This is a continuation of Trent Hamm’s discussion about everything you need to know about personal finance.
This doesn’t mean drop out and go back to school. It merely means to keep learning new things. If something interests you, read a book about it. Take evening classes to get certification in a certain area or get a mastersʼ degree. No matter what youʼre doing, thereʼs some way you can learn more and improve yourself.
Develop More Income Streams
Always be on the lookout for ways to have money rolling into your pocket from a lot of different places . Maybe youʼre a good writer and can sell a short story or an online ebook. Maybe youʼve got a little piece of land somewhere that you can lease to a farmer or a developer. Maybe you spend your free time managing a flower bed in the park –
why not put a little wooden freewill donation box out there for people to drop a coin in? Maybe you have some extra cash laying around with which you can buy a long-term treasury note that will keep issuing you a check every six months. Having more income streams merely means that losing one of them (like your job) is less devastating in your life and it also means your overall income for now will go up.
Start a Side Business
Instead of burning a few hours in front of the television each evening, how about investing at least part of that time into starting a side business? You can try starting a blog with a few ads on it, or maybe youʼre good with woodworking and can make deck furniture. Maybe youʼre good at baking bread and can take loaves to the farmerʼs market, or maybe you deeply enjoy gardening and can sell vegetables. There are lots of possibilities out there for starting a business that will supplement your current income and perhaps eventually grow into your main income.
Move Towards Your Passions
Whenever the opportunity presents itself, gravitate towards the things that really excite you, because passion is what will make you successful. For me, my passion is writing, so Iʼve made an effort to gravitate towards it by working on The Simple Dollar in
my spare time. For others, it could be anything – maybe itʼs leading a team, or perhaps itʼs writing beautiful computer code. Whatever really excites you and makes you want to do more and more and more and better and better and better, thatʼs what you need to
move towards at all times.
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This is part of a series of posts begun July 15, 2015 – The Simple Formula for Creating Wealth.
Learn how to manage your money, eliminate debt and build wealth in my book, Your Financial Success.Wishing you well,
Daniel R. Murphy
Educating people for building wealth, adapting to a changing future and personal development.