There are so many people today that are worried about their lives. The constant wage gap that keeps growing and the prices of every day good increasing all the time it is no wonder you feel like you will never make enough money. There is hope though.
You can start today and soon you won’t be feeling the anxiety because you will be on the right track to getting what you need from life! I want you to take a serious look at how you can start changing little things in your life and before you know it, you will be laughing all the way to the bank.
Let’s begin with the 11 things to get you started if you feel like you will never make enough money!
Learn or Develop Your SkillsSet A Massive Goal
Write Out A Plan
Consolidate and Pay Down Debt
Understand It Takes A Long Time
Pay Yourself First
Stop Being So Hard On Yourself
Talk To Family
Start A Budget YOU want
Start A Side Hustle That Actually Makes Money
Save More without being Frugal
Start Investing Or Learning To Invest
Learn or Develop Your Skills
From babies through to when you grow old you have the opportunity to learn and develop skills. You are going to need skills for a job, for your family, communicating your thoughts and ideas.
The list of skills goes on and on, forever. But, why would learning a new skill help?
Simple; Someone with skills has more opportunity.
Whether you are in high school or working you need to start learning or further developing your skills. There are several options to help you do this.
Udemy– Udemy is an online platform for learning. Experts create courses and upload them for you to go through and further develop your skills.
MIT OpenCourseWare– Massachusetts Institute of Technology (MIT) is a highly regarded University in the US. Most people don’t know that they have a whole array of courses online for people FREE!
You won’t get the degree but you can use this resource to build your skills and knowledge.
CreativeLive– CreativeLive is an online learning platform that gives free courses on a wide array of subjects. You can have the opportunity to learn from some very successful people.
The local Library is a wonderful source of information. You can get a library card very easily and find what interests you.
For a huge list of possible learning platforms, you can visit Thebalancesmb and get a better idea of how many options are available to you.
Harvard has done a study for the relationship and wage inequality among the working class of America and found from studying 45 million job ads;
We find that cognitive skill and social skill requirements in job ads positively predict occupational wage differences across local labor markets, even after controlling for education and experience requirements,
Our results suggest that variation in pay and performance across MSAs and firms may partly reflect differences in skill demands
We have shown that job skills have significant explanatory power for wages and firm performance
If you want to read the whole study you can find it at scholor.harvard.edu. (pdf)
Having better skills is directly related to an increase in wages and opportunity. So, get on learning and developing your skills in all the areas you think will help you.
Set A Massive Goal
Setting goals is a part of life. Everyone needs a goal, even you.
Now I want you to understand something that most people do wrong when they set a goal. Most people set a goal and never achieve it not because they weren’t dedicated enough but because they set a small lower achievement goal.
This isn’t to put people down but it’s easier to not complete a goal such as not watching TV for a week in comparison to having a 6 pack abs in 2 years.
The first goal of not watching TV for a week seems like a good goal but it’s small and pale in comparison to what is required to meet the second goal of a 6 pack in 2 years. Let me explain why I want you to make a MASSIVE GOAL!
Imagine for a moment, you make a goal but you fail and don’t reach it. Would you rather come short on the goal of having 10 million dollars or come short on a goal of having $1,000?
Do you see the difference? BIG, Massive, Crazy, Interesting goals change the game. You will have to make some serious changes to make 10 million dollars but you may be able to “keep doing” what you already are doing to make $1,000.
If you are feeling like you will never have enough money you need to set yourself a MASSIVE goal and work out a way to achieve it. Have a look at how to properly set a goal and you can see how goal setting isn’t just a one-line scenario.
A goal is a plan on paper and needs to be created as such.
Set a MASSIVE goal and break down HOW you are going to achieve it! Small bites to eat the whole cake!
Write Out A Plan
Similar to the MASSIVE goal you will be setting, having a great plan in place is key to achieving your goal and getting away from the feeling like you will never have enough money.
Remember BIG things require one of two things to happen.
- You need to take BIG action! or,
- You need to make many small actions!
So let’s go back to out 10 Million dollars. You need to write out a plan of attack to get your MASSIVE goal in line with what you can do. To do this you work backward.
- Your end goal is 10 million in this scenario. By when? Retirement? That’s a good timeline. The shorter your timeline the bigger the action required.
- Set milestones such as your first $100,000, your first $1,000,000 etc. When will need it by? A good compound interest calculator can help a lot with the visual timeline.
- Write down what it will take to reach each milestone. How much work? When will you do it? Do you need more skills?
- Take action!
- Don’t stop! Trust the process!
One thing that has become apparent in my life is that it’s HARD! It’s hard getting up and learning new skills, going to work, coming home working on your family relationships. The whole process is difficult. But remember this.
Time will go by whether you like it or not. You need to trust yourself and know that you are working a little bit every day to achieve what you have set out to do. That’s the process, trust that it will lead you where you need to go and Never Stop!
