During these unprecedented times, many people have lost their jobs and their whole livelihood. None of us knew that a virus would come knocking on our doors and change the whole shape of our lives the way that it did. Even though it felt like the whole world took a pause, other things in our lives did not: the bills and other expenses. Whether you are unemployed or working full-time, the bills will keep rolling in no matter what. Most Americans found themselves struggling to keep the roof over their heads and having enough to put food on the table for their family. These times have proven just how important it is to have a safety net and something to fall back on because you will never know when something like your job can be taken away from you.
It is uncertain to know for sure what the future holds for us, so it is essential always to have something to fall back on to avoid dealing with any personal financial crisis. Many of us have used this whole pandemic as a learning lesson to be wiser about spending our money and learning how to earn more of it. That’s why, now more than ever, side hustles and building your own business have been booming through the roof. Many have turned to pick up different side gigs and hustles to pay rent, buy groceries, and keep their lives afloat. Many people are researching creative ways to have multiple income streams outside of their everyday 9-5 jobs. Some have even strayed away from the traditional workforce, creating their online businesses and becoming their boss. The number of freelance work online is on the rise, with sites like Fiverr and Upwork offering regular everyday people an opportunity to showcase their talents and skills to potential buyers. These sites give people the opportunity to request and search for people who can build and design web pages, write content for a blog, and take professional photos and videos for YouTube or Instagram. Whatever services you need to be done for your business or have the skills to help someone reach a goal, many resources on the internet will help you find them.
With the rise of so many social media platforms and websites offering work for your skills, it is easier now more than ever to make more money and potentially reach financial freedom. Anyone, whether you are fresh out of high school or you’re a college graduate with a ton of student loans under your belt or a stay at home mom that wants to work from home while looking after the children, can achieve financial freedom with expertise, patience, and a whole lot of hard work.
If you’re sick and tired of waiting for your next paycheck to arrive or having to worry about money all the time, it may be the universe telling you to try something else and make some changes. Having a regular 9 -5 income just doesn’t cut it these days. The average minimum wage in the country doesn’t provide enough for the average person to live on. The minimum wage doesn’t cover rent, car notes, groceries, and health insurance all at once. If you want more information on all the side hustles available out there and how you can make more money than you’ve ever imagined, keep reading for more.
Side Hustles You Can Do
There are many opportunities online that can be done in the comfort of your home that will help you generate extra income. Most of these side hustles don’t cost much (or anything at all) to start. They may require that you have knowledge and expertise on a particular matter or subject. Besides that, most of these side hustles can be started immediately and can potentially be turned into a full-time career. Here is a list of some of the side gigs that will help you rake in extra cash:
- Becoming a virtual assistant
- Reselling/ flipping items on places like Amazon or eBay
- Web development/ web design
- Freelance writing
- Creating a YouTube Channel
- Starting a podcast
- Writing an ebook
- Creating an online course
- Writing resumes
- Creating a smartphone application
- Selling t-shirt designs
- Investing in stocks and bonds
Ways to Achieve Financial Freedom
What is financial freedom? Financial freedom has enough money in your savings account, investments, and your pocket to be able to feely provide for yourself and your family. It means not having to worry about if you have enough money to stay afloat or pay the bills. It means having your money work for you rather than you having to work for your money. If you’re looking to ditch your 9-5 to make more money and work for yourself or a way to add on to what you already make at your regular job, these tips will help you grow your money and achieve financial freedom that you never thought possible before. Only taking action will create the change you want for your life, and if you are ready to make a change, here are some ways to get there.
1. Set Goals and Make a Plan
With anything you want to do in life, whether it’s learning to play the guitar or going on a two-month vacation to Aruba, you need to have a goal and plan to accompany them. It’s easy for anyone to say that they want to be financially free and to make more money, but it’s hard to set up a clear plan and work to achieve them. Whatever you see for yourself in life, writing down your goals and plans helps you to see them and take the following steps to reach them. Keep a journal of your goals and write down whatever you want to achieve within the next month or year. Whether trying to make $5,000 a month or putting more money into your 401k, it will be easier to reach your goals if you see them written down on paper. You make them clear and specific bits of help to know what you want and have a better chance of achieving your goals.
