Finances are like sports. Defense is important, but offense is what wins the game. Sure, it’s important to save money. But finding ways to bring in more money will help you emerge victorious. It’s a lot easier – and faster – to save for that house down payment or car down payment when you have more money coming in.
Here’s why you should be offensive with your finances.
When you have a different source of income, you have financial stability. Lose your job? No problem. One of your side gigs is slow this week? No big deal. You have other streams of income to rely on.
It’s like investing. You’d never put all your investment money into one stock or index fund. It’s too risky. One wrong move and the stock plunges – along with all of your money. Diversification is key to success with investing, and that same concept can be applied to your income.
Having multiple streams of income will insulate your finances, so if something goes wrong, you still have money coming in from somewhere. It’s added job security – and less financial stress.
Savings is just one piece of the wealth-building puzzle. If you really want to grow your finances – and do it quickly – you need to have multiple income sources. Whether it’s side gigs, online businesses or investments, having more than one way to generate income will help you expand your wealth.
Look at social media influencer Gary Vaynerchuk. He has multiple streams of income. He has a media company, podcast, books, speaking engagements, and other ventures. His net worth is now over $160 million.
A few of the key ways you can start building your wealth and being more offensive with your finances are:
- Get a part-time or temp job to increase your investing power
- Rent out a house, or use Airbnb to make a side income
- Buy and sell houses
- Offer freelance or consulting services to build wealth
Reach Your Goals
Want to reach your financial goals before retirement? You need to find ways to generate more cash. If you can successfully bring in more money every month, you can reach your goal of buying a house, getting a new car or whatever it is you want.
Having multiple streams of income will give you more money to spend (or save) right now, but it will also help you save for retirement.
Let’s be real – pensions are a thing of the past. Your boss isn’t going to pay for your retirement. It’s not going to happen. Even Social Security is iffy.
You have to take your retirement into your own hands, and the best way to do that is to find ways to bring in more income. Some streams of income can generate cash even after retirement, so you always have a steady flow of money flowing into your bank account.
If you’re bogged down by debt, you’re not alone.
- The average college graduate has $32,731 in student loan debt
- The average American has $5,700 in credit card debt
- The average used car loan is $20,446
Paying off some of these debts will give you more financial freedom.
The quickest way to get rid of your debt is to make more money. The more income you generate and the more sources of income you have, the quicker you can get rid of the debt that’s holding you back in life.
If you want to take control of your finances, be offensive. Find multiple ways to bring in more money. There are so many ways to build new streams of income in today’s digital world, so get out there and start hustling.