Saving and Earning

“You need money to make money.”

I’m sure you’ve heard that before. You might even believe it.

It’s not a fact. Many of the world’s wealthiest people at some stage had little more than the shirt on their back. Some of them didn’t even have that. And yet they found a way.

Not having enough money is just another excuse that many people use to keep themselves where they are.

The truth is, if you’re not sleeping on a bench in a park every night, you can get the money needed to make your dreams a reality.

Saving a little here and there

We are emotional creatures by nature and, hence, spend on impulse. Now while I don’t advocate subduing our emotional impulses, I do believe in balancing it out with our more logical side.

Don’t spend money that you don’t have, first and foremost!

Next, see where you can reduce your expenditure. Have one less take-out meal a month, reduce your coffee intake, don’t go watch every movie on circuit. Take stock of where you’re spending and you’ll find a way to save up some money here and there.

We are an adaptable breed. If our salary is R8,000 per month, it’s used up by the end of the month. Often it’s used up before the end of the month. If our salary is upped to R16,000, we find a way to spend all of that, too.

I recommend you commit to saving 10% of all your earnings, every month without fail. Put it into a 30-day account, separate from your primary account. It may be a stretch in the beginning but you will adapt your spending to match what you have left after paying yourself. Yes, that 10% is a payment to yourself. Call that your self-worth account. How much will you be worth in a year?

There are other tricks and techniques. I strongly recommend reading (or listening to) T. Harv Eker’s Secrets of the Millionaire Mind. He offers a chapter on saving money that can be put toward your growth and toward building your wealth.

Upping your earnings

As important as it is, I will admit I’m not a fan of saving. If you don’t have enough money, my attitude is find a way of earning more. That said, I have discovered the importance of having a self-worth account. In fact, it was that money that I saved over a year period that helped me build a financial asset that now pays me over and above a salaried job.

There are many ways to up your earning without giving up your job. Firstly, you can look at options within your job. Either a salary increase or organise with your company to earn on a commission basis, which can often pay much more than a standard salary if you’re willing to put in the work.

Alternatively, you could freelance your talents, charging contract rates.

Another idea is to play middleman for two parties. That’s to say, identify a need, identify a source and pair the two up. There are tons of people out there that supply a particular product or service but don’t necessarily know how to market adequately. You could assist and earn a commission on sales.

Obviously, if you’re still working a salaried job, you want something that earns you money without requiring time or effort on your part. So, another idea is to rent an item out, whatever that item may be within your circle of influence. I read somewhere that every kid should have two bicycles; One to ride and one to rent out. Use that principle to establish what you can offer.

In closing

There are many ways to earn additional income if you’re open to the opportunities or willing to create the opportunities.

On an aside, many successful and wealthy folk spent many a night destitute and homeless. Joe Vitale, Echart Tole and Joanne Rowling, are well known examples. They realised their dreams, so what’s your excuse?