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Few years ago, I was in a financial quagmire until I decided
to take the bull by the horn by taking calculated decisions to create wealth
for my future, one step at a time. This blog article will show you how to make
things work for you without any bogus claims or hype.
These are practical financial advice which you can take to
the bank any day or time.
First, let’s look at the basic steps to set the ball
rolling.
Step #1:
Order Your Priorities Right
Do you know that building wealth is an education in itself?
You’ve to learn and consistently practice what you learn. As a wealth builder,
you’ve to evaluate every financial decision you make, day by day and from time
to time.
You must do away with poor financial habits and impulse
buying to get things right. If you’re wont to buying this or that product or
service at whim and thinking it doesn’t really matter, your walk into financial
freedom is far off. You’ve to set your priorities right so as to make wealth
sooner or later.
A simple way to get good at this is to plan for every
expense you only need to fill and invest every extra dollar to earn more money.
For example, one of my online side hustles is domain flipping. For every domain name I’m able to sell, I already have an
investment plan for it.
It saves me the hassles of wasteful spending and regretting it
later. If you don’t know where you’re going, you’ll not be able to ask the
right questions and know exactly how to get there. If your goal this year is to
learn how to start a side hustle business and make money, why not take an
inventory of what it will cost you to achieve it and take steps to get started?
If you’re focusing on a side business to build wealth, it
means you’ve to take it as a priority and be ready to invest some of the money
you earn. As it were, where there is no priority or plan for anything
worthwhile, you’re bound to fail woefully.
Step #2:
Learn and Master Financial Intelligence
Take it or leave it, financial education is paramount to
creating wealth and sustaining it anywhere in the world. And you need to learn
and master it. Starting a business you know nothing about is tantamount to
failure even before you get step your foot in the door.
A simple analogy to buttress this point home is that nobody
can handle the steering and expertly drive a car on his or her first day of
learning how to drive without making faulty starts. The same way, your desire
and investments efforts in building wealth may hit the rocks if you don’t know
what you’re doing.
Next time, don’t spend money to buy anything without
thinking it out first and be sure it’s worth buying for your future good.
Step #3:
Plant Your Money Trees
There are a lot of online side hustles you can use to build
wealth assuredly. It depends on what you are good at or like to do. But you’ve
to be creative and smart to excel at any one of them. If you ask me, every type
of online business you may want to start will be overly saturated but only your
creativity and unique angle to it will stand you out from the crowd.
But you’ve to plant your money trees one step at a time. If
you decide to start with affiliate marketing business
and you’ve become profitable at it, you can then go on with the next business
idea such as website flipping and so on.
This is where having at least smattering of your side hustle business is
essential so that you’ll know what tasks to outsource or perform yourself at
any point in time.
If you’ve done the above ground work to set the ball rolling,
you can follow these ground rules for wealth building.
- Avoid reflex or impulse buying. Compulsive buying of goods and services you don’t really need will leave you with little or nothing to save and invest for the rainy day.
- Spend high chunk of your money on assets that appreciate or have high secondhand value when you want to sell or flip at a later date or the asset generates regular income.
- Diversify your investments to be on the safe side of life or be able to hedge against uncertain economic events. The common saying that you should not put all your eggs in one basket applies here.
- You’ve to learn more to earn more especially in related and complementary fields of investments, joint ventures (JVs), partnership, starting and growing a business, and so forth.
- Have a vision, budget and plan to guide you on your journey of wealth building so that you can become wealthy within a time frame.
- Keep your spending down to the barest minimum while you constantly find ways to boost your income. You may have to avoid consumer debts like a plague if possible. Don’t bite more than you can chew.
- Take inventory of what you own versus what you owe to help you determine your net worth. Having assets in excess of liabilities is an indication that you’re on the right track or solvent holding other economic variables constant.
- Develop a system and plan to knock off your debt in record time. Taking up side hustles online or second job may speed up your debt free financial journey.
- Have the discipline and willpower to follow your plan to the letter.
- Increase or boost your earning capacity by starting a blog. It gives you leverage over time to monetize your blog as you gain traction and followers.
If you can set your priorities straight, it will be easy to
build wealth with side hustles online. You can learn digital skills to increase
your ability to earn more. Also, mastering online marketing will help you to
sell yourself, brand, product or service to your target audience.
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