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Money buys power buys freedom. During these trying times, it is of the utmost importance to maximize your assets and minimize your liabilities. Here are a few tips on how to do just that…
1. Sell Your Liabilities
The rule of thumb is, if you have not used something in over a year, consider selling it. If it’s not good enough to be used at least annually, it’s a depreciating asset and taking up valuable space in your home. Books, DVDs, retro video games, old newspapers and magazines can be sold to willing buyers.
Use web sites such as craigslist, ebay and Facebook Marketplace to easily find those buyers. Or hold a good old fashioned yard sale! Many other used goods sites and apps exist. Find them on Apple’s App Store or the Google Play Store.
As a bonus, selling things you no longer use helps to clean up your living space.
2. List Your Assets
Lawnmower, weed trimmer, smartphone, vacuum cleaner, automobiles, computer hardware and software, handyman tools and musical instruments. These are just some of the consumer products that can be found in most households and they can be used to earn extra “side hustle” income. If you own your home or mortgage it, you can also rent a room–many already do on services like Airbnb.
If you possess a green thumb and grocery prices continue to soar, you could sell some food from your garden.
Write down a list of all your assets and come up with a gig/side hustle plan to utilize those assets.
3. Make Those Assets Work for You
Now that you made a list of products that can earn money while using them, it’s time to put them to work! We live in a society that caters to convenience. People would rather pay others to do work than get their hands dirty. You may need to get outside of your comfort zone and that’s OK! We’ve all been there.
For example, I recently started a decluttering side business, where I help others list and ship items on craigslist or ebay (consignment) and also provide other services like document and photo scanning. A lot of people put off doing this because there simply aren’t enough hours in the day.
A friend started a mobile car detailing business and is making good money doing that. He enjoys turning dirty cars, trucks and SUVs into polished machines!
4. Upgrade Your Job
If you are not happy with your day job, be it the financial reward, the hours you must put in or the people you work with, now is the time to put in applications at other companies. For a variety of reasons, it’s a employees’ market right now. Even Chik-fil-A are offering 401k packages!
Or, consider starting your own business. It is not an easy road to start, but if you’re successful it’s a worthwhile pursuit.
We all only have one life to live–and we spend most of our waken hours at our jobs, so make it good one!
5. Spend Like You’re Broke!
A lot of people make the mistake of saving money while they’re broke, but then when they earn a lot of money the shopping spree happens. Stop doing that! Learn how to cook better and save money by going out to restaurants less.
Or if you insist on eating out once per week, don’t blow your budget.
Save enough money for a three months long emergency fund and then start investing. If you don’t know where to start, a personal financial advisor can be hired to get you on the right path. Their expertise is worthwhile! In the mean time, watch some financial gurus on YouTube such as Minority Mindset, The Ramsey Show and Alex Becker.
Bonus Tip: Destroy Dopamine Distractions
Last but not least, go on a dopamine detoxification. Dopamine is your brain’s reward system. If you receive too many dopamine “hits” without actually meeting real goals, you will lose motivation. Procrastination affects the best of us…and one of the best ways to prevent putting tasks off is to get rid of distractions that give you false senses of accomplishment.
Video games, social media and p*rn are three of the biggest dopamine culprits. Limit these forms of entertainment to one hour per day total, 30 minutes max if possible. If you’re hardcore, eliminate entertainment entirely and stick with educational material.
Subscriptions to Netflix, Hulu, and cable TV…get rid of them. They are wastes of money for the majority of people. Use your public library and read some books that will help improve your financial status. I’ll be going deeper into this “Dopamine Detox” subject in a future article!
