Yes, I am still living paycheck to paycheck. You would think I’d have learned after two articles (part 1 and part 2), yet here I am. I don’t make a lot of money, roughly about $50,000/year, and I can’t seem to get ahead. What are my options?
Hey, my friend, we have all been there. I used to think that the only way to make more money for yourself and your family is to get promoted and climb the man’s ladder. However, I was dead wrong, and hopefully, today, I can show you another way.
Before I get into all of that, you need to take an assessment of yourself, inside and out. To truly make money in this world, you need to add value to another person. That is the goal of an entrepreneur, to solve other people’s problems at a profit.
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However, if you are not doing the right things in your own life, how can you possibly add value to others? I am talking about your daily routines, like waking up with a purpose, setting goals, and maintaining a positive attitude. To become a CEO of your business, you will need to become a CEO of yourself.
There has never been a better time to start a business than now. And you do not have to create a huge industry with tons of employees; you can be a “Company of One.” The tricky part about a business is that these things take time to build up. No one wants to buy goods and services from a stranger.
You must open your mind to the possibility of working your business for a year without making a dime. I highly advise that you become an entrepreneur before you start your business. In layman’s terms, read and understand a business before you start a business.
You will need to lay the groundwork for your business by creating content that is helpful for your prospective audience. For example, if you are starting a honey-selling business, you can instruct the uses of honey and why bees are important to the ecosystem.
There is a fantastic book on how to start a business using the content-first approach. The book is called “Content Inc.,” and I highly recommend it to anyone starting a home-based business.
I know what you are thinking, “Josh, I need cash now; I don’t have time to build an audience by creating content.” I can feel that, but you have to think for the long term. There are some other businesses that you can create that don’t require content.
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Most of these businesses have a platform that already has an audience. These include renting a car out on Turo, lending your land as a dog park, and hosting an Airbnb rental. Of course, you can also make your own version of these by selling your goods and services. There are other methods to make money, such as renting rooms and renting out storage space.
The central concept I want to impart to you is that your business is as valuable as you make it. If you take the time to build a strong audience, you can monetize just about anything over time. You can add products, services, and advertising to your portfolio as your audience grows.
But you will have to add enough value to justify your expansion. If you rush in thinking only about making money for yourself, you will never make it that far. It is hard to see past your current paycheck, but you have to think about the long term.
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Right now, I am in the process of slowly growing my blog and book business. It will probably take two to three years to get it where I want to be—I am currently six months in. I know and appreciate that it will take this long to gain traction and build a following. I accept that because I have read the books and followed the people who have done it.
What do I gain by taking the long approach? I get to refine my product, build a massive catalog of articles and books, and slowly create multiple income streams. It seems like every day, I learn of another income stream I can attach to my blog or books.
However, I am waiting until the right time before I introduce more products or services. I can see a future where book sales, affiliate sales, books in different languages, online courses, pdf sales, merchandise, etc., are all part of my portfolio. It just takes time and effort to get everything laid flat.
How do you do all of this with a job? Remember when you had time to play video games, drink beer, and watch Netflix? I do, but not anymore. I am completely engrossed in my new business. You should do the same. It would be wise to take three to four months to study entrepreneurship.
Then, pick your passion and go full steam ahead. There is no easy landing in the free market economy. What are your interests, and what are you good at? They may not be the same things. Pick the one that you can be successful at and learn to love it. If I can learn how to write a book; then you can also develop what you need to succeed.
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Living paycheck to paycheck is no excuse for not getting what you want from life. The only person who can let their situation define who they are is you. It is okay to live paycheck to paycheck for a time. We never learned how to budget and create money in school. However, if you live paycheck to paycheck for an extended period, then that is on you.
I made a list of 20 creative ways for making money from home—an excellent place to start on your journey. No one knows how your income stream will look; everyone’s different. I know that you will have to educate yourself on how to excel at your venture for it to be successful.
My wife and I perfected how to rent rooms, and now we make enough money from our two rooms to cover our entire mortgage. It took us one year to get everything right, and now that income stream has been a huge positive for us.
Because of renting rooms, we now have close to $200,000 in our dividend portfolio. Currently, I am working on my blog and books as our next colossal income stream. If I can get this right, I can ride this stream until the end. It is exhilarating.
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Are you ready to commit to the long-term? True wealth happens over time, and you need to have an extraordinary passion for what you do. Not every day will be happy or exciting—some days will be a grind. But who said that it was going to be easy? If it were easy, everyone would have nice income streams on the side.
Envision what you want in the future and who you want to be with. Make these dreams stick in your mind. How much do you want to be working? How will you live, and where will you be? Formulating these dreams is key to staying afloat as you start your business journey.
I have some resources I would like to share. “Read these ten books before you start a business (book)” and “Retire Rich, Retire Comfortable with a Business (book)” are good articles to start your journey. Remember, living paycheck to paycheck isn’t inherently bad; continuing to live paycheck to paycheck is the problem. Good Luck!
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Disclosure: I am not a financial advisor or money manager, and any knowledge is given as guidance and not direct actionable investment advice. I am an Amazon Affiliate. Please research any investment vehicles that are being considered. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.
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