As 2016 rolls in, so do my new resolutions and goals for the year. There are always the typical ‘I’m going to eat healthier and exercise more’ goals, but this year I have a bigger goal: make more money! I don’t want to keep waiting for money to fall out of the sky, so I’ve decided to take initiative and make myself more money. I don’t want just a few bucks here and there; I want to increase my yearly income significantly. So I have compiled a list of ways for me to reach my financial goals. To make my yearly income larger I will need to do several things as listed below:
Save, save, save:
The most obvious way to make and have more money is to save more money. Yet, this seems to be the hardest for many people, including me, to do. Having a savings account separate from my checking account works best for me, because this way I’m not tempted to take out of my savings by constantly seeing it. For this particular goal, I want to save 15 to 25 percent of each of my paychecks. This way, I will certainly have more money and also a good cushion to fall back on in case anything was to go wrong financially. Saving doesn’t only involve setting money aside, but also spending wisely. Many people live outside of their means and make unnecessary purchases. My goal is to not splurge and to live within my means. This could mean downsizing in a home, or not buying more stuff that I do not need.
Make smart investments:
No one ever willingly makes a dumb investment, but it is important to make wise choices when making investments (small or large). Making investments require a plan; whether you’re investing in yourself (such as me, an entrepreneur) or whether you’re investing in another business or stocks. Making the right investment requires thinking long term (five years or more) and thinking short term. Research is also incredibly important when making an investment, because you never want to rush in and later suffer the consequences.
Investing in myself:
People pay for services, so I have decided to invest in myself. By that I mean to develop more skills and great knowledge. Doing this will allow me more opportunities in and outside my professional field. Things such as learning a new language, or attending workshops and lectures related to my professional career can put me ahead of the competition. These types of things will also open up the opportunity to network with other entrepreneurs, and by doing so can potentially grant me more business opportunities. This does not necessarily grant me more money right away, but some investments take time, and by having more skills, I am more appealing to more jobs (which brings in the money!)
Take up opportunities:
Many times I find myself thinking I am too good for odd jobs or freelance jobs; however, I have realized these smaller side jobs can be of great benefit. Primarily, practice makes perfect, and what better way to practice your skills than by doing a small side job while also earning some money. Doing freelance jobs allows for good practice for an entrepreneur because you have to market yourself, and manage yourself. As I take up more opportunities, it also lets me put myself out there more. Getting the word out about my services can help for an entrepreneur because it creates a larger customer base.
Look at the long term:
Choosing a career with longevity is important in making more money. I want to ensure I choose a job that has the potential for me to remain with the company for long term.