Pay yourself first. Set financial goals. Automate your savings
It does not matter what version of this mantra of personal finance that you have heard, it all means the same thing .. Saving money is an important part of your financial health
But with the generation of the millennium dragging a burden of debt behind them and some boomers still licking their wounds from the 08 impact, many people scoff at the idea of saving.
in fact, there is significant stress in their lives.
instead of taking a defeatist attitude about how difficult it can be to save when you are already in trouble, focus on increasing your income.
it may seem easier said than done, but in this new freelance economy, it has become easier than ever for people to increase win their potential right in the comfort of the couch (and jump into a pyramid system at risk).
How to Start a Side Hustle
Millennials have appropriated the term "agitation" with less than a salacious voice. Instead, it now refers to intense training to achieve the objectives, entrepreneurship and creating multiple sources of income.
Alternatively agitation aside is a right, above average edge of making money in addition to a full-time job.
Some people bring additional revenue with a specific goal in mind.
"I started a side of agitation to help save extra cash for a home," says Lauren Bowling (@lbeemoneytree), founder of The Bee and The Money Tree. "I continued to do it while I renovated, which helped to finance projects that went roughly on the budget. "
Other start putting more money in order to pursue career goals as an actor, or existing pad bank accounts just to feel safe.
"at the beginning of my agitation aside, I earned an extra hundred dollars every month torque," said Stefanie O'Connell (@brokeandbeau), author and founder of the blog The Broke and Beautiful Life. "A year later, it's grown into a full stream of income."
How to Find Your Side Hustle
Find a lateral agitation is not much different than finding a day job. You have to look for opportunities through networking, job applications and locations.
Catherine Alford (@budgetblonde), speaker and founder the Budget Blonde, began his agitation aside from writing online in three years.
at the time, she found useful job boards and got accustomed to hundreds cold emailing website owners and businesses. She also began to build its own brand at the same time.
brand building can be one of the most passive and yet lucrative ways to earn additional income. developing a blog or other resources to showcase your work can easily turn into job offers.
"Most of my work has come through referrals and people find my blog on Google, social media, etc.," says O'Connell. "If there's one thing I learned, it is that the potential for lateral noise income can come from anywhere and everywhere, so I always keep my options open and looking for new opportunities. "
Freelance writing is not the only way to make extra income. Check this list of over 50 unique ways to start an agitation aside.
What to do with your new income
The first thing to do with new revenues is to determine taxes.
too many people enter the game hustle hand, spend money and forget that Uncle Sam will call.
If you win a large sum of money, you may have to pay quarterly estimated taxes (aka freelancers taxes).
Set aside at least 40% of each paycheck for taxes owed.
Once you have hidden money to the IRS, determine the best use for the rest of your funds.
Are you struggling with debt?
Your increased income can be used to repay debt faster, which of course reduce the overall interest you owe and save money in the long run.
Try to take early retirement?
do not leave your money sitting in a savings account interest rate of 0.01%. You have to invest your money and make it work for you.
Whatever amount you want to keep the liquid must be put into a savings account earning of at least 1.00%.
It may not sound like a big difference, but $ 10,000 0.01%, you win $ 1.
1.00%, you get $ 100.
Some people even see the sound of money aside as a way to start a new career. Alford did just that when she took the leap to become a freelance full time again on 1 January 2014.
"I saved a large emergency fund, got as many customers as I could, and braced to take the leap, "said Alford. "So far I've been independent for 15 months, and I do not see myself ever going back."
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