Before figuring out how, it’s important to consider why you want to do it. Getting clear on your why will give you the motivation to follow through on your how.
Why Earn Extra Money?
If you had a higher income, you could do more of the things you’d like to do.
If you’re into living well, you might buy more things that make your life comfortable.
If you’re into learning more, you might be able to go to seminars and workshops, sign up for classes, or buy the educational materials you need for home study.
If you’re into traveling, you might be able to go to places on your bucket list.
Why Keep More of What You Earn?
While earning more will allow you to get more of what you want, you can’t just focus on acquisition. You also have to focus on retention.
A Football Analogy
Another way to think about this idea of savings is to use an analogy about football teams.
Which team has the highest probability of playing in the final game of the Superbowl?
(a) The team that only focuses on scoring goals. Its strategy is Attack.
(b) The team that only focuses on preventing goals. Its strategy is Defense.
(c) The team who focuses on scoring and preventing goals. Its strategy is both Attack and Defense.
All things being equal, c, the team with a balanced strategy of Attack and Defense will be the most successful.
Save for Emergencies and Opportunities
Saving a little of what you earn give you more security against the unexpected events in life. It also gives you the wherewithal to seize new investment or personal growth opportunities.
Automate the Saving Habit
While your intentions may be good, you may be tempted to spend all you earn (and a little bit more) as soon as you receive your paycheck. The best way to prevent this from happening is to automate the savings habit. Set aside a certain percentage of what you earn with every paycheck.
How Do You Earn Extra Money?
Here are 3 ways you could earn extra money:
By investing a part of what you earn, you could have your money earn for you.
While there are many ways to invest, one method that allows you to profit quickly from large assets is binary investments. According to 24option, a binary option broker, “Binary options trading combines the analytical aspects of day trading with the lucrative features of traditional options trading, with the possibility to earn up to 89% in returns! This allows traders to maximize profits while saving time and capital. With binary options trading, you can potentially generate profits based on the rise or fall of an asset during a certain time period, ranging from 30 seconds to several days.”
2. Create a home-based business
If you have an expertise in something, then you could create an online business where you teach other people what you know. Since it is your own business, it won’t be a job. You can work on it when you have free time, and you don’t have to answer to a boss.
Here’s a hypothetical example of how to start:
Imagine, you have a way with dogs. You can calm down the most aggressive dogs and train dogs faster than most training systems on the market.
Don’t you think other dog lovers might want to know how you can help them handle their out of control dogs?
You could start with a blog, writing educational posts about how to build a trusting relationship with dogs. Once you had 1,000 people on your subscriber list, you could roll out dog obedience training courses, sharing expertise through pdfs, video tutorials, and coaching calls.
3. Get really good at your current job.
This is a success secret used in Napoleon Hill’s famous book, Think and Grow Rich. He called it “going the extra mile.” The premise was that if you improved the quality, quantity, and service you offered your employer above and beyond what you were paid to do, it would increase your compensation. Even if your current employer was unwilling to pay you more, you might be hired by another company that has heard about your high performance.
While you may already be doing a good job, imagine if you could do an even better job. Give yourself an honest job appraisal. See if there is room for improvement.
However, perhaps, you’re already expressing your full potential on the job. You show up on time and stay for as long as possible. You work all the time you work. Your coworkers view you with awe and your boss wishes there was just one more person like you in the company.
If you’re already maxed out on your potential and received all the promotions and rewards your company is willing to give you, then you can increase your potential through studying your field. According to motivational speaker Earl Nightingale, if you study for just one hour a day in your field, you will be at the top of it within 3 years, a national authority in 5 years, and a world class expert in 7 years.