Picture this. You’re walking through the mall, and you see the most beautiful outfit in the window at your favorite store. It’s perfect for work and going out on weekends! You rush in, try it on, and it fits like a dream.
After looking at the price tags, you cry inside a little because you know you can’t afford it. Sulking, you hang everything back up and give it to the dressing room attendant hoping you had the extra money to get it, but guess you’ll have to wait and hope they go on clearance when you have some expendable cash.
You might be asking, “How do I REALLY make extra money?” There’s a variety of “get rich quick” proposals out there from multi-level marketing companies, and while those work for some people, you really have to ask yourself if you’re one of them.
Luckily, there are other ways to get rich quicker than investing hundreds of dollars to start your own business or quitting your daily coffee habit, although that second one could be a good start.
Here are a few things you should consider to see the extra cash flow really come in.
Invest in Yourself
If you’re in a job that is based on commission or you need something that will get you that next promotion, investing in yourself can be what really turns around your financial situation. If you’re in sales, take a sales and marketing class to boost your skills and get more commission.
Look at your options for continuing your education to determine what that investment would look like. Some companies even offer tuition assistance that you can take advantage of.
The odds may be against you for the big jackpot, but playing smaller lottery games have much better odds of making money or at least winning it back. You don’t even have to leave your house to play lotto anymore. Lottogo.com allows you to learn about and play lotteries all over the world. Tickets are just a few dollars, and even large Jackpot games have decent odds of winning your money back.
Scratchcards are your best chance to win the most money the quickest. You’ll know instantly if you are a winner and can claim your prize right away. Why not play the Powerball Scratchcard when the odds of winning are 1 in 1.6?
Get Rid of Debt
Before you can really get rich, you need to rid yourself of any and all outstanding debt. Realistically, any extra money you make should go toward paying off your debts as quickly as possible. Most credit cards and loans have interest rates that are higher than what you’re collecting in any sort of savings account.
If you’re not totally sure about how to get rid of your debt, visit with a financial specialist to develop a plan of action. They will educate you more on how paying down debt not and saving later will add up more in the long run.
Ok, so your first thought here might be that you don’t have enough money to invest. Isn’t that losing money rather than making money? Investing is WAY different than losing money. Sure, you just “lost” some disposable income for some time in hopes that it will multiply. Your money might take years to multiply, but it’ll do so much quicker through investing than sitting in a savings account.
There are several apps that help you to invest money. Some will even help you invest without you needing to do much more than download an app and link your accounts. For example, Acorns will make small micro-investments for you as well as allowing you to make bigger investments when you want.
Living a lifestyle that gives off a certain impression might be something you are forcing yourself to afford. If you’re living in a house that is too big for you or have more “toys” that spend more time in storage than out in the real world, this may be a sign that downsizing will help you financially.
Downsizing can mean two things. First, figuring ways to save money on essential bills. For example, finding an apartment with lower rent costs and is closer to work. You might consider exchanging your car for one with better gas mileage and a lower monthly payment, which might also lead to lower insurance costs.
Second, downsizing also means getting rid of excess items. Minimalism has become a trend that forces individuals to truly consider what items they need and bring them the most happiness. The items you haven’t used frequently could mean extra money in your pocket if you can part with them. Your first step in this type of downsizing might be to purchase a book on the topic.