“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:
How to Make Extra Money: 23 Easy Ways - Clark Howard
Whether you're trying to get out of debt, save more for retirement or just boost your monthly income, there has never been a better time to figure out some ways to make extra money on the side. No longer do you have to settle for a part-time job with a set schedule.
clark.com
25 Ways to Make Money Online and Offline - NerdWallet
You need extra money, but you're not sure where to start (or what's legit). Don't worry, we've got you covered. NerdWallet rounded up 25 legitimate ways to earn some extra income - at home or out and about - and listed each option based on how fast you can get started and get paid.
www.nerdwallet.com
113 Epic Ways to Make Extra Money in 2020
A big reason why Ben and I started Breaking The One Percent was to help people learn about different ways to make extra money. From simple gigs on the side to launching a full-blown startup (and everything in between), we've researched it all. Obviously, earning extra money is something that can really change your life.
www.breakingtheonepercent.com
Closing thoughts:
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