Welcome to Cash Money Lessons, where we take complicated money matters and make them easy for you to understand. Think useful stuff like: ‘How do I make more cash money to afford bottle service at the club?’ Enjoy.
Unfortunately, restricting your spending and saving your pennies is a miserable way to exist and isn’t likely to change your life in the way you’d like. Next to winning the lotto, increasing your income is the quickest way to accumulate wealth.
“Build a habit of action, failing and learning quickly to constantly refine your approach.”
If you’re lucky, your salary might increase marginally once a year, so if you want to improve your earning capacity you need to think a bit bigger. Be proactive and look for ways to add extra value, learn something new and seek out opportunities.
Salary aside, if you had to bring in an extra $1,000 this month, could you do it? What skills do you have, or could you learn, that people would pay you for? Utilise free online resources to boost your knowledge or take the skills you already have and try freelancing, consulting or starting a basic “buy and sell” small business.
It doesn’t have to be “the next big thing” or perfect from the start. Build a habit of action, failing and learning quickly to constantly refine your approach. This kind of hustle might start out small, but it encourages you to see and exploit opportunities that others miss.
There’s unlimited potential, not just in terms of money but also in the growth of your network and experience – and it might just get you that pay rise as well.
Luke Laretive is a Senior Private Wealth Adviser @ Shaw and Partners. This is general advice and you should consider it in light of your personal circumstances.