Advertising
Advertising

5 Tips to Help You Succeed In Making Money with Your Passion

5 Tips to Help You Succeed In Making Money with Your Passion

The biggest criticism that this generation of ours faces is that we are selfish. Many of us are running after money, and we are obsessed with technology. This criticism primarily comes from a generation of people who did any work that was available to them, instead of following their hearts and doing what they loved. This passion for doing what we want to do, to me, is a blessing for our generation.

Every one of us can find a job and start earning money. Any person can find a 9-5 job and follow the same routine all week every week; however, there are others who don’t want to be a part of the rat race. They want to pursue what they are passionate about. Nevertheless, following your passion isn’t that easy in this world, especially if you want to make money from it.

Advertising

The lines below discuss some tips that can help you in making money with your passion by giving taking the example of a person who has a knack for writing.

1. It won’t be overnight.

The first thing to remember pertaining to following your passion for making money is that it wont happen right away; rather, it will take time. For instance, writers who wish to make money by blogging or freelancing will have to make their name known in the highly competitive internet-based world. If a person plans on being a writer, they will have to utilize social media platforms; however, like the conventional market, the online market is also very competitive. Building an online presence in order to make money from writing requires some time. Once you have made your name on a particular platform, then writing jobs will follow and you will monetize your passion.

Advertising

2. You will have to sacrifice.

Like everything related to love, there are certain sacrifices a person has to make. Similarly, pertaining to making money with your passion, you will have to sacrifice a little at the start. In the case of the writer who applies for online jobs, initially, the writer will have to post a bid that is low compared to the others, so that the offer of the writer stands out in front of the employer. For a couple of months and few jobs, the writer would need to sacrifice on the rate of work, no matter how good the writing is, until the reputation of the writer rises to a higher level. Once the reputation rises, the writer will reap the bounties for every sacrifice made and earn money with their passion.

3. Difficulties will be there.

We face difficulties in our daily lives, so it goes without saying that the thing which you love will definitely come with difficulties and challenges. You will face challenges in the form of people not appreciating your passion, judging you, not appreciating you and being biased about your passion. Many successful writers before us tell us that the writers who search for work online face lots of problems and difficulties in the form of people not paying them enough for the worth of work they do, not appreciating the creativity and being biased towards writers because of their demographics. Therefore, if you are following your passion as a writer for moneymaking, then you must be ready for all the difficulties and hardships that await you.

Advertising

4. Take a stand.

Let me be honest, keeping passion and money abreast is a hard thing to do. You will find people who, because of money, will leave their passion. On the other hand, there are people who take a stand and choose passion over money. Once they take the stand and give all they have got to their passion, the ultimate result is passion giving them back much more compared to what they had when they were conscious about the bottom line of their bank account. Therefore, when it comes to opting between the two, take a stand and vouch for your passion.

5. Give as much time as possible.

If you aren’t one who would take stand for your passion, then the least you can do is give it as much time as possible in your daily routine. For instance, if you as a writer think that your writing won’t give you enough money to quit your crappy job, then you should continue with the job and give time to your passion after work. Therefore, give as much time as possible and increase your knowledge about how you can increase the money-making potential of your passion, and then scale up.

Advertising

Now it’s your turn!

Do you have any other example for making money from your passion other than writing? What passion do you have and how have you monetized it? What kind of difficulties did you face and how did you cope up with them? I would love to hear your feedback in the comments section below.

More by this author

Beliefs That Will Free You From Negative Thoughts 20 Lessons You Can Learn About Habits 7 Ways You Can Reach Your Highest Potential 7 Simple Tips On How To Become a Better Person By Increasing Your Self-Esteem 5 Tips to Help You Succeed In Making Money with Your Passion

Trending in Money

1 How Personal Finance Software Helps You Get More Out of Your Money 2 The Best Ways to Save Money Even Impulsive Spenders Can Get Behind 3 How to Answer the Tough Question: What are Your Salary Requirements? 4 The Definitive Guide to Get Out of Debt Fast (And Forever) 5 35 Real Ways to Actually Make Money Online

Read Next

Advertising
Advertising
Advertising

Last Updated on January 2, 2019

How Personal Finance Software Helps You Get More Out of Your Money

How Personal Finance Software Helps You Get More Out of Your Money

Do you know what mental health experts point to as the biggest cause of stress in the United States today? If you said “money,” then ding, ding, we have a winner!

Three out of four adults today report feeling stressed out about money at least part of the time. People are either worried about not having enough money or whether they’re putting the money they do have to use in the best possible way.

Your money is either in charge of you or you’re in charge of it, there’s no middle ground. Using some type of personal finance software can help alleviate some of that money stress and better allow you to manage your money effectively. Without it, you may just be setting yourself up for constant financial worry. Life is already tough enough and there’s no need to make it more difficult by simply hoping your money issues will all work out in your favor. Hint: they won’t.

This guide will help you to understand how personal finance software can better assist with both accomplishing long term financial goals and managing day-to-day aspects of life.

Whether it’s tracking the savings plan for your child’s college fund or making sure you won’t be in the red with the month’s grocery budget, personal finance software keeps all this information in one convenient place.

What Exactly is Personal Finance Software?

Think of it like the dashboard in your car. You have a speedometer to tell you how fast you’re going, an odometer to tell you how far you’ve traveled, and then other gauges to tell you things like how much gas is in the tank and your engine temperature. Personal finance software is essentially the same thing for your money.

When you install this software on your computer, tablet, or smartphone, it helps to track your money — how much is going in, how much is going out, and its growth. Most personal finance software programs will display your budget, spending, investments, bills, savings accounts, and even retirement plans, levels of debt, and credit score.

