The first step to creating more earning opportunities is to manage your time efficiently and effectively. Your morning schedule should start at the earliest possible hour. Calculate the free time you spend at home before going to work. It should also include the free time after work and going to bed.
Salary and Satisfaction Index
Is your present job earning you a sufficient salary for survival and family needs? Are you satisfied with survival and making both ends meet? If no,you have to think of earning more. You should be willing, committed, and prepared to sacrifice instant gratification goals.
Job Change: Changing your present job for a better paying one needs planning. Search for high paying new jobs and go to interviews. If you get selected, weigh the pros and cons with the present job. If the pros are 80% and cons are 20%, you may think of changing. You have to consider technical, personal, financial, and emotional growth as the primary criteria.
Extra Job: An extra job could be any part-time profession of your choice and expertise. You may be an expert chef, creative person, finance specialist, etc.You may work for an organization or freelance. You can choose the volume of work you can handle in your free time and meet deadlines consistently.
Once you have taken any of the two actions, wait for a few months. Is your satisfaction index moving up? How is your health and fitness level? Are you prone to stress and fatigue? Are you able to manage your professional, personal, and family life satisfactorily? If yes, stay on course and avoid deviating from the chosen path.
If no, take a break for a few days and change your plan. Can your extra-job pay more if you choose it as a full-time profession? If yes, you may think of a switchover. If no, you can keep the full-time job and quit extra-job. It could be because your satisfaction index and health may be failing.There are plenty of other opportunities to earn more.
Small Business: Investing in a small business with minimum risks and decent ROI could be an option. Product retailing and service providing are the two recommended options. Plan your initial investment and calculate the average monthly ROI. You can think of taking a small business loan for investment. Spend your extra time for entrepreneurship. You can ask your spouse or family member to handle it while you are at work. If they don’t have the skills, you can train them.
Treasury Bonds: Investing in the US treasury bonds is a secure way of earning more with little or no risks. It is consistent and reliable.
Logistics Stocks: Logistics is an industry that is more secure than any other business for today and the future. Risks are only a few unless the company goes bankrupt. Analyze the market and invest in multiple logistics company stocks. Consult an investment broker and explore the long-term risks and rewards. Then you can take a decision.
How to Spend More and Save Extra
The title may look like two contrasting ideas that are exactly opposite to each other. But your life is much more than a mathematical equation. You can open up possibilities which may not be visible to your open eyes. So, you need to close your eyes and think. Focus on how you can achieve the twin goals without having to become a millionaire overnight. Here we suggest a few guidelines which may help you to achieve a seemingly impossible goal in simple steps.
Step-1 Increase Your Income
Avenues: Opportunities to earn more are available online in your hometown. For example, stay at home jobs in Texas can bring you plenty of links on the search engine result pages. You can write product reviews, blogs, social media content, copywriting, advertising content, and so many other types of content.
You may also plan for creative designs, graphics, engineering drawings, art and architecture works etc. Nearly all of them are high paying. You may need to spend only a few hours of your free time after your office hours.
Client Selection: You have to select the clients who pay you regularly and on time. Search for reputed companies whose hourly pay rates are higher and stable. You should have a set of design and content templates for sending as initial samples.
Domain Selection: Choose a domain which makes you happy while working. Taking up boring and complex projects can kill your motivation and complicate relations with the clients. You should have special skills and motivation to work consistently.
Step-2 Start Spending
How to Spend: Once your finances have reached a stable state, you can start spending. But you have to make sure every dollar you spend should earn you $ 1.5 in return. What sort of spending are we talking about here?
Spend on buying a higher capacity computer for your design and content work. Spend on buying a digital printer for printing photographs you shoot.
Spend on buying a scanner to scan old engineering drawings from paper. You can edit those using CAD tools and provide better service for your clients. You can also spend to get training on the latest technologies and tools for your part-time /freelance job.
When to Stop: Once you reach the threshold of your business needs, stop spending and start working. You can experience a surge in your earnings within the short span of time.
Step-3 Start Saving
Now, it is time to start saving. Your office work and the extra job may take most of the time during weekdays. It may also take your weekends. Don’t worry. You can start saving in your bank account. Make intelligent investments in stable stocks like logistics, treasury bonds, pension plans, and others. Your consultant can help you to choose the right plan at the right time.
Step-4 Start Spending
Now, it is time to start spending again. You can think of taking a break and visiting Hawaii for a holiday. You can take a spiritual trip to Tibet. Or you can holiday on the Bahamas with your family. Get inspired and return to work. Start from step-1 and grow rich.
