You work soooo hard and yet you feel your paycheck is just enough to get you through another 30 days. Or maybe for some, it’s not even enough…especially after taxes. I sure felt the same on my very first paycheck. I thought to myself–how can I afford all my dreams if I’m left with this amount after bills? I banked on this feeling of frustration to start my search for answers. Before I knew it, I was well on my way to my financial journey. So let me share with you the first steps I did to stop living from paycheck to paycheck.
1. Make your money work for you– invest invest invest!!!
If you are working for money eight hours a day, won’t you love it if you can make your money work for you twenty four hours a day? You can start doing this by INVESTING.
Gone are the days when “investing” was only part of the conversations among older people or only among the rich people. Thankfully, nowadays, you can start investing with little money. By investing, you make your money grow depending on the investment vehicle you choose. One important attitude you need to develop before investing is delayed gratification. Often times, we’re tempted to spend everything from our paycheck, everything in our bank account. Discipline is needed when you get into investing. Rewards are far bigger as time goes by (assuming of course you chose a good investment instrument).
2. Don’t live within your means. Expand your means.
You’ve probably heard the financial advice–live within your means. But I personally don’t believe in that because I have big dreams. Living within my means won’t cut it so I expand my means.
How? I look for other ways to earn other than my job. I take on projects during my spare time. I use my talents. I sell stuff. I find deals. With extra income, I get to buy my “wants” a.k.a. my unnecessary expenses without touching my salary.
Which brings me to my next point…
3. If you want something, don’t take it from your paycheck.
When I want something, I MAKE MONEY to purchase it outside my paycheck. So if I want the latest phone, I find other sources of income so I can afford it first. In this way, I don’t have to take my wants off of my savings or my salary. Once I went to Bangkok with friends. So I’d have my airfare back, I bought a couple of stuff from Bangkok and sold them when I got back. I can say my trip was somehow “free”. There are a lot of sources of extra income. We all just need to open our eyes for opportunities and believe that money is abundant.
These are just three money tricks you can start doing. Check out our book for other ideas. They say it’s not really how much money you make, but how much money you keep. But I say, it’s not just how much money you keep…but what you do with it.