Have you heard the saying “it’s not how much you make it’s how much you keep”? That is the bottom line when you want to have success with money.
If all you do is earn and spend, you will never be able to enjoy your money as you get older because you will not have any. With questions about the stability of social security in the future, the last thing you want to do is be broke relying on the government to take care of you.
Let me give you some ideas on how to have success with money for the long haul.
Live On Less Than You Make
Keeping up with the Jones’ is a significant problem in America. We all want the big house with the fancy cars. We want to take nice vacations now.
Many people are living paycheck to paycheck just because they spend everything they earn, and in some cases, they overspend piling up enormous debt they can never pay.
As you grow older, your income will increase. Don’t adjust your lifestyle up. Live comfortably and start saving.
Stay in the home where you have an affordable mortgage payment. Pay cash for a car and take care of what you have without always trading in for a new car with a big amount loaded with interest.
Spend On Value
Price is not always value. However, high quality can come with value and save you money in the long run.
For example, buying a more expensive computer that will last longer may be a better value than buying a lower priced computer you have to replace more often.
The same thing applies to virtually everything we buy. Clothes and shoes would be an example. Higher quality costs more up front, but if they do not wear out as fast, you can save money in the future.
Be A Cautious Investor
Some people have a gambler’s attitude with their money. They make foolish investments hoping it will work out.
They take unnecessary risks, especially when they are younger because they feel they can always make back what they lose.
Often you are better off to invest in the company 401K for the long term. Especially if they offer matching funds.
Buy A House
The single best investment you can make is owning a home. You are going to pay rent somewhere, so a better option is paying on a mortgage that is earning you money over time.
You do not have to buy at the top of your income either. Many people make the mistake of the purchase of a home in the 40% income to debt ratio that just leaves them stressed every month trying to make the payment.
Consider buying a home with a 25-30% debt load that will leave you plenty of money to do other things.
Earn More Money And Save Some Of It
Beyond saving money another way to have success with money is to earn more of it. While some people are off spending their money and having fun in their spare time, others are working a part-time job or starting a home business.
They understand that time is money and how you spend it can have a long-term effect on your financial future. Luckily today there are several ways you can earn more money.
1. Get a part-time job. Although this is not always the best solution, sometimes making an extra $200 a week part-time can add up if you are saving the majority of what you make.
You may be able to find a part-time job close to where you live that does not disrupt your full-time job and your lifestyle.
There are other solutions. However, one of those is to find a part-time telecommuting job.
If you have skills, an employer is looking for many times you can work part-time from your home and earn extra money. FlexJobs.com is a website that brings together employers and employees you may want to look at.
2. Start a home business. I am a big proponent of starting your own home business and using the Internet to build it.
Starting a home business is not a new concept. People have been doing this for many years in business models such as network marketing.
The primary difference today is you can use the Internet to automate a lot of your home business. The beautiful thing about the Internet is it never sleeps.
You can be open for business 24 hours a day even when you’re not working. This is often an excellent option to make extra money and still control your time.
What Is A Good Home Business To Start?
I mentioned I am partial to an Internet-based business because you are always open for business. My suggestion is to start a blog like I have done and made money with affiliate products.
You can join me in Wealthy Affiliate and learn all about affiliate marketing. You can also promote the Wealthy Affiliate program which is a membership-based program.
You earn money every month in the form of residual income as long as the person you sell the membership to continue to keep their membership active. This is just one way to make money in affiliate marketing.
Other things you can do to earn money include selling physical or digital products, getting leads from an affiliate merchant, or getting paid by the click-through programs such as the Google AdSense affiliate program. Many people incorporate one or more of these strategies to maximize their income potential.
Someday you may get to quit your job, but having success with money means increasing your wealth through multiple income streams. The best way to do that for an average person like you and me is to work a job while having a part-time income on the side. In my opinion, still, the best way to do that is to start your own online Internet business.
Become a Wealthy Affiliate…Turn Any Passion Into a Successful Affiliate Marketing Business.