The best and easiest wealth generation strategy is to acquire sufficient knowledge to 1. Make money, 2. Keep money, and 3. Grow your money.
1. Use Technology To Your Advantage
Technology has paved the way for many new advancements, including the ability to create a supplementary income stream. The earlier you start earning with technology, the less money you leave on the table.
By using technology to your advantage, you may have the potential to generate an income working from home.
Here are just some ways you can earn more money online depending on your skills:
- Learn to be a writer and be hired by website owners to create content, blogs, and other text for their operations.
- Use your writing experience to publish ebooks.
- Learn how to build websites, be a website developer and design websites for a part time income.
- Complete admin jobs for people who require additional help.
- Transcribe documents or translate languages for people.
- Start up an online business and sell home-made items.
- Become an Uber partner.
- Outsouce all of the above with technology.
All these and more offer potential ways to generate an income and to boost your savings. Websites such as Hubpages or Upwork.com are great platforms that help bridge the gap between you and your new potential income.
2. Plan Your Income and Savings
Not only you have to earn more, you can also save more. Believe in compounded interest and seek a balance in your lifestyle.
By planning how much you earn and how much you spend to get how much you save, it creates an overall picture that will work towards your advantage. This plan should outline how much you need to budget for your monthly expenses, and how much over your outgoings you can afford to place into your savings account.
When implementing your newly developed plans, you’ll probably need to adjust your lifestyle. Some things to consider to help you save more money include:
- Balance spendings on your business/career and reduce as much as possible on an expensive lifestyle. Unless you really can afford it, sometimes one less Starbucks a day can really solve alot of financial problems.
- Cut entertainment costs. Rent a movie, or go to the theater early in the day rather than in the evening. Limit your dining out and share an entrée when you do eat out.
- Apply for a promotion or a higher paying job. Save the extra money you make.
- Bring lunch and snacks from home rather than purchasing them every day.
- Reduce your credit card debt as much as possible. Remove debt from your life as soon as possible.
- Shop essentials when only when they are on sale or seek alternatives. If you shop when things are on sale, you’ll find that your savings may grow. Even if it’s just an extra $5 a week. That’s an extra $260 that you could save each year alone.
- Keep a spending log for a couple of months to determine if there are expenses you can cut. Many people spend money on frivolous things without realizing it.
- Only buy things that are needed and not wanted. If you’re struggling with your current financial situation, it’s important to only buy necessities and dispense with luxuries. Splurging on expensive items when you don’t have the money can dramatically hurt your budget. Instead, avoid buying these items as much as possible. Once your finances are back in the black, you may find that you can afford those big ticket items without necessarily going into debt.
3. Multiply your Savings
Don’t let your savings just sit in the bank. Start investing, increase your return on investment. Online businesses is one way to multiply everything even if you have no money. Time is also money, use it and never let it leak.
Heres a list of methods I have tried that works:
- Stock Market (Aim for recurring Dividends)
- Property (Buy low and rent)
- Cost per action marketing (Aim for 25% ROI to begin with, optimise your converts)
- Open a niche site
- Build relations by treating your bosses to lunch daily, improves your career and thus your income
- Read, read and read more books. Enhance your knowledge. What you don’t know will hurt you and what you know will be your success.