I actually ask this question of myself quite often, “Should I be focusing on saving money or should I be spending my time acquiring a greater income?” Ideally, we should all be doing a bit of both, but which one should be our main focus?
I have to admit that I have been sucked into the show, “Extreme Cheapskates” lately. Some of these people have a reason to be extremely cheap, but like the title says, they most definitely take it to the extreme! These people are heading off on their bicycle and searching for coins in gum ball machines and pay phones, reaping a whopping $7 after an entire day’s search. This to me just isn’t worth it.
The Benefit of Saving
If you earn $2,000 per month after taxes, how much of that money could you possibly save? If you were able to find free housing, spend nothing on clothing, and dumpster dive for your food each day, then you could save a maximum of $2,000 and no more. So, while saving money is a great thing, it most certainly won’t make you rich, or even slightly wealthy for that matter.
The Benefit of Earning More
Now, if you earn $2,000 a month at your regular job, but you find out that you can earn some additional income by buying and selling used sports equipment, how much could you potentially earn? Well, when you start out, you might be constrained by your time, but once you get going, you could hire a young man to help you and your earnings potential would be what? It’s limitless! You could earn an extra thousand dollars or you could start up 50 locations around the state and earn over a million dollars a month. There is by far a much larger benefit to earning an additional income than saving money.
How Will You Earn Your Additional Income?
There have been so many ideas portrayed to you on this very website. How will you decide to earn your additional income? For me, I will continue to earn my main income through my day-time job, then some more through my main website, http://LifeAndMyFinances.com, and still more from a new website I will be creating soon. After this year, if I am able to pay off my mortgage, I will be expanding my earnings by investing in real estate.
If you are just starting out, I would suggest that you start small. Perhaps you are good with your hands and can fix car engines or correct plumbing issues. Maybe you are an excellent singer, writer, or instrumentalist – use those talents to earn some additional income. Once you create the income, then you can figure out how to capitalize on that talent in order to earn more. Let me know of your progress and what you are you doing to increase your income. I would love to hear it!