Part 4: Earning your Road to Financial Freedom
Now that you are tracking your income and expenses, you know what your free cash flow is and essentially have a bare-bones budget so that you can begin earning your road to financial freedom. You of course need to also create a realistic spending budget as well (it is easy to overlook those daily small items that quickly add up, such as your morning coffee, or favorite $5 foot long, etc.), which we will discuss more next.
It sounds nice, but you may be wondering how do you earn your Road to Financial Freedom?
I start with increasing income because this can seem like a daunting task. You may already feel overworked, like there is no extra time to do anything else and that you have exhausted any possibility of making more money. I urge you to consider the following:
- Do some simple research online to see if you are being paid €at market€ for your job, I like the tool here. You will see the range of salaries for your city and job title, along with where you stand against the market (average years of experience, education, etc.). Use this data to find where you should stand salary wise, and if you are under paid, use this information to have a discussion with management about why you ARE ASKING FOR A RAISE.
- If that doesn't work, the same tool has a tab €job openings€ tab. Even in this economy, there are jobs out there and it's easier psychologically, if nothing else, to find a job when you already have one, and these day's your livelihood may be worth considering a change for the right amount of money, benefits, work-life balance, culture, and so on.
- Take on a €side hustle€ (that just might take the place of your j-o-b!). Some ideas here are:
A) Online marketing, like I do (see the author bio for more info)
B) A second job
C) Freelance work (online or in-person)
D) Banking on your hobby, many people have selling success at marketplaces like Etsy, etc.
E) Sell your stuff, old jewelry (gold, especially), trinkets and excess (look around!)
F) Become an entrepreneur, which I LOVE (more on this in a future series!)
The point here is that no one is going to pave the path for you, you will have to take action and do something new that may be challenging and seem unrealistic. Now is a great time to revisit that positive affirmation you created in clearing the road to financial freedom. One of my favorite quotes is from one of the most influential journalists of our time out there, Belva Davis who reminds us €Don't be afraid of the space between your dreams and reality. If you can dream it, you can make it so.€ Ms. Davis was a single mother who overcame racism, poverty and abuse to win multiple Emmys forever changed the face and focus of news. Let her story be an inspiration to you, or find someone who you relate to who does! On top of that, remember:
Carry out as many of the recommendations in this article as possible, and you are bound to begin Earning your Road to Financial Freedom!!!
Now that you are tracking your income and expenses, you know what your free cash flow is and essentially have a bare-bones budget so that you can begin earning your road to financial freedom. You of course need to also create a realistic spending budget as well (it is easy to overlook those daily small items that quickly add up, such as your morning coffee, or favorite $5 foot long, etc.), which we will discuss more next.
It sounds nice, but you may be wondering how do you earn your Road to Financial Freedom?
I start with increasing income because this can seem like a daunting task. You may already feel overworked, like there is no extra time to do anything else and that you have exhausted any possibility of making more money. I urge you to consider the following:
- Do some simple research online to see if you are being paid €at market€ for your job, I like the tool here. You will see the range of salaries for your city and job title, along with where you stand against the market (average years of experience, education, etc.). Use this data to find where you should stand salary wise, and if you are under paid, use this information to have a discussion with management about why you ARE ASKING FOR A RAISE.
- If that doesn't work, the same tool has a tab €job openings€ tab. Even in this economy, there are jobs out there and it's easier psychologically, if nothing else, to find a job when you already have one, and these day's your livelihood may be worth considering a change for the right amount of money, benefits, work-life balance, culture, and so on.
- Take on a €side hustle€ (that just might take the place of your j-o-b!). Some ideas here are:
A) Online marketing, like I do (see the author bio for more info)
B) A second job
C) Freelance work (online or in-person)
D) Banking on your hobby, many people have selling success at marketplaces like Etsy, etc.
E) Sell your stuff, old jewelry (gold, especially), trinkets and excess (look around!)
F) Become an entrepreneur, which I LOVE (more on this in a future series!)
The point here is that no one is going to pave the path for you, you will have to take action and do something new that may be challenging and seem unrealistic. Now is a great time to revisit that positive affirmation you created in clearing the road to financial freedom. One of my favorite quotes is from one of the most influential journalists of our time out there, Belva Davis who reminds us €Don't be afraid of the space between your dreams and reality. If you can dream it, you can make it so.€ Ms. Davis was a single mother who overcame racism, poverty and abuse to win multiple Emmys forever changed the face and focus of news. Let her story be an inspiration to you, or find someone who you relate to who does! On top of that, remember:
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