One of the most critical wealth building insights is your ability to generate or earn more money.
Generally speaking, income is generated from our investments or our job. By focusing on spending less money and earning more revenue, it makes way for us to save, invest, and accumulate more assets. Because we need income to become financially free, today we will dive into three options to help you earn more money.
Option #1: Get a raise.
If you are employed, find out what you need to do to get a raise. It may include additional training, education, or a combination of both. One of our friends went to his supervisor to find out what he needed to do to increase his responsibilities and income. His supervisor was surprised and explained that they didn’t have an advancement or promotion track. Without missing a beat, our friend elected to pursue Option #2.
Option #2: Find a new job.
First, he researched and found various employers in his specialty. He then did some “behind the scenes” research to confirm that each of these companies had opportunities for advancement. Within a few months, he was hired by a new employer. He is enjoying his job, receives regular bonuses (which his previous employer did not offer), and is on the path to his next advancement.
If you are comfortable with your current job, but you need more income, consider option #3.
Option #3: Get a second job.
One of the most logical options to earn more money is to get a second job. There are two main avenues; the first is a traditional job with an employer. While this may provide more security, it generally doesn’t provide as much upside for income or passive income (earning revenue without putting in more time.) For that reason, it may not be the best option (second to passive income is my favorite!).
The second option is a home-based business such as an online business, affiliate marketing business, network marketing, or a direct sales position, to name a few. The advantage of a home based business is that you can build equity and ultimately sell the business or use it to create a residual stream of income. If you already have stable income, a home based business may be the perfect mix. While I became financially free through more traditional means, creating MillionaireSeries.com has been a great decision as it provides another stream of residual income to my portfolio.
Regardless of which option you choose, do the research and consult with a qualified advisor to review your unique situation. This will help you determine what is the best option to earn more cash, so you can achieve financial freedom.
If you want more passive or residual income, download our free guide here.