I Live Paycheck to Paycheck…So I have 300+ Paychecks a Month

Living paycheck to paycheck sucks in most instances. You usually have two paychecks a month, and a couple of days after payday, the money dries up. This scenario leads to a lot of waiting around and tension. 

There are two ways to change the habit of living paycheck to paycheck: save and budget your money better and make more paychecks. I do both methods, but creating more wages is so much more fun.

Cash Flow are the two most powerful words in your financial vocabulary. Cash flow is the difference between your income and your expenses. The more income you bring and fewer expenses, the more cash flows throughout your household. 

Why Budgeting is Important to Wealth Creation

In the article “4 Steps to Become Rich,” I talked about the four ways to increase cash flow: 1) remove debt, 2) reduce expenses, 3) increase income 4) buy assets. Today let’s focus on increasing income. 

Increasing your income is one of the most vital habits that you can create for yourself. Sadly, most people stick to working an earned income job as their only source of cash flow—this presents two issues.

Not enough cash flow. Working an earned income job usually nets you two paychecks a month. You have to budget your money accordingly. In my experience, especially having a family, is that something random always comes up. I call this the “invisible budget.” When you don’t have much cash flowing through the house, you have to use your savings or credit card to pay for these ghost expenses. 

No control. Your earned income job gives you very little control over how much money you can make. Usually, your pay is in the form of a salary or per-hour amount. 99% of the time, you cannot dictate the terms of your payment amount. 

The Magic of an Infinite Return

No security. If you think that your job, or your boss, has any kind of loyalty to you, you are sadly mistaken. Given the choice of letting you go or leaving the job themselves, everyone will choose to let you go. That’s just life. Most people are desperately clinging to their jobs.

My favorite author, Robert Kiyosaki, says that security and freedom are inverse beliefs. The more we attempt to gain security, the less security we have. We are gaining freedom by educating ourselves, becoming entrepreneurs, and learning how to create money. My favorite books from Robert Kiyosaki are “Unfair Advantage,” “Rich Dad, Poor Dad,” and “Retire Young, Retire Rich.” I highly recommend everyone read all three of these books to help build the proper cash flow mindset.

Now, on to creating cash flow. We have to think beyond our earned income jobs. Jobs are an excellent way to ensure that we can pay our expenses throughout the month. However, our jobs should be temporary. We can use this “earned income” time to build up our assets. Having an army of investments that pay us money will set us free. As Robert Kiyosaki says, “I have to retire so I can focus on becoming rich.”

If you want ideas on how to start creating multiple income streams from home, here is the article for you, “20 Creative Ways to Make Money from Home.” I also have it in book format. Inside you will find great ways to make money, but I do have a warning. Most passive income streams or work from home methods will take time to start generating income.

How to Create “Luck” With Money

You have to make sure you are in it for the long haul. Think of your income streams as seeds that will become fruit trees. It takes a few years for the roots to become a tree and start producing fruits. However, once the fruit comes in, it can sustain life for generations.

I am currently in the process of building a book empire. It will take time, probably years, to get a steady flow of income from my writing. In the meantime, I use other sources of income to survive. I am looking ten years down the road. I read books that make me believe that writing has a great future; “Creating Income Streams” and “How to Make a Living With Your Writing.”

I want to review our income streams so that you can visualize how we make this work. Again, we are in the process of building these streams of income up. The best guidance I can give you is that most people never make any money outside of a job. So even if you are bringing in $5 of income from your sources, you are ahead of the power curve.

As you can see, there is always some form of money flowing in. Sometimes these sources may not seem like much money in their current state, but that is okay. You have to envision these income streams growing over time.

Build the Mindset of an Investor

My first dividends were less than $1/month. Now, Kris and I are bringing in close to $400/month from dividends alone. That took less than two years. In my article “Compounding: The 8th Wonder of the World,” I explain that everything in life is a matter of compounding. If you can get it to flow, you can build some serious momentum. 

I would like to come back in a year or six months to see how my income trees are doing. It is exhilarating to build something outside of an earned income job. Yes, it takes work and education, but you are in control. If you want to turn more profit, you can adjust your settings. 

Remember, your job is the opposite of freedom. Freedom is becoming an entrepreneur, no matter how big or small your business is. Set a goal today of how much money you want to make from an income stream by the end of the year.

Cash Flow 102: Creating Passive Income for Retirement

For example, my goal is to make $100/month from my books by the end of the year. I am currently around $30/month. I have seven months to keep grinding up my number by putting the work in and producing great content. 

What are your income tree goals? What seeds will you plant today that will bear fruit tomorrow? I cannot describe how freeing it is to be in control of your finances and financial future. I can only attempt to pass this feeling along to you the best I can. It feels so good that I keep writing about it. Now you can see how passionate I am about creating income streams, building wealth, and becoming financially independent. The more paychecks, the merrier. 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.