Advertising
Advertising

How to Find Your Freakin’ Footing and Start Making Money on Your Own Terms

How to Find Your Freakin’ Footing and Start Making Money on Your Own Terms

    “Riches come, if they come at all, in response to definite demands, based upon the application of definite principles, and not by chance or luck.” – Napoleon Hill

    Making millions of dollars would be great – but right now, you’re more concerned about paying your cable bill so that you don’t have to steal Wi-Fi from Starbucks in order to write your new blog post.

    Landing on the New York Times Bestsellers list would be stupendous—but right now you’re just trying to find an hour to write amidst working to support yourself and doing the damn dishes and all of those other responsibilities that get in your way.

    Yes, having it all – “the babe, the boat, the bucks” as Danielle LaPorte (http://www.daniellelaporte.com) so bluntly puts it—is ideal. But right now, you’re just trying to make ends meet. If only you could make enough money to live off of, you could quit your job and focus. But right now, that seems totally unrealistic. A pipedream.

    Advertising

    One: Exactly How Much Money Do You Need?

    “Fix in your mind the exact amount of money you desire. It is not sufficient merely to say ‘I want plenty of money.’ Be definite as to the amount.” – Napoleon Hill

    Want to make enough money to support yourself? Tell me, how much do you need?

    You don’t need to think about how much money you need for the rest of your days on planet Earth. That’s ridiculous. How could you possibly predict what you’ll want in 15 years?

    Instead, reel in your ambitions and make a plan for one year from now. To get crystal clear, ask yourself the following questions:

    1. In one year, what does your life look like? (Write as much detail as possible the place you live, how often you go out to eat, what you do on the weekends).
    2. How much money will it cost for you to live reasonably?

    That’s it.

    Advertising

    In order to figure out your monthly expenses, try Tim Ferriss’ Monthly Expense Calculator.

    Then, once you have an exact figure…

    Two: Decide what you’ll exchange for the cash.

      If you want the money, you’ll have to exchange something for it.

      To figure out what to exchange for money, ask yourself the following questions:

      Advertising

      1. What are my strengths + skills?
      2. What types of products + services can I provide?
      3. What will people actually pay for?

      Not sure what you’re good at? Here is a Skills + Strengths worksheet that I created.

      Don’t get bogged down trying to find your one-true-love. Once you’ve come up with 10 ideas, start testing them immediately. You’ll find your passion eventually, but doing so requires action.

      Do your research. Ask people what they’d pay you to do. Test your new service on them for free first.

      Don’t think you have what it takes? Hmm… I think this article titled “How to Really Start a Business” will make you think twice.

      Three: Plan and take Action!

      Once you’ve stumbled on a workable idea? Set some concrete goals, kid. I’ve personally just created my own concrete plan called “Project Moolah”.

      Advertising

      Break it up into chunks. If your plan is to start earning $1,000 a month by this time next year, you’ll want to figure out how much money you’ll need to rake-in every few months until then.

      When you have a plan, you’ll have motivation on the not-so-inspired days. When you have a plan, you’ll know what steps to take every day. When you have a plan, you reach your goals.

      Making money is hard work, and I guarantee that you’ll have to make some uncomfortable phone calls. But if you want a great life, you have to do great things.

      You can see my Project Moolah breakdown here.

      Does the thought of starting your own business have you feeling totally overwhelmed? You don’t have to use the word business just yet! Think of it this way: you are on a journey to create financial freedom. You’re breaking through the barriers of mediocrity. You’re starting the life that you’re supposed to be living.

      Bombs away!

      (Photo credit: Fresh Leaf Growing on Gold Hill via Shutterstock)

      More by this author

      45 Things You Can Do to Get Happy No Matter Where You Are 3 Ways to Earn an Extra $500 on the Side How to Start a Business before Dinnertime Is the glass half empty or half full? Are You a Youthful Optimist or a Learned Pessimist? 21 Lessons from an Accidental Entrepreneur

      Trending in Money

      1 How to Nix Your Credit Card Debt in Less Than 3 Years 2 Top 5 Spending Tracker Apps to Manage Your Budget Smart in 2019 3 How to Use Credit Cards While Staying Out of Debt 4 How to Use Debt Snowball to Get out from a Financial Avalanche 5 How Personal Finance Software Helps You Get More Out of Your Money

      Read Next

      Advertising
      Advertising
      Advertising

      Last Updated on April 3, 2019

      How to Nix Your Credit Card Debt in Less Than 3 Years

      How to Nix Your Credit Card Debt in Less Than 3 Years

      Debt is never a fun thing to be in. But, there are many actions that you can take that will help you rid yourself of the burden of debt once and for all.

      By coming up with a set plan, eliminating your debt can feel much easier than constantly thinking about it.

      This post will provide some tips on how you can do this to help you nix your credit card debt in less than 3 years.

      Hint: there are ways that are easier than you think.

      1. Consider Consolidating Multiple Credit Cards If Possible

      This may not be applicable to you, but if you have multiple cards – it is something to consider. Keeping up with multiple bills is time consuming.