Consolidate and Pay Off Debt
Easier said than done right? Paying off debt is a very difficult task. This is one area that affects millions of people and can be overwhelming at times.
Debt.org states that the average debt by age is;
- Under 35: $67,400
- 35–44: $133,100
- 45–54: $134,600
- 55–64: $108,300
- 65–74: $66,000
- 75 and up: $34,500
That’s a lot of debt! It’s no wonder people especially young adults are feeling so much pressure on their finances. Paying for that much debt can take YEARS!
So you need a plan of attack!
Consolidate your debt to lower interest rates. If you are trying to pay off your credit card it will take forever! Credit Cards with their huge interest rates are sucking up a lot of the money you need to be putting onto the principle.
Get a good financial advisor and they can help to speed to process up. They can also help to navigate you in the right direction to avoid any fees that may come up.
Try to get all of your debt into ONE payment with a lower interest rate than what you have right now. Going from 19% interest to 4% interest has a huge impact on the time it will take to pay something off. Take a look at how long it takes when paying $200 a month.
|Principle||Interest Rate||After 5 Years||Months to Pay Off|
|$10,000||22%||$8,205||137 (11Y 5M)|
|$10,000||19%||$5,877||100 (8Y 4M)|
|$10,000||12%||$1,833||70 (5Y 10M)|
|$10,000||4%||$0||55 (4Y 7M)|
As you can see getting your interest rate as low as possible makes a BIG difference! You can have your debt gone a lot faster than you think! Try it!
Understand It Takes A Long Time
The process is a long one. That’s the burden we all bare. There was a time when I was actively trying to lose some weight. I was going to the gym, fixed my eating habits, and worked HARD on trying to lose weight.
After a while, I was starting to get disappointed in my progress. I wasn’t losing the weight as fast as I wanted and I wasn’t growing muscle at the rate I wanted. It was pushing me closer and closer to quitting. Then one day I was talking with a buddy of mine who was in the gym with me.
He said “If it took you 10 years to gain all this weight it will take you 5 to lose it”
I was struck. 5 years! But it made sense. For 10 years I hadn’t taken the proper path toward my body and this was the result. I now needed to change everything!
But it was going to take a long time. The gradual process of gaining weight is only changed through the gradual process of losing weight. You can’t force it. The same thing goes for every aspect of your life.
If you have a habit or something you want to build or develop it takes time. Time is the only thing that we can control but we can only control it for that one second and then it’s gone.
Allow yourself to see things through. It will take longer than you think to achieve your goals.
But it’s worth it! Warren Buffett started small just like you!
Dave Ramsey did a study of millionaires and found several interesting facts. One of which was;
The people in the study became millionaires by consistently saving over time. In fact, they worked, saved and invested for an average of 28 years before hitting the million-dollar mark, and most of them reached that milestone at age 49.
Here is the study of millionaires.
Pay Yourself First
I am a VERY firm believer in paying yourself first! You go to work every day and you earn that paycheck. Why are you working just to pay someone else?
You get paid and then you pay the bank, you pay the credit card company, the car dealership, etc. The list goes on and on. That’s the problem, you don’t get any of it because it all goes to someone else!
That stops today! Open your online banking and set up an automatic transfer of $10 to your savings account recurring every time you get paid! If you don’t have a savings account you can get a CIT Savings Account today and start!
Most people won’t notice $10 out of their account and it’s a good place to start.
Two things will happen when you do this.
- You will feel more and more confident because you are starting to save money.
- It will show you how easy it can be to save and start on the right path.
$10 might not seem like much but if you aren’t saving $10 what makes you think you can save $1,000? You can’t have $1,000 without having $10. Get a good Savings Account and start paying yourself first, after all, It’s your money!
Stop Being So Hard On Yourself
You are your biggest critic. Everything you do you are going to judge and that’s normal. It isn’t always the best though. I want you to take it a little bit easier on yourself.
Making mistakes is the best part of life! Try not to make any BIG mistakes but making mistakes is how you are going to learn.
A baby learns to roll around and then learn to crawl. When it comes time to start walking it’s rare for a baby to just stand up and walk. NO, the child tries and fails over and over.
Making mistakes and learning how to walk is a part of life. That concept never goes away.
In school, you are taught that mistakes are bad and that you need to avoid them at all costs. This is WRONG! You need mistakes like a child needs gravity to learn to walk. Each mistake is an opportunity to learn not to punish yourself. Take a mistake and run with it.
Why did it happen? How can you fix it? What should I do next time? Yes, next time! Get up brush off your shoulders and get back at it. Take it easy on yourself and learn from rather than punish mistakes. That’s how growth happens.
Talk To Family
Talking with your family about what you want and how you are going to do it is important. You will have a plan but most plans become increasingly difficult when you need to do them alone. You can lower this burden on yourself by talking with your family and friends.
A lot more people than you think, want the same things you do. They just don’t say it. Get it out there and make it a reality. Commit yourself to change and developing your plan to suit your goal.
