In Part 1 we discussed the 3 strategies you can use to pay down your debt. Now we are going to look at wealth building from a slightly different angle: money stewardship.
Being a good money steward doesn’t mean you have to limit yourself or come from a scarcity mindset, it merely means that your earning potential is as limitless as you can imagine, but you must respect it.
3 Strategies to Become a Good Money Steward and Multiply Your Income
1. Improve Cash Flow
In order to be able to begin paying down debt, you also need to improve the cash flow. It is also a good idea to schedule time for an open family conversation about your financial goals. It may take you four years to get through to a partner, but it is your financial freedom at risk.
Begin by thinking about making simple choices every day. For example begin packing your lunch, make your coffee at home, use online shopping sites like Amazon to decrease frequent trips to the grocery store and automobile usage.
You don’t have to go crazy and cancel your cable TV immediately, but once you see your savings start to grow, you may decide you’d rather spend your extra time growing your nest egg instead!
2. Start a Business
Of course this is my favorite subject! If you are feeling stuck in your job and you want to earn a little extra income on the side starting a business is a great option. Entrepreneurship and starting a “side hustle” is a great way to get you out of your rut and actively seeking out new opportunities.
It is a fact that wealthy persons do not solely rely on one source of income. Multiple income sources is the key to financial success.
In order to have the freedom to reach for your entrepreneurial dreams, you must come from a financially stable place.
3. Save 50% of Your Income
If you need help putting a financial plan together, I highly recommend the Save 50 E-course from Stacking Benjamins. This course teaches you these important lessons through self-paced video modules and their private Facebook community provides support and encouragement.
Learn how to:
- Figure Out Your Magic Number
- Live on a Shoestring Without Living in a Shoebox
- Making Life Easier: Increasing Your Income
- The Mechanics: Where to Put Your Money Once You Start Saving it
- How to Stay Motivated and Save Half Your Income for the Rest of Your Life
Kathleen Celmins and Joe Saul-Sehy of my favorite financial podcast Stacking Benjamins are offering a 1 year subscription to the Save 50 E-Course for only $129. It’s a steal at $10.75 per month so make an investment in yourself and begin your journey to financial freedom.
Get yourself out of the scarcity mindset and in to the limitless earning potential mindset. You can achieve your financial goals by practicing small, disciplined steps.
Join me and set a goal for saving HALF your income in 2016!
