Getting more money

Getting more money

“Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver.” — Ayn Rand

Saving over earning, always

Before trying to earn more, always—and we mean always—try to save more.

If you only invest just $5 a day at a 10% annual return, you will become a multi-millionaire in about 42 years. And in all seriousness, setting aside just $5 a day is doable for the vast majority of our readers.

The video below by Stephan Graham does a great job explaining all the hacks he's found to save 99% of his income. Take his advice to heart, you might become a millionaire because of it:

Some other ways on saving money besides the video above include:

  • Cutting down on groceries
  • Cancelling automatic subscriptions and memberships
  • Living with your parents
  • By off brand products (the cheaper stuff that has the exact same use as the expensive stuff)
  • Stop paying for cable TV
  • Reduce energy costs
  • Don't pay for beverages (soda, coffee, etc)
  • Unsubscribe from good marketing newsletter
  • Borrow something you need instead of buying it
  • Don't eat out (pack your own lunch)
  • Lower your cell phone bill
  • DIY everything you can
  • Don't travel to expensive places or as much
  • Buy online (in store is usually more expensive

Budget first, then complain

No everyone needs a budget, but those that do really need it. Like previous section, Stephan Graham has a great video on how much you should budget at every age:

The guide doesn't have much to add to Stephan Graham's video, except that you can use Personal Capital and other budgeting tools to get you started. To see what the best budgeting tools are currently, click here.

Get someone to match your investments

If you still live with your parents—and even if you don't—ask them if you are willing to match every dollar you put into your IRA account. This is an easy way to get started and will literally double the amount you are able to invest.

Actually earning more

If you cannot save any more money at all—not possible, check your transactions on Personal Capital to see why—then you need to start earning more.

How you go about this will depend on your skills, the amount of time you have available, and more. In case you need some good resources on how to make more money, we've linked a few good ones below:

Closing thoughts:

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