The support you will need to push on is all around you. Just reach out and ask. Getting yourself away from the anxiety of feeling like you have no money is a tough one to beat. It’s small steps and devotion that can make a big difference.
Family and friends are part of those steps and provide the support that nothing else can.
Start A Budget YOU want!
I know everyone and their mother tells you to start a budget. Well, I’m going to break that norm and tell you to make a budget YOU want. You know why?
Most people FAIL at a budget!!!
Budgets are like prisons and it takes a very strict and devoted person to follow a penny-pinching budget. It just doesn’t work. So this is what you do.
You still need to go through your income and expenses. It’s easy though.
Calculate out all of your expenses and then calculate how much money you have coming in. With any luck there will be more coming in than going out. Hopefully.
If your total expenses are $3,000 a month and you have $3500 coming in then great! You have $500 to work with. Simple right? The point of a budget for YOU isn’t to create a prison it’s so you know how much money you have available.
Now it’s about utilizing that free cash every month in the best way. That’s right, $500 in Starbucks isn’t a good option. But, $250 split into your savings, and investments would be nice.
This still gives you some money to live with. Remember it’s not about creating a prison it’s about, knowing how much money you have available. You still need to be able to live and have some fun.
To get away from feeling like you will never have the money you need to know that you HAVE money. Go through your budget and take a look. You will find areas to improve on.
Start A Side Hustle That Actually Makes Money
I’m a big fan of side hustles! Making a bit of extra cash is always a good thing.
There are a ton of options too. You can make an ad on Kijiji or Craigslist for free and start doing odd jobs for people. If you have any skills or are willing to build/develop some skills you can start freelancing.
You can design and make products on Zazzle and be selling products by the end of the day! Here’s a great course to get you started on what you need to know!
You can start marketing or building and selling a course. This will guide you through the whole process!
Start a blog with Bluehost and make money by writing.
No matter what you choose you can start building a side hustle and make some extra cash. There are a lot of people that end up starting a side hustle and transitioning out of the 9-5 and into their “side gig” full time!
There is always money to be made when you are willing to get started!
Save More Without Being Frugal
By starting YOUR budget and seeing how much money you have available you get a picture of what you can save and spend. If you want to feel free, you may want to consider saving more money.
There are a lot of people who don’t save any money. That’s not a good way to alleviate your feeling of never having money. You will find the more you save the more secure and better you feel about saving.
First, try to pay down debts and get yourself to the point you are saving at least 15% of your income. This will get you on the right path to retirement and out of the dreaded debt hole a lot of people end up in.
Lots of people will tell you to save on everything you can. Be frugal and it will get easier. This is good advice but it becomes hard to do anything after a while if it’s “save on groceries” “no extra anything” “be Frugal”
Why not start a side gig like I mentioned and make a promise to yourself that you NEVER spend that money. It goes to pay down debt, savings, or investing.
A very common problem isn’t that you aren’t Frugal enough. It’s simply an income problem. You need to make more money. So, why not focus on that rather than pinching pennies?
Start a side hustle such as the Zazzle course and save what you make!
If you only have so much money but you feel you need more, pinching pennies doesn’t help. Making more money helps. So stop focusing on saving $0.10 and focus on making $10.
Then use that money to pay off debt, save and invest!
Start Investing or Learning To Invest
Did you know you can get paid to invest? Like, cash in pocket. On top of your investment. Actual Cash Flow like your paycheque!
There are many ways to do this such as Real Estate, Stocks ETF’s paying dividends ETC. But with enough Cash Flow from investing you can completely eliminate your 9-5 and never have to go back!
This is what investing is all about after all. Getting away from the 9-5 and becoming Financially Free!
So where to start? Well, you need to be able to save some money to invest. Then you have a few options.
- You can go to someone and have them invest for you.
- You can learn and do it yourself
Some financial advisors make their living investing for people and keeping your money as safe as possible. Make an appointment and go speak with several of them. Ask questions and see how the process works. This is one of the better options for most people because there is a lot to learn when it comes to investing and if you make a mistake you lose your money.
The next option is learning to invest yourself. You can start with resources like The Beginners Guide To Financial Statements which goes through multiple financial statements of big companies like Coca Cola and Starbucks. You will get a hands-on view of what is involved with picking value stocks.
Or, you can do both! You can go to a financial advisor and start the investment process and learn in the meantime. Then over time, you can start investing for yourself and be making money all the time.
Check out some of the Best Investments!
You don’t need to feel like you will never have enough money. You just need to start making the right goals and a plan to ACTUALLY achieve those goals. Make BIG goals and keep yourself motivated. You have the power to do more than you think possible. Don’t be hard on yourself you are doing great.
One step every day is all it takes to reach the mountain peak. If you are truly serious about feeling better about your money, get the Zazzle Course or Twitter Cash Flow and you can be MAKING MONEY ON YOUR PHONE!
That’s the real power. It’s in your pocket and can make thousands of dollars if you devote some time to it!