Worried about money?
It almost seems like a ridiculous question to ask, most of us worry about money regardless of our income or how much we have in the bank account, it’s almost more a matter of asking, HOW worried are you about money?
I’ve been self-employed 90% of my working life, I love the freedom and flexibility it gives me. It lets me travel, meet interesting people and work at jobs that I actually enjoy (most of the time), but if there’s something I came to dread from a very early age, it was the dry season.
The dry season happens in most businesses and often affects us regardless of being self-employed or not. You know that period of the year where there’s no overtime, the coffee in the staff room is slightly shittier, no new leads are coming in and it seems like everything is going to end? Well, that’s the dry season and it sucks. Normally a few months go by, you don’t go to the pub quite as much, your bank balance goes down and just as you think everything is over…leads start coming in again, it all goes back to normal fairly quickly and you remember that the EXACT same thing happened last year…and the year before.
There are a few ways we can now use this information, to lessen future money worries…
- We can ignore the trend, continue hitting the same bump year after year and hope that dry season never lasts longer than our bank balance and credit cards will allow. Doesn’t sound great right? Probably because we’ve all been too close to that edge and the feeling of panic starts getting tiring after a few years.
- We try and save extra cash throughout the year to make up for the dry season. I mean, this is smart, really smart, it should definitely be part of our plan and I will write a different article on this subject really soon, however, how many times does something unexpected come up that rinses your funds? Or how many times do you use that money on the holiday that you so, so, so deserved? If that in itself is a trend, is there anything else we can do to help the situation?
- Earn an passive income. The idea of a passive income is basic, that of receiving small amounts of money regularly, with little to no effort on your part.
Sound good? Well, the great thing is it’s super easy to do and with minimal effort, you can start to see a regular income start to develop.
In this series of blogs I’m going to be showing you ways of making a passive income and the best tools I have found to do this, however, this is not a get rich quick scheme, these are techniques that can easily be adapted to our existing routines and that see a small, regular return. In most of the examples I will be sharing, the return will either increase over time or increase depending on the amount of effort you are willing/able to put in.
I hope these come in handy, if they do or if you have any further suggestions, I would love to hear from you.