Best Exercises for Financial Flexibility
Financial flexibility is a state in which you can afford to spend a few more dollars for your favorite cuisine in a restaurant. You can afford to buy a more comfortable home with heating and cooling systems. You can afford to treat your parents in a specialty hospital. You can afford to send your children to international schools. You can afford to spend two more days of holiday in Hawaii and the Bahamas. Well, you can increase the list to infinity. But how you do it? Here are a few simple tips.
Essential Spending: You need to give top priority for the essential spending to your household items, grocery, utility bills, tuition fee, etc.
Other Priority: Would you prefer to spend more on an annual holiday or having an expensive sofa in your living room? Would you spend more on buying a home or have an extended holiday in Taiwan? We are talking about prioritizing the spending. When you spend on your mortgage loan, it is possible to save on rent and reduce the risk of having to change rental homes frequently. It is also an investment as the future asset.
Asset Accumulation: Accumulate assets for you and your family. Spending on buying moveable and immovable assets is an investment. You may buy appliances, equipment, and tools, car, gold, bonds, shares, and stocks, etc.
Leisurely Spending: You can take a well deserved holiday during Christmas and New Year. You don’t need to spend a fortune. But you can surely make it memorable for you and your family. Plan your holiday so it can refresh your mind and energize your body.
Language Skills: There are plenty of opportunities to earn extra in the present digital era. You can take up a franchise of an established online language school. If you are well versed in foreign languages, it is the best opportunity to earn. Online translations, interpretations, and transliteration are some of the works in demand today. You may also create English subtitles for foreign language films and documentary.
Other Skills: You may open a small business from your home. It could be selling art and artifact. You may choose to sell handicrafts from Asia. You may choose to teach Yoga. You may choose to open an Italian or French restaurant in your city. You may choose to sell artificial jewelry from or you may choose any other part-time job and small business. Your aim is to earn extra money apart from your regular salary.
You may reserve your salary income for household expenses, loans, insurance, tuition-free, and medical expenses, etc. You can also reserve a part of your salary for short-term and emergency funds. But your entire savings from part-time job and small-business should go into long-term saving.
Optimizing the procedures for earning, spending and saving can give you the maximum financial flexibility in your life. You can dare to spend a few more dollars for the cappuccino you drink at your favorite restaurant on your next visit and smile.
When to Stop Dreaming and Start Building Your Dream Home
You have been dreaming of a home for many years. You have also been saving a significant part of your income. You are still waiting for the right time to start building your home. Today is the time for you to take proactive steps without procrastinating further.
Evaluate Your Savings
You may have done the savings in many forms. Bank accounts, stocks, bonds, and other investments can be useful for making down-payment to your mortgage loan. But you’ll need to convert them into cash assets before taking up the mortgage project. You can consult your stock brokers and find the fastest possible ways to transfer the investments as cash into your bank account.
Credit Rating: It is essential to have a decent credit rating and plan for ways to improve it. The first task is to start paying your bills through credit card. Clear your credit card balances on time. Keeping a low balance can help to increase credit ratings.
Credit Limit: Increasing your credit limit is one way of avoiding negative credit rating. It can also increase your purchasing power and the loan limits for a mortgage.
Reduce Debts: You have to reduce other debts and clear the existing ones as soon as possible. Giving top priority to your home building means you have to forget about other luxuries like an expensive car, jewelry, holiday travels, etc. Initially you may find it to be a tough task, but eventually, you will get conditioned. Then it is possible to have a low debt which is a positive booster for your mortgage.
Plan Your Budget
The budget for the dream home should be within your repayment capacity. Evaluate the basic accommodation you need in your home. If you are a small family, it is better to plan for a two bedroom home.
Buy or Build: You have to choose between buying an apartment and building your home. A real estate consultant can give you the best advice based on your budget. If you own land it is better to build. It gives you scope for extension in the future. You may think of extending your rooms or building additional structures when the finances stabilize.
Buying is more economical than building. You don’t need to deal with the hassles of contractor management, material management, inflation, and other uncontrollable factors. But your home may be restricted in its dimension and facilities. It is better to take a decision after consulting with your family.
Mortgage Loan: You can apply for a mortgage loan after talking to your consultant. He can advise you about the right bank or financial institution to approach. If you are an employee and have a regular source of income, it is possible to approach a federal or state-owned public bank.
Low-interest rate and flexible repayment policies will make your mortgage simpler. Make sure you have insured your home for fire, external elements, and other forms of damages. You can start building your dream home now by taking the proactive measures listed here.
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