Also, for the goal to work, you need to have a plan set in stone. Are you trying to save more money for the future? Do you want to create a successful online boutique? Whatever it is, a plan needs to follow behind it. Writing down your plans also helps so you don’t have many thoughts and ideas lingering in your head and figuring out what to do about them. Listing your plans in order in a step-by-step format helps you see the vision and execute the goal how you want to. The more specific your goals are and the more detailed your plans, the higher the chances of achieving those goals.
2. Put Your Money in a High Yield Savings Account
We all know the importance of saving money. There comes a day where your car starts acting weird and needs to be repaired, or your toilet is not functioning correctly, and you need the plumber to come by and fix it. Life happens, and when it does, we must prepare ourselves. Some of us stash cash in a safe in our homes, while others place their money in a saving account with banks like Chase or Wells Fargo. Still, if you want to save money and have more money being accumulated on top of that, you should consider opening a high yield saving account.
If you don’t know what a high-yield saving account is, it is a saving account that rewards you with interest and helps you accumulate more money. Unlike a regular savings account, a high yield saving account helps you grow your money the longer it sits in your account. You don’t have to do anything! All you have to do is continuously put money into that savings account and watch your money grow.
There are many high yield savings accounts out there, so it can be mind-boggling trying to choose which one is right for you. If you are looking for the best high yield savings accounts out there, here are the top three high yield savings accounts:
- Citi Accelerate Account
- Marcus by Goldman Sachs Online Savings Account
- American Express High Yield Savings Account
3. Pay Down Your Debt
If you are trying to build wealth and financial freedom, having debt can prevent you from reaching that goal. Credit card debt stops you from accumulating the wealth you desire because it still needs your attention and is a factor that can make or break your financial status. The interest and the late payments put a dent in your credit score and prevent you from saving and keeping your earned money. Every month, make it a point to pay down your credit card debt consistently. Try to purchase things in cash if you can afford it or not spending any money at all if you cannot. Other loans like a car, mortgage, or student loans don’t need too much of your attention but should still be paid off monthly to reduce the amount on loan and keep your credit rating up to par.
4. Set Up a Budget/ Track Your Spending
It is easy to get your weekly paycheck and start spending it on bills, groceries, and other miscellaneous things. By the time you are done giving all your money away to everyone else, you look at your bank account and ask yourself where it all went. To prevent that from happening to you, you should consider setting a budget for yourself and tracking where your money goes.
No one wants to work hard for their money and wonder where it all went. Apps like Mint make it easy to budget and track your spending. You can connect all your bank accounts to the application and see what you spend the most money on each month. You can set up a budget on the app for how much you want to save, use for groceries, and spend on entertainment. Making it a habit to track where your money is going and budgeting how much you want to spend on groceries and personal necessities each month is a great way to get to your goals of achieving financial freedom. Plus, since you know where your money is going, you don’t have to wonder where it all went.
5. Invest in Yourself
When it comes to wanting to make more money, sometimes you’ve got to spend a little money to make a little money. The best way to make money is to invest in yourself. If you want to start a blog, you may want to take a short blogging course. You will also need to purchase a domain, a hosting website, and the theme for your blog. Or you may go to start a business building websites for different companies. Not everyone knows about HTML and CSS and how to use them correctly, so if you are interested in getting started, you will want to invest in a course that will provide you the knowledge you need to build and create a website. Investing your time and money into textbooks and watching a ton of videos on web development can also help you get on track to starting your web development business.
Whatever you want to do, make sure you invest in adding more skills and perfecting your craft. The better you provide a particular service, the more clientele you build and the more money you make.
6. Generate Passive Income
A great way to build wealth is to generate passive income. Essentially, passive income is making money without “actively” having to do anything to get it. You can be making money even while you sleep! It may sound easy to do, but in reality, it takes just as much work as anything else you do in life. You can make passive income through affiliate marketing, dividend stocks, and designing and selling a T-shirt online.
