I am about to give you some money-making ideas. Money is one thing that everyone likes. From morning till night, the whole world is running after money. So that I can bring home some more money. We all work from morning till night to earn money for ourselves or ourselves. But you know the problem, few people are smart with money management.
The problem tragedy is that medical education, engineering education, and law education are given in colleges, right? Many colleges are offering even financial literacy chartered account or finance courses. But there is no course for real-life money management.
Here I will point out to you how can achieve financial freedom. How can earnings be managed? I intend that you do not make mistakes. May you not lose. If you lose by mistake, your career and business will take off. A misdiagnosis can complicate your condition.
Money-Making Ideas Guide You to Be Careful All Times
I am sharing with you some insights from my two-three decades of experience in getting money. I follow some principles for money management. Because these can be applied to any level of life. Also, this financial guidance is easy to put in place and easy to understand for everyone.
Point-1: Start investing as soon as you can
Start investing as soon as you can. Two of your skills must come up.
(a) Save money and
(b) invest money
These are the skills for financial health. The more you try this skill, the better you will be. Save a portion of your earnings as soon as possible. The right time to do this is today and from now. If you start saving today, you get a unique advantage. Which is the power of compounding. If you start investing or saving as soon as possible, your money will continue to grow. In a few years, the power of compounding will be felt. Your financial wellness will speed up.
Point-2: Don’t base your investment decisions on social media hype
This should be remembered more by those who spend more time on social media or the internet. I want them to know this very carefully. Don’t invest based on the hype on Google and social media. Even an influencer should not invest at all. You will see something new every year. Sometimes stock shares are going up, sometimes property boom, sometimes crypto or something else. Every six months something new happens. Every year there is some new hype. Then you will see that everyone is saying the same idea on social media. So it is best to invest here without delay. But no, you must remember two things:
Rule 1: Invest where you have the knowledge and control. That is, you need to go when you know about it.
Rule 2: Investment decisions should never be taken after listening to one or two success stories. It has been seen that some people have gained money in the stock market, some in property, and some have made billions in crypto. There must be some reason behind this. Somewhere in life, you will hear one or two success stories. It is necessary to know what is the secret behind success. There is no reason to earn cash fast by listening to the stories of one or two millionaires. In this, I should never feel that I have fallen behind. See if you feel you need to invest then only 5-10% should be done on the investment fund instead of 100%. But keep in mind, stay away from investing the entire investment fund in just one place. It could be the stock market, crypto, or something else.
Point-3: Keep track of where you spend your money
You should keep track of the money that comes into your account every month. How do you improve if you don’t know what’s going on in your life? Know that things will improve as they are checked and monitored. So when you incur expenses, be sure to write them down. When you have data in your hands, you will see that it is easy to control. Because data will guide you and bring reality to the fore. So it is important to have an account of incoming and outgoing money.
Point-4: Never spend money to show off
Never pay to show up. Spend only as much as you can handle or manage. Suddenly you feel like buying a fancy laptop or buying an expensive iPhone. But no, financial well-being can be ruined. You want to impress your relatives or your neighbours. You can drown in it. That’s the ugly truth and reality.
Do you know you buy things out of budget to impress someone? And when the EMI dues come, they start taking one loan after another to pay it. You are saddled with loans. Again if you have a credit card, and do not handle it properly, then the sorrow will be concentrated. Because credit card loans are the costliest.
Many people think that buying a house is an investment. But it is not. Have you completed all the basics? Do you have a huge surplus fund in your account or buy a house with a 15-20 years EMI load? Buying a home with long-term EMI can be stressful. Remember nothing in life is permanent.
Point-5: Keep your investments and friendships separate
A friend of yours has joined an insurance company. He is repeatedly asking you to do the policy. If the friend does not think anything bad then you have done the policy. But it turned out that after six months, the friend left the insurance company. But you, year after year, have been carrying the policy premium with difficulty. It’s hard money for you and it’s more difficult to save money. For this reason, invest in your research, not in the persuasion of a friend.
Point-6: The year’s income should be increased
This year’s earnings should increase compared to the previous year. That’s why you have to be meticulous in whatever you do. You have to be honest and expert. You will easily get a promotion at the workplace. Some people like to start a side hustle. Other than through any media or any side income sources. If they feel that there will be no difficulty in doing their first job, then they should go for the second job. Your target is to increase your income every year.
Point-7: Don’t put off enjoying your life because the investment fund is not big enough
You hoped that this time the mutual fund growth and property growth will be good, and interest will also be good. But you do not see anything. Does that mean you stop enjoying? You need 5-10% of your monthly income for entertainment. So that you can take a holiday trip or buy luxury items of your choice. It does not matter whether the thing is cheap or expensive. Why do not you do it, you have been working hard since morning. This does not mean that you are not pursuing money-making ideas.
Remember to keep one fund for investment and another for pleasure and luxury.
Money will come and go but time will only pass. You will never get time back. You are making double this year what you might have earned in the last five years. But you will not see the passing of five years in your life.
You will remember: Earn Money, Save Money, and Invest Money
Keep learning, growing, and hustling, but don’t stop living your life. Are you aware of money-making ideas? Want to know more? For special tips that are not mentioned in the content, you can buy this book.
If you like these money-making ideas, please encourage with a like. Everyone thinks for themselves. Do something for others if they get any enjoy you. So make everyone aware by sharing.
