9 Ways to Improve Your Finances in 2021.
Money. It can make you feel guilty when you have it. If you don’t have it, you feel ashamed. Money is one of those few words that can provoke such extreme emotions. It can influence individuals and governments.
Money is a powerful tool needed for a well-lived life. However, the hunger for it destroys you. It may cost you your health, self-worth, time, family, and even your integrity.
So, do you want more from your life? Are putting in more and more hours to earn a good living, and still, you feel financially insecure? Do you want to be independent financially? Do you want to save your time and earn more at the same time?
It’s yes, loud and clear. Right? Okay. Stick to the end and you will find how you can do it. Take a step now and make 2021 a year full of successes and achievements.
- Design the Life of Your Dreams
“When climbing the ladder of success, make sure it is leaning against the right building,” says Sarah Francis Brown. Some people struggle to survive, and some thrive. You may thrive financially but feel an emptiness if your ladder of success is leaning against the wrong building. To live a life of your dreams, you must design a perfect vision for your future and prioritize your goals to create the impact you want.
We know money can fund our dreams and visions. What is money? It isn’t gold or paper currency. It isn’t the zeros and ones in our bank accounts. It’s the emotions we want to realize with it. You can use it to express your love, care, and creativity or as an expression of anger and frustration. Sir Francis Bacon says, “Money is a good servant but a bad master.” So, use money as a tool, otherwise, it will use you.
2. The Road to Financial Freedom: Your Money Guide
Tell me something: have you ever played a video game with a child? It’s a humiliating experience, right? The child always wins because she or he is smarter or quicker. No! The child wins because she or he has better reflexes due to practice. The child can expect what’s going to happen next.
What we are going to discuss here will help you create solutions for your financial challenges. And you will win the money game. The purpose is this write-up is to help you achieve financial freedom. Once you achieve this goal, you never have to work for it again.
To gain true mastery over the money games, you need to work on three levels.
- The Cognitive Understanding
The first level is cognitive understanding. We know that $5 can buy you a hamburger. It’s this simple.
- The Emotional Mastery
Many of us lack emotional mastery. It’s is the base of physical mastery. The law of duality says that every up has a down, every right has left. There is no day without night. Likewise, money has a dual law as well, and need to understand that.
The outer law of money includes things like money management, business knowledge, and various investment strategies. Of course, this knowledge is essential. However, the inner law is even more important as it the base of your financial success. It includes your beliefs, confidence, habit, traits, and your thinking pattern. Simply put, have faith in God and you, and things will start changing in your favor. To understand this point, I strongly recommend you read to the book “The science of getting rich” by Wallace D Wattles.
- Physical Mastery
If you have physical mastery over what you do, it must have become your second nature. You need repeated actions to achieve this level. Your emotions will inspire your actions. Put your 100 percent in what you do.
3. Get into the Right Business
If you want to become a singer, you need a musical faculty. Obviously, without that faculty, all your efforts go in vain. And if you love what you do, you will get better results with less effort. Life is all about doing what you want to do.
What if you are stuck in something you don’t like to do? Like you want to start a business, but your job is your main source of income. In such cases continue doing what you are doing already and spare some time daily for your passion. And eventually, you won’t need that job anymore.
4. Invest in your personal development
Start investing in your personal development today. Enroll in training sessions and one-on-one consultations. Explore all the business choices. Select the business that suits your personality. Choose your mentor in the industry you want to work in. Pay him or her consultation fees, enroll in his or her courses.
Do whatever it takes to come close to your mentor. Your mentor will help you develop faster saving years of your life.
5. Increase Your Ability to Earn
You have the desire to earn more money, but you don’t have time for that. It happens with many of us especially if you are earning a good salary. If you start a business, you aren’t sure whether and when you will be able to get a good return on investment (ROI) let alone the financial freedom. Here you need to increase your ability to earn.
You don’t need to spend your precious time starting a new business. What you should do is buy some hours of a person from a low wage country. Today, we can do it easily through online marketplaces like Fiverr and Upwork. Continue what you do, and this person will build a business for you. Following the same pattern, you can multiply your businesses. You do this with an online store. Many people are following the same process successfully. I will tell you how you can do a similar thing in the following paragraphs.
6. The 80/20 Principle and Your Business (Pareto principle)
Apply this rule to your business, and you will notice 80% percent of your business coming from your 20 percent clients. So, your goal should be to serve only 20 percent of your clients. This way you will save your time without cutting much of your revenue. Now spend this time developing new businesses.
7. Monetize Your Passion (Entrepreneurship)
You must have a passion. Every one of us does. You can monetize your passion in various ways. Since it’s your passion, you have more knowledge about it than others. So, you can earn just by providing a consulting service related to your passion or by just creating a blog or becoming an influencer on YouTube and Instagram.
8. The Art of Budgeting
Use your money wisely. Your time is your money if don’t have money. Use your time to learn a skill. Market your skill and make money. The main goal of budgeting is to make your first money so you can invest. So, always spend less than you earn. Increase your sources of income.
9. Building flip-able Assets: Your Financial Goal in 2021 (Financial Planning)
Make it to the top of your to-do list to create a flip-able asset in the year 2021. Start working on this from now. Build a business. Automate it. Sell it. And earn huge profit. This idea becomes even more popular in 2020 and beyond. Because of the global pandemic, many people lost their jobs, and start working online.
Also, this year witnessed a boom in the e-commerce business. So, what people are doing is they create online stores and start selling worldwide from the comfort of their couch.
I tell you how you can do it too. You can easily open a store on e-commerce platforms like Amazon and Shopify. Wait. If don’t know how these platform work, don’t jump into it right away. Take some time to research and explore them.
You can open a store on Shopify or Amazon depending on your budget. If you have a budget of up to $1000, you can open a Shopify store. You need more money to start a business on Amazon. There are 2 main categories on Amazon: Private Label or Wholesale.
Usually, people with good investment open private label stores on Amazon and sell to customers worldwide. The process is to open a store and develop it over a year and sell that. Mostly these people don’t spend their own time to install such businesses. They hire a virtual assistant from a third world country. And the assistant does the whole things. These people spend only a few minutes daily to check the reports presented by their assistants.
Final Thoughts
They say, “The best time to start was yesterday. The second-best time is now.” Act now to make 2021 the best year of your life. Starting second hustle has become more important today than ever. Now, you know the things to get started. You will learn the rest along the way.