Affiliate marketing is when you promote a product on your website of social media page, having people click on the link and make a purchase, and you getting a commission on the item sold from your page. You can apply to countless affiliate marketing programs such as Amazon, Ulta, or Target and promote any of the products sold at one of these stores. All you have to do is present a link to a particular product to your audience, have them make a purchase, and watch the money come in. It’s that easy!
The same way affiliate marketing requires you to do little work to make money, investing in dividend stocks is the same. Dividend stocks are stocks that pay their investors monthly for investing in their company. It is usually just a tiny percentage, but it adds up the longer you invest and keep your money within that particular company. Investing in stocks like Apple Inc., AT&T, and Realty Income all have dividends that they pay out to their shareholders each month.
You could also design and sell t-shirts. You can open up your online boutique, or you could design a shirt on websites like Teespring, have people buy your shirt design, and make money from that. It’s a lot easier to sell t-shirt designs from Teespring because they help you design the shirt and ship out the product to the customer that makes the purchase. It’s that simple! All you have to do is develop a brilliant t-shirt design that people will gravitate towards and have the money come in like nothing.
7. Change Your Lifestyle and Mindset
There’s a saying that goes like this: “Your life is only as good as your mindset.” And this saying is true. You could have everything you want in life and still feel incomplete about yourself and your life because of how you think. When approaching your goals toward financial freedom, it will be a difficult road to go down, as you may have moments of self-doubt and worry. And that is perfectly okay. As human beings, it is customary to doubt yourself and think about what could go wrong. The thing about our thoughts is that we think negatively without putting much thought into it, but we have the power to counter that with something more positive and uplifting. While you are on your journey towards financial freedom, try to counter any negative thoughts that may pop up with more positive and reassuring ones. Chanting positive affirmations right when you wake up and right before you go to bed is another excellent way to let positive thoughts stick with you. Believing that you have the power and ability to get to the goals you want to get to financially is the only way you will reach where you want to be.
Along with changing your mindset, making lifestyle changes will help you achieve your goals as well. Exercising every day, eating a healthy and balanced meal three times a day, and picking up a habit or hobby that challenges you will help you to get to your goals as well. When you look good, you feel good, and when you feel good, you do good, so make sure to always take care of yourself because you will be the one to take yourself to the finish line.
In this day and age, there are various resources out there that can help you make the money you want to make. With a ton of freelance websites on the internet, you can make a severe amount of money on the side along with your 9-5 job or, if you want to drop your 9-5 job altogether, you can freelance full-time and work for yourself. If you do nothing different tomorrow than you did today, nothing will change. You have to do your research, learn and acquire new skills, and change your mindset to become successful. It takes courage to make a change in one’s life and also persistence and perseverance. It can be scary going after the thing you want most for fear you may fail or not do as well. But you fail when you don’t even try. Even if it doesn’t go as you may have planned, just set your fears off to the side, and go for it. You of today will be thanking you of yesterday for pushing through and making those changes that changed your life for the better. There are so many ways to make money and be your boss. To reap the benefits of everything the internet has to offer, you have to be willing to jump at the chance to seize every opportunity that comes your way. Whether you want to become a freelance writer, open an online boutique that sells candles and bath bombs, or start a fitness blog telling people what to do to lose weight and be more substantial, you can do anything as long as you are good at it. You do it from a place of honesty. What will take you to the top is being consistent and having the skills needed to get the job done. Nothing will happen if you don’t consistently work at it every single day. You have to be perfecting your craft until you become a pro at it. Also, expanding your knowledge and expertise helps you get to where you want to be. As always, this is not a get-rich-quick scheme that will have your pockets flowing overnight. With patience, consistency, and hardworking, you can be on your way to achieving financial freedom.
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BEWARE OF “GET RICH FAST” PROGRAMS!
There is nothing like having your own online business. You make the decisions, and as one song says, you “win or learn.” However, creating your own company can be tricky, especially if you build from the ground up. There will be constant questions that must be answered, such as:
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INFORMATION IS NEEDED
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In fact, some people put false information online to see what effect it might have.
THE IMPORTANCE OF STRAIGHT FACTS
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ONE TYPE OF SCAM
One of the most damaging falsehoods—also known as a scam—is the type that asks for people to “invest” in a company. Then, that company will help the person earn unbelievable amounts of money.
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