The brass tacks of it all? You’ve got to spend less, make more, and make “what you make” make more for you, without doing anything with it.
Saving more? I know you’ve heard it all: stop drinking your lattes, cancel your cable, don’t go on vacation, yadda yadda, blah blah blah… Some of that may be good for you, but I have to tell you: if you cut out all your fun, what the heck’s the point, right?
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So don’t cut out your latte, but learn how to make it at home. You don’t need the Keurig – you can get a four dollar little drip coffee thing at your local Asian supermarket and make a much… super more delicious and cheaper cup of coffee, even with the cheapest of ground beans.
Go on your little vacations, but maybe they’re just a weekend. Anyway, you get the point: don’t completely cut out everything, but… your smoking, your drinking, your spending $5-10 here and there on little things you could buy in bulk on the regular grocery day, or you’re making inefficient trips around town when you should just batch them all together — those little things add up. Think about that.
As far as making more, if you’re not able to get the raise that you want at your work, then consider doing something a little different on the side. Whether that’s in [the] real world… it’s hard for me to spit those words out because I’m thinking “online,” because there’s so much more capabilities and such a broader, global audience that you can reach… So I’m just going to focus on that.
Do whatever you do and what you’re good at, but in a form of media that people can consume over the internet, whether that’s e-commerce, e-books, videos, blog articles, freelancing, artwork… you name it. Do something on the side that you already like to do, that will in some way add value to the world and bring a little bit more money into your life.
Now, once you start getting that extra money — OK, I understand! [Maybe] you’re going to need to buy that new T.V. and maybe a couple more games, or an extra vacation here and there. That’s great! Get it out of your system. Or at least put a very large chunk of it away to investing.
I know investing is a little bit scary. There are professionals that – for very little money – can help you figure out what’s best for your future. But to give you an idea: I have, in one particular retirement account (only five digits, mid- five digits) for the last two years (which is a relatively small time frame, I get it)…
[this account] has had an increase of 23.1% for that entire period. So, let me break that down: that money has made an additional – free – $5,000 a year just by sitting there. Doing nothing. Absolutely nothing. And this is just one account, okay?
So make that extra money, put it where it will get the most return for you (i.e., not your “less than 1%” savings account) and you’ll just… you won’t rake in the dough and it takes money to get there, but it will be working for you while you’re not doing anything else.
While you’re making money from your online and your side ventures, while your operating better at work to achieve… at your “nine to five”… to achieve that next level of pay and promotion, while your cutting back on saving. And all the while, you have just gotten ahead tremendously well, financially, and are well on your way to just being even more awesome than before, and getting a little bit more of your dreams fulfilled.
Think about that. Get started on it. And doggone it: good luck.
Have a good one. Bye.