TSPB 011# 9 Hacks For Financial Success: Cut Costs, And Boost Your IncomeAug 26, 2023
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In 2020, I was 30,000 in debt, unemployed, and drowning financially. Now, three years later, I'm now financially free, have thousands of dollars in savings and investments, and I'm passively growing my income month over month.
In today's newsletter, I'm going to share with you the nine hacks for financial success I have used to cut my costs, boost my income, and 10x my savings.
And before you ask, no, I'm not going to tell you to start making your coffee at home.
Your Starbucks is safe for now.
Anyone can do each of these nine financial hacks. And they will help you start working toward financial stability.
Read until the end of this newsletter for the number one hack that tripled my net worth in 90 days.
Slash Unnecessary Spending:
It's easy to fall into the trap of an excessive lifestyle that outpaces our means. But the first hack is straightforward: cut unnecessary spending.
The small habits we often overlook - dining out, daily coffee runs, and social events - can drain our wallets over time. My journey began by staying in, cooking meals at home, and trimming away frivolous expenses.
It's not about sacrificing your lifestyle; it's about redirecting funds toward essential financial responsibilities.
Learn Money-Saving Skills:
Invest in skills that save both time and money.
My personal revelation was discovering a love for cooking, which not only improved my health but also saved over $500 per month. Learning skills like writing, design, or marketing can also prove invaluable, especially if you're considering a side hustle.
These skills not only cut costs but also open doors to new income streams.
Invest in Time-Saving Tools:
Products and services that enhance efficiency are worth every penny.
In my journey, I have uncovered software that has streamlined my work and accelerated my income growth.
Invest in tools that enable you to work smarter, not harder, and consider creating systems to maximize your potential.
Leveraging Positive Debt:
Debt isn't inherently negative; it's about how you wield it.
The key is to differentiate between good and bad debt. Positive debt, such as investing in income-generating properties, can lead to substantial returns.
Focus on investments that increase your wealth rather than indulging in material possessions that depreciate.
Embrace the 'Quietly Rich' Lifestyle:
Flashy displays don't define true wealth.
Adopt the mindset of the quietly rich, focusing on financial stability rather than materialistic pursuits. Instead of chasing short-lived status symbols, invest in experiences, knowledge, and personal growth that contribute to long-term prosperity.
Build a Rainy Day Fund:
Unforeseen circumstances are inevitable.
A well-prepared rainy-day fund can rescue you from financial turmoil when emergencies strike.
Investing in a financial safety net ensures that unexpected expenses don't lead to accumulating high-interest debt.
Eliminate Costly Lifestyle Subscriptions:
Evaluate your lifestyle subscriptions and determine whether they genuinely contribute to your well-being.
Cut out habits like excessive dining out or drinking, redirecting those funds towards healthier, more fulfilling activities.
Invest Time and Attention:
The power of networking and investing in relationships cannot be overstated.
By offering your time and skills to others, you can create valuable connections that yield opportunities far beyond your initial investment.
Building a diverse network can lead to unforeseen doors opening in both personal and financial spheres.
Diversify Income and Network (My Number 1 Hack!)
Relying solely on one income stream can be precarious.
Diversify your income sources, from side hustles to investments, to safeguard against economic uncertainties. Likewise, diversify your network by connecting with people across various industries and backgrounds.
This expands your opportunities and increases the potential for mutually beneficial collaborations.
Pulling It All Together:
Transforming your financial trajectory requires a strategic and purposeful approach.
By adopting these nine hacks, I managed to break free from the shackles of debt and unemployment, achieving financial stability and exponential growth.
From reining in spending to fostering a network of meaningful connections, these hacks provide a roadmap for achieving financial success on your terms.
As you embark on your own journey toward financial freedom, remember that every small step you take today can lead to monumental gains tomorrow.
Find Of The Week:
How Ali Abdaal makes $5,741,266.32 a year on YouTube
I recently saw this video by the Youtube Channel Colin and Samir, and let me tell you it has changed my whole perspective on making money online as a creative.
In this interview with Ali Abdaal, Colin and Samir break down how Ali went from being a doctor in the UK to a full-time creator who makes over $5.7 Million dollars a year.
Some key points I loved from this video:
Every piece of content you watch is a list in some form.
Every piece of content you consume is some form of a list. The list comes in the form of the talking points that are covered and the order in which they are delivered.
If you are struggling with creating content, start breaking your ideas down into a list this will make creating easier and less time-consuming.
Start with your topic and then break it down into steps from where your reader/viewer is starting to the end they want to reach. If you are making content that isn't as easy to create steps for, instead turn it into a listicle post like “ The top 5 life investments I recommend” Or “ 3 ways to gain more clients as a freelancer.
Use the power of lists to create content faster and more efficiently.
How to build a creative team with the cloud method.
Ali covers how he has this business team structured using the cloud method.
As a creative business owner or creative you should have a cloud between you and your team. You, as the creative/owner, should be above the cloud doing the highly visible tasks that push your business forward, such as creating content, going on podcasts, or structuring public engagement events.
Below the cloud, you have one general manager that manages your team and runs the day-to-day operations of your business. You, as the creator, should never have to travel below the cloud to work on day-to-day operations.
It is the job of your general manager to manage the day-to-day team and consult with you on what you want done so you never have to go below the cloud to work on day-to-day operations.
By having this separation, you can work on the high-level things only you can do for your business.
Not Scaling Your Team Too Fast
You should never hire an employee or new team member, hoping their hire will generate new revenue in the business. You should create more revenue first, then hire a new team member when you start to hit a choke point in your daily business systems.
If you hire a new employee hoping you grow your revenue, you are increasing your overhead before you know what your profit will be. Instead, identify key choke points in your business that, if you double down on them, will 2x to 5x your business revenue.
If you are looking for more ways to start creating content online, and turn your knowledge into income, check out this video!