First of all, This is not a “don’t spend so much on junk food, don’t spend on expensive vacations” kind of a story. Read if you are still struggling to find a way to save a little for yourselves.
Over the past year, I’ve gained a newfound understanding of self-worth.
I divided my money into two categories; salary and savings. The process was very simple.
To make an income, I spent my time and skills in exchange for money. (Well, freelance yes.)
I would then keep a percentage (Mine is 25%) of my monthly paycheck for myself and put the rest of it into a savings account.
This article is about how you make good money. It’s not how you make great money. 😉
There are two different ways in which we can define income.
1. Active Income — This income is from your full-time or part-time job. It can be freelancing, Uber driving, food delivery, etc.
2. Passive Income — These are earnings that may not require as much hands-on work, including investing, real estate, e-commerce, royalties, etc. This allows you to have some financial flexibility outside of your 9–5 job, without having to necessarily be present to reap the benefits.
The secret to financial success is understanding how to create multiple sources of income combining active and passive income.
Most people settle on their career salary, or sit on it for a decade before making a move 🤦♂️. But if you want to be in a high level of wealth, you have to start to find different ways to earn money simultaneously.
Right now, I’m operating on 5 different income streams.
1. My full-time marketing job
3. Saving investments.
4. Medium Partner Program
5. And I invested in an e-commerce business(Just started with a little amount of money)
By end of this year, I’ll be adding more to this list. Here are a few which you can try on. Start with what’s best for you. Don’t try all at once. 👊
1. Ghost Writing
3. Personal Training
5. Book sales
6. Online tutoring ( if you are really good at something make a video and publish, No one is going to stop you if you are teaching the right things.), etc.
These sources of income are good, but rather modest. When combined, they will elevate you to a different level of success.
This process won’t happen overnight. I’m sure most of the people reading this don’t have more than a few income streams yet.
If you do, Great. You’re already on the way to a wealthier future.
If not, don’t panic. Even if you only have one that’s fine.
Your goal should be to look for opportunities that are already there to make more money.
Start with something simple like investing a percentage of your salary. Over time, you can create different streams of income until your secondary earnings match your salary.
Then push for more!!!
Give a 👏 if you enjoyed my story, share it to inspire someone else. 🙌