. But it’s an individual choice, in the end.
Tip-3: Investing in real estate
Train yourself in real estate investment techniques in order to build a long-term asset. Although this requires lot of investment, but with strategic planning it becomes easy.
It is important to invest in profitable deals! E.g. Income from rent must make it possible to pay at least a minimum: EMI, property tax, renovation work…
And if there is still a surplus, then its a bonus! This will make it possible to further secure you financially and can be reinvested further.
Tip-4: Save more to invest more
Just because you have reached a comfortable income level doesn’t mean you have to spend it all! On the contrary, it is time to save to reinvest more and continue to earn more money.
Some individuals will rush to financial institutions whenever they want to buy the latest hot car. This directly affects your financial situation by adding a significant liability to your profile.
Financially educated people will prefer to create an asset in advance that provides a stable source of income (an apartment for example), then rent or buy the same car through this source of income.
Tip-5: Buy assets and then buy liabilities
Assets, liabilities? Confused? Then start reading Robert Kiyosaki’s excellent book “rich father, poor father”, a bible on investment and personal finance.
Kiyosaki advises to first develop assets that work hard for you (a business that makes you money even when you are not there, an apartment that generates rent…) so that you can then buy liabilities. It can be the car you’ve always dreamed of, a home theater… !
Tip-6: Use leverage to earn more money
In real estate, leverage is achieved through your credit. By having a good credit history, you will be able to borrow much more, without putting much out of your pocket! Another leverage effect can be the purchase of multiple apartments or an entire building.
On internet, it is much easy. Imagine that you are looking for future customers. You can search for prospects on the internet and contact them one by one, or you can: send a targeted email to several thousand people, create a Youtube video that can have million views. In less time, you will be able to reach many more potential customers! These leverage effects are possible thanks to technical knowledge, better tools, the establishment of partnerships, etc…
Tip-7: Diversify your income sources
Whether in entrepreneurship or real estate or share market, it is important not to depend on a single source of income. Do not spend on a single product, customer or tenant….
On the Internet, for example, it is possible to have many revenue channels: creation of products / services, advertising, affiliation….
Tip-8: Surround yourself with like-minded people
If you want to succeed in any field, be it is real estate, stock market investment, web-entrepreneurship. It is important to be surrounded by individuals who are like-minded and dynamic like you! You will be then able to exchange knowledge, conduct joint sessions and remain motivated over time.
Don’t be discouraged by people who are not moving forward in their lives and who have no plans. Cut off negative relationships and focus on your goals.