      It will depend on the balance you have on each. Consolidate ones you can but do not do it to the point that you get too close to the maximum limit. Also, it is ideal to pick the card with the lower interest rate.

      Consider if there are any fees or alternatively, rewards, with transferring a balance to another card. Watch out for fees. Note that some cards offer rewards for transferring a balance to them. This is extra cash that can help go towards paying off your debt.

      Advertising

      Having one or two cards can make nixing your debt much simpler than keeping up with the balance of a bunch of cards. Keeping track of paying the minimum towards a bunch of cards is time consuming. Spend the time to consolidate instead to make the overall process simpler going forward.

      My tip: Have one main credit card. Have a second one that you use for necessities – such as groceries or gas – that offers rewards for those purchases (a lot of cards do) and set the second one on auto-pay. You should be able to pay off a smaller amount on auto-pay if it is a necessity. If you think you cannot, then you may need to cut down a lot on expenses.

      Why do I suggest doing this? Having one thing set to auto-pay is one less thing to think about. One less thing to waste time on. Same idea with consolidating to one main card. Tracking down too many is a hassle.

      2. Try to Pay the Full Balance You Spent Each Month at the Very Least

      You need to pay off the amount you are spending each month when that bill comes in. This is the amount you spent THAT month.

      Do not let the debt keep accruing while you work on paying any unpaid debt that has accrued. It will become a never-ending battle. Try as best as you can to be current on paying for each month’s expenses when that month’s bill comes out.

      If this is a strain, consider why. You may need to cut expenses. Or you may need to consider other cards. Or look at where this money is going.

      3. Pay Extra When You Can – Every Small Amount Counts

      This cannot be emphasized enough. If you are looking at a lot of credit card debt, it can look daunting, but each extra amount that you can put towards the debt will really add up – no matter how small it is.

      Advertising

      It does not just reduce the principal amount that you have left to pay off, but it reduces the amount that is collecting interest. You will always save money with that reduced interest.

      4. Create a Plan on How to Pay Extra

      Back to the main point, having this plan is giving you one less thing to think about.

      This plan should be a plan that works for you. If it does not work for you, your spending habits, and your views on debt, then it will not be an effective plan.

      For instance, if a set plan of an extra $50 (or another amount that you know you can afford) works for you, then do that. Set that aside every month and pay that extra amount. Treat it like a bill. Choose an amount that works for you and pay it like clockwork as though it was a bill you had to pay each month.

      Little amounts will not nix it entirely, but they will help tackle it and having a set plan can make it less of a chore. Creating a new plan of how much to put towards it each month is an unnecessary added stress.

      5. Cut out Costs for Services You Do Not Use

      If you are signed up for subscriptions that you do not use because of some free trial or for some other reason, cut it out. Your overall financial position will look better.

      In turn, that will make cutting your credit card debt easier. Look at your statements to find these expenses. If you do not use them, you may forget you are paying some unnecessary amount each month. Cutting it out can really add up in savings that you can put towards other needed expenses.

      Advertising

      6. Get Aggressive About It

      Consider these points:

      Depending on the interest and the level of debt, you may need to give up a few indulgences. For example, instead of ordering delivery or going out to eat, cook at home. Everything adds up.

      Other things may be more of a sacrifice. It may be a trip you wanted to go on, or a daily latte habit you’ve picked up. In these instances, consider how important it is to you and if it’s worth the sacrifice. And if it is a costly expense, think whether you can wait to indulge.

      Cutting an extravagant expense can really help make a dent in your overall debt. Try not to add to debt when you are trying to pay it off. It will be a never-ending battle. Make it less of a battle with these tips and it will feel easier.

      Bottom line: Do what you can to make this process easier for you. Implement steps that do this. It takes time now, but will help overall. Also, keep track of your spending and paying down of your debts. Which is the next point.

      7. Reevaluate Your Progress at Set Intervals

      Doing a regular check-in can help you see your efforts pay off or maybe indicate that you need to give this a bit more effort. If you check every 3-6 months, it will not feel so much like a chore or feel so daunting.

      By doing this, you will be able to better understand your progress and perhaps readjust your plan. Bonus: if you see it pay off, it will feel great to do this check-in. You will get there.

      Advertising

      Finally (and most importantly)…

      8. Keep Trying

      Do not get discouraged. Pushing it off will make it worse. Just keep trying.

      Once your debt becomes lower, each monthly payment will reduce the balance more. Why? You are paying less towards interest. It will be a snowball effect eventually and it will become much easier to manage. Just get to that point. And know once you do, it will feel easier and motivating.

      Start Knocking out Your Debt Today

      The best way to eliminate debt is to get started right away. Begin by implementing the above steps and watch your debt just melt away. Try out some of the above strategies and see what works best for you. Soon you’ll be on your way to a debt free life.

      More Resources About Better Money Management

      Featured photo credit: Pexels via pexels.com

      Read Next