Do We Have The Guts To Do It?
All the time I hear people make excuses of why they couldn’t get to where they want to be. Some of them (I mean really few) are understandable but for the most part their reasons are inexcusable and funniest of all excuses to me is the phrase ‘In God’s Time It Will Happen‘, I am dead sure God has better prayers to answer like cancer patients and homeless kids than to listen to someone who is giving him nothing to bless.
Nine times out of Ten people making these excuses are not even trying, Just this morning I was having a chat with a colleague who lives with his wife and one daughter in a one bedroom apartment. He goes on a lot about how he wanted to move to a bigger apartment or better yet get into the property ladder but the kicker here is this colleague only works 4 days a week on a zero hour contract, which means he doesn’t work? he doesn’t get paid!
His excuse for working only 4 days is because he needed to spend time with the daughter, I understand that although having 3 days off a week will certainly not move you to that house of your dreams and the most annoying of all is that of that 4 days that he is scheduled to work, he calls in sick or ask for a day or two off at least once every month.
His reasons for asking for these days off range from his parents coming over to his cousin having a wedding, I am no the wiser but that dream of his seem far fetched to me.
In this blog I will show you 3 ways to move ahead financially especially if you are a low income earner like myself but do you have the discipline and the guts it takes to do it?
Your Money Is Not Yours
I know this may sound confusing but this works big time if you earn enough to cover your rent, essential bills and spare change to play with. The spare change is our focus here, that money is not yours. you take £1 to buy soft drinks? Write it down, you must pay that £1 back on the next pay run because it is ‘not your money’.
Let’s say hypothetically your monthly pay is £100 and your bills for the month is £70 which leaves you with £30 spare change to play with. If you spend £1 out of that £30 before your next run you will be left with 2 choices, look for a way to make £101 the following month (get a second job if you have to) or you cut down that £70 monthly bill to £69 the following month and watch how you grow.
Cut Off Family And Friends That Are A Burden
You came into this world alone and you are most certainly leaving the same way. They ask for financial help one or twice is okay but you do not need the burden of constant lending when most times they don’t end up paying up in full, if you get anything back.
They throw too many parties or always want to go out for a few drinks at the bar, you don’t need them. That means more money to spend off the spare change and more hours I have to work and get it back.
Take A Risk
After a few years of building up your spare change the only way to take it to the next level is to risk it, I mean investing your money.
This part you won’t have to pay back. there are very cheap low risk shares options to put your money in that you are almost guaranteed to get you money back. You can also put it into real estates (properties) you will never lose money this way although you can’t cash in immediately like shares but statistic shows that whatever the house is worth at the time of purchase doubles in 12 years.
You can also monetize what you love to do at your spare time by investing as well.
Please leave a comment in the box below and share with us the best way you think a low income earner can move ahead financially.
Exciting blog, great mixed music content!