This site has been devoted to helping readers make extra money each month, at least a grand or more, by offering ideas for making the extra money as well as motivation and tips to aid readers in their journey. Some of the ways that we have highlighted include blogging, working as a freelance writer or virtual assistant, or even cutting grass or cleaning houses. These activities take little money up front but do require some of your time to make them happen.
You may not make $1000 per month right off the bat, but you can begin to make extra cash that will help with your monthly budget allowing you to pay off debt, save for retirement or get that new car. Just getting a little wiggle room in the budget can make a huge difference in your life. Eventually you might been able to save a grand per month or more.
But what if you would like to transition from some of these more active methods of making a grand per month and move into more passive areas such as making a grand per month as a real estate investor, selling covered calls, or even collecting dividends in the stock market?
You are going to need to accumulate some capital at the same time as you grow your business. You will want to have easy access to your savings and know that you are getting a good interest rate at the same time. That is why I would suggest you put it in an easy access savings account.
You can watch your money grow and when you have a large enough amount can begin to invest in those passive activities and let your money work for you instead of taking so much of your precious time. That is the ultimate goal when it comes to financial freedom.
Steps to Financial Freedom
1. You start with your current earnings and make sure that your expenses are less than income. You may need to cut back on expenses or increase income (like this site suggests) in order to make that happen.
2. Then the extra money each month is used to pay off debt or saved in order to acquire income producing businesses or assets. Over time, the passive income from your investments can then be used to grow into more passive income.
3. Eventually that level of income covers all your expenses. At that time, you are financially free and can decide what to do with your time.
The steps are simple in concept but not easy. If it were, everyone would be financially free. But you have to start somewhere, so make sure that you know where you are in the process. Are you spending less than you make? Do you need to cut back or make more? Are you able to save and create assets? Be honest with yourself and move forward and aim to save a grand per month.