Advertising

How It Leads to Financial Improvement

It shouldn’t come as a surprise, but people who regularly monitor their finances end up wealthier than those who don’t. When you were a kid, keeping track of all of your money in a porcelain piggy bank was pretty easy. As we get older, though, our money becomes spread out across things like car payments, mortgages, retirement funds, taxes, and other investments and debts. All of these things make keeping track of our money a lot more complicated.

Some types of personal finance software can help make things a little less complicated, setting you up to meet financial goals and taking away some of the stress associated with money.

Even if you already have a Certified Financial Planner (CFP) some type of personal finance software can be of great benefit. Whereas CFPs focus on the big picture of your money, they don’t handle the day-to-day aspects that determine your overall financial health.

It’s also not nearly as complicated as you might think and can take out a lot of the tedium that comes with doing everything on an Excel spreadsheet or with a pad and pencil.

Types of Personal Finance Software

When it comes to personal finance software, it generally fits into two categories: tax preparation and money management.

Tax preparation software such as Turbo Tax and H&R Block’s software can help with everything from filing income taxes to IRS rules and regulations and even estate plans. Plus, there’s the benefit of filing online and getting your refund check a lot faster than if you were to mail off your forms after waiting in line at the post office.

For the purpose of this article, however, will be focusing more on the personal finance software that aids with money management.

Advertising

Money management personal finance software will help you to see the health of your cash flow, pay down debt, forecast for expenses and savings, track investments, pay bills, and do a host of other things that 30 years ago would have practically required a team of accountants.

When to Use Personal Finance Software

So far we’ve gone over what exactly personal finance software is and how it can be a benefit to your money. The next logical step in this whole equation is determining when it should be used and how is the best way to go about getting started using it.

Below are four of the most common and practical ways to use personal finance software. If all or any of these apply to you and your money, then downloading some type of personal finance software is going to be a smart move.

1. You Have Multiple Accounts

There’s a good chance that when it comes to your money, it’s in more than one place. Sure, you probably have a checking account, but you may also have a savings account, money market account, and retirement accounts such as an IRA or 401k.

If you’re like the average American, you probably have two to three credit cards as well. Fifty percent of Americans also don’t have loyalty to just one bank and spread their money across multiple banks.

Rather than spending hours typing in every detail of every account you have into a spreadsheet, many programs allow you to easily import your account information. This will help to eliminate any mistakes and give you a bird’s eye view of everything at once.

2. You Want to Automate Some or All of Your Payments

Please don’t say that you’re still writing out paper checks and dropping each bill in the mailbox. While it’s noble that you’re doing your part to keep postal workers employed, we’re 18 years into the 21st century and you can literally pay every bill online now.

Advertising

There’s no need to log into every account you have and type in your routing number either.

With personal finance software you can schedule automatic payments and transfers between all of your imported accounts. Automatic transfers will help to make sure you have the necessary funds in the right account to ensure all bills are paid on the appropriate date. Late fees are annoying and do nothing but cost you money. It’s time that you said goodbye to them once and for all.

3. You Need to Streamline Your Budget

Perhaps the best feature of personal finance software is that it allows you track everything going in and out of your virtual wallet.

Nearly every brand of personal finance software out there has easy-to-read graphs and charts that allow you track every cent you spend or earn, should you choose. You might be pretty amazed when you see just how much you spent on eating out last month or if you splurged a little more than you should have on Christmas gifts last year.

Every successful business on the planet has a budget and using personal finance software can help you trim the fat on your spending in ways that affect your everyday life.

4. You Have Specific Goals to Meet

Maybe it’s paying off debt or saving for up something like a European vacation. Whatever your financial goal is, whether it’s long-term or short-term, personal finance software programs are one of the savviest ways to go about reaching those goals.

You can do everything from set spending alerts to notify you when you’re over budget to automating what percentage of your paycheck goes to things like retirement investments. The personal finance software that you choose should show you exactly how close you are to hitting those goals at any given time.

Advertising

How to Get Started

From AceMoney to Mint and Quicken, there ’s no shortage of personal finance software apps out there. Many of these programs are free to download and will allow you to pay bills, invest, monitor your net worth and credit profile, and even get a loan with the swipe of a finger.

Other programs may only offer you limited services and will require a one-time fee or subscription to unlock all that they offer. These fees can often vary from as little as two dollars to 50 bucks a month.

It’s best to start off with the free version and then gauge whether you’re able to accomplish everything you’d like or if it’s worth exploring one of the paid options. Often times the subscription programs come with assistance from financial planning and investment experts — so that can be a real benefit.

When deciding which personal finance software program to use, it’s also important to look at how many accounts you wish to monitor. Certain programs limit the number of accounts you can add. Be sure that if you have checking, credit card, and investment accounts to monitor, that you choose a service that can monitor them all.

Finally, when looking around for the right personal finance software that meets your needs, make sure that you’re comfortable with the program’s interface. It shouldn’t be expected that you recognize every single feature instantly, but if the features don’t seem readable and manageable to you, then you’re not as likely to use it and get the full benefits.

Final Thoughts

Personal finance software can go a long way in helping you to take control of your money and meeting your financial goals. It’s important to note, however, that some focus more on budgeting and expense tracking while others prioritize investing portfolios and income taxes. Explore several different programs and read reviews to find the one that’s right for you.

In this day and age, managing one’s personal finances in a secure manner that allows the user to have a real-time visual representation of their money is easier than ever before. With the numerous applications that are out there — both free and subscription-based — there’s no reason that every person can’t take control of their money and ensure they’re making smart money moves.

Featured photo credit: rawpixel via unsplash.com

Read Next