We all want to earn more money. Whether it’s to fund holidays, buy a new car, pay off a mortgage – increasing your annual income is a great way to relieve stress and do more with your time.
Unfortunately, many of us shy away from great opportunities to earn because we’re scared to fail. Making investments into companies that could lose value and devoting time to writing a book that might not work out seems like an incredibly daunting task and one that few of us choose to go through with. However, living an entirely risk-free life is exactly what leaves many of us dissatisfied and unhappy with our current position.
Thankfully, not all methods of earning are incredibly risky and many are a lot easier than most of us think. You no longer have to be a stock-exchange expert or be born into royalty to become a millionaire.
This article will run you through some excellent, fool-proof ways of earning your first million in no time.
Before you embark on any journey you need to decide where you’re going. It’s no good just grabbing all the money from wherever you can if you’re hoping to make some serious long-term cash.
First things first, you need to establish your goals. Where do you want to be in a year’s time?
Perhaps you hope to double your monthly income before you hit your next age milestone. Maybe you want to have put away your first million by the time you’re 65. Whatever your goal is, you need to stay committed to it.
Keep track of your monthly expenses and earnings and try to always keep a sensible gap between them. Save with the intention of being able to get by for the next couple of years if all of your current sources of income are cut off. If you spend £3,000 a month, try to keep at least £24,000 saved up in the bank.
This way, even if you do suffer some serious losses on your journey you’ll always have some cash to fall back on.
First and foremost, investing your savings is a sure way to allow you to build up your savings overtime.
You should aim to put away at least 10% of your monthly earnings into savings. Make sure you do not touch these savings – don’t dip into them if you need a holiday or a new car or whatever it may be. These are your investment funds.
Take these funds and invest them into companies. Buying shares in companies will prevent your cash from gathering dust and will allow you to earn passively without having to actually do anything.
Investing through your bank or putting savings into a Roth IRA is a great way to generate passive income and will free up your time so that you can diversify your efforts and establish multiple streams of revenue.
Above investing in companies, you should always remember to invest in yourself. Spend the money you do have on improving your skills, learning about finances and increasing your worth as an individual, not just an entrepreneur.
Make Use of Your Talents
Even if they haven’t yet discovered it yet, everybody is talented in one area or another. The area which you feel most passionate about is typically that which you’re most knowledgeable in, therefore utilising your talents to earn you money is an excellent place to begin.
Perhaps you’re particularly skilled in writing or playing a musical instrument. Using this talent as a launchpad for your financial journey will not only give you some valuable tools to begin with but will also ensure that the area of expertise you’re pursuing is one that you actually care about.
Establish Multiple Streams of Revenue
Many, many people make the mistake of relying solely on a single source of income. However, if ever this stream were to be cut off then most of us would have nothing to fall back on.
The entrepreneurs key to success is never to put all of their eggs in one basket – rather splitting their ‘eggs’, so to speak, amongst multiple baskets. Perhaps you already have a well paid position at your current workplace that earns you enough to get by. Rather than depending entirely on this single position to supply all of your financial needs, spread your earnings across a variety of independent sources.
This can be done in a variety of ways that don’t have to involve increasing your weekly hours at another day job. Maybe you choose to set up an online business in the form of a blog, website or store. All three of these sources will earn you passive income that does not require you to actually ‘go into’ work every day. Once set up, these sources of income will provide a steady stream of income on their own.
Of course, building up multiple streams of income will take time to complete at first and you will be putting in a significant number of hours to begin with. However, once up and running these methods will supply you with constant cash for no more work at all – earning you far more than you would normally receive from a day job.
And there you have it – a handful of super easy tips to help you diversify your income and begin your journey towards getting rich in the next year. As always, stay consistent with your efforts and don’t shy away from earning in the face of defeat. You may well suffer losses however just remember these are all part of your journey to financial freedom.