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Do you live paycheck to paycheck?
Living paycheck to paycheck is stressful and exhausting. That’s because an unexpected bill can put you into debt at any moment.
In this week’s deep dive, I’ll help you break out of the cycle of living paycheck to paycheck. You’ll learn four ways to spend less and four ideas that can help you make more money. Keep reading to take control of your financial future.
If you like this week’s deep dive, my full-length video and article go even deeper.
Tip 1: Find Free or More Affordable Alternatives Look for free options like borrowing books from the library or enjoying local parks instead of expensive theme parks. Make cost-effective choices like cutting hair at home or building a home gym to save money.
Consider exchanging services with others instead of paying. For example, if you’re good with cars, computers, or marketing, offer your services in exchange for something you need. Remember to ensure the value you offer matches what you’re asking for in return.
Live in a neighborhood with community amenities instead of paying more for a home with a large yard and a pool. Likewise, explore carpooling to work or co-owning expensive tools like a table saw with friends or family.
Avoid buying things to impress others if you can’t afford them. Instead, focus on building wealth and financial security. Remember, there’s a big difference between appearing wealthy and actually being wealthy. So, consider if you truly need an item before buying it.
Working multiple jobs can significantly boost your earnings. So explore various opportunities, both traditional and digital, to increase your income. Traditional options include babysitting and landscaping, while digital options include driving for Uber or selling items on Etsy.
If you have valuable possessions that you rarely use, consider renting them out. For example, you can rent your car on Turo, a spare room on Airbnb, or camera gear on ShareGrid.
You can leverage your skills and talents for income. For example, sell your services on Fiverr or Upwork if you’re good at web design or drawing. Teach music lessons if you’re musically inclined. Or pick up odd jobs if you have home improvement skills.
Don’t be afraid to negotiate for higher pay when the opportunity arises. Likewise, consider changing jobs if it means a substantial salary increase.
Check out my full-length video and article on how to stop living paycheck to paycheck.
When I completed high school, I believed college was the only option. So I studied mechanical engineering because I was good at math. In total, I took 60-70 courses, and one of those courses has been beneficial for my career—a technical writing course.
Over the past 15 years, I’ve become a licensed professional engineer and built an 8-figure e-commerce brand. Sadly, my degree didn’t help me with either of those accomplishments.
I learned engineering on the job. And I taught myself how to become an entrepreneur by taking online courses and going to the school of hard knocks.
Now that I’m a father, I often think about how my kids will earn a living. When I was young, not going to college was frowned upon. But now, I question if it’s necessary.
A degree will be necessary if my children choose a regulated career like medicine. But if they follow in my footsteps and become entrepreneurs, I’d argue that college will hold them back.
Why should my children spend hundreds of thousands of dollars on an education they won’t use? More importantly, why should they spend four years getting a degree when they could have used that time to become an entrepreneur?
What do you think?
DISCLAIMER: Please be aware that the information presented in this email is for educational purposes only and should not be considered as personalized financial advice. The creator of this email is not a licensed financial advisor and any decisions made based on this information are at your own risk. It’s important to consult with a qualified financial professional before making any financial decisions, as this information does not consider individual investment goals, risk preferences, or financial situations. Please remember that past performance does not guarantee future results, and all investments involve risk, including the potential loss of your initial investment.
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CHRIS THORNHAM
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