“You have to make more money. There’s no other option at this point.”
I’ve had this conversation many times with friends. I firmly stand behind this statement. While I’m not good with the sports analogies, it’s always more exciting to win with offence as opposed to playing it safe. Who actually wants to save money by staying in and never doing anything fun?
This is why I created this quick start guide to making more money.
The situation is almost always the same. Someone will complain to me about how broke they are. I don’t really like to give unsolicited advice so I won’t say anything until they ask for help. When they really press me, I ask them a few questions. I find that most people just need to make more money. Most of us aren’t earning enough.
Making more money is the best way to grow that savings account.
How excited are you about cutting everything fun out to save a few bucks?
I figured you wouldn’t be too excited.
There’s only so many ways that you can save money. I’ve shared the Cancun Technique and the Houdini System with you. Once you get into the habit of saving money consistently, you’re going to have to find ways to make more money.
Sure, you have to figure out how to save money when you’re starting out. You have to go through this phase where you see where your money’s going and you might even flirt with extreme frugality (it’s always a fling for me). Once you figure this out, it’s time to move on to the next stage of money. This is the stage where you make more of it.
The goal is to optimize your spending (see where your money’s going so that you can fix any holes) and put money away when you get paid.
Where do you start with making more money?
Don’t worry. I’m not here to lecture you or to share useless inspirational quotes that won’t help you get anywhere. I just want you to think about a few questions.
- Do I have any free time?
- Can I upgrade my skills?
- Is there a freelancing service that I can provide?
- Are my friends doing anything cool to make more money?
- Can I pick up more shifts?
- Is anyone hiring for side work?
Check out the episode of Studenomics TV where we stress why making more money is better than only focusing on saving. While you’re at it, check out the newer episodes where we’re more refined.
How can you make more money?
This what readers of Studenomics have done…
This is the easiest way to get started because everyone reading this has a service in them that they can offer. Freelancing is also the sexiest option.
Who doesn’t want to make money on their own?
Look at social media. It’s filled with quotes about entrepreneurship and taking risks. We love talking about this stuff.
The best part is that you can do anything for money these days.
Trevor offered walks through the park last summer, Matt made tables, and Theo started a tutoring company. The ways to make money these days are unlimited. There’s pretty much no idea that’s off-limits (let me know if you find one).
What kind of freelance services can you offer?
- Graphic work.
- Video editing.
- Cooking for busy people.
- Dating advice.
- Personal training.
You can start off with posting an ad on Kijiji to see if there’s any interest for your service. You can even try to sell some old crap on Kijiji to test out the process. I know that selling stuff has become a lame go-to option for bloggers, but it’s an easy start to trying to make your first buck on your own.
Starting a blog.
This is the easiest thing to start, but the most difficult option when it comes to actually making money. Read up on how you can start a blog and then check out the difference between blogging and freelancing.
I don’t want to do another blog post about blogging.
Long story short: if you build up a decent following, you can make money through affiliate marketing (promoting products that you trust) and selling your own products (books, courses, coaching, etc.).
Driving for Uber.
If you have a car and a decent record, you can start driving for Uber. I have many friends that are doing this and swear by it. I tried it for a bit in the summer of 2015.
Let’s look at a few obvious options now…
Something at your current job.
You don’t have to quit your job and write stories about following your passions to make your bank account grow. You can get better at your current job. You can take the time to figure out how you can improve your standing where you work right now.
You can also try to work some overtime.
I know that this sounds pretty obvious, but you’d be shocked if you heard about the times I’ve had friends tell me how they turned down extra money at work for something foolish knowing that they would be complaining about being broke the next week.
It’s never too late to switch career paths. Not everyone wants to be the boss. Not everyone wants to write blog posts or start a YouTube channel.
There are jobs out there that you never knew paid well. You may just be in the wrong field. Don’t be afraid to take some courses to upgrade your skills. You don’t have to feel stuck in your current situation.
Finding a part-time gig.
Sometimes you’ll have to do this. You don’t always need a fancy solution. You may just have to put in more hours so that you can diversify your income and save more money.
You can’t be afraid of work. I know too many friends that feel entitled and like they’re above hard work. I won’t lecture about why you should work hard. I want to remind you that you might have to keep it simple to build up your income. If you want to have a better lifestyle, then you’re going to have to build yourself up first. It gets harder before it gets easier.
I’m as practical as they come for a blogger who likes to dream. You may have to apply at your local coffee shop for some hours so that you can have some cash to put towards your debt. You don’t like it? It beats being in debt and watching your friends enjoy life.
What tools will help you?
I’m actually not as advanced when it comes to tools as some other bloggers. On our podcast, Do You Even Hustle, we often ask folks about what their favorite tools are. We do this just because we want you to see what industry experts are using.
What are some tools that you might need?
- Bluehost. This is where you can host your domain and get started with your blogging career.
- Evernote. I use his for note taking and keeping track of things. I have a version on my cell and my laptop.
- Paypal. This is how I get paid.
- Fiverr. You can find anything on here. I’ve used this for everything from creating a cartoon version of myself to eBook covers. People perform every possible service with legal limitations for a low price.
- Libsyn. This is where my podcast is hosted.
- Aweber. This is how I send emails to my readers.
You don’t have to look into every single tool right away. Pick one that you think you need. For example, to collect payments online you’re going to need a Paypal account. If you want to start a blog, you’re going to need to hosting.
What else will help you make more money?
These are additional tips to help you make more money.
Reading income reports.
I read online income reports to see what folks in my industry are doing to make more money. You can search up income reports and instructional posts to see exactly how to get something done. You don’t have to guess at all.
Listening to podcasts.
Are you listening to podcasts? These are a free education. I only listen to pro wrestling/MMA and business-related shows. This is all that I care about in life and I’m unapologetic about it.
You can find a podcast on your specific interest and learn from the best.
See whats working for others in real life.
I try to ask questions in real life. If you have a successful friend, don’t be afraid to ask them for legit help. All that matters is that you don’t complain or beg. They don’t need that. Most successful people want to help others or give back in some form.
Keep it simple.
You don’t have to try to invent the next Facebook. You can make decent money by writing articles as a freelancer writer. You can pay down your debt by driving for Uber after work for a few hours.
We’re living in the best time history when it comes to making more money. The trick is to choose one thing and see it out all the way through. You can deliver food for Uber on the weekends or find a part-time gig to help you build you pay down your debt or to finally save up for that trip.
“The longer you’re not taking action the more money you’re losing.” – Carrie Wilkerson