1. Know your current economic stance.
Before you start with anything else, you must know where you are right now. Place into paper all your current financial status. This will help you evaluate how much money you still have to pursue in order to reach your goal. If you belong to the middle class and you’re earning between the salary range of $42,000 – $125,000 every month, then you have to at least double your earnings starting today. Compute your daily and monthly spending, try to make adjustments, and establish smaller value of expenses.
2. Create a developmental plan.
In creating your monetization strategy, you must also build a millionaire mindset in you. Once you have it in your mind, you won’t easily lose the spirit of earning as much as you can. Plan to add more sources of income. List down your ideal sources and create an organized pattern of your target income per day.
3. Upgrade your skills to expand revenue streams.
You don’t only grow your income but you also have to upgrade your skills and knowledge towards anything that can make you money. Seek opportunities by expanding your revenue streams because it’s a rule for every millionaire and it’s a way of increasing your current income. Do not settle yourself with the things that you already know. Try to discover new sources of gains such as part-time jobs, make spare room for lease or rentals, opening a startup business, or offering your expertise (whether in teaching, accounting, blogging, photography, graphic design, etc.).
4. Manage your spending habits.
Minimizing your expenses might be a little challenging, especially if you have to suffice the needs of your own family. You have to strictly divide your monthly income into three dimensional parts filling your monthly cost of living (bills, rentals, mortgage, education, and food), personal expenses (holidays, shopping, leisures), and savings. But since you’re keeping an eye to your goal, you should learn how to manage your spending habits, use discount coupons and grab freebies instead, cut down on fine dining restaurants, and avoid impulsive buying of unnecessary stuff.
5. Socialize with successful people.
The saying “Tell me who your friends are and I’ll tell you who you are.” is now making sense to me after all. Start surrounding yourself with rich people to learn tactics from them and soon become just like them. Remember, building connections is taking a huge part in securing success. You can rely with these people in case you need them with your freshly-brewing business.
6. Avoid getting buried into debts.
Borrowing capital from the bank for your business operation and expansion is totally fine unless you start burying yourself into debts. Make it a habit to apply for loans one at a time and make sure that you can settle your accounts to obtain a good credit history.
7. Get insured.
Start applying for insurance as early as today. Since you are planning to put up a business, take advantage of business insurance that will cover up damaged property or equipment, help your business minimize financial loss, and protect your business image against undesirable occurrences. Talking about getting insured, you surely won’t like your family to use up your savings on hospital bills and burial if something happens to you one day. So better invest on life insurance quote to cover all the expenses when you die.
By: Sarah Contreras
The author holds a bachelor’s degree in Communication with expertise in certain fields like advertising and media marketing. She currently works as a web content contributor for Insure Me Now Life Insurance, an award-winning life insurance company in Australia. What motivates Sarah to keep writing is her passion of providing information to all readers out there.