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Why Easy Ways to Make Money Won’t Make You Money

Why Easy Ways to Make Money Won’t Make You Money

    Everyone always seems to be looking for an easy way out when it comes to making a living. We would all rather work as little as possible and make our money easily. It’s no wonder why Google searches for “easy ways to make money” yield a ton of get-rich-quick-plans, pyramid schemes, and courses from “marketing gurus” who have finally found the secret to making massive amounts of money online and doing it with as little effort as possible.

    The sad reality is that if you want to make a living online (or even offline), it takes hard work, especially if it is something that you want to do and it isn’t something you should shy away from. Easy ways to make money won’t making you money and won’t fulfill you. Here’s why.

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    Challenges are fun

    Challenging yourself day-in and day-out is extremely important. It’s one of the only ways that you can grow as a human and especially as a worker in your profession. If making money and a living wasn’t challenging, at least to some degree, the chances of you being bored and unhappy would be higher than that of a challenging lifestyle.

    Not only that, it’s also fun to face a challenge and defeat it. There is nothing like planning a project, working through it (sometimes even struggling), and seeing it through to the end.

    Easy money will go away

    Unless you found something that is impossible to duplicate and you live in a world where there is no internet or social networks, your “scheme” to make easy money will be duplicated by others, improved upon, and you will inevitably be weeded out of your market. It’s impossible to stay in an easy-money-making-market forever and think that the money will keep rolling in.

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    You will have to put some work in eventually as your market disappears, so why not just skip the easy ways to make money and challenge yourself to make a living?

    Where’s your legacy?

    Another thing about taking the easy way out; you have very little chance of leaving a legacy, that is, a positive one. Do you think that Steve Jobs, Bill Gates, Mark Zuckerburg, or Sergey and Larry would have a legacy if they were looking for the easy way out?

    These people are exceptions, but the point still stands. If you concentrate too much on easy ways to make money, you will miss the the idea that could define your life’s work, the work that will create your own legacy.

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    “Life can be much broader once you discover one simple fact, and that is, everything around you that you call life was made up by people that were no smarter than you.”

    -Steve Jobs

    Okay, everything doesn’t have to be difficult

    Don’t get me wrong, I’m not trying to say that you have to struggle your entire life to make a living so you don’t get bored or forget to create your own legacy. I’m saying that we all need to make sure that the work we do has purpose and that it helps define us as a person. Many people say that “you are not your work”, but I beg to differ. There isn’t anything wrong with your work helping to define who you are in life.

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    There are many great people in the world that I wouldn’t have known were so great if they didn’t work hard to create cool things that I use everyday. While their work doesn’t entirely define who they are, it helps to create a portion of who they are.

    There will inevitably be some easy ways to make money here and there on your journey, but you may want to make sure that these ways of making money are related to, as Merlin Mann like to put it, your platform (basically the culmination of all of your important work). Making easy money related to your life’s work isn’t a bad thing and will definitely come up. But, chasing easy money isn’t something to shoot for.

    Back to practicality

    Taking this back to something practical; rather than concentrating on easy ways to make money, sit down and list the things that you want to do to make money. Think of your dream jobs and write them down. Next, write down the things that you are good at. If you find a correlation between a dream job and something you are good at, then that is the work that you should be chasing, regardless of how difficult it may be.

    It’s much more fulfilling to chase your dreams than chase easy money. If you are aligning your skills with your dream jobs, working hard, then money and a living will come to you.

    (Photo credit: Money falling, isolated on white background via Shutterstock)

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    Published on November 20, 2018

    The Best Ways to Save Money Even Impulsive Spenders Can Get Behind

    The Best Ways to Save Money Even Impulsive Spenders Can Get Behind

    The truth is, there are many “money saving guides” online, but most don’t cover the root issue for not saving.

    Once I’d discovered a few key factors that allowed me to save 10k in one year, I realized why most articles couldn’t help me. The problem is that even with the right strategies you can still fail to save money. You need to have the right systems in place and the right mindset.

    In this guide, I’ll cover the best ways to save money — practical yet powerful steps you can take to start saving more. It won’t be easy but with hard work, I’m confident you’ll be able to save more money–even if you’re an impulsive spender.

    Why Your Past Prevents You from Saving Money

    Are you constantly thinking about your financial mistakes?

    If so, these thoughts are holding you back from saving.

    I get it, you wish you could go back in time to avoid your financial downfalls. But dwelling over your past will only rob you from your future. Instead, reflect on your mistakes and ask yourself what lessons you can learn from them.

    It wasn’t easy for me to accept that I had accumulated thousands of dollars in credit card debt. Once I did, I started heading in the right direction. Embrace your past failures and use them as an opportunity to set new financial goals.

    For example, after accepting that you’re thousands of dollars in debt create a plan to be debt free in a year or two. This way when you’ll be at peace even when you get negative thoughts about your finances. Now you can focus more time on saving and less on your past financial mistakes.

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    How to Effortlessly Track Your Spending

    Stop manually tracking your spending.

