This post may contain affiliate links. We may receive a small commission when visiting these links. Thank you very much for your support! For more info read our Disclosure.
How are you going to plan for your financial success? You seek that secret formula that equals success and financial freedom. How about all your multiple big income producing ideas? You’ve invested hours after your full time job. You even work on the weekends and put hours into your side hustle. But after a few months, you get tired of trading hours for dollars. However, it does feels good to make those extra dollars!
Is it worth going through the hardship of working those long hours? Discouragement is an obstacle that will hinder your success. Take time to evaluate what you are doing. Evaluating your own performance can help you pinpoint areas that need improvements.
Improvements to look at include: the requirements to complete job/project, hourly rates and your time. When taking on a job or project, do you have the materials and knowledge needed to take it to completion? What about your hourly rates? Are you charging an adequate amount for the time spent on the project?
Many have a mentality that charging less can get you more customers. I agree with that and I agree that it will also make you miserable! I believe in charging high rates for your services. Yes, you will get less customers, but you’ll never have to work so hard. One customer charged at a high rate can be equivalent to three customers charged at the lower rate.
There are customers who are willing to pay for quality services. Whatever you do, if it’s a physical or online service, it is your responsibility to maintain a high work standard. Doing so, you develop a good reputation for yourself that others in your community or online will seek after. Now that you have all this income, what are you going to do with it?
Reinvest Your Hard Earned Dollars
Invest In Yourself and Your Knowledge Buy books, take courses or attend seminars that will improve your knowledge and performance in your field. The more you know or stand above your competition, you have an advantage to charge more. There are also ways that you can develop your work skills for free!
OutSource Your Work To take your finance to the next level will require you to delegate your work. Hire a virtual assistant to take care of your calls,emails and other task that tie up your time. This frees you up to spend time on task that bring you more money. If you’re looking for a virtual assistant need a boost to get your blog or website going, I highly recommend onlinejobs .
Build Passive Income
Passive income is income that comes to you on a regular basis. It’s income that is created through an income generating means that you started. For example, income from a house rental and monthly income you get from your REIT investments. Your true key to wealth is found in your passive income. Here are some ideas:
- Start a Business or businesses that will bring you more income. You can create a limited liability company (LLC). You can learn more on how to Form an LLC for $0! Plus State Filing Fees!
Start a Blog that will generate income through affiliate marketing like Share a Sale or other advertisement companies.
- Start an E-Commerce Website. Items on your website can be dropshipped from vendors found at Salehoo. E-commerce websites are tedious to build. However, you can find individuals to help you build your website at Fiverr.
- Start a House Rental or rent out a room. You can make hundreds of dollars per month from your rentals.
- Start Investing with a sum of money. Make it a point to deposit money on a regular basis. You can open a traditional IRA, invest in stocks, mutual funds and invest in REITS.
There are many paths to riches and wealth that we can model after to reach that level. However, there are also a lot of individuals that take a lower road. They charge high dollar amounts and take people’s money and run. Your reputation is your own personal trademark that you are responsible for developing. But, if you keep on working on that, then financial success will come sooner than you know it.