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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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    CM Smith

    A technologist and writer who shares advice on personal productivity, creativity and how to use technology to get things done.

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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!

    More Tips on How to Pay Off Debt

    Featured photo credit: rupixen.com via unsplash.com

    Reference

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