While many personal financial advisers focus on spending less, here’s why it isn’t always the solution to your money worries.
Spending less only goes so far.
Truthfully, the best solution to all your money worries is to earn more money.
If you have been reading personal finance books and blogs for a while, you’ll have come across plenty of advice on frugality—how to spend less and save more on everything you buy. It’s smart to be frugal; however, frugality has its limits.
Let’s Review your Expenses for a minute
It’s possible to eliminate unnecessary expenses and save money by cutting down on shopping, feeding, transport expenses etc, but you can only trim so much fat before you start cutting away the meat.
Sooner or later you’re going to hit what is called your expense floor. It’s the amount of money you need to live at your minimum comfortable level. Once you hit your expense floor, you can’t practically cut your expenses any further.
Everybody’s expense floor is different. Yours will depend on things like:
Where you live.
How much you spend daily.
What you’re willing to sacrifice and what you aren’t.
It’s no longer news that when you reach your expense floor, life won’t be much FUN, cause nobody WANTS to sweat every penny month in and month out.
How then, do you continue to find more money to solve your money worries if you’ve cut your expenses all the way to the floor?
You need to earn more money.
This is the conclusion and the only way out, no shortcuts!
Make a decision to earn more today, and allow yourself to enjoy life while you work on your financial goals.
Why? Because if you don’t treat yourself and take care of your body on a routine basis, eventually you may break down and sabotage your entire financial progress.
Here’s Four Quick ways you can earn more:
Get a raise or higher paying job.
Get a second job or freelance or Part time job.
Start a business.
Invest your Savings
If you’re willing to do spend extra time working, you can find part-time work.
If you have marketable skills, you can freelance, start a small business around you, we all have friends whatever you earn from all these channels can be invested, let the money you’re chasing, chase you for once.
This is not common knowledge, it is only a pointer to the fact that the more you earn, the more you have to invest. If you spend less and never invest, you would be running your journey to financial freedom on mere savings, and how much can you save successfully to become rich?
So there you have it. If you’re tired of cutting expenses and getting nowhere, make the decision to earn more money today.
Earn more, and invest your earnings with a secure platform like FinAfrica Investment, and enjoy up to 2% monthly on your capital. That’s a whopping 24% returns per annum.
If you’re willing to do what it takes, this is hands down the best way to reach your financial goals faster.