Earning more money is the first step that we can easily measure and track, and there are a few broad categories:
Freelance / Service Business
Freelancing and service business is where I usually recommend readers, friends and family to start with as it’s the easiest to start here, to get one’s feet wet (experience) and then test before confirming and then scaling up (growth) if one wants to.
In fact, staying “small” as a freelancer has many perks such as flexibility without the demands of a growing or large agencies (one of my physical businesses is a physical therapy and rehab agency which is highly competitive and demanding – but I love it and am good at it).
These can include
- freelancing / service business
Such as tutoring, dog walking, baby sitting, nannying, housekeeping, accounting, designing, butlering, fashion advisor, personal training, therapist, medical practitioners etc.
I spend 80%+ of my waking hours here.
To make money online, you generally need 3 things:
- A website (don’t worry, they’re not that hard to make)
- An audience
- Something to sell
An online business is a great asset; you can work from anywhere and serve people worldwide. Depending on how you have it set up, you can even earn money while you sleep.
The location-independent business models you’ll find here include:
- Self Publishing
- Teaching Online Courses
I spend 10%+ of my waking hours here
Investing has one main function: it’s all about making your hard earn money work harder for you.
You’d done the work to earn it once, now, let’s multiply it in such a way that aligns with your risk tolerance and financial goals. As an investor, I currently fall into the category of:
- taking calculated risks in my businesses to achieve maximum profitability
- taking calculated lesser risk in my hard earn money investing
Which is why usually I recommend 20% of all gross income or profits to be put into
- 80% conservative, safe stuff such as dividend stocks, index funds, REITs
- 20% I take more risks by putting them into cryptocurrency such as Bitcoin (BTC), Ethereum (ETH) and these are more volatile and unregulated as of now (you can put 100% into conservative and safe stuff if you wish to as well, depending on your risk profile).
Next, you got to know your investment goal. My objective is that the yields, incomes and dividends from my investing is greater than my daily expenses.