What Do They Really Have To Offer?
Let us focus on this for just a moment. The question becomes: What kind of fancy advice or service can they really give you?
Debt is a widespread problem. And it requires just a little bit of thought – not too much – just a little.
Basically it comes down to this – You have to spend less than you earn. Use your monthly surplus to 1. pay down any debts. 2. Save money.
Rinse – Wash – and Repeat until you achieve any financial goal you happen to be after.
Not Enough To Reach Your Goals?
The other laughable thing about much of the financial advice you can pay for is that whatever scheme or plan they come up with, execution still depends on your financial abilities.
What if you have a goal that is beyond your ability to reach with your current source of income no matter how frugal you become?
If that is the case, you will want to develop new revenue streams.
Here are some ideas:
1. Start a business. It is not an easy thing to do and it IS hard work. BUT, there is potential there – if you can get it going.
Momentum is the key. You have to develop momentum. That is forward motion in simple terms. Getting a big rock to roll takes a LOT of effort. But once it gets rolling it can really go – feeding on its own motion.
Getting started is the hard part. Don’t fool yourself though. If the money coming in does not exceed the money going out, then you have a liability and not a business.
Do not quit your day job until / if your business reaches the point where you make many times the income that your day job provides. Only then MIGHT it be safe…
2. Passive income such as Real Estate, publishing books or music and no doubt a variety of other similar concepts can work to provide additional revenue.
By the way, publishing can feed upon itself and generate momentum. A good example would be writing a book that develops an audience. This would be a group that is hungry for your next book. Once you have a large enough audience, you just keep on writing and additional revenue comes in. Without the audience – not so much!
3. A second job? – No one likes the idea of taking on a second job. But if it can get you over the hump to where you get your debts paid off and can actually start saving, it might be a good solution. In college I would work several part time jobs just to keep things going. But, this is not for everyone.
Overall Lesson: Bring in more than you spend.
Additional problem to overcome: Money loses its value over time.
Disclaimer. I’m not giving financial advice here, find a professional for that. I’m just sharing my thoughts!
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