Last July, my second site, MakeMoneyYourWay, was officially launched! As I have said before, this is a site that stands firmly on the earn more side of the earn more/spend less equation. So today I want to make a case for earning more.
As for spending less, you know I hate waste. I do not waste food, energy, and obviously money, to buy things I do not need. I am too lazy to work extra just to throw that money away. That can be considered living with less.
On the other hand I never care much about the price tag for something I want. I bought the most expensive motorcycle I could find on Ebay last year and have only used it 6 months to tour Europe last summer and for about a week during my last month in France. It is now parked in Paris and gives me so much enjoyment to ride that I plan on keeping it until it falls apart, even though that luxury costs me. But back to the point.
Spending less is finite
You certainly can cut the fat in your budget. There are things you are paying for that you don’t need, those magazines that pile up without you reading them, that gym membership you haven’t used in months..Or things that you do routinely that do not bring you any enjoyment, like that 10am snack at the work cafeteria. Why do you go? You don’t really know, the food is bad anyway, and at $7 per visit, it is $200 per month disappearing from your paycheck back into your boss’ pocket. You can make a conscious choice to reduce that. You can even reduce all your spending to a survival budget, eat rice and beans every day, take cold showers and dress at thrift stores. Heck, start making your sidewalk chalk and driving across town to save $0.05 on gas while you’re at it.
There is only so much you can cut on. Say you do listen and cut that magazine subscription. What did you save? $10 per month? Good, it was $10 wasted anyway. But if you happen to enjoy your magazine, why cut it if all you have to do to afford it is work one extra hour per month?
Cutting on everything you do not need is great to get you out of debt faster, and to learn that you can’t have everything. You can make a choice, and get the shiny motorcycle, but not the shiny motorcycle AND the fancy dinners out, AND the designer clothes, AND the McMansion. Or else if you want it all, or want a little more than what you have, you need to earn more.
Earning more is infinite
I know, I am overestimating the entrepreneurial spirit of the majority, and the number of hours in a day. But let’s say your work for $10 per hour, 8 hours a day, at a job where you punch in and out. Ask to work for an extra hour every day, and that is $220 more in your pocket at the end of the month. No extra commuting, no second uniform to wash and iron, and getting home an hour later is not a huge sacrifice to increase your income by 12.5%. When I was working at McD in college, I always tried to stay a little longer, until the manager would kick me out. We were paid for any extra time, 8 minutes here and an hour thirteen there really added up, especially after a certain number of monthly hours, overtime would be paid at 125%. One hour was paid one hour fifteen, side income in addition to your day job income and I was already on site! Check out other ways to make money in college if you think you don’t have the time to squeeze a job between all the beer drinking studying that you are doing.
Don’t have money to start a company? I have listed five businesses you can start with less than $150 over at The Money Principle. And explain here how you can make money with a website. This website has been consistently making over $2,000 a month this year, six months after its launch, and that includes two months of blogging in the dark at first. It takes a couple of hours a day minimum, but now the hourly rate is getting decent.
With $2,000 extra every month, you could afford
– a $5 latte EVERY day
– a $500 weekend somewhere, EVERY month
– a $100 gym membership
– a $150 smartphone plan
– a $100 dinner EVERY week
– a $200 shopping spree, EVERY month
YES, ALL OF THE ABOVE AND still have $500 to, let’s get crazy, save money, max out your retirement account, invest and build wealth. That is without even starting to touch your usual fun/holiday/entertainment budget if you have one. I don’t have a budget because I earn enough to largely cover my expenses and keep building wealth at the same time.
Yes, it takes a little effort to earn more, and yes, your job may not let you work overtime, or it may be complicated with daycare. But sweating the small expenses when you could easily afford them with such little work is just as big a loss of time, that you could put to better use by trying to earn more.
You can visit MakeMoneyYourWay where I share even more ways you can start earning more today.
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