I have been on a journey for the better part of this year. Firstly, at the start of 2020 I was diagnosed with Type 1 diabetes at the age of 32! It was a bit of a shock and has been a lot to get used to.
But I’m glad to say it’s getting much easier to manage and less of a burden on my day-to-day life.
I decided just after my diagnosis that if my life was being forced to take a slight shift in gears that I may as well go full throttle. That’s why I also decided to launch my blog. I had been meaning to commence a side hustle for a long time, and the diagnosis I received was just the push I needed.
So what does this have to do with wealth and freedom?
Well, I am a true believer that with wealth comes freedom. And the road to wealth consists of hard work, determination and a little luck.
I also believe there are 3 main steps anyone can take to make the journey easier and above all, achievable.
No matter your circumstances.
1. Start With Your Work
The first place to start on your road to wealth is where you actually earn your income. This will most likely be your employer or your own business. Either way, it is essential to be maximising your earnings from this existing source of income.
So, if you are employed, you could consider:
- Asking or applying for a promotion within your existing company.
- Negotiating a pay rise – if you don’t ask, you don’t get!
- Searching for positions at alternative companies within your industry.
- Investing in education to broaden your skills and apply for alternative positions within related industries.
If you have your own business, consider:
- Fining ways to improve profitability.
- Reduce costs.
- Offer alternative supplementary products and services.
- Look to expand into new areas
- Advertise and run promotions
A combination of some of these methods should be your priority when considering growing wealth. It is vital to start where you are already earning – and from there we can introduce further wealth generating tactics.
2. Side Hustle
Ok, so now we are maximising what we get from our main source of income, it is now time to further increase earnings.
Many people will fall short of this next step.
Life is hard, busy and full of distractions. kids need looking after, hobbies and drinks at the bar with friends lure us away from this next level.
But to truly generate wealth, we must be going above and beyond what our day-jobs pay us. And although this can be extremely time consuming, and even emotionally staining to maintain, it is something that is required.
Having a side hustle is simply any extra means of earning cash outside of our main source of income. For me, it’s blogging, user testing websites, flipping goods on eBay and online trading.
I take the approach of spreading risk and diversifying my options. For you, it could be as simple as a second job, or even a hobby that you’ve found a way to monetise.
But once you have the second source of cash entering the equation, you are then fully ready for the next step.
I am no expert in the investment scene, but i have carefully researched my options and taken action to make my money work for me. And this is the key element of this step. Earning more money is great, but if we don’t utilise the power of interest and more importantly, compounded interest, then we are leaving money on the table.
And no one with any great level of wealth leaves money on the table.
Always consider your level of risk appetite before making investment decisions, and consult a professional financial advisor before making any decisions.
Now you have those 3 steps all tied up and ready to go, you are in prime position to grow your wealth.
Remember, the journey to wealth and the freedom it brings is often a long one, and will have ups and downs along the way. The important thing is you have the right strategy and mind set to achieve your goals.
That, and a little luck, is all you need.