Earn more money every month
Method #2:
Earn more money every month
If your expenses stay the same, you can have lots of extra money to invest if you simply increase your monthly income. There are several ways of increasing your monthly income. Lets look at a few.
You could work overtime on your job.
Those extra hours can add up in a hurry. Lets say that you just work five extra hours a week. That’s 20 extra hours a month. If your net pay is $10 an hour, you’ll have an extra $200 to invest every month. It won’t take long to build a sizable investment fund at this rate.
For example, if you put aside $200 a month at 10% interest for 30 years, you’d have a total of $394,785.65 in your investment fund. That’s a lot of money.
Here is what just one forward-thinking woman is doing.
Name: Nancy
Age: 35
Occupation: Accounting Clerk
Income : $19,000 a year
Will start traveling the world: Age 43
Travel the world? That’s Nancy’s goal. And she doesn’t want to wait 30 years before she starts. Here is her plan.
By working an average of nine hours a week overtime she earn extra $100 a week. By investing it wisely, Nancy will have over $50,000 in her investment fund in just eight years. At 10% return, Nancy will collect an extra $5,000 a year in income. That’s about one-fourth of her regular salary.
This means that Nancy can work nine months out of the year, and use the income from her investment fund for the remaining three months. This will be Nancy’s travel time.
Imagine having a three-month vacation every year to travel wherever you like.
Another option:
You could go to school, learn new skills and get a big promotion.
Caution: Big promotion cause many people to create big expenses. For instance, let’s say that you presently earn $30,000 a year and you get that big promotion and a raise to $50,000 a year. Do you have an extra $20,000 a year to put in your investment fund?
Probably not. First, there are taxes. There would still be plenty of money left for a massive investment fund, but human nature causes many people to spend that extra money on:
* A new car
* A larger home
* Private school for kids
* New suits
* That long awaited vacation
* Country club membership
* That stereo entertainment center that covers the wall, etc.
See the problem? Promotions and raises in salary cause most people to spend more money. Don’t fall into that trap. If you are age 30 and could invest $10,000 of that $20,000 raise each year, here is how much you’d have in your investment fund, assuming your fund earned a 10% return:
Duration Total Savings & Interest
5 years ( age 35 ) 61,051.00
10 years ( age 40 ) 159,374.25
15 years ( age 45 ) 317,724.82
20 years ( age 50 ) 572,749.99
25 years ( age 55 ) 983,470.59
30 years ( age 60 ) 1,644,940.23
35 years ( age 65 ) 2,710,243.68
I think i’ll stop at age 65. This would be more than enough money for most of us.
Another Option:
Get a part time job
Why not work a few extra hours a week to earn that extra investment money you need? The more money you invest, the harder your investment money can work for you.
There are plenty of part-time jobs and most of them are available to responsible, hardworking people. You can find an amazing variety of part-time people. You can find an amazing variety of part-time work, such as:
* Telemarketing
* Pizza delivery
* Newspaper delivery
* Fast food cashier
* Alarm installer
* Information tracer
* Sales
* Bookeeping
* Retail sales
* Inventory counter
* Janitorial
* Adult education teacher
* Consulting, etc.
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