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Getting into financial trouble can feel like the end of the world. In addition to the mathematical problems you now face, you probably feel like a failure or you are at least beating yourself up because of a few mistakes.
Don’t be too hard on yourself. It happens. In this modern economy, it happens to millions of people every day. You aren’t alone — and you can fix this.
While not every problem is the same, one good way to set yourself up for long-term success is by finding a way to earn more income. You may need to address underlying spending or money management issues. You will need to maintain discipline in the future. And you may need to weather the current storm for awhile after an unlucky experience or accident. But upping your income is the best way to finally solve these financial issues for good.
How do you actually do it? Well, it’s definitely easier said than done. But these tips will make for a great start to help you start getting your finances back on track today.
1. Increasing Your Income
A lot of long-term financial issues are caused by the fact that you simply don’t earn enough. Maybe you got into teaching for the love of education, fulfillment of helping students, and the lifestyle. But 10 years later, you’re realizing that the earnings ceiling isn’t getting much higher and you now need more things in life.
If this sounds like you and your field, you may need to make a career switch. Or at least improve your current credentials so that you will demand higher compensation where you’re at down the line. Money isn’t everything. But it is important. And there are lots of fine careers out there with a lot of potential for growth that won’t kill your happiness. Would you be more comfortable and stable somewhere else? Do you see a path to a different job track that might have more to offer financially? Whether IT or healthcare or project management, it may be worth considering a new field.
2. Start a Side Hustle
Changing jobs — and especially careers — can be scary. If you’re the last in, you may be the first out if the company experiences hard times. Or you could just find out it’s a bad fit and forever regret making the move. So instead of abandoning your current 9-to-5 for potentially greener pastures, one great way to boost your income is through a side hustle. The best part is you can start out small on the weekends and build it up at your own pace.
Whether it’s a portrait photography business, selling your arts and crafts, catering events, or something else, the amount of energy and time you put in can start to earn you more quickly. And, in time, if you really grow and find a lot of clients, you could get to the point where this becomes your primary livelihood.
3. Investing in Yourself
If money is already tight, you may feel like it’s impossible to start anything on the side. You would love to, but getting going will require some capital upfront. How can you make it work? Well, when used responsibly, credit cards offer are a way to invest in bigger purchases so you can benefit from them now.
Ideally, you would already have saved up money for that new fancy camera you want to use to start getting serious about your portrait photography side business. But that doesn’t always go as planned. And the right card, especially if it offers perks or cash back for purchases, can help you start reaping rewards now. When you use credit for investing in yourself and your own business, it can be very powerful.
Getting Your Finances Back on Track Today
We all fall behind from time to time. Only the 1% can really stop worrying about money altogether. So if you’ve gotten off track, don’t panic. You just need to get through some lean times and start preparing yourself to be more stable and resilient in the future.
It all starts with increasing your income. This may mean changing fields or otherwise finding a better-paying trajectory within your current line of work. If that doesn’t seem feasible, why not launch a side hustle? Even if it starts small, you eventually may be able to bring in hundreds — even thousands — more each month and permanently change your life. And if you have to invest in yourself to make it happen, then try to find a way to do it.
Looking at things right now might be hard. But if you face reality and start to take some difficult steps, it will pay off in the end. With the right attitude and some hard work, you can get yourself back on track — permanently.