    Leverage powerful analytic tools such as Personal Capital and these money management apps to do the work for you. This tool has worked for me and has kept me motivated to why I’m saving in the first place. Once you login to your Personal Capital dashboard, you’re able to view your net worth.

    When I’d first signed up with Personal Capital, I had a negative net worth, but this motivated me to save more. With this tool, you can also view your spending patterns, expenses, and how much money you’re saving.

    Use your net worth as your north star to saving more. Whenever you experience financial setbacks, view how far you’ve come along. Saving money is only half the battle, being consistent is the other half.

    The Truth on Why You Keep Failing

    Saving money isn’t sexy. If it was, wouldn’t everyone be doing it?

    Some people are natural savers, but most are impulsive spenders. Instead of denying that you’re an impulsive spender, embrace it.

    Don’t try to save 60 to 70% of your income if this means you’ll live a miserable life. Saving money isn’t a race but a marathon. You’re saving for retirement and for large purchases.

    If you’re currently having a hard time saving, start spending more money on nice things. This may sound counterintuitive but hear me out. Wouldn’t it be better to save $200 each month for 12 months instead of $500 for 3 months?

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    Most people run into trouble because they create budgets that set them up for failure. This system won’t work for those who are frugal, but chances are they don’t need help saving. This system is for those who can’t save money and need to be rewarded for their hard work.

    Only because you’re buying nice things doesn’t mean that you’ll save less. Here are some rules you should have in place:

    1. Save more than 50% of your available money (after expenses)
    2. Only buy nice things after saving
    3. Automate your savings with automatic bank transfers

    These are the same rules that helped me save thousands each year while buying the latest iPhone. Focus only on items that are important to you. Remember, you can afford anything but not everything.

    How to Foolproof Yourself out of Debt

    Personal finance is a game. On one end, you’re earning money; and on the to other, you’re saving. But what ends up counting in the end isn’t how much you earn but how much you save. Research shows that about 60% of Americans spend more than they save.[1]

    So how can you separate yourself from the 60%?

    By not accumulating more debt. This way you’ll have more money to save and avoid having more financial obligations. A great way to stop accumulating debt is using cash to pay for all your transactions.

    This will be challenging, depending on how reliant you are with your credit card, but it’s worth the effort. Not only will you stop accruing debt, but you’ll also be more conscious with what you buy.

    For example, you’ll think twice about purchasing a new $200 headphone despite having the cash to buy them. According to a poll conducted by The CreditCards.com, 5 out of 6 Americans are impulsive spenders.[2]

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    Telling yourself that you’ll have the discipline to not buy things won’t cut it. This is equal to having junk food in your fridge while trying to eat healthy–it’s only a matter of time before you slip. By using cash to make your purchases, you’ll spend less and save more.

    A Proven Formula to Skyrocket Your Savings

    Having proven systems in place to help you save more is important, but they’re not the best way to save money.

    You can search for dozens of ways to save money, but there’ll always be a limit. Instead of spending the majority of your effort saving, look for ways to increase your income. The truth is that once you have the right systems in place, saving is easy.

    What’s challenging is earning more money. There are many routes you can take to achieve this. For example, you can work long and hard at your current job to earn a raise. But there’s one problem–you’re depending on someone else to give you a raise.

    Your company will have to have the budget, and you’ll have to know how to toot your own horn to get this raise. This isn’t to say that earning a raise is impossible, but things are better when you’re in control right? That’s why building a side-hustle is the best way to increase your income.

    Think of your side-hustle as a part-time job doing something you enjoy. You can sell items on eBay for a profit, or design websites for small businesses. Building a side-hustle will be on the hardest things you’ll do, be too stubborn to quit.

    During the early stages, you won’t be making money and that’s okay. Since you already have a source of income, you won’t be dependent on your side-hustle to pay for your expenses. Depending on how much time you invest in your side-hustle, it can one day replace your current income.

    Whatever route you take, focus more on earning and save as much as possible. You have more control than you give yourself credit for.

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    Transform Yourself into a Saving Money Machine

    Saving money isn’t complicated but it’s one of the hardest things you’ll do.

    By learning from your mistakes and rewarding yourself after saving you’ll save more. What would you do with an extra $200 or $500 each month? To some, this is life-changing money that can improve the quality of their lives.

    The truth is saving money is an art. Save too much and you’ll quit, but save too little and you’ll pay for the consequences in the future. Saving money takes effort and having the right systems in place.

    Imagine if you’d started saving an extra $100 this next month? Or, saved $20K in one year? Although it’s hard to imagine, this can be your reality if you follow the principles covered in this guide.

    Take a moment to brainstorm which goals you’d be able to reach if you had extra money each month. Use these goals as motivation to help you stay on track on your journey to saving more. If I was able to save thousands of dollars with little guidance, imagine what you’ll be able to do.

    What are you waiting for? Go and start saving money, the sky is your limit.

    Featured photo credit: rawpixel via unsplash.com

    Reference

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