We all want to be financially free. We want to get out of debt, live a pleasing lifestyle and never have to worry about our finances ever again. However, we’ve been taught repeatedly that the key to true financial freedom is saving effectively. Is it?
While I’m not condemning the power of saving – it is indeed very powerful – I think there’s little saving can help you do to your finances. After all, you can only save that which you have.
We all have several needs and wants and while saving can be of help, unless you’re really earning some serious income, it won’t have as much impact on your financial live as you expect.
The key to true financial freedom is to create more income sources; you shouldn’t just depend on your salary or monthly income.
Here are a few ways to earn more so that you can save effectively without having to sacrifice your needs and wants:
1. Ask for a Raise
Other methods featured in this article will require you to make one form of commitment or the other, or to get started with something you haven’t already been doing, but asking for a raise at your job would often require little additional effort on your part.
Asking for a raise is especially important if you’ve been at your job for a long time and you feel like you’re underpaid – especially if you’ve had more accomplishments than some of your peers and you feel like they’re paid more than you are.
Of course, you don’t just head over to your boss and demand a raise “because you deserve it.” Instead, let your boss realize your accomplishments as well as how your salary compares to that of your peers and why you deserve a raise.
Also, make sure you don’t spontaneously ask for a raise; your timing is important, so make sure you ask for a raise a few months before raises are awarded in your place of work.
A 5 – 10% increase in your salary that you wouldn’t have otherwise gained could mean a lot for your business.
2. Start a Consulting Business
You probably have one skill or the other that you can use to help others; it could be a professional skill or something you learned while you were young.
Take a look around you to see if there are people who need help with your skill and also survey to see if they will be willing to pay if they could get help; once you have enough data to support your decision, start a consulting business as soon as you can. If all things go right, you might even have to quit your job to focus on your consulting business.
3. Start a Website
With the massive growth of the internet and its worldwide adaptation for business and commerce, one of the smartest ways to earn additional income online is by starting a website.
You could either start a e-commerce website, a blog, a small website to sell your product/services or any other form of website that can help you earn more.
Starting a website isn’t as complicated as it seems and a good place to start learning how to start a website is with the tutorials at Make a Website.
4. Start a Side Job
Depending on your availability and schedule, taking a side job might be something you want to consider. Perhaps, there’s something you can do during the weekends to keep yourself busy and earn some extra cash?
5. Start Profiting from Your Hobby
What is it that you’re very good at that you can use to help others around you, for cash?
Whether you know it or not, there’s at least one hobby you have that you can profit from; for example, if you’re good at catering you could start a small catering business that caters to your friends/neighbors and their friends.
There are several ways to know if you can profit from your hobby:
- You could survey your friends to see if they’ll be willing to pay someone who can do what you do if the person can be of some help to them
- You can use the internet to see if anyone already offers this kind of service; if someone already does, it’s most likely profitable
- You could start making an offer to people to gauge interest; you don’t really need to have any intention to profit from your hobby right now but nothing is more effective than trying to offer your services to see if there’s any real interest
6. Sell the Things You Don’t Need
The things you don’t need that are junk to you are probably useful to others; also, they are most probably using space in your home that could otherwise be used for other things.
By selling these things, not only will you be relieved that you’ve gotten rid of them but you’ll also have the extra cash that you can save or spend on other things.
Joseph is a professional writer that helps people get results from guest blogging through his blog.
Image Credit: Shutterstock.com