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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.

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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.

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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.

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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.

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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.

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Published on January 8, 2021

How To Pay Off Credit Card Debt Fast: 7 Powerful Tips

How To Pay Off Credit Card Debt Fast: 7 Powerful Tips

Ever wondered whether your credit card debt is the reason you’re in a bad financial situation? You can’t enjoy any fun activities because a good chunk of your money goes toward debt payment. Heck, you’re even behind on some of your monthly bills.

The effects of clumsy debt management are too many to list here. This guide is going to help you discover how to pay off credit card debt fast and start chasing your financial goals.

Debt problems are the last thing anyone wants to encounter. But things can get out of hand when all the “little debts” you take accumulate in interests.

What if you knew some simple and proven ways to be debt-free quickly? Implementing them would mean better financial health for you. It becomes possible to free up cash for your “wants.” These include taking a trip or buying something you’ve always desired. All that while paying your bills on time!

Let’s not wait any longer. Here are 7 powerful tips for paying off credit card debt fast:

1. Pay More Than the Minimum Credit Card Payments

Many people only pay the monthly minimum on their credit cards. Truly, that’s the right amount for staying on good terms with your credit card company. But you need a different approach if you’re looking to achieve financial independence within a short time.[1]

Most of your payments go toward interest costs when you only pay the minimum amount. A substantial sum of your balance remains standing. As a result, it becomes more expensive to eliminate your debts.

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You don’t want to wait more than 10 years to get rid of debt while it’s possible to do it sooner. All you have to do is double that $100 minimum payment to $200 or go higher.

The good thing is that minimum credit card payments are affordable in most cases. By paying a higher amount, you reduce your interest costs, lessen your borrowing period, and boost your credit score.

2. Start With High-Interest Credit Card Debt

If you have more than one credit card debt, prioritize putting the extra money toward the ones with the highest interests. This debt pay-off strategy, known as the debt avalanche method, is essential for being debt-free quickly.[2]

First, you need to list down all the credit card debts you have in the order of their interest rates. Next, you choose the one with the highest interest and pay a significant amount toward it each month. It can be an amount twice or even thrice larger than the minimum payment.

At the same time, you make monthly minimum payments on the other debts. Their interest charges won’t be as costly as that of the first debt on your list. You only move on to the next high-interest debt after the first one is gone. Remember that your focus is on the interest rates and not the balances.

3. Revisit Your Budget

Budgeting is useful for tracking your financial moves. Once you create a budget, some tweaks along the way can make it work for you better. One situation that requires you to revisit your budget is when you’re struggling with debts. It might hurt a bit to slash some expenses. But you also don’t want to miss out on achieving financial freedom in the long run.

You can reduce some variable expenses to free up more cash for credit card debt payments. They’re the ones that change from time to time. Some examples are groceries, fuel, and clothing.

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Other opportunities for cutting down your spending lie in non-essential expenses. Instead of dining out all the time, you can cook at home more to save money. You can also share some subscriptions with friends and pay a fraction of the cost.

If you’re determined enough, you can eliminate all your unnecessary expenses and focus on paying off your credit card debt first.

4. Avoid Using Your Credit Cards

Do you want to know how to pay off credit card debt with a low income? One simple way is to stop using them. Having your credit cards everywhere you go means that you’ll be more tempted to buy unnecessary stuff. In this case, you spend money that you don’t really own and get deeper into debt.

The quickest fix to stop the debt build-up is spending with cash. You’ll be more aware of everything you can afford at any particular time. If you decide to keep one or two cards to ease the transition, always make wise choices. For instance, only use them when experiencing financial difficulties.

It’s best to categorize your fun activities under “discretionary spending” in your budget. This way, you won’t need more debt to kill your boredom. By halting your credit debt from accumulating, it’s easy to pay down what you already owe and be happy with the progress.

5. Start a Side Hustle to Boost Your Income

You’re probably turning away a lot of money by not monetizing your skills. Everyone has something that they’re good at doing. And you can use that to generate extra income for attacking your credit card debt.

If you look around your neighborhood, you can find several side hustle opportunities. It can be pet sitting, tutoring, or lawn mowing. You can start an online business by offering services such as digital marketing, content creation, and web development. Such skills go in high demand on freelance sites and job boards.

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Finding clients on social media is also a good strategy to utilize your skills and make more money. Facebook groups, Quora Spaces, and subreddits are some places to look for side jobs. You only have to join a niche-specific platform, share your services, and respond to any opportunities.

It’s possible to learn a skill, practice it, and earn from it. Use the free resources online or purchase some e-courses to get started.

6. Sell Your Used Items for Extra Cash

Starting a side hustle isn’t the only way to generate extra money. You can turn unwanted items into cash for paying off credit card debt. Whether it’s an old TV, book, or furniture, there is always someone itching to buy your used stuff.

A garage sale, as much as it’s old-fashioned, is perfect for getting your neighbors and passers-by to buy from you. You keep all the money because there are no business permits or taxes involved. While you may not make much cash, it’s better than leaving your stuff to go defunct in your storage.

Other than that, you can sell your used stuff on online marketplaces. Facebook groups are great places to start if you want quick approvals and hence sales. You only have to ensure that your listing follows Facebook’s commerce policies.

When selling any pre-owned items online, ensure they’re in good shape to avoid problems with your buyers.

7. Know When to Seek Help With Your Debt

Asking for help with your credit card debt can be challenging to do. But letting it drown you is a road you don’t want to take. While you may feel embarrassed at first, it’s the best way to get back on track when you run out of options.

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There are tons of non-profit credit counseling organizations that can offer you free guidance on how to escape the debt trap. An example is The National Foundation for Credit Counseling. They simply review your finances and help you determine the source of your financial problems. After that, they match you with an actionable debt management solution.[3]

In extreme cases, the debt solution can be:

  • Debt relief – where your debt is partially or wholly forgiven
  • Debt consolidation – taking out one loan to repay others
  • Debt settlement – the creditor forgives a significant portion of your debt
  • Bankruptcy – legal process for seeking relief from some or all your debts

It’s necessary to carefully weigh your options before deciding on the way to go. Find out how it might affect your credit score and any other risks.

Wrapping It Up

Debt is a major setback when you’re trying to prosper in life. Paying off credit card debt is essential if you want to reach your financial goals. That means having more free income, a good credit card score, and even a chance to retire early. You become more productive each day because of the peace in your mind.

So, you now have some tips on how to pay off credit fast. Go ahead and get rid of that good life progress killer!

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Featured photo credit: rupixen.com via unsplash.